What counts as revenue?

Question

This is a homework question and I cannot get the answer right for revenue and I don't know what I am doing wrong. Of the below, which would be revenue? Thanks for much for your help

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Acquired cash from stock issue $50,000
Rent paid for 2/1/2004 to 2/1/2005 6,000
Paid in advance for services over period 9/1/04 to 9/1/05 4,800
Performed services on account 65,200
Operating expenses 31,500
Accounts receivable collected 56,900
Paid cash for salaries 22,000
Paid accounts payable 28,000


Made adjusting entry for expired rent ?
Recognized revenue for event 3 ?
Recorded accrued salaries $2,100

Answer 1

Your qn is a bit confusing. Are there 1 or 2 parts? Why is there a gap in between? From the 1st lot, the only revenue item is :
Performed services on account 65,200. You'd:
Dr A/cs receivable $65,200
Cr Services revenue $65,200

If the 2nd part is also part of your qn, then I guess Recognized revenue for event 3 would be a revenue item altho' I'm not sure what event 3 is.

Answer 2

Performed services on account 65,200
Recognized revenue for event 3

Answer 3

No, accounts payable is reflected with the current liabilities, while accounts receivable with the current assets in the Balance Sheet. In incomplete records questions you may use the accounts payable account to find the Purchases Figure (expense) and the accounts receivable account to determine the sales revenue figure.