ACCT 203 Chapter Notes - Chapter 3: Deferral, Accrual, Income Statement
25 May 2018
School
Department
Course
Professor
ACCT 203 GMU Chapter 3 terms
Revenue Recognition Principle
June
Dr A/R 100
Cr Serv Rev 100
July
Dr Cash 100
Cr A/R 100
Types of Adjusting Entries
Deferrals
1) Pre-paid expenses
2) Unearned Serv Rev
Accruals
1) Accrued Revenues
2) Accrued Expenses
Pre-paid Expenses
Dr Supplies exp
Cr supplies
Assets overstated
Expenses understated
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Unearned service revenue
Dr USR
Cr Serv Rev
Liabilities Overstated
Rev Understated
*not a part of the closing
Accrued Revenues
Dr A/R
Cr rev
Assets Understated
Rev understated
Accrues Expenses
Dr salaries and wages exp
Cr Salaries and wages payable
Expenses understated
Liabilities understated
The Accounting Cycle
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