Prepaid Expenses Contra

The Accounting Cycle (HEM 4 & 5) - :: Uob-community At The ...
Prepaid Expenses — Depreciation CONTRA ASSET ACCOUNT Accumulated Depreciation Initial cost Debit EXPENSE ACCOUNT Adjusting entry Credit Debit cost used up & allocated to current period ASSET ACCOUNT. 4 Pre-collected/Unearned Income ... Read Content

PowerPoint Presentation
Unrestricted, CR Operating Exp for $90,000 7. DR Operating Expenses, CR Prepaid Expenses for $100,000 8. DR Net Assets Invested in Capital Assets, CR and (F) are reported as expenses or contra-revenue; (A) and (C) are not SECTION 4-11: Tuition Discounting The sum of (B) and (F ... Retrieve Document

CHAPTERS 3 AND 9—ADJUSTING ENTRIES AND ACCOUNTING FOR ...
When deferred or prepaid expenses are initially recorded as assets, an adjusting entry is needed to transfer the amount of the asset used or expired from the asset account to an expense account. Describe the contra-account Accumulated Depreciation. ... Retrieve Content

The Adjusting Process - Dr. Gary G. Berg's Home Page
Prepaid expenses. Depreciation. Accrued expenses. Accrued revenues. Unearned revenues. The two basic categories of adjustments are prepaids and accruals. Contra asset account. Note; A similar entry would have to be done to record depreciation on the building. ... Fetch Here

ACCRUED EXPENSES (ACCRUED LIABILITIES)
Section 3 ACCRUED EXPENSES (ACCRUED LIABILITIES) Introduction Accrued expenses are expenses that have been incurred, but not yet paid for. To put it another way, an accrued expense is paid after being recorded on ... Fetch Content

Chapter 4: Accrual Basis Accounting And The Accounting Cycle
Adjustment made for expense incurred in current accounting period related to cash previously received Often called prepaid expenses Purchase of of an asset A separate account is used to accumulate all depreciation related to an asset Accumulated Depreciation is a contra-asset because ... Fetch Document

4370.2 REV-1 CHAPTER 4. HUD CHART OF ACCOUNTS
1200 PREPAID EXPENSES: 1210 Fuel Inventory 1220 Gasoline and Oil Inventory 1230 Supplies Inventory 1240 Prepaid Property & Liability (Contra) 2200 PREPAID REVENUES: 2210 Prepaid Rent 2220 Prepaid Rent Revenue 2230 Apartment Rehabilitation Deposits ... Fetch Document

Accounting Principles, 5e - Wiley: Home
Adjusting entries can be classified as 1 prepayments (prepaid expenses or unearned revenues) OR 2 accruals (accrued revenues or accrued expenses) TYPES Depreciation Expense is debited and a contra asset account, Accumulated Depreciation, ... Read Here

REVENUE RECOGNITION PRINCIPLE - WVU College Of Business And ...
Adjusting entries can be classified as 1 prepayments (prepaid expenses or unearned revenues) or 2 accruals (accrued revenues or accrued expenses) TYPES Depreciation Expense is debited and a contra asset account, Accumulated Depreciation, ... Get Content Here

Financial Accounting And Accounting Standards
Prepaid Expenses. Expenses paid in cash and recorded as assets before they are used or consumed. Prepayments 3. Accrued Revenues. Revenues earned but not yet received in cash or recorded. 4. Accrued Expenses. Accumulated Depreciation—is a contra asset account. ... Access Content

Stud. Study Guide, 4th Ed. Fin. Acctg. Winter 01/02
Prepaid expenses expire with the passage of time or through use and consumption. b. An . asset-expense account relationship. (S.O. 5) The Accumulated Depreciation account is a contra asset account that is reported on the balance sheet. _____ 13. ... Doc Retrieval

How To Make Adjusting Entries In Your Accounting Journals
Prepaid Expenses; Depreciation; Increases are recorded as credits in contra-asset accounts. When an asset is purchased, it depreciates by some amount every month. For that month, an adjusting entry is made to debit depreciation expense ... Read Article

Chapter 5: Business Expenses
(contra asset) is needed Expenses Code Sections Disallowed Deductions Substantiation Timing of Deductions Cash Method Use of Cash Method Prepaid Expenses Costs of Starting a Business Business Investigation Start-up Expenses Organization Costs Operating Expenses Meals & Entertainment Meals ... View Document

Name Of Chapter
A contra asset account is directly related to an asset account and reduces that account balance. Prepaid expenses represent previously recorded assets, such as prepaid rent, supplies, and equipment, ... Fetch Doc

Rebate (marketing) - Wikipedia, The Free Encyclopedia
Instead of checks, prepaid gift cards are being given by many stores. Merchants like these cards, as they cannot be redeemed for cash and must be spent. However, some states require that retailers redeem the card value for cash if it falls below a certain level, such as $5 in Washington state. ... Read Article

Dilutive Securities And Earnings Per Share Calculations
Chapter 4 A step-back: Typical accounts CURRENT: Cash Accounts receivable Accrued revenue Inventory Prepaid expenses LONG TERM: Fixed assets A step-back: Contra-assets CURRENT: Cash Accounts receivable Accrued revenue Inventory Prepaid expenses LONG TERM: Fixed assets Cash Basis versus Accrual ... View Full Source

Profit Determination For Curriculum Council
Prepaid Expenses - Depreciation CONTRA ASSET ACCOUNT Accumulated Depreciation Initial cost Debit EXPENSE ACCOUNT Adjusting entry Credit Adjusting entry Debit cost used up & allocated to current period ASSET ACCOUNT. 4 10 Depreciation : “the systematic allocation of the ... Access Content

CHAPTER 3
Prepaid expenses, depreciation, accrued expenses, accrued revenues, and unearned revenues. 1. Prepaid expenses. A contra account always appears following its companion account on the financial statements. 2) ... Retrieve Here

T Accounts, Debits And Credits, Trial Balance, And Financial ...
Prepaid Insurance 980 Expenses Automobile 20,650 Salary Expense 14,380 Furniture and Equipment 5,963 Rent Expense 10,320 Liabilities Automobile Expense 859 Accounts Payable 1,590 Utilities Expense 1,213 Owner's Equity Supplies Expense ... Get Document

Www.sba.pdx.edu
Materials Inventory Rent Payable Work-in-progress Inventory Insurance Payable Finished Goods Inventory Prepaid Expenses Prepaid Insurance Prepaid Rent (contra Sales Revenue) Rent Expense Warranty Expense (contra Sales Revenue) ... Fetch Document

Chapter 3
Contra accounts are used to Recognize that depreciation is an estimate Preserve the original cost of the asset. 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 Content

BAFS/LCCI/AAT: (Accrual) Accrued Revenues - YouTube
3:38 BAFS/LCCI/AAT: Prepayment (Prepaid expenses) by SuperJoeyMa 443 views; 1:00:46 Chap 03 Lecture: Accruals and Deferrals by oruaccounting 14,892 views; Contra Items by SuperJoeyMa 666 views; 3:08 BAFS/LCCI/AAT: Bank Reconciliation Statements IV 銀行往來調節表 IV by SuperJoeyMa 889 views; ... View Video

CHART OF ACCOUNTS - Virginia Housing Development Authority
Trust (contra). 1200. PREPAID EXPENSES: 1210 - 1230 . Inventory Accounts . Agents record inventory accounts only when the amount on hand at year end is significant when compared to the total expense for the fiscal year. For example, if stored heating fuel ... Fetch Here