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  • Apuntes
  • Revisión por tema
    Tashika B.
    US
    Tashika B.

    The ledger accounts are designed to act as a template for students who may need to rebuild accounts involving balance day adjustments.

    BabaJide Martins F.
    TR
    BabaJide Martins F.

    When balance day adjustments are made using the 'expense approach' the payment or receipt is initially treated as an expense or revenue. That portion of the payment, or revenue not used or received, at the end of the accounting period, is then treated as an asset or a liability.

    Hermina S.
    LC
    Hermina S.

    Believe I need to apply the methods to fully understand the information system in accounting

    Morne V.
    ZA
    Morne V.

    When balance day adjustments are made using the 'expense approach' the payment or receipt is initially treated as an expense or revenue. That portion of the payment, or revenue not used or received, at the end of the accounting period, is then treated as an asset or a liability

    Sunday O.
    NG
    Sunday O.

    account ledger

    Odongo M.
    UG
    Odongo M.

    Accounting -> The accounting period The accounting period When balance day adjustments are made using the 'expense approach' the payment or receipt is initially treated as an expense or revenue. That portion of the payment, or revenue not used or received, at the end of the accounting period, is then treated as an asset or a liability. Strategy The following strategy is proposed to deal with adjusting, closing and reversing entries for prepaid and accrued expenses and revenue. This strategy is based on the idea of thinking in opposites. Expenses begin prepaid expenses begin accrued expenses end BANK end PROFIT AND LOSS A/C end accrued expenses end PREPAID EXPENSES Revenue begin accrued revenue begin prepaid revenue end PROFIT AND LOSS A/C end BANK end prepaid revenue end ACCRUED REVENUE The ledger accounts above are designed to act as a template for students responding to a need to reconstruct accounts involving balance day adjustments. The words in capitals state what you should know. For instance, you should have little difficulty recording the amount paid, that is, Bank, for an expense on the debit side of the actual expense account. The amount expenses, as shown by Profit and Loss a/c is shown on the credit side of that account. These two entries will appear on opposite sides in the revenue accounts. If you are confident that prepaid expenses appear on the credit side of the expense account then the opposite entry must apply for accrued expenses at the end, appearing on the debit side for that expense. By working in 'opposites' all the remaining entries may be filled in for the reversing entries to the expense account and the other entries in the revenue account.

    Odongo M.
    UG
    Odongo M.

    Accounting -> The accounting period The accounting period When balance day adjustments are made using the 'expense approach' the payment or receipt is initially treated as an expense or revenue. That portion of the payment, or revenue not used or received, at the end of the accounting period, is then treated as an asset or a liability. Strategy The following strategy is proposed to deal with adjusting, closing and reversing entries for prepaid and accrued expenses and revenue. This strategy is based on the idea of thinking in opposites. Expenses begin prepaid expenses begin accrued expenses end BANK end PROFIT AND LOSS A/C end accrued expenses end PREPAID EXPENSES Revenue begin accrued revenue begin prepaid revenue end PROFIT AND LOSS A/C end BANK end prepaid revenue end ACCRUED REVENUE The ledger accounts above are designed to act as a template for students responding to a need to reconstruct accounts involving balance day adjustments. The words in capitals state what you should know. For instance, you should have little difficulty recording the amount paid, that is, Bank, for an expense on the debit side of the actual expense account. The amount expenses, as shown by Profit and Loss a/c is shown on the credit side of that account. These two entries will appear on opposite sides in the revenue accounts. If you are confident that prepaid expenses appear on the credit side of the expense account then the opposite entry must apply for accrued expenses at the end, appearing on the debit side for that expense. By working in 'opposites' all the remaining entries may be filled in for the reversing entries to the expense account and the other entries in the revenue account.

    Manish K.
    NP
    Manish K.

    Clearly given about accounting period.

    Davidson Ade O.
    NG
    Davidson Ade O.

    they are well understood

    Penelope M.
    US
    Penelope M.

    self explanatory

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