230a_ch4 - 1. When cash given DR Prepaid expense (A) CR...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter 4 Accounting Cycle 1. Transaction Analysis 2. Record journal entries 3. post to T-accounts 4. trial balance (DR = CR) (See Exhibit 4-2) (M4-1) 5. Adjusting and closing entries 6. Financial Statements Adjusting Entries (passage of time). 1. Cash received before revenue earned 1. When cash received DR Cash (A) CR Unearned Revenue (L) 2. Adjusting entry DR Unearned Revenue (L) CR Revenue (R, SE) 2. Cash given before expenses incurred
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1. When cash given DR Prepaid expense (A) CR Cash (A) 2. Adjusting entry DR Expense (E, SE) CR Prepaid Expense (A) 3. Expense incurred before cash given- 1. Adjusting entry DR Expense (E, SE) CR Liability (L) 4. Revenue earned before cash received 1. Adjusting entry DR Receivable (A) CR revenue (R, SE) 5. Other 1. estimated losses 2. interest expense/revenue 3-...
View Full Document

This note was uploaded on 03/02/2012 for the course BUISNESS 230a taught by Professor Stanley during the Fall '08 term at Sonoma.

Ask a homework question - tutors are online