Debit cash $220 and credit deferred revenue for $220.
Revenue is the total amount of revenue generated from the sale of goods or services related to the company's main activities. Revenue, also known as gross earnings, is often referred to as the "top line" because they are at the top of the income statement. Income or Net Profit is the gross profit or profit of a business.
Revenue (sometimes called turnover) is the amount of gross revenue generated from the sale of a product or service. A simple solution for revenue is to multiply the number of sales by the sales price or average service price (revenue = sales x average service price or sale price).
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