Monday
Reminder set
7am
Tuesday
Reminder set
7am
Wednesday
Reminder set
7am
Thursday
Reminder set
7am
Friday
Reminder set
7am
Saturday
Reminder set
7am
Sunday
Reminder set
7am
XSIQ
*
Accounting - Prepaid revenue
Prepaid revenue
Revenue may be received in advance (prepaid).
In this example commission of $4000 has been received with $500 prepaid.
The prepaid revenue is a current liability.
DATE
ACCOUNTS
DEBIT
CREDIT
31 Mar.
Commission revenue
500
Prepaid commission revenue
500
Commission revenue owing
31 Mar.
Commission revenue
3 500
Profit and Loss a/c
3 500
Commission revenue posted to Profit and Loss a/c
1 Apr.
Prepaid commission revenue
500
Commission revenue
500
Reversing entry
31 Mar.
Prepaid commission revenue
500
31 Mar.
Bank
4 000
Profit and Loss a/c
3 500
4 000
4 000
1 Apr.
Prepaid commission revenue
500
1 Apr.
Prepaid commission revenue
500
31 Mar.
Prepaid commission revenue
500
31 Mar.
Prepaid commission revenue
500
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