Prepaid Expenses Contra Asset

Slide 1
1 The Adjusting Process Prepaid expenses are the advance payment of future expenses and are Fixed Asset Contra Asset Land None—Land is not depreciated Buildings Accumulated Depreciation— Buildings Store Equipment Accumulated Depreciation—Store Equipment Office ... Document Retrieval

Accountant I Civil Service Exam Study Guide
What is the main purpose of an adjusting entry?), exchange and nonexchange events, contra asset depreciation, fiscal year, periodicity assumption, prepaid expenses, unearned revenue, what are the 3 general rules of expense recognition?, deferred revenue (how does it ... Visit Document

Accounting For Inventories
Expense or revenue until a future period Deferrals Two situations Pay a cost of benefit in advance and allocate cost as expenses to periods that receive benefit Deferrals Two as asset, Prepaid Insurance At Dec. 31 as increase in contra asset - Accumulated ... Retrieve Document

Chapter 5
We will make adjustments for several prepaid expenses. We adjust for supplies used, for insurance expired, and for any interest that has expired. Uncollectible Accounts Expense is debited and a contra-asset account Allowance for Doubtful Accounts is credited. ... Read Content

Accounting Journal Entries - What Are Journal Entries And How ...
If the account is on the Asset or left side, that is the Debit side. A debit will increase those accounts and a credit will decrease them. If the account is on the Liabilities and Owner's Equity or right side, that is the Credit side. ... Read Article

Treasury Stock - Wikipedia, The Free Encyclopedia
Rather than receive cash, recipients receive an asset that might appreciate in value faster than cash saved in a bank account. Another motive for stock repurchase is to protect the company against a takeover threat. ... Read Article

PowerPoint Presentation
CR Operating Exp for $90,000 7. DR Operating Expenses, CR Prepaid Expenses for $100,000 8. DR Net Assets Invested in – different net asset categories Adjusted are reported as expenses or contra-revenue; (A) and (C) are not SECTION 4-11: Tuition Discounting ... Get Doc

4370.2 REV-1 CHAPTER 4. HUD CHART OF ACCOUNTS
Well as the special asset and member equity accounts defined specifically for Cooperative projects. 1200 PREPAID EXPENSES: 1210 Fuel Inventory 1220 Gasoline and Oil Inventory (Contra) 2200 PREPAID REVENUES: 2210 Prepaid Rent ... Access Document

ACCT 1080
Prepaid expenses are advance payments of expenses. Examples consist of prepaid rent and prepaid insurance. Accumulated depreciation is a contra asset, which means it has a normal credit balance. A contra account has two major characteristics: ... Access Doc

Rallis Page 1
Contra asset. B)liability. C)asset. D)operating expense. 4.A post-closing trial balance contains A)real and nominal accounts. Prepaid Expenses D)Accrued Expenses 18.Transactions are initially recorded in the A)ledger. B)trial balance. C)journal. ... Fetch Document

Cba.unomaha.edu
Prepaid expenses Record revenue in the period in which it is earned A liability that exists when a company receives cash in advance from a customer Contra-asset account representing total depreciation recorded to date Book Value Carrying Value ... Read Full Source

Chapter 3 - Wiley
The adjusting entry results in a debit to an expense account and a credit to an asset account. Examples of prepaid expenses include supplies, insurance, and depreciation. Depreciation Expense is debited and a contra asset account, ... Access Doc

The Adjusting Process - Home - Faculty
Accumulated Depreciation is a contra asset, which means an asset account with a normal credit balance. Contra means opposite. A contra account has two main characteristics: Prepaid expenses. 2. Depreciation. 3. Accrued expenses. 4. Accrued revenues. 5. ... Visit Document

Normal Balances Of Accounts
O Accumulated Depreciation (Contra-Asset) • Supplies • Inventory • Prepaid Expenses (Rent, Insurance, etc) Liability Account Examples • Accounts Payable • Sales Taxes Payable • Payroll Taxes Payable • Notes Payable • Bonds ... Read Content

Accounts Receivables - Receivables On The Balance Sheet
Accounts receivable on the balance sheet represent invoices sent to a company's customers. The money is owed to the firm, so it is an asset, but it has not yet collected the cash. ... Read Article

OCR Document - Northern Virginia Community College
Apricot follows a policy of recording all prepaid expenses to asset accounts at the time of cash payment. 11. On June 30, 2004 Apricot should record: Contra account. C) Accrued revenue. D) Intangible asset. E) Adjunct account. 14. ... Fetch Full Source

Closing Entries As Part Of The Accounting Cycle - How To ...
It contains all the company's revenues and expenses for the current accounting time period. In other words, it contains net income. The income summary account is never used when preparing the financial statement because its only purpose is to be used during the closing process. ... Read Article

Mattfisher64's Channel - YouTube
Recording Sales Returns and Allowances - Contra Revenue Account. Prepaid Expenses - Ch. 3 Video 2 18,746 views Prepaid expenses and Adjustments. Fixed Asset Sale Disposal accounting matt fisher. ... View Video

Ic.ucsc.edu
Contra account matching principle 2. —A3. I I . accumulated depreciation prepaid expenses 12. time-period concept 4. unearned revenue —45. I 3, accrued expenses the difference between a plant asset account balance and its accumulated depreciation N. ... Retrieve Document

Dr. M. D. Chase Long Beach State University Accounting 500 ...
To the extent that research expenses are prepaid they represent an asset. Recall that expenses are only charged against revenues in the current period if the benefits they from the account to which it relates. Contra accounts can only exist in relationship with a ... Read Document

PowerPoint Presentation
Accumulated Depreciation Accumulated Depreciation Account that shows the sum of depreciation expense of the plant asset Contra-asset Always has a companion account Normal credit balance Depreciation Prepaid expenses are when a company pays in advance for an expense, such as ... Document Retrieval

Chapter 3
But is recorded in a contra account. 3-* Plant Asset Contra Account A separate account, the General Rule Application of the general rule varies with the type of asset or liability account For deferrals Prepaid expenses Ending Balance + Expense for the Period ... Retrieve Document