Chapter 3 36 lo 6 lo prepare adjusting entries for

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Unformatted text preview: s that have not been recorded. Show the journal entry to record the accrued revenues in October. Oct. 31 Accounts Receivable 200 Service Revenue Accounts Receivable Debit Service Revenue Credit Debit Service rev 200 Chapter 3-34 200 Credit Acct Rec 200 LO 6 LO Prepare adjusting entries for accruals. Prepare Adjusting Entries for “Accrued Expenses” Adjusting Entries for “Accrued Expenses” Expenses incurred but not yet paid in cash or recorded. Adjusting entry results in: Expense Recorded BEFORE Cash Payment Accrued expenses often occur in regard to: interest rent Chapter 3-35 taxes salaries LO 6 LO Prepare adjusting entries for accruals. Prepare Adjusting Entries for “Accrued Expenses” Adjusting Entries for “Accrued Expenses” Accrued Expenses An adjusting entry serves two purposes: (1) It records the obligations, and (2) It recognizes the expenses. Chapter 3-36 LO 6 LO Prepare adjusting entries for accruals. Prepare Adjusting Entries for “Accrued Expenses” Adjusting E...
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This note was uploaded on 01/14/2012 for the course ACCOUNT 102 taught by Professor Adams during the Spring '11 term at Bradford School of Business.

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