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  • Lecture 4 Quick Review of ADJ Entry

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    Cash paid Type I: 1) Haven't used service or assets yet. Cash collected Type II: 1) Cash collected 2) Haven't provided service or assets. Revenue XXX XXX Period end - prepare F / S (e.g. Dec 31)

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    Cash paid Type I: 1) Haven't used service or assets yet. Cash collected Type II: 1) Cash collected 2) Haven't provided service or assets. Revenue XXX XXX Period end - prepare F / S (e.g. Dec 31)

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
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    6 views4 pages

    Lecture 4 Quick Review of ADJ Entry

    Uploaded by

    chestervale1
    Cash paid Type I: 1) Haven't used service or assets yet. Cash collected Type II: 1) Cash collected 2) Haven't provided service or assets. Revenue XXX XXX Period end - prepare F / S (e.g. Dec 31)

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 4

    Cash paid

    Period end - prepare F/S (e.g. Dec 31)

    Type I:

    1) Cash paid 2) Havent used service or assets yet Journal entry: Dr. Asset Cr. Cash XXX XXX Adjusting entry: Dr. Expense Cr. Asset XXX XXX

    Period end - prepare F/S (e.g. Dec 31)

    Cash paid

    Type III:

    1) Cash NOT paid yet 2) Have used service or assets

    Adjusting entry: Dr. Expense Cr. Liability XXX XXX

    Journal entry: Dr. Liability Cr. Cash XXX XXX

    Cash collected

    Period end - prepare F/S (e.g. Dec 31)

    Type II:

    1) Cash collected 2) Havent provided service or assets yet Journal entry: Dr. Cash Cr. Liability XXX XXX Adjusting entry: Dr. Liability Cr. Revenue XXX XXX

    Period end - prepare F/S (e.g. Dec 31)

    Cash collected

    Type IV:

    1) Cash NOT collected yet 2) Have provided service or assets

    Adjusting entry: Dr. Asset Cr. Revenue XXX XXX

    Journal entry: Dr. Cash Cr. Asset XXX XXX

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