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Balance day adjustments
- 1. Balance Day Adjustments Revision
- 2. Prepaid Accrued Expenses Expenses Unearned Accrued Revenue Revenue
- 3. “paid but not “incurred but “overdue” incurred” not yet paid” “paid in advance” Prepaid Accrued Expenses Expenses ASSET Prepaid Exp Dr Expense Acc Dr LIABILITY Expense Acc Cr Accrued Exp Cr LIABILITY Rev acc Dr Accrued Rev Dr Unearned Cr Rev acc Cr Unearned Accrued Revenue ASSET Revenue “earned but not “received in “received but “the business yet received” advance” not yet earned” is owed”
- 4. “paid but not “incurred but “overdue” incurred” not yet paid” “paid in advance” Prepaid Accrued Expenses Expenses ASSET Prepaid Exp Dr Expense Acc Dr LIABILITY Expense Acc Cr Accrued Exp Cr LIABILITY Rev acc Dr Accrued Rev Dr Unearned Cr Rev acc Cr Unearned Accrued Revenue ASSET Revenue “earned but not “received in “received but “the business yet received” advance” not yet earned” is owed”