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

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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
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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-...
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