accrued expenses adjusting entry
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a debit to an expense account and a credit to a liability account (because
both liabilities and expenses are understated)
types of adjusting entries
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prepaid expenses, unearned revenues, accrued revenues, accrued
expenses
,accrued revenues adjusting entry
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debit to an asset account and a credit to a revenue account (because
assets and revenues are understated)
distributions to owners
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decreases in net assets of a particular enterprise resulting from transferring
assets, rendering services, or incurring liabilities by the enterprise to
owners
Prepaid expenses
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expenses paid in cash before they are used or consumed
Income statement order
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, Sales
Net Sales
COGS
Gross Profit
Operating Expenses
Income from Operations
Other Revenues and Gains
Other Expenses and losses
Income before income tax
Income tax
Net income for the year
EPS
investments by owners
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increases in net assets of a particular enterprise resulting from transfers to it
from other entities of something of value to obtain or increase ownership
interests in it
treasury stock
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generally, the amount of ordinary shares repurchased
revenues
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a debit to an expense account and a credit to a liability account (because
both liabilities and expenses are understated)
types of adjusting entries
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prepaid expenses, unearned revenues, accrued revenues, accrued
expenses
,accrued revenues adjusting entry
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debit to an asset account and a credit to a revenue account (because
assets and revenues are understated)
distributions to owners
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decreases in net assets of a particular enterprise resulting from transferring
assets, rendering services, or incurring liabilities by the enterprise to
owners
Prepaid expenses
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expenses paid in cash before they are used or consumed
Income statement order
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, Sales
Net Sales
COGS
Gross Profit
Operating Expenses
Income from Operations
Other Revenues and Gains
Other Expenses and losses
Income before income tax
Income tax
Net income for the year
EPS
investments by owners
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increases in net assets of a particular enterprise resulting from transfers to it
from other entities of something of value to obtain or increase ownership
interests in it
treasury stock
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generally, the amount of ordinary shares repurchased
revenues
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