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Adjusting Entries - Examples - Premiums for Insurance Co...

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ADJUSTING ENTRIES - DEFERRALS & ACCRUALS Deferrals: CASH Expense/Revenue Examples Adjusting Entry Example 1- Deferred Expenses Cash paid in Expense Recorded in Rent, Insurance, Insurance Expense (Exp. Acct) (prepaid expenses) current period (or earlier) Future Period(s) Advertising Prepaid Insurance (Asset Acct) 2- Deferred Revenues Cash received in Revenue Recorded in Rent, Retainer for attorney, Unearned Fees (Liab. Acct) current period (or earlier) Future Period(s)
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Unformatted text preview: Premiums for Insurance Co. Fees Earned (Revenue Acct) 3- Accrued Expenses Cash to be paid in a later Expense recorded in Rent, Utilities, Wages Rent Expense (Exp. Acct.) period current period Rent Payable (Liab. Acct.) 4- Accrued Revenue Cash to be received in Revenue recorded in Attorney fees, other Accounts Rec. (Asset Acct) later period current period professional fees Fees Earned (Revenue Acct.)...
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