Unearned Revenues Prepaid Expenses

Financial Accounting And Accounting Standards
Unearned Revenues. Revenues received in cash and recorded as liabilities before they are earned. Accruals LO 5 Explain the reasons for preparing adjusting entries. Illustration 3-20 Deferrals are either prepaid expenses or unearned revenues. ... Read More

FAP 19e Chapter 3 SM
C. UR Unearned revenues. d. PE Prepaid expenses (Depreciation) e. AR Accrued revenues Quick Study 3-3 (20 minutes) Accounts Debited and Credited Financial Statement a. Debit Unearned Revenue Balance Sheet Credit Revenue Earned Income Statement b. Debit ... Visit Document

Alliant Techsystems Reports Record First Quarter Earnings
And we remain confident that sales for the full year will grow by approximately five percent as we realize revenues from the Lake City contract and a planned transition to the next development phase Prepaid and intangible pension Unearned compensation (2,137) (2,520) Pension ... Read Article

Stud. Study Guide, 4th Ed. Fin. Acctg. Winter 01/02
The alternative treatment of prepaid expenses and unearned revenues has the same effect on the financial statements as the procedures described in the chapter. *20. When a prepaid expense is initially debited to an expense account, a. ... Read Document

Accounting - Unit 1 - Part 3 - Statement Of Retained Earnings ...
12:36 Accounting - Unit 3 - Part 1: Prepaid Expenses by TRUTonyBell 1,353 views; 9:53 Accounting - Unit 2 - Part 1 6:04 Accounting - Unit 3 - Part 5: Unearned Revenues by TRUTonyBell 658 views; 46:47 Accounting 1: Program #8 - "Journal Entries and the Trial Balance" by JCCCvideo 4,787 views; ... View Video

Chapter 3 (part 2) - San Francisco State University
Unearned revenues b. Prepaid expenses Accrual Accounting and the Financial Statements * a. Unearned Revenues Receiving $2,400 for a one-year advanced rent payment from a tenant on 12/1/x1 (B/S Approach) ... Fetch This Document

Accrual Accounting And The Financial Statements
Unearned Revenues Learning Objective 4 Prepare the financial statements. Air & Sea Travel, Inc. Income Statement Month Ended April 30, Prepaid Expenses: Supplies An inventory at month end indicated that $400 in office supplies remained. ... Fetch Full Source

Alliant Reports Increased Sales And Earnings
The gains reflect revenues from 322,226 335,628 Goodwill 122,749 124,718 Prepaid and intangible pension assets 87,909 80,877 Other assets 233,423 236,416 Retained earnings 228,309 197,259 Unearned compensation (4,813 ... Read Article

CHAPTERS 3 AND 9—ADJUSTING ENTRIES AND ACCOUNTING FOR ...
Prepaid Expenses—expenses paid in cash and recorded as assets Unearned Revenues—cash received and recorded as liabilities (or revenues as shown in the chapter appendix—alternative treatment of unearned revenues) before revenue is earned. Accruals: ... Retrieve Content

The Matching Concept And The Adjusting Process
Ples of prepaid expenses that may require adjustment at the end of an accounting period. (prepaid) expenses, deferred (unearned) revenues, accrued expenses (accrued liabilities), and accrued revenues (accrued assets). In addition, the adjusting ... Get Document

The Adjusting Process - Mid-State Technical College
Unearned revenues are the advance receipt of future revenues and are recorded as liabilities when cash is received. Types of Accounts Requiring Adjustment 1. Adjustment for Prepaid Expenses Example Exercise 3-3 For Practice: PE 3-3A, PE 3-3B ... Get Content Here

EXERCISES Ex. 3–1 - Colby College | Four-Year Liberal Arts ...
• Unearned revenues (described above) • Prepaid expenses related to insurance, etc. Activity 3–4 a. There are several indications that adjusting entries were not recorded before the financial statements were prepared, including: 1. ... Doc Viewer

Intangible Assets - Investing For Beginners
Intangible assets on the balance sheet represent items such as patents, rents, royalties, and other assets that don't have physical form but still have value. Intangible assets are an important part of companies such as pharmaceuticals, which rely on drug patents to make money. ... Read Article

Ch. 2 T-Accounts And Journal Entries - YouTube
5:00 Unearned Revenues - Ch. 3 Video 4 by mattfisher64 13,312 views; 5:59 Prepaid Expenses - Ch. 3 Video 2 by mattfisher64 17,058 views; 7:07 Financial Statements - Ch. 1 Video 3 by mattfisher64 17,341 views; 4:16 Accrued Expenses - Ch. 3 Video 5 by mattfisher64 14,657 views; ... View Video

Www.business.auburn.edu
Prepaid expenses . and . unearned revenues. Prepaid expenses - expenses paid in cash and recorded as _____ until they are used or consumed. Journal Entry when cash is paid: Prepaid Asset $1,000. Cash $1,000. ... Get Document

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The major types of adjusting entries are prepaid expenses, unearned revenues, accrued revenues, and accrued expenses. 4. Prepare adjusting entries for prepayments. Prepayments are either prepaid expenses or unearned revenues. ... Return Document

Accounting Principles, 5e - SZABIST Faculty
PREPAYMENTS Prepayments are either prepaid expenses or unearned revenues. Adjusting entries for prepayments are required to record the portion of the prepayment that represents 1 the expense incurred or 2 the revenue earned in the current accounting period. ... Fetch Content

Debits And Credits - Wikipedia, The Free Encyclopedia
Buildings/plant, machinery, Furniture, equipment, vehicles, trademarks and patents, goodwill, prepaid expenses, debtors (people who bank overdrafts, trust accounts, accrued expenses, sales taxes, advance payments (unearned revenue), debt and accrued interest on debt, etc. All of the ... Read Article

Chapter 4: Accrual Basis Accounting And The Accounting Cycle
Called unearned revenue Deferred expenses Dollars were paid in a prior transaction Adjustment made for expense incurred in current accounting period related to cash previously received Often called prepaid expenses Purchase of supplies is revenues and expenses as well ... Retrieve Document

PROBLEM SET A - The McGraw-Hill Companies
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, 2008 The following information concerns the adjusting entries to be recorded as of that date: a. ... Return Document

Weygandt Financial Accounting 6th Ed - College Of DuPage - Home
Prepaid expenses or Unearned revenues. LO 5 Prepare adjusting entries for deferrals. insurance supplies Advertising rent Cash Payment Expense Recorded BEFORE LO 5 Prepare adjusting entries for deferrals. ... Read Here

Accounting Principles, 5e - Wiley: Home
This treatment of prepaid expenses and unearned revenues will ultimately result in the same effect on the financial statements as initial entries to balance sheet accounts and then adjusting entries. ... Retrieve Doc

Rallis Page 1
D. Prepaid expenses I. Accrued expenses E. Matching principle J. Book value _____ 1. Failure to recognize the earned portion of unearned revenues. Accrued interest expense is $800. • Revenue collected in advance that is now earned is $2,500. ... Doc Retrieval