ENTRY NO. 25 – REVENUES COLLECTED IN ADVANCE - 10525

(Revised: 12/2021)

Purpose: This entry is made when revenues collected in advance in a prior fiscal year are credited to the revenue accounts of the fiscal year to which they apply.

 

References: SAM section 8216

 

Record Revenues Collected in Advance Are Applied

Debit/ Credit	Account	Legacy Account	Account Description	Note
Debit	2050000	3410	Revenue Collected in Advance	a
Credit	41xxxxx	8000	Revenue	b

 

Note:

1. Amount of revenue collected in advance.
2. Amount of revenue received