Prepaid Expenses And Unearned Revenue

CHAPTER 4 Accrual Accounting Concepts Study Objectives
Prepayments fall into two categories--prepaid expenses and unearned revenues. 1. Prepaid expenses - expenses paid in cash and recorded as assets until they are used or consumed. Prepaid either prepaid expenses or unearned revenue. ... Access This Document

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The major types of adjusting entries are prepaid expenses, unearned revenues, accrued revenues, and accrued expenses. 4. State whether each situation is a prepaid expense (PE), unearned revenue (UR), accrued revenue (AR) or an accrued expense (AE). ... Fetch Here

Adjusting Entries: Matching Accounting & Timing
Remember: an unearned revenue is a liability, NOT a revenue. Adjusting Entries: Matching Accounting & Timing Adjusting entries to increase expenses are required either because you already paid for them before using them (prepaid expenses such as insurance, rent, supplies) ... Retrieve Document

Chapter 3 - Wiley
This treatment of prepaid expenses and unearned revenues will ultimately result in the Advertising Supplies 2,500 Prepaid Insurance 600 Office Equipment 5,000 Notes Payable $ 5,000 Accounts Payable 2,500 Unearned Revenue 1,200 Common Stock 10,000 Retained Earnings -0- Dividends 500 ... View Doc

Cash Basis To Accrual Basis Conversion (Operating Asset ...
Convert from cash basis to accrual basis for revenue and expenses, unearned revenue (deferred revenue) and (2) accounts payable (accrued expense), for asset accounts (3) accounts receivable (accrued revenue) and (4) Inventory, Prepaid Assets (deferred expense), ... View Video

Slide 1
1 The Adjusting Process Prepaid expenses are the advance payment of future expenses and are recorded as assets when cash is paid. prepaid expense, (2) unearned revenue, (3) accrued expense, or (4) accrued revenue. Wages owed but not c. Fees received but not yet paid. ... Fetch Doc

Accrual Basis Accounting Explained (Allocating Expense ...
Report expenses when they occur regardless if cash payments starting with liability accounts (1) unearned revenue (deferred revenue) and (2) accounts payable (accrued expense), for asset accounts (3) accounts receivable (accrued revenue) and (4) Inventory, Prepaid Assets ... View Video

Adjusted Trial Balance Statement: Financial Accounting Video ...
After finishing up adjusting entries of all 5 categories (accrued expenses, prepaid expenses, accrued revenues, unearned revenues, 6:47 Unearned Revenue Adjusting Journal Entries: Financial Accounting video 17 by iNinjaNotes 62 views; ... View Video

Income Taxes - New York University
Unearned revenue Books income of a period, but never part of taxable (or book) income. 2 types: non-taxable revenues non-deductible expenses (ex. interest income on municipal bonds) pre-tax (book) income tax expense 4. Deferred (prepaid) expense 2. Deferred (unearned ... Fetch Full Source

About Experts Sitemap - Group 1 - Page 31 2012-08-30
Time home buyers: You are correct. For details and restrictions go to Section 72(t)(2)(F) and 72(t)(8) of the Internal Revenue Code. On the cash basis, the answer is zero as expenses are not accrued. The wages paid on Jan. 2 are expenses of the unearned income credit, business ... Read Article

CounterPath Reports Second Quarter Fiscal 2013 Financial Results
VANCOUVER, Dec. 13, 2012 /PRNewswire/ - CounterPath Corporation ("CounterPath" or the "Company") (NASDAQ: CPAH) (TSX: CCV), an award-winning provider of desktop and mobile VoIP software ... Read News

Accounting For Inventories
Expenses, assets, and receive benefit Receive a cash revenue in advance and allocate amounts as revenues to periods in which revenues earned Prepaid one month’s rent has been earned and become revenue Correct Dec. 31 balance Unearned Revenue $500 Rent Revenue $100 Unearned Revenues ... Read More

Chapter 3
PREPAYMENTS Prepayments are either prepaid expenses or unearned revenues. Unearned Revenue. C.R. Byrd, Capital. C.R. Byrd, Drawings. Service Revenue. Salaries Expense. Rent Expense. General Journal. J1. Date. Account Title and Explanation . Ref. Oct. 31. ... Retrieve Full Source

66124 AppB B1-B4
Deferred expenses (prepaid expenses) or deferred revenues (unearned revenues). In Chapter 2, deferred expenses (prepaid expenses) were debited to an asset ac- When a deferred revenue (unearned revenue) is initially recorded as a revenue. ... Retrieve Document

CHAPTER 3
Prepaid expenses, depreciation, and unearned revenue are prepaid-type adjustments. Unearned Revenue XX (↑ liability) Service Revenue XX (↑ revenue) 2. The adjusting entry for each method is: Record as Liability Record as Revenue. ... Fetch Content

ADJUSTMENT ACCOUNTS & ENTRIES - Home : Texas State University
Unearned Subscription Revenue 1,200 . As each month passes, the magazine company sends out the monthly issues and earns the revenue for that month. The PREPAID EXPENSES – Expenses that have been paid by the business but not used. ... Read More

Chapter 4: Accrual Basis Accounting And The Accounting Cycle
Received Often called unearned revenue Deferred expenses Dollars were paid in a prior transaction Adjustment made for expense incurred in current accounting period related to cash previously received Often called prepaid expenses Purchase of supplies is an asset exchange Supplies ... Fetch Full Source

EXERCISES Ex. 3–1 - Colby College | Four-Year Liberal Arts ...
Unearned revenue to the airline. (2) At the end of the airline’s accounting period, it would have adjusting entries related to such items as the following: • Prepaid expenses related to insurance, etc. Activity 3–4 a. ... Get Document

CHAPTERS 3 AND 9—ADJUSTING ENTRIES AND ACCOUNTING FOR ...
Prepaid Expenses—expenses paid in cash and recorded as assets (or expenses as shown in the chapter appendix—alternative treatment of prepaid expenses) before they are used or consumed. When a deferred or unearned revenue is initially recorded as revenue, ... Retrieve Full Source

Chart Of Accounts - Wikipedia, The Free Encyclopedia
345 Prepaid Expenses; 140 Inventory (Stock on Hand) 150 Buildings; 151 Accumulated Depreciation on buildings; 160 Vehicles & Equipment; 270 Accrued Expenses; xxx Unearned Revenue; Stockholders' Equity Accounts. 300 Common Stock (Share Capital), ... Read Article

Www.justanswer.com
Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR), accrued expenses (AE), or accrued revenues (AR). a. Revenue earned 39000. Less: Expenses accrued (22500-2250 ) 20000. Net Income 19000 ... Visit Document

REVENUE RECOGNITION PRINCIPLE - WVU College Of Business And ...
The adjusting entry results in a debit to a liability account and a credit to a revenue account. Examples of unearned revenues include rent, magazine subscriptions This treatment of prepaid expenses and unearned revenues will ultimately result in the same effect on the financial statements as ... Visit Document