ADJUSTING JOURNAL ENTRIES Flashcards
1
Q
Matching Revenues and Related Expenses
A
- Unearned revenues - (deferred) / prepaid expenses - (deferred)
- Accrued revenues / expenses (receivables)
2
Q
Adjusting Journal Entries - Deferred/Prepaid
A
Deferred Revenues
Dr Cash
Cr Unearned revenue
Dr Unearned revenue
Cr Revenue
Prepaid Expenses
Dr Prepaid expenses
Cr. Cash
Dr Expenses
Cr Prepaid expenses
3
Q
Adjusting Journal Entries - Accrued Revenues and Expenses
A
Dr Accounts Receivable
Cr Revenue
Dr. Expenses
Cr. Accrued Liability