Unformatted text preview: the same accounting period as the revenues they help to generate. If the payment in the previous example had not yet been received at the close of an accounting period, the company would make an adjusting entry that debits credit card expense for $30 and credits accounts receivable for $30. Then, after the payment arrives, cash is debited for $970 and accounts receivable is credited for $970....
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This note was uploaded on 11/14/2011 for the course ACCT 1310 taught by Professor Staff during the Fall '10 term at Texas State.
- Fall '10