Examples of Revenue Elements
- Sales - refers to the revenue from sale of goods of a trade or merchandising business whether cash sales or sales on account.
- Service Income - refers to the earnings from rendering services by a servicing company whether cash and on account services.
- Professional Fees - refers to the earnings in rendering of services of professionals or professional servicing firms to their clients which could in cash or collectibles.
- Interest Income - refers to the earnings from the interest which derived from the promissory notes received by the organization whether in cash or collectible in the future.
- Rent Income - refers to the earnings from letting others use the properties or facilities of the entity.
- Gain on sale of other assets - refers to the earnings derived from selling the assets of the organization. Gain on sale is when the proceeds of sale exceeds the book value of the asset being sold.
Normal Balance : Credit
Revenue accounts have a normal credit balances.
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