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ACCT Cheat Sheet Ch3-1

acct cheat sheet

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17 views

ACCT Cheat Sheet Ch3-1

acct cheat sheet

Uploaded by

nd4spd209
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Chapter 3 Adjusting Entries

___ASSETS____ __EXPENSES___ _WITHDRAWALS_ _LIABILITIES_ _REVENUE__ ____CAPITAL___

Normal Normal Normal Normal Normal


Normal

BLUE – increase side of the “T” account


RED – decrease side of the “T” account
GREEN – what side of the accounting equation the account is on/account classification

Deferral of Expense
 Prepaid insurance/rent expires
DR insurance/rent expense (decrease) (right side/equity)
CR prepaid insurance/rent(decrease) (left side/asset)
 Supplies used during the month
DR supplies expense (decrease) (right side/equity)
CR supplies (decrease) (left side/asset)
 Record Depreciation Expense
DR Depreciation Expense (decrease) (right side/equity)
CR Accumulation Depreciation (decrease) (left side/contra-asset)
Deferral of Revenue
 Cash is received in advance of providing products or services
DR cash (increase) (left side/asset)
CR unearned revenue (increase) (right side/liability)
 Earned revenue that was provided in advance
DR unearned revenue (decrease) (right side/liability)
CR revenue (increase) (right side/equity)
Accrued Expense
 Employees earned wages at the end of the month that will be paid next month
DR wages expense (increase) (left side/asset)
CR wages payable (increase) (right side/liability)
 Paid earned wages from employees accrued last month and worked this month
DR wages expense (decrease) (right side/equity)
DR Wages payable (decrease) (right side/liability)
CR cash (decrease) (left side/asset)
 Accrued interest expense at the end of the month that will be paid next month
DR interest expense (decrease) (right side/equity)
CR interest payable (increase) (right side/liability)
 Paid interest expense that was accrued last month
DR interest payable (decrease) (right side/liability)
CR cash (decrease) (left side/asset)
Accrued Revenue
 Company provided consulting services and billed the customer
DR accounts receivable (increase) (left side)/asset
CR consulting revenue (increase) (right side/equity)
 Company earned interest revenue that will be paid next month
DR interest receivable (decrease) (right side/equity)
CR interest revenue (increase) (right side/liability)
 Company received interest payment accrued last month
DR cash (increase) (left side/asset)
CR interest receivable (decrease) (right side/equity)
CR interest revenue (increase) (right side/equity)

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