Prepaid Expenses Unearned Revenue

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 Principles, 5e - SZABIST Faculty
Adjusting entries can be classified as 1 prepayments (prepaid expenses or unearned revenues) OR 2 accruals (accrued revenues or accrued expenses) Unearned Revenue Oct. 31 400 Oct. 2 1,200 31 800 Service Revenue ... Fetch This Document

PowerPoint Presentation - Financial Accounting And Accounting ...
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. Unearned service revenue (L) 33,750 Service revenue (SE) ... Get Doc

Adjustments For Financial Accounting
Recording of assets and liabilities and their related revenues and expenses Prepaid Expenses An asset awaiting Accrued Liability b. Prepaid Expense c. Accounting Estimate d. Unearned Revenue Adjusting Journal Entries Question On 10/1/98, BeeBee Inc. pays $3,600 for a 12-month ... Doc Viewer

MULTIPLE CHOICE QUESTIONS CHAPTER 2 - UCF College Of Business ...
Prepaid Insurance. Unearned Revenue. Insurance Expense. Interest Receivable. Which of the following errors will cause an imbalance in the trial balance? Omission of a transaction in the journal. Understatement of expenses and an understatement of liabilities. ... Retrieve Doc

Revenue Recognition - Investing For Beginners
Revenue recognition can drastically affect the financial statements. Bookkeeping Basics - Understanding Revenue and Expenses; Revenue and Sales on the Income Statement; Read An Income Statement; Preview: Analyzing an Income Statement; Joshua Kennon ... Read Article

Name Of Chapter
Cash received. Revenues earned. Example includes rent received in advance (an unearned revenue). Unearned Revenues Unearned Revenues On December 1, 2009, Tom’s Rentals received a check for $3,000, Prepaid expenses represent previously recorded assets, such as prepaid rent, ... Read Document

Accrued Expenses - Ch. 3 Video 5 - YouTube
5:59 Prepaid Expenses 5:00 Unearned Revenues - Ch. 3 Video 4 by mattfisher64 15,118 views; Revenue Accounts, Expense Accounts, When to Make a Debit or Credit by Daniel Dickson 10,587 views; 6:53 Depreciation and Accumulated Depreciation ... View Video

Financial Accounting And Accounting Standards
Illustration 3-20 Deferrals are either prepaid expenses or unearned revenues. Unearned Revenue. Pioneer Advertising received $12,000 on October 2 from KC for advertising services expected to be completed by December 31. ... Return Doc

The Adjusting Process - MDC Faculty Home Pages - Miami Dade ...
Supplies and prepaid insurance Types of Accounts requiring adjustment Unearned revenues $3,000 Accrued revenue Revenues not billed to customers $2,500 Accounts receivable $2,500 fees Types of Accounts requiring adjustment Prepaid expenses ... Get Content Here

PROBLEM SET A - The McGraw-Hill Companies
Unearned revenue. C. To record payment of an accrued expense. D. Gary Company follows the practice of recording prepaid expenses and unearned revenues in balance sheet accounts. Gary’s annual accounting period ends on December 31, ... Retrieve Full Source

Amortization Adjusting Journal Entries: Financial Accounting ...
6:47 Unearned Revenue Adjusting Journal Entries: Financial Accounting video 17 by iNinjaNotes 62 views; Prepaid Expenses by TRUTonyBell 1,523 views; 5:22 Accounting - Unit 3 - Part 4: Accrued revenues by TRUTonyBell 480 views; ... View Video

CHAPTER 4 Accrual Accounting Concepts - Auburn University ...
An adjusting entry for prepayments (prepaid expenses or unearned revenues) will decrease a balance sheet account and increase an income Unearned revenue XX Revenue XX Accruals Adjusting entry Period 2 entry Accrued Revenues: Examples ... Doc Retrieval

Weygandt Financial Accounting 6th Ed - College Of DuPage - Home
Prepaid expenses or Unearned revenues. Service Revenue 400 Unearned Revenue 400 Oct. 31 Debit Credit Service Revenue 400 1,200 Debit Credit Unearned Revenue 400 800 LO 5 Prepare adjusting entries for deferrals. Made to record: ... Read Document

ADJUSTING ENTRIES B.COM. PART 1 - Muhammad Hassam - Home
Expenses Rs. 400. (e) Prepaid insurance Rs. 900. All premium payments have been recorded by debits to the insurance expense account. which represents unearned revenue. The business adjusts and closes its accounts each month At May 31st ... Doc Viewer

CHAPTER 4
Explain the revenue recognition principle and the matching principle. prepaid expenses . and . unearned revenues. Prepaid expenses - expenses paid in cash and recorded as assets until they are used or consumed. ... Read Content

This entry records deferred revenue (“unearned income” that should be included in income in the following year); Prepaid expenses should be recorded for items where a bill has been paid in the current fiscal year for a good or service that will not be received until the next fiscal year. ... Access Doc

Comparison Of Cash And Accrual Methods Of Accounting ...
Accrual basis taxpayers include items when they are earned and claim deductions when expenses are incurred Less than a year after the 1913 Revenue Act, the Internal Revenue Service allowed use of the accrual basis for deductions, then for income, ... Read Article

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; (Unearned Revenue) by SuperJoeyMa 869 views; 5:41 Exam101 Series: BAFS Longman Frankwood BK1 (Accounting Model) by SuperJoeyMa 436 views; ... View Video

Profit Determination For Curriculum Council
• pre-collected or unearned revenue Prepaid Expenses • Amounts paid before the benefit is consumed ASSET ACCOUNT Prepaid Expenses Initial cost Debit EXPENSE ACCOUNT Adjusting entry Credit Adjusting entry Debit cost used up, ... Get Content Here

Accrual Accounting And The Financial Statements
Prepaid Expenses: Supplies An inventory at month end indicated that $400 in office supplies remained. Accrued Revenues Adjusting entry: Unearned Revenue An obligation arising from receiving cash before providing a service. ... Fetch Doc

Most183001 V2 Fm.fm Page Ix Friday, June 1, 2007 3:07 AM Contents
Identify Prepaid Expenses 40 How a Prepayment Becomes an Expense 41 How to Adjust Prepaid Expenses 44 The Two Objectives 44 Prepaid Expense Compared to Unearned Revenue 99 Review and Vocabulary 100 Practice 101 Subject Overview 105 ... Access Full Source

Deferred Acquisition Costs - Wikipedia, The Free Encyclopedia
All other expenses associated with the new business that do not vary with and are not primarily related to new policies are classified as non-deferrable acquisition expenses. DAC Amortization. If there is an Unearned Revenue Liability, ... Read Article

Intermediate Accounting, 9ed - University Of Illinois At ...
Roadmap Basic terminology Introduction to accounting cycles Adjusting entries Prepayments Prepaid expenses Unearned revenues Accruals Accrued revenues Accrued expenses Closing entries Reversing entries Basic Terminology The following is a brief Deferral of a revenue (unearned revenues) ... Fetch Content