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ACTG 1P91 Full Course Notes
Accounting process (not required for tests: transaction / source document, analyze transaction, journalize, post to ledger, trial balance, gather data for adjustments, worksheet, financial statements. At interim - stop here: journalize and post adjustments, journalize and post closing, post-closing trial balance, journalize and post reversing entries. However if moment transfers over scal period (january - december (friday)). Deferrals: apportion recorded costs to period bene ted asset account/expense account. Rent expense paid in advance for 3 months () in december, 2 months would be for next scal year. Rent expense gets credited and debited into. Rent expense paid in advance for 3 months () in december. Then to adjust, is credited from ppd rent and. Amortization on a building (m), building credited ,000, amort. Exp debited ,000: apportion recorded revenue to period earned liability account/revenue account, ex. Unearned revenue, from prepaid rent, cash debited , unearned. At the end of the month, is earned revenue, so.