10448 ACCOUNT NO. 3410 - REVENUE COLLECTED IN ADVANCE
(Revised 5/87)
Normal Balance: Credit
Purpose: This account shows amounts collected that will be accounted as revenue of subsequent fiscal years.
Subsidiaries: Revenues Ledger (Subsequent Fiscal Years)
Normal Entries:
| Entry No. |
Debits |
Entry No. |
Credits |
3. Claims for refunds of revenue collected in advance are scheduled for payment.
25. Revenue collected in advance in the prior fiscal year are transferred to revenue of the new fiscal year at July 1.
A-10. Adjustment is made for checks still dishonored as of June 30.
A-11. Adjustment is made for cash shortages outstanding June 30. |
7. Cash is received and applied which will be accounted as revenue of subsequent fiscal years.
8. Cash is applied which will be accounted as revenue of subsequent fiscal years. |
