世界公民观点之下的普遍历史观念
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– Unearned rent
Types of Accounts requiring adjustment
• Accrued revenues:
– Accrued Revenues or Accrued Assets – some revenues are only recorded when cash is received. At the end of the accounting period, there may be items of revenues that have been earned but have not been recorded
• The updating of accounts prior to the preparation of financial statements
• Adjusting entries
Adjusting Process
• Effect income statement account and at least one balance sheet accounts
Байду номын сангаас
Types of Accounts requiring adjustment
• Accrued expenses
– Accrued expenses or accrued liabilities – are expenses that have been incurred but have not been recorded in the accounts.
• Wages payable
Supplies
– For example: the general ledger shows a balance in the supplies account of $2,000. Inventory shows $500 of supplies still on hand
• Accrual basis
– Revenues are reported in the income statement in the period they are earned
• Revenue recognition concept • Matching concept
Adjusting Process
•
Prepaid insurance
• The G/L shows the balance are $6,000. The policy was purchased on May 1st for 12 months. Record the adjusting entry on Dec 31 for insurance expired.
• Debit expense
– Credit asset/liabilities
Types of Accounts requiring
adjustment
• Prepaid expenses
– Deferred expenses – or prepaid expenses – are items that have been initially recorded as assets but are expected to become expenses over time or through the normal operations of the business.
• $6,000/12 = 500 per month • May to Dec = 8 months x $500 = • $4,000 is expired
Prepaid insurance
• Insurance exp $4,000 • Prepaid insurance $4,000
• Try example 2
• Supplies
– Balance $2,000 – Inventory 500 – Used up 1,500
• Supplies exp • Supplies
• Try example 1
$1500
$1500
Example 1
• the general ledger shows that the balance in the supplies account is $4,000. An inventory is conducted of supplies and it is found that only $2,500 of supplies is still on hand. Record the adjusting entry for the use of supplies.
The Adjusting Process
ACG 2021 Chapter 3
Accounting period concept:
• Cash basis
– Revenues and expenses are reporting the income statement in the period in which cash is received
– Supplies and prepaid insurance
Types of Accounts requiring adjustment
• Unearned revenues
– Deferred revenues or unearned revenues: are items that have been initially recorded as liabilities but are expected to become revenues over time or through the normal operations of the business. These are deposits by customers for work to be done in the future.
Example 2:
• the general ledger shows that the balance in the prepaid insurance account is $12000. The policy was purchased on Aug 1st for 12 months. Record the adjusting entry for the insurance expired.
Types of Accounts requiring adjustment
• Accrued revenues:
– Accrued Revenues or Accrued Assets – some revenues are only recorded when cash is received. At the end of the accounting period, there may be items of revenues that have been earned but have not been recorded
• The updating of accounts prior to the preparation of financial statements
• Adjusting entries
Adjusting Process
• Effect income statement account and at least one balance sheet accounts
Байду номын сангаас
Types of Accounts requiring adjustment
• Accrued expenses
– Accrued expenses or accrued liabilities – are expenses that have been incurred but have not been recorded in the accounts.
• Wages payable
Supplies
– For example: the general ledger shows a balance in the supplies account of $2,000. Inventory shows $500 of supplies still on hand
• Accrual basis
– Revenues are reported in the income statement in the period they are earned
• Revenue recognition concept • Matching concept
Adjusting Process
•
Prepaid insurance
• The G/L shows the balance are $6,000. The policy was purchased on May 1st for 12 months. Record the adjusting entry on Dec 31 for insurance expired.
• Debit expense
– Credit asset/liabilities
Types of Accounts requiring
adjustment
• Prepaid expenses
– Deferred expenses – or prepaid expenses – are items that have been initially recorded as assets but are expected to become expenses over time or through the normal operations of the business.
• $6,000/12 = 500 per month • May to Dec = 8 months x $500 = • $4,000 is expired
Prepaid insurance
• Insurance exp $4,000 • Prepaid insurance $4,000
• Try example 2
• Supplies
– Balance $2,000 – Inventory 500 – Used up 1,500
• Supplies exp • Supplies
• Try example 1
$1500
$1500
Example 1
• the general ledger shows that the balance in the supplies account is $4,000. An inventory is conducted of supplies and it is found that only $2,500 of supplies is still on hand. Record the adjusting entry for the use of supplies.
The Adjusting Process
ACG 2021 Chapter 3
Accounting period concept:
• Cash basis
– Revenues and expenses are reporting the income statement in the period in which cash is received
– Supplies and prepaid insurance
Types of Accounts requiring adjustment
• Unearned revenues
– Deferred revenues or unearned revenues: are items that have been initially recorded as liabilities but are expected to become revenues over time or through the normal operations of the business. These are deposits by customers for work to be done in the future.
Example 2:
• the general ledger shows that the balance in the prepaid insurance account is $12000. The policy was purchased on Aug 1st for 12 months. Record the adjusting entry for the insurance expired.