Income Account

• an account used to record the cost of services rendered for a fee. Most of the income earned by most businesses engaged in a service business is called service income 

  Service Income
• an account used by the lessor for the income earned from the lessee for the temporary occupancy of the property leased.  

  Rental Income
• an account used to record the services rendered by a professional from professional services rendered to his/her client such as a lawyer, CPA, engineer, architect, and licensed electrician.  

  Professional Fee
• an account used by owners of a hospital and medical clinic for income received from their patients

  Medical and Hospital Fee
• an account used to record fees earned by the school and university 

  Tuition and Other School Fee
• an account used by amusement and recreation facilities such as zoos, parks, swimming pools and other recreational places like Star City, Araneta Coliseum, movie houses, cinemas, museums, and the like  

  Ticket and Entrance Fee
• an account used by the association that offers services exclusively to its members such as clubs or homeowners association  

  Membership Fee
• an account used by banks, pawnshops, and other financial institutions the main income of which are from interest out of lending activities  

  Interest Income
• income earned by inventors, writers, composers and the like  

  Royalty income
• an account used to record the revenue derived by middlemen, insurance agents, real estate agents, and others who derive income from selling properties as an agent or middleman  

  Commission Income
• the account used by a business engaged in selling goods such as sarisari store, department store, hardware, and other merchandise and manufacturing companies.

  Sales