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Chapter 3. Adjusting Process

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

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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
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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 - -...
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