Prepaid Expenses Liability Or Asset

ADJUSTMENT ACCOUNTS & ENTRIES
These accounts are Unearned Revenues (Liability) and Prepaid Expenses (Asset). UNEARNED REVENUES – Revenues that have been received but not earned by the business. This is a liability account because the money has not been earned by the ... Doc Retrieval

Adjustment Accounts
DEFERRAL ADJUSTMENTS: Deferral adjustments are used for updating accounts involving previously recorded transactions. These accounts are Unearned Revenues (Liability) and Prepaid Expenses (Asset). ... Retrieve Full Source

Managing Fixed Assets Under Construction - FAS CIP Accounting ...
6:19 Sage FAS Asset Accounting 2012 by SageFASFixedAssets 2,783 views; 6:35 Deferred Tax Liability More at Minute-Class.com by johnbernke 23,043 views; 5:59 Prepaid Expenses - Ch. 3 Video 2 by mattfisher64 19,526 views; ... View Video

ADJUSTMENT ACCOUNTS & ENTRIES - Home : Texas State University
These accounts are Unearned Revenues (Liability) and Prepaid Expenses (Asset). UNEARNED REVENUES – Revenues that have been received but not earned by the business. This is a liability account because the money has not been earned by the ... Return Doc

Deferred Long-Term Asset Charges - Investing For Beginners
Deferred Long Term Asset Charges These are expenses which the company has paid for but not yet subtracted from the assets. They are very similar to Prepaid Expenses (where rent would be counted as an asset until it came due each month, ... Read Article

Income Taxes - New York University
But never part of taxable (or book) income. 2 types: non-taxable revenues non-deductible expenses (ex. GW amortization Liability: B/S Method deferred tax asset/liability = cumulative timing accrued liability, payable Ex. 4. prepaid expense Timing Differences ... View Full Source

Accrual Accounting - UNM - New Mexico's Flagship University ...
– Debit Prepaid Expense (increases Asset) – Credit Cash (decreases Cash) • Each month, Liability) • Pay bill in December: – Debit Insurance Payable full amount Prepaid Expenses • Monthly Journal Entry, beginning with month ... Read Content

66124 AppB B1-B4
In Chapter 2, deferred expenses (prepaid expenses) were debited to an asset ac-count at the time of payment. As an alternative, deferred expenses may be debited vertising fees as a liability: (1) revenues received during the period; (2) adjusting ... Read More

Rules Of Debits And Credits - Austin Community College ...
Merchandise inventory, supplies, prepaid expenses, land, buildings, equipment, and vehicles. Assets are increased with a debit and decreased the asset cash is increased with a debit and has a normal debit liability accounts must be increased with a credit and decreased with a ... Read Here

Accrued Interest - Wikipedia, The Free Encyclopedia
In finance, accrued Interest is the interest that has accumulated since the principal investment, or since the previous interest payment if there has been one already. ... Read Article

Phosphate Holdings, Inc. Reports Third Quarter 2012 Financial Results
Phosphate Holdings, Inc. , today reported third quarter of 2012 net loss of $4.8 million, or $0.57 per diluted share of common stock, compared to net income of $1.5 million, or $0.18 per diluted share of common stock for the same period in 2011. ... Read News

OTHER ASSETS AND LIABILITIES - FDIC: Federal Deposit ...
Prepaid expenses are the costs that are paid for goods and services prior to the periods in which the goods or services servicing asset or liability must be recognized unless the institution securitizes the assets, retains all of the resulting ... Get Doc

Cash And Cash Equivalents - Wikipedia, The Free Encyclopedia
Cash and cash equivalents are the most liquid assets found within the asset portion of a company's balance sheet. Cash equivalents are assets that are readily convertible into cash, such as money market holdings, short-term government bonds or Treasury bills, marketable securities and commercial ... Read Article

LU 1 ADJUSTMENTS
Accrued Expenses Current Liability Eg: The telephone account for December (300) has been received but not yet paid. General Ledger Prepaid Expenses Current Asset Eg: Included in the amount for advertising (R2500) is a 6 month contract for R1200, for the ... Retrieve Document

Patheon Reports Fourth Quarter And Full Fiscal 2012 Results
Underlying business growth of 15.3 percent with strong margin improvementsCompletion of the acquisition of Banner Pharmacaps announced FridayTORONTO, Dec. 17, 2012 /PRNewswire/ - Patheon Inc. (TSX: PTI), ... Read News

Chapter 3: The Accounting Information System
Prepayments: Prepaid Expenses (cash paid to third party); Unearned Revenue (cash received from third party) Accruals: Accrued Revenues; Accrued Expenses. Depreciation. This TB only consists of asset, liability, and owners’ equity (real) accounts. ... Visit Document

5-0700.00 PREPAID EXPENSES 5-0710.00 INTRODUCTION 5-0710.10 ...
Insurance premiums and comprehensive liability and fire insurance premiums, are items to be classified as The portion applicable to subsequent years should be recorded as an asset using 240 Prepaid Expenses. Year 1 Debit: 802 Expenditures $ 7,000 Debit: ... Fetch Here

Prepaid Expenses And Other Current Assets
Prepaid expenses on the balance sheet represent a current asset because the company still has the right to receive the product or service for which it has paid. ... Read Article

A2511 - Policy For Prepaid Expenses
Policy for Prepaid Expenses Revision: Category: Issued: 09/2008 Initiated by: Department of debited to a prepaid asset account and are recorded as expenditures or expenses when used. GASB • County-wide liability insurance policies including general liability, ... Retrieve Here

CHAPTER 3
Adjusting entries also bring related asset and liability accounts to correct balances for the balance sheet. 4. Depreciation is similar to prepaid expenses in that an asset is recorded when the plant asset is acquired. The asset is expensed as it is used. ... Retrieve Here

Sales And Purchase Returns
It is classified as a current asset because it will provide a future economic benefit in the following reporting period. Example – On 1 January 2008 Business Ltd pays $12,000 for a 12-month rental contract. (prepaid expenses) or as a liability ... View Full Source

ESTIMATION OF DEFERRED TAXES - Farmdoc : Farm Decision ...
And tax basis of the asset or liability. The Farm Financial Standards Council recommends that market value be defined as the fair market • Prepaid Expenses “Market Value” is the value of an asset if it were sold at current market prices. ... Retrieve Doc

REVENUE RECOGNITION PRINCIPLE - WVU College Of Business And ...
A liability-revenue account relationship exists with unearned revenues. 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. ... Read Here

Chapter 4: Accrual Basis Accounting And The Accounting Cycle
Liability that company owes customers Deferred expenses – an asset resulting from 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 a liability resulting ... Fetch Content

I-A Deferred Revenues - University Of Maine System | Home
Prepaid expenses are an asset and are presented in the University’s financial statements on the Statement of Net Assets. Deferred revenues are a liability and are presented in the University’s financial statements on the Statement of Net Assets. ... Read More

Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts
Asset, Liability, Owner’s Equity, Revenue, and Expense Accounts . CHAPTER 1 Assets, Liability, Owner Accts. Rec. + Equip. J. Kirk, Capital + Revenue Expenses (a) + 13,500 =+13,500 (b) – 1,600 + 1,600 (Rent Expense) Bal. 11,900 + =+13,500 + – 1,600 (c) – 6,700 + 9,500 + 2,800 Bal. 5,200 + + 9,500 ... Read Content