Outstanding Revenue Journal Entry
Outstanding Revenues or Outstanding Incomes are Current Assets for t he compa ny’s b usi ness as t hese are ear ned b y the compa ny b ut still the payme nt is not received against t he services or facilities duri ng the accou nting period. Th ese are due and receivab les from th e client to w h om t h e company rendered t h e services. T h ese are also known as Income Receivab les or Reve nue Receivab les . Examples include Rent Receivable , Fees Receivable , Professional Fees Receivab le , Sc h ool Fees Receivable , etc. T he adjusti ng entry for revenue receivab les is show n b elow: Outsta nding Revenue a/c XXX ...