Chapter 3. Adjusting Process

Chapter 3. Adjusting Process - Unearned Revenues- revenues...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
CHAPTER 3 THE ADJUSTING PROCESS At the end of the accounting period, many of the balances of accounts in the ledger can be reported without change in the financial statements. Some accounts, however, require updating. There are five accounts that require adjustments: Prepaid Expenses - items or services that are paid for up-front. They are
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Unearned Revenues- revenues received before they are earned. They are classified as liabilities when cash is received. Accrued Revenues- revenues that have been earned but cash has not yet been received and no transaction has been recorded. Accrued Expenses- expenses that have been incurred but not paid for yet and no transaction has been recorded. Depreciation Expense - -...
View Full Document

This note was uploaded on 03/31/2010 for the course ACCOUNTING ACG4101 taught by Professor Abhijitbarua during the Spring '09 term at FIU.

Ask a homework question - tutors are online