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    BabaJide Martins F.
    TR
    BabaJide Martins F.

    Understood

    Morne V.
    ZA
    Morne V.

    When using the 'Asset' approach to expense recognition the initial payment is treated as an asset rather than an expense.

    Odongo M.
    UG
    Odongo M.

    Accounting -> Balance day adjustments Balance day adjustments When using the 'Asset' approach to expense recognition the initial payment is treated as an asset rather than an expense. A consequence of this approach is that there are no reversing entries involved as only that portion of the payment to be treated as an expense is deducted from the 'asset'. Example Stan Jones from the Video and CD Store pays $6000, on 1 January for an advertising program which will extend over the next three years. Required Show how this will appear in the general journal and general ledger for the next two accounting periods. Stan's business has accounting periods of six months. General journal 30 Jun. Advertising expense 1 000 Prepaid advertising expense 1 000 Advertising expense allocated to this period 31 Dec. Advertising expense 1 000 Prepaid advertising expense 1 000 Advertising expense allocated to this period General ledger Prepaid advertising expense 1 Jan. Bank 6 000 30 Jun. Advertising expense 1 000 Balance 6 000 6 000 1 Jul. Balance 5 000 31 Dec. Advertising expense 1 000 Balance 4 000 5 000 5 000 Advertising expense 30 Jun. Prepaid advertising expense 1 000 30 Jun. Profit and Loss a/c 1 000 31 Dec. Prepaid advertising expense 1 000 31 Dec. Profit and Loss a/c 1 000

    Saul K.
    UG
    Saul K.

    makes sense to me

    Manish K.
    NP
    Manish K.

    course is clearly understood.

    Penelope M.
    US
    Penelope M.

    I agree, it's just a point of making sure your t's are crossed and your i's are dotted. just balancing

    Adil N.
    MA
    Adil N.

    What are balance day adjustments?

    Gloria N.
    AE
    Gloria N.

    OK

    Lazarous M.
    ZW
    Lazarous M.

    General ledger excellent.

    Baseli Gloria S.
    BW
    Baseli Gloria S.

    Ok,

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