LO-Ch4%281%29 - Revenue Liabilities (Dr) Revenue (Cr) 3....

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October 6, 2009 Learning Objectives: Chapter 4 (1): Adjusting Entries Purpose: to update account balances to record transactions that have not been recorded Need to review 4 types of accounts: 1. Assets – used up Expense Assets (Cr) Expense (Dr) 2. Liabilities – fulfill obligation
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Unformatted text preview: Revenue Liabilities (Dr) Revenue (Cr) 3. Revenues – not recorded & not received amount Receivable (Dr) Revenue (Cr) 4. Expenses – not recorded & not paid amount Expense (Dr) Payable (Cr) • Exercises: P4-1A, P4-3A...
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This note was uploaded on 06/18/2011 for the course MGT b05 taught by Professor Liang during the Spring '11 term at University of Toronto.

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