ACCT-2010 Lecture Notes - Lecture 4: Deferral, Income Statement, Accrual
20 Oct 2017
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Xxxx: period end aje to recognize (record) benefits used up during the current period, dr. If bill is received, credit accounts payable (+l: otherwise use appropriate liability (ex. 500: record date- date on which holders of record are determined (i. e. who will receive dividend payment) has no acct. Significance: payment date- date dividend is paid to holders of record, dr. dividends payable (-l) cr. Income: statement of retained earnings, take beginning r/e from adjusted trial balance and add. N. i. from income statement: subtract dividends declared from trial balance, calculate ending r/e, balance sheet, remaining balances from trial balance and place them on the balance sheet, separate current assets/liabilities from long-term assets/liabilities. Include accumulated depreciation w/ equipment account this is offset from the rest of the balances: ending balance of retained earnings from statement of. 600 (this is net income, hence why it. Retained earnings (+se) dr. pizza revenue increases se) dr.
