3 Accounting Notes

3 Accounting Notes - o Types of adjusting entries Prepaid revenue(unearned revenue deferred revenue used in software industry is a liability •

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Accounting Notes 1/23/09 Monetary unit assumption: must b recorded in same unit (dollars and cents) o If meet this assumption, can be journal entry Chart of accts o Unadjusted trial acct: lists accts and balances of each before adjustments
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Unformatted text preview: o Types of adjusting entries: Prepaid revenue (unearned revenue, deferred revenue used in software industry) is a liability • Customer deposits recorded here (paying part of a plane upfront) •...
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This note was uploaded on 12/27/2009 for the course IRPS IRCO 420 taught by Professor Daviddebosky during the Winter '09 term at UCSD.

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