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RECEIPTS & DISBURSEMENTS
RECEIPTS10/3/202010/16/2020DISBURSEMENTS
10/24/2011/6/20
10/24/2011/6/20Payroll
Payables$575,379.99Total $$$575,379.9997,307.63
205,416.68Total $302,724.3111/06/2020 09:59
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How to fill out deferred revenue
How to fill out deferred revenue
01
Identify the amount of revenue received in advance from customers.
02
Record the deferred revenue as a liability on the balance sheet.
03
Recognize the deferred revenue as revenue on the income statement over the period when the goods or services are delivered.
Who needs deferred revenue?
01
Companies that receive payments from customers before providing goods or services.
02
Subscription-based businesses that receive upfront payments for services over a period of time.
03
Companies that sell gift cards or pre-paid services.
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What is deferred revenue?
Deferred revenue is revenue received by a company in advance of earning it.
Who is required to file deferred revenue?
Companies who receive payments in advance for goods or services that have not yet been delivered or completed are required to file deferred revenue.
How to fill out deferred revenue?
Deferred revenue is typically filled out on a company's balance sheet as a liability until the revenue is earned.
What is the purpose of deferred revenue?
The purpose of deferred revenue is to accurately reflect the timing of when revenue is earned by a company.
What information must be reported on deferred revenue?
Information such as the amount of revenue received in advance, the timeframe over which it will be earned, and any associated costs must be reported on deferred revenue.
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