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12 Cards in this Set
- Front
- Back
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Prepaid expenses |
DR expense Cr asset |
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Prepaid expense financial statement effect |
Income decrease Assets decrease |
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Deferred revenues |
Dr liability Cr revenues |
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Deferred revs financial statement effects |
Income increases Liabilities decrease |
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Accrued expenses |
Dr expense Cr liabilities |
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Accrued expenses financial statement effects |
Income decreases Liabilities increase |
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Accrued receivables |
Dr asset Cr revenues |
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Accrued receivables financial statement effects |
Income increases Assets increase |
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Prepaid expense definjfion |
We paid cash for the purchase of an asset before we incurred the expense |
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Unearned rev definition |
When a company receives cash in advance from a customer for g&s to be provided in the future |
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Accrued expenses |
When a company has a cost but hasn’t yet paid cash or recorded an obligation to pay for that coar |
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Accrued revenues |
When a company has earned revenue but hasn’t yet received cash or recorded an amount redeivable |
