Example Prepaid Expenses

Deferred Payment Contracts And Pre-Paid Farm Expenses
Pre-paid expenses at year-end to balance expenses with income. This practice also allows farm producers to guarantee delivery and lock-in prices on Example: During 2007, you bought fertilizer ($4,000), feed ($1,000) and seed ($500) for use on ... Access Full Source

The company has the following general ledger accounts that will be classified in the prepaid, deferred charge, intangible, or other For example: ¯¯ For tests of significant items, documentation may describe the auditor’s scope and the source of the items (for example, all additions ... Access Doc

The Adjusting Process - MDC Faculty Home Pages - Miami Dade ...
And at least one balance sheet accounts Debit expense Credit asset/liabilities Types of Accounts requiring adjustment Prepaid expenses Deferred requiring adjustment Types of Accounts requiring adjustment Supplies Example 1 Prepaid insurance Prepaid insurance Example 2: ... Retrieve Content

How To Prepare And Analyze A Balance Sheet
Prepaid Expenses Rent $ 1,200 Total Current Assets $10,800 Fixed Assets Equipment and Fixtures (less Depreciation) $ 1,200 An example of a prepaid expense is the last month of rent of a lease that you may have prepaid as a security deposit. ... Retrieve Doc

Accounting For Provisions, Prepayments And Accruals
Accrued and prepaid expenses If some expenses have not been billed for Example – prepaid expense Shop Local a retail outlet has decided to rent an adjoining unit. An agreement is reached to pay €3,000 a quarter, payable in advance commencing on 1 May. ... Access Full Source

The Adjusting Process - Mid-State Technical College
Prepaid expenses are the advance payment of future expenses and are recorded as assets when cash is paid. 1 Types of Accounts Requiring Adjustment. Adjustment for Prepaid Expenses Example Exercise 3-3 For Practice: PE 3-3A, PE 3-3B ... View Document

CHAPTERS 3 AND 9—ADJUSTING ENTRIES AND ACCOUNTING FOR ...
An example of a utility bill that will not be received and/or paid until the next accounting period. Types of Adjusting Entries: Prepayments: When deferred or prepaid expenses are initially recorded as assets, ... Doc Viewer

Foreign Housing Exclusion & Deduction - Foreign Earned Income ...
The following expenses do not qualify for the foreign housing exclusion: Lavish or extravagant expenses (as determined by your circumstances), Deductible interest and taxes (for example mortgage interest), Cost of buying property (for example, principal payments on a mortgage), ... Read Article

LECTURE GUIDE SOLUTIONS – CHAPTER 4 The Accounting Cycle: Accruals and Deferrals 1 Example 1 – Prepaid Expenses (Supplies) On October 5, the company paid $2,500 for advertising supplies. ... Retrieve Document

Adjusting Entries - Wikipedia, The Free Encyclopedia
Prepaid expenses: for expenses paid in cash and recorded as assets before they are used: Example. Assume a magazine publishing company charges an annual subscription fee of £12. The cash is paid up-front at the start of the subscription. ... Read Article

Chapter 3: The Accounting Information System
For example, provides detailed info of individual credit customers (A/R) or suppliers (A/P). Other examples are Cash and Fixed Assets. Prepayments: Prepaid Expenses (cash paid to third party); Unearned Revenue (cash received from third party) ... View Document

STATEMENT OF CASH FLOWS
For example, the account related to Sales would be Accounts Receivable: the amount of any increase should be debited; the amount of any decrease should be credited. 3. Prepaid Expenses 4,000 2,4 Indirect+ Decrease in Prepaid Expenses. ... Fetch This Document

Income Taxes - New York University
Prepaid expense Books = accrual accounting Taxes = cash accounting DR CR DR CR income. 2 types: non-taxable revenues non-deductible expenses (ex. GW amortization) ex. E13-7 Exhibit 13.2, Pg. 690 Importance of Permanent ... Fetch Full Source

Chapter 13: Example Of Preparing Cash Flow Statement
Expenses: Cost of Goods Sold 800 Depreciation Expense 300 Insurance Expense 50 Interest Expense 30 Total Expenses the example on prepaid rent and rent expense) Title: Microsoft Word - Chapter13_examplekey.doc Author: zli Created Date: ... Return Doc

Finance In Excel 7 - Calculate The Declining Balance Method ...
8:32 Depreciation Example Part 2 (Straight Line, DDB, Units of Activity) by LoyolaAC201 3,512 views; 5:59 Prepaid Expenses - Ch. 3 Video 2 by mattfisher64 19,526 views; 10:20 Accounting Tutorial Depreciation Training Lesson 13.1 by teachucompinc 1,924 views; ... View Video

Credit For Child Care & Dependent Care Expenses
Credit for Child Care & Dependent Care Expenses Federal tax credit up to $6,000 for child care and adult day care expenses. By William Perez, About.com Guide. For example, you cannot pay your daughter to take care of her younger brother. ... Read Article

The Matching Concept And The Adjusting Process
For example, most businesses do not record the daily use of supplies. Likewise, revenue may have been earned from providing services to customers, yet ples of prepaid expenses that may require adjustment at the end of an accounting period. ... Retrieve Here

CHAPTER 4 Accrual Accounting Concepts Study Objectives
Recall the example in the Chapter Three Study guide. Suppose sales personnel are paid every two weeks. When Prepaid expenses - expenses paid in cash and recorded as assets until they are used or consumed. Prepaid ... Retrieve Doc

PowerPoint Presentation
DR Net Assets – Unrestricted, CR Operating Exp for $90,000 7. DR Operating Expenses, CR Prepaid Expenses for $100,000 8. DR Net Assets Invested in adjustments from C.O. using “net change” COMPARATIVE EXAMPLE Campus X had prepaid expenses of $100,000 at 6/30/2002 and $150,000 at 6 ... Fetch This Document

MasterCard Business Prepaid Card Programme Never Mistake An ...
Restrictions or spending limits, for example). Prepaid card solutions designed for business Realising payment efficiencies Across Europe, purchases or incur company expenses. The MasterCard® Business Prepaid Card Programme, on the other hand, offers companies and their ... Fetch Document

Chapter 4
Example: Prepaid Expenses 12/31/09 Rent Expense 1,800 Prepaid Rent 1,800 Rent Prepaid Rent Expense Original entry 3,600 3,600 Adjusting entry 1,800 1,800 Correct balances 1,800 1,800 Cash On July 1, 2009, Apex Inc. pays $3,600 for one year’s ... Document Viewer

Expense Acoun Amortization - Church Management Software ...
Use this module as a bookkeeping tool to amortize prepaid expenses over a period of time, rather For example, a year’s pledge “paid in full” could be spread to each of the twelve periods. Expense Amortization. Created Date: ... Fetch Document

SECTION I--GOVERNMENTAL ACCOUNTING - Legislative Audit Homepage
Expenses (for example, prepaid insurance). 3. Interest on long-term debt, commonly accounted for in debt service funds, should be recorded as an expenditure on its due date. Title: School_Section 1.PDF Author: lgpr13595 Created Date: ... Fetch Full Source

Complete Schedule C For A Sole Proprietorship For Form 1040
For example). Calculate Cost of Goods Sold To calculate Cost of Goods Sold, you will need to know: Beginning inventory; Additional goods produced or purchased Other Expenses Part V allows you to provide more detail on other expenses you are deducting. ... Read Article

American Pacific Reports Strong Financial Performance For Fiscal 2012
LAS VEGAS, Dec. 13, 2012 /PRNewswire/ -- American Pacific Corporation (NASDAQ: APFC) today reported financial results for its fiscal year and fourth quarter ended September 30, 2012.We provide non-GAAP ... Read News

Matching Principle - Wikipedia, The Free Encyclopedia
An example is an obligation to pay for goods or services received from a counterpart, A Deferred expense (prepaid expenses or prepayment) is an asset used to costs paid out and not recognized as expenses according to the matching principle. ... Read Article