20. Paragraph Which of the following statements regarding revenue is correct? ARC A. B. C. Revenue arises when payment is received for goods or services provided. Cash at bank increases when revenue is earned. Revenue is deducted from expenses to determine profit for the period. Chris Quilding Styles 21. 13 D. E. Revenue arises from the sale of goods, provision of services and investing activities of a business. Revenue has no effect on owner's equity. On 1 of June a hotel purchased a new vacuum cleaner for $12,000. It paid $8,000 in cash and the vacuum cleaner supplier extended 30 days credit for the balance. Which of the following is the accounting entry to record the 1 June transaction? A. Debit cleaning equipment $12,000, credit cash $12,000. B. Debit cleaning equipment $8,000, credit cash $8,000. C. DE D. E. Debit cleaning equipment $12,000, credit cash $8,000, credit accounts receivable $4,000. Debit cleaning equipment $12,000, credit cash $8,000, credit accounts payable $4,000. None of the above.