BIOC 212 Chapter Notes - Chapter 4: Revenue Recognition, Matching Principle, Income Statement

• School: McGill University
• Department: Biochemistry
• Course: BIOC 212
• Professor: Dieter Reinhardt

Document Summary

Note these notes are complementary to the slides. *debit means the left side of an account. *credit means the right side of an account. *if cash received at the same time as delivery then dr) cash 14562 cr) service revenue 14562 *if cash received after service delivery then dr) account receivable cr) service revenue 14562 *if cash received before service delivery dr) unearned revenue cr) service revenue 14562 *if use office space at the same time as paying (cash) dr) rent expenses 14562 cr) cash 14562 *if use office before cash paid dr) rent expenses 14562 cr) rent payable. *if cash paid before use of office space dr) rent expenses 14562 cr) prepaid rent expenses. Trial balance adjusting entries to get adjusted trial balance closing entries. : on july 1, 2014, we loaned the money () to the other company with an interest rate of 10%/ year. Both interest payments and principal payment occur on july 1, 2015.