Opposite Of Prepaid Expenses

Chapter 5
Prepaid expenses, also called deferred expenses, are expenses that are paid for and recorded before they are used, such as rent or insurance. We will make adjustments for several prepaid expenses. ... Retrieve Full Source

Amortization Adjusting Journal Entries: Financial Accounting ...
Contra accounts always have the OPPOSITE normal balance of the account it refers to. For example Part 1: Prepaid Expenses by TRUTonyBell 1,523 views; 5:22 Accounting - Unit 3 - Part 4: Accrued revenues by TRUTonyBell 480 views; ... View Video

Finanacial Accoutning - Gavilan College -> Faculty / Staff ...
Unearned Revenues (Liability account) opposite of Prepaid Expenses. We Receive cash B4 we provide Goods or Services to customer. Also called Customer Deposit. This is an obligation or Liability to us. Recorded into Accounting Records as follows; ... Return Doc

Rules Of Debits And Credits - Austin Community College ...
Supplies, prepaid expenses, land, buildings, equipment, and vehicles. Assets are increased with a debit and decreased with a credit. The normal account (the opposite rules as liabilities because they work to decrease stockholders’ equity). The primary accounts are Assets ... View This Document

The Accounting Information System - Wiley: Home
Prepaid expenses. b. Unearned revenues. c. Accrued liabilities (expenses). d. Accrued assets (revenues). e. debit balances will cause an error in net income in the opposite direction; e.g., if beginning inventory is overstated, net income will be understood. ... Retrieve Content

The Adjusting Process - Home - Faculty
Contra means opposite. A contra account has two main characteristics: A contra account is paired with and follows its related account. (2) A contra account’s normal balance Prepaid expenses. 2. Depreciation. 3. Accrued expenses. 4. Accrued revenues. 5. ... View Document

New Fund. Of Inter. Acctgy. Book - Wiley: Home
Adjusting entries for prepayments (prepaid expenses and unearned revenues) may also be reversed if the initial entry to record the related cash transaction you can figure out the rules for all other types of accounts by knowing which rules are the opposite of the rules for assets and which ... Read Full Source

Chapter 5
Prepaid Expenses. 12-29 Accrued income is income that has been earned but not yet received and recorded. ANSWER: QUESTION: What is accrued income? Objective 3 Compute adjustments for accrued and deferred income items. 12-30 On November 1, 2010, Simpson Antiques accepted ... Get Content Here

Chapter 3: The Accounting Information System
Examples that may lead to unearned revenues: rent, magazine subscriptions, tuition received prior to semester; OPPOSITE OF PREPAID EXPENSES! ADJ ENTRY: ex: ADJ ENTRY; 12 month magazine subscription sold on 8/01/xx for $120. Orig Entry: ... Fetch Full Source

The Adjusting Process - Dr. Gary G. Berg's Home Page
Prepaid expenses are advance payments of expenses; they are always paid for before they are used. For example, companies often make prepayments for rent, insurance, and supplies. Opposite of a prepaid expense. Examples: Salaries. Interest. 31. 31. ... Fetch Content

Name Of Chapter
It is directly related to an asset account but has the opposite balance. Cost - Accumulated depreciation = BOOK VALUE. End of accounting period. Prepaid Expenses After we post the entry to the T-accounts, the account balances look like this. ... Access Document

About Experts Sitemap - Group 174 - Page 1 2012-07-20
Might attend the service in support of the children losing a grandfather however usually sit behind the family or on an opposite side in the There are likely to be things like the obit and flowers or clergy honorarium that have not yet been prepaid. burial expenses, missouri ... Read Article

About Experts Sitemap - Group 43 - Page 41 2012-08-30
In fact just the opposite. then you may not be able to include that component when calculating your management fees. Prepaid rents probably are Evaluating Expenses based on a new purchase, real estate sector, luck mike ... Read Article

2 Amortization Of Tangible Capital Assets (Line C) Use Of ...
The negative opposite of the value entered to line h on Schedule A3 Statement of O– perations; Prepaid Expenses. If that is the case, enter the net amount into whichever Line makes the most sense: i.e. enter a net increase in prepaid expenses to Acquisition of Prepaid ... Read Here

OCR Document - Northern Virginia Community College
An account linked with another account that has an opposite normal balance and that is subtracted from the balance of the related account is a(n): A) Accrued expense. Prepaid expenses. C) Unearned expenses. D) Net expenses. E) Accrued expenses. 26. ... Access This Document

Recording Business Transactions
Prepaid Expenses Abusiness often pays certain expenses in advance. Aprepaid ex-pense is an asset because it provides future benefits to the business. The business Expenses have the opposite effect of revenues; they decrease owner’s eq-uity. ... Doc Retrieval

Slide 1
It is directly related to an asset account but has the opposite balance. Cost Prepaid expenses. Other current assets. Total current assets. Other assets. Total assets. Papa John's International, Inc. & Subsidiaries. Consolidated Balance Sheet. Intangibles. ... View Doc

Treatment of Prepaid Expenses On The Cash Basis Of Accounting
Memorandum adopted the opposite view, allowing the taxpayer to deduct only a fraction of the premium in each year.8 A Circuit Treatment of Prepaid Expenses on Cash Basis of Accounting 475 THEORY It is generally said that a layman's con- ... Document Retrieval

About Experts Sitemap - Group 42 - Page 74 2012-08-30
Hi NATE-- The Real Estate & Mortgage worlds are spinning like tops and sometimes in the same/sometimes in the opposite directions! mortgage insurance premium, fha loan, prepaid mortgage: Hello Ms. Tistle, Yes, education expenses: ... Read Article

CHAPTER 3
Dividends, and expenses are increased by debits and decreased by credits. Liabilities, common ____Which of the following accounts follows the rules of debit and credit in relation to increases and decreases in the opposite manner? 3.An increase in Prepaid Insurance. 4.An increase in ... Read More

Diabetes Mellitus - Wikipedia, The Free Encyclopedia
Which acts in the opposite manner to insulin. Glucose thus forcibly produced from internal liver cell stores (as glycogen) re-enters but also economically—expenses due to diabetes have been shown to be a major drain on health- and productivity-related resources for healthcare systems ... Read Article

Ugandan English - Wikipedia, The Free Encyclopedia
Mobile phone services are prepaid. It is often a payment in part to cover some expenses, but is expected to go beyond just the "out-of-pocket" costs the recipient has incurred. It's the opposite of the exaggeration never. For example, ... Read Article

CHAPTERS 3 AND 9—ADJUSTING ENTRIES AND ACCOUNTING FOR ...
Prepaid Expenses—expenses paid in cash and recorded as assets have credit balances. Contra means opposite or against like in the words contradiction, contraband, and contrary (similar to what drawing and expenses do to owner’s equity). ... Return Document

An Introduction To Balance Day Adjustments
Prepaid revenue is the opposite of prepaid expense, and so they go hand in hand. When one business entity records a prepaid expense Prepaid expenses (deferrals) Assets Expenses Expense account DR Asset account CR Assets overstated Expenses ... Read Here

Glossary—Chapter 3 - Wiley: Home
Unearned revenues are the opposite of prepaid expenses. (p. 85). Appendix 3A: accrual basis The recognition of revenue when it is earned, and the expenses in the period incurred, without regard to the time of receipt or payment of cash. (p. 100). ... Retrieve Document

Balance Sheet And Statement Of Cash Flow Gapenski Chapter 4
Can be “factored” to a 3rd party (i.e. sold at discount.) Prepaid expenses – e.g. may be: insurance, rent, interest on debt, etc. Prepaid expense accounting Example on the same or opposite sides of the identity. ... Document Viewer