Exam1 - Flashcards(2) - The flashcards are formatted for...

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Unearned Revenue (Historical) Cost Principle
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What you paid is what you see. i.e. PayPal
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Cash Prepaid Expenses
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i.e. advertisements, rent, insurance, and supplies. Never affected by adjusting entries.
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Land Deferrals
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Considered a liability until service is performed because if you don’t perform the service, you must five it back. Never depreciates.
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Accrued Expenses Adjusting Entries
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Never involve cash. Worked, but haven’t been paid – still incurred, however, so you must adjust.
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Revenues Expenses and Dividends
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Decreases retained earnings when closing the books. Increases retained earnings when closing the books.
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Stockholder’s (Owner’s) Equity Dividends
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Pay from retained earnings AFTER taxes. Includes Paid-in-Capital and Retained Earnings.
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Statement of Retained Earnings Increasing Revenue
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Increases retained earnings. Financial statement on which Dividends appear.
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Decrease; debit Current Liability
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notes receivable is considered a ____ ____. When you pay a
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Exam1 - Flashcards(2) - The flashcards are formatted for...

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