FlowchartAdj - Identify accounts to be adjusted Debit...

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

View Full Document Right Arrow Icon
FLOWCHART SUMMARIZING ADJUSTING ENTRIES Identify  Accounts to be  adjusted Calculate  amount of  Expired Cost Debit  expense and  credit  asset for  amount expired A previous business  transaction created an  asset or liability No transaction has  been recorded Debit  liability and  credit  revenue for  amount earned Calculate  amount of  earned revenue
Image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Identify accounts to be adjusted Debit expense and credit liability for amount Calculate amount incurred but Debit asset and credit revenue for Calculate amount earned but unrecorded Deferral or Expense or Expense or DEFERRAL ACCRUAL EXPENSE REVENUE EXPENSE REVENUE...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern