Adjusting_journal_entries_overlay

Adjusting_journal_entries_overlay - Accruals Accrued...

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Adjusting Journal Entries Record every time financial statements are prepared Prepayments Adjust amounts that have previously been recorded during the recording cycle Prepaid Expenses Expire with use Expire with time Increase Expense (debit) Decrease Asset (credit) Unearned Revenue Recognize as income when earned Decrease Liability (debit) Increase Revenue (credit)
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Unformatted text preview: Accruals Accrued Expenses Incurred but not yet paid or recorded Increase Expense (debit) Increase Liability (credit) Accrued Revenue Earned but not yet received or recorded Increase Asset (debit) Increase Revenue (credit) Record amounts that have not been recognized during the recording cycle...
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