ACCT 203 Lecture 4: Chapter 4
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Department
Accounting
Course
ACCT 203
Professor
Roxanne Spindle
Semester
Winter

Description
Chapter 4 Tuesday, February 14, 2017 11:07 PM Prepaid comes out of cash when purchased. Comes out of income statement when expensed Accumulated Depreciation: Contra account. Contra accounts are accounts that are subtracted from other accounts. Opposite debitcredit rules of their counterparts Accrued Salaries: (company owes employees for work they already performed) Establishes liability for amounts owed to employees Interest: even if its not payable until the end of the term you still accrue it because of the matching principle. Closing entries: n revenue, expense, and dividend accounts. CLOSE DIRECTLY INTO RETAINED EARNINGS Deferred payments are similar to prepaid. Resources are paid for before receiving the benefits Deferred revenue is prepayment
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