This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
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)...
View Full Document
This note was uploaded on 04/12/2011 for the course ACCT 1310 taught by Professor Vickivorrell during the Spring '07 term at Cuyahoga CC.
- Spring '07
- Financial Accounting