Accounting 200 Week 4 Notes
Accounting 200 Week 4 Notes ACCT 200-010
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This 4 page Class Notes was uploaded by Loretta Hellmann on Saturday September 17, 2016. The Class Notes belongs to ACCT 200-010 at Western Kentucky University taught by Stacy Wade (Bibelhauser) in Fall 2016. Since its upload, it has received 30 views. For similar materials see Intro Accounting-Financial in Accounting at Western Kentucky University.
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Date Created: 09/17/16
Week 4 Notes Tuesday, September 13, 2011:14 AM Chapter 4 Accrual-Basis Cash-Basis -revenue is recorded or recognized when it is earned regardless of when -Revenue is recorded or recognized when payment is received cash is received -expenses are recorded when cash is paid -expenses are recorded when incurred regardless of when payment is made EVERYTHING WE DO IN THIS CLASS WILL BE ACCRUAL-BASIS Adjusting Entries • Journal entries made at the end of the accounting period to bring revenues and expenses up to date • Always have either a revenue or an expense • Cash will not be in an adjusted entry • Date= last day of period Adjusting Entries- Types 1. Deferrals- payment has been made/received earlier in the period - Revenues or expense is now being recorded - Prepaid expenses - Unearned revenue 2. Accruals - Accrued expenses - Accrued revenues- revenue that has been earned but not yet received or recorded Interest= Principle x Rate x Time 5000 x .12 x (1/12) = 50
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