Restaurant
Catering Event Revenue Recognition
Recognizing revenue when the catering order is delivered and the event takes place.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Advance from Customers (Catering) | Liability (-) | 1,000.00 | - |
| Accounts Receivable | Asset (+) | 392.00 | - |
| Catering Revenue | Revenue (+) | - | 1,200.00 |
| Sales Tax Payable (VAT) | Liability (+) | - | 192.00 |
💡 Accountant's Note
The deposit is cleared, the remaining balance is billed as a receivable, and the full revenue (net of VAT) is recognized on the event date.
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