FlowchartAdj - Identify accounts to be adjusted Debit...

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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
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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...
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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.

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