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Unformatted text preview: If cash is paid before the date the expense is incurred (Deferral) Date/Ref Account Debit Credit Prepaid expense XXXX Cash XXXX If cash is paid on the date the expense is incurred Date/Ref Account Debit Credit Rent expense XXXX Cash XXXX If cash is paid after the date the expense is incurred (Accrual) Date/Ref Account Debit Credit Rent expense XXXX Accounts payable XXXX Accruals and deferrals Expanded Transaction Analysis Model Assets (A) = Liabilities (L) + Stockholders Equity (SE) Increase Decrease Decrease Increase Decrease Increase Debit Credit Debit Credit Debit Credit Revenues and Gains Decrease Increase Debit Credit Expenses and Losses Increase Decrease Debit Credit Unadjusted Financial Statements Reporting By Segments Acc 311 - Sp 2007 Chapter 3 Outline Page 2...
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