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Cramlets™ and other presentations by Accounting in category 'accrued revenues'
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unearned revenues
accrued
accrued expenses
to adjust expenses and revenues to the accounting period where they actually occurred. Generally speaking
then that means nine months of the contract's revenues are unearned. In order to properly reflect reality
600.00o _ • Unearned revenues -- Bogus Manufacturing Company purchased an annual service contract from you for $24
000.00• Accrued expenses -- If you pay weekly salaries and the accounting period ends mid-week
you have accrued salary expenses that you haven't yet paid. You'll need an adjusting entry to reflect the as-yet unpaid salaries
but at least it balances!) 2. Adjusting entries – prepare and post accrued and deferred items to journals and ledger T-accounts
