Income is usually subject to sales or service provision. It is reflected through entry of money into cash (Cash Income) or entry in the form of money receivable (Installment Income).
Income always increases Assets; however, not all increases of Assets signify Income (Bank Loans, Financing etc., increase the company's cash supply but not the Income).
Examples:
- Rents Receivable
- Discounts Obtained
- Interest Receivable
- Goods Sales
- Service Income
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