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16 Cards in this Set
- Front
- Back
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Adjusting Entries (AJE) |
Never Cash Deferrals 1. Prepaid Expenses 2. Unearned Revenues Accrual 1. Accrued Revenues 2. Accrued Expenses |
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Trial Balance (TLB) |
Assets (A) Liabilities (L) Stockholders Equity (S. E.) Revenues (R) Expenses (E) |
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Debit (+) Credit (-) |
Assets Expenses Dividends |
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Debit (-) Credit (+) |
Liabilities Common Stock Retained Earnings Revenues |
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Closing Entries (temporary accounts) |
1. Close Revenue accounts to Income Summary Account 2. Close Expense accounts to Income Summary Account 3. Close Income Summary Account to Retained Earnings 4. Close Dividends to Retained Earnings |
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Accounting Equation |
Assets=Liabilities+Stockholders Equity |
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Stockholders Equity |
Common Stock Revenues Expenses Dividends |
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Current Assets |
1. Cash 2. Short-Term Investments (Stock Investments) 3. Accounts Receivable 4. Inventory 5. Prepaid Expenses (Rent, Supplies, Insurance, Advertising) |
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Current Liabilities |
1. Notes Payable 2. Accounts Payable Then by order of importance |
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Dividends |
Payments of cash from a corporation to its stockholders |
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Long-Term Liabilities |
Bonds Payable Mortgages Payable Deferred Revenue |
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Balance Sheet |
Assets/Liabilities |
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Income Statement |
Reported Revenues Reported Expenses |
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Retained Earnings Statememt |
Revenues Expenses Dividends |
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Prepaid Expenses |
Expenses paid in cash and recorded as assets until they're used |
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Unearned Revenues |
Cash received and recorded as liabilities before the services are performed |
