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Unformatted text preview: made to a liability account. A revenue item that is collected in advance of the period(s) earned; it is necessary to allocate the revenue to the appropriate period in which it is earned. Original Entry Dr. Cash Cr. Unearned _____(Liab) Adjusting Entry Dr. Unearned ________(Liab) Cr. _________Revenue Accruals Accrued revenue Revenue is earned in a given period but not yet collected or recorded Original Entry None Adjusting Entry Dr. _______Receivable Cr. _________Revenue Accrued expense Expenses incurred in a given period but Original Entry None Adjusting Entry not yet paid or recorded. Dr. ________Expense Cr. _______Payable (Liab)...
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- Spring '07
- Financial Accounting, Generally Accepted Accounting Principles, Deferral, Original Entry Dr., Dr. ________Expense Cr., Deferrals Prepaid Expense