COMM 217 Chapter Notes - Chapter 4: Canadian Tire, Issued Shares, Deferred Income
13 Nov 2017
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Comm 217 chapter 4: processed used to analyze and record transactions, adjust the records at the end of the period, prepare financial statements and prepare records for next cycle. Adjusting entries that increase expenses: deferred expenses, previously recorded assets paid in advance for service to occur in future months, examples: supplies, prepaid expenses, buildings and equipment, adjusting entries: expenses (increases), assets (decreases, accrued expenses. Incurred but not yet recorded, paid in future: will be paid after goods and services are used, examples: interest payable, wages payable, adjusting entries: expenses (increases), liability (increases) Deferred revenue: adjustment journal entry: canadian tire provided additional services in jan for. 10: adjustment journal entry: canadian tire sold merchandise on account for on. January 31, but the sales invoices had not been recorded yet. Past: received: operating expenses (that were used) (e) (15 + 50 + 96, given: prepaid expenses (a, ** we are recording the expenses that took place during that time.
