ADJUSTING JOURNAL ENTRIES Flashcards

1
Q

Matching Revenues and Related Expenses

A
  1. Unearned revenues - (deferred) / prepaid expenses - (deferred)
  2. Accrued revenues / expenses (receivables)
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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

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3
Q

Adjusting Journal Entries - Accrued Revenues and Expenses

A

Dr Accounts Receivable
Cr Revenue

Dr. Expenses
Cr. Accrued Liability

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