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SimpleAdjustmentTopic3SimpleAdjustmentTopic31234567891011121234Annual12MonthlyQuarterlySemiannualTheAccountingPeriodJanFebMarAprMayJunJulAugSepOctNovDec1234567891011121234Annual12MonAccrualBasisvs.CashBasis權(quán)責(zé)發(fā)生制和收付實(shí)現(xiàn)制AccrualBasisRevenuesarerecognizedwhenearnedandexpensesarerecognizedwhenincurred.CashBasisRevenuesarerecognizedwhencashisreceivedandexpensesrecordedwhencashispaid.AccrualBasisvs.CashBasis權(quán)CashBasisOnthecashbasistheentire$2,400wouldberecognizedasinsuranceexpensein2004.Noinsuranceexpensefromthispolicywouldberecognizedin2005or2006,periodscoveredbythepolicy.CashBasisOnthecashbasisthAccrualBasis

Ontheaccrualbasis$100ofinsuranceexpenseisrecognizedin2004,$1,200in2005,and$1,100in2006.Theexpenseismatchedwiththeperiodsbenefitedbytheinsurancecoverage.AccrualBasisOntheaccrualbWehavedeliveredtheproducttoourcustomer,soIthinkweshouldrecordtherevenueearned.RecognizingRevenuesandExpensesRevenueRecognitionWehavedeliveredtheRecogniziRecognizingRevenuesandExpensesRevenueRecognitionMatchingSummaryofExpensesRentGasolineAdvertisingSalariesUtilitiesand....$1,0005002,0003,000450....Nowthatwehaverecognizedtherevenue,let’sseewhatexpensesweincurredtogeneratethatrevenue.RecognizingRevenuesandExpenAdjustments

Anadjustingentryisrecordedtobringanassetorliabilityaccountbalancetoitsproperamount.AdjustingAccountsPaid(orreceived)cashbeforeexpense(orrevenue)recognizedPaid(orreceived)cashafterexpense(orrevenue)recognizedPrepaid(Deferred)expenses*Unearned(Deferred)revenuesAccrued

expenseAccrued

revenuesFrameworkforAdjustments*includingdepreciationAdjustmentsAnadjustingentryHereisthecheckformyfirst6months’rent.AdjustingPrepaid(Deferred)ExpensesResourcespaidforpriortoreceivingtheactualbenefits.AssetExpenseUnadjustedBalanceCreditAdjustmentDebitAdjustmentHereisthecheckAdjustingPrePrepaidInsuranceOnDecember1,2004,ScottCompanypaid$12,000tocoverrentforDecember2004throughMay2005.ScottrecordedtheexpenditureasPrepaidInsuranceonDecember1.Whatadjustmentisrequired?637128PrepaidInsuranceOnDecember1SuppliesDuring2004,ScottCompanypurchase$15,500ofsupplies.ScottrecordedtheexpendituresasSupplies.AtDecember31,acountofthesuppliesindicated$2,655onhand.Whatadjustmentisrequired?126652SuppliesDuring2004,ScottComDeclineinassetvalueoveritsusefullife

Use2.Allocatecosttoperiodsbenefited.3.Accountforsubsequentexpenditures.

Disposal4.RecorddisposalAdjustingforDepreciation

Acquisition1.Computecost.DeclineinassetvalueoveritAcquisition

CostAcquisitioncostexcludesfinancingchargesand

cashdiscounts.AllexpendituresneededtopreparetheassetforitsintendedusePurchase

price

CostDeterminationAcquisition

CostAcquisitioncoLandisnotdepreciable.Purchase

priceRealestatecommissionsTitleinsurancepremiumsDelinquenttaxesSurveying

feesTitlesearchandtransferfeesLandLandisnotdepreciable.PurchaCostofpurchaseorconstructionBrokerage

feesTaxesTitlefeesAttorneyfeesBuildingsCostofpurchaseorconstructiPurchase

priceInstalling,

assembling,and

testingInsurancewhile

intransitTaxesTransportationchargesMachineryandEquipmentPurchase

priceInstalling,

asseDepreciationistheprocessofallocatingthecostofaplantassettoexpenseintheaccountingperiodsbenefitingfromitsuse.

CostAllocationAcquisition

Cost(Unused)BalanceSheet(Used)IncomeStatementExpenseDepreciationDepreciationistheprocessof

Thecalculationofdepreciationrequiresthreeamountsforeachasset:

Cost.SalvageValue.UsefulLife.FactorsinComputingDepreciation Thecalculationofdepreciati

Straight-lineUnits-of-productionDecliningbalanceDepreciationMethodsStraight-lineDepreciationMetOnJanuary1,2004,equipmentwaspurchasedfor$50,000cash.Theequipmenthasanestimatedusefullifeof5yearsandanestimatedresidualvalueof$5,000.Cost-SalvageValue

Usefullifeinperiods

DepreciationExpenseforPeriod=Straight-LineMethodOnJanuary1,2004,equipmentStraight-LineMethodCost-SalvageValue

Usefullifeinperiods

DepreciationExpenseforPeriod=$9,000

DepreciationExpenseperYear=$50,000-$5,000

5years=Straight-LineMethodCost-SSalvageValueStraight-LineMethodDepreciation

Rate=(100%÷5years)=20%peryearSalvageValueStraight-LineMetStep2:DepreciationExpense=DepreciationPerUnit×NumberofUnitsProduced

inthePeriodUnits-of-ProductionMethodDepreciationPerUnit=

Cost-SalvageValue

TotalUnitsofProductionStep1:Step2:Depreciation=Depreciati

OnDecember31,2001,equipmentwaspurchasedfor$50,000cash.Theequipmentisexpectedtoproduce100,000unitsduringitsusefullifeandhasanestimatedsalvagevalueof$5,000.

If22,000unitswereproducedin2002,what

istheamountofdepreciationexpense?Units-of-ProductionMethodOnDecember31,2001,equipmStep2:DepreciationExpense=$.45perunit×22,000units=$9,900Step1:DepreciationPerUnit=

$50,000-$5,000100,000units

=$.45perunitUnits-of-ProductionMethodStep2:Depreciation=$.45peruNodepreciationexpenseiftheequipmentisidle.Units-of-ProductionMethodNodepreciationexpenseiftheDepreciationRepairExpenseExpenseEarlyYearsHighLowLaterYearsLowHighFixedpercentagefordepreciationisdeductedfromthecostinthefirstyear.Thefollowingyear,thesamepercentageistakenofthereducedbalance.Depreciationisreducingoverthenumberofyearsofuse.DecliningBalanceMethodDepreciationRepairExpenseExpenDecliningBalanceMethodReducingBalancedepreciation:Formula:NetBookValuexDepreciationrate(Cost-AccumulatedDepreciation)xDepreciationrate@DecliningBalanceMethodReduci2004Depreciation:

40%×$50,000=

$20,000Declining-BalanceMethod2005Depreciation:

40%×($50,000-$20,000)=$12,000

Eg:Forthefirstyear2004,EquipmentcostingRM50,000,Thedepreciationrateis40%onbookvalue.2004Depreciation:40%×Declining-BalanceMethodDeclining-BalanceMethodLifeinYearsAnnualDDB

DepreciationComparingDepreciationMethodsAnnualProduction

DepreciationLifeinYearsLifeinYearsAnnualSL

DepreciationLifeinYearsAnnualDDB

DeprecAdjustingforDepreciationOnJanuary1,2004,Barton,Inc.purchasedequipmentfor$62,000cash.Theequipmenthasanestimatedusefullifeof5yearsandBartonexpectstoselltheequipmentattheendofitslifefor$2,000cash.Let’srecorddepreciationexpensefortheyearendedDecember31,2004.2004DepreciationExpense=

$62,000-$2,0005=$12,000AdjustingforDepreciationOnJAdjustingforDepreciationOnJanuary1,2004,Barton,Inc.purchasedequipmentfor$62,000cash.Theequipmenthasanestimatedusefullifeof5yearsandBartonexpectstoselltheequipmentattheendofitslifefor$2,000cash.Let’srecorddepreciationexpensefortheyearendedDecember31,2004.Accumulateddepreciationisacontraassetaccount.AdjustingforDepreciationOnJEquipmentDepreciationExpense1/162,00012/3112,000AccumulatedDepreciation12/3112,000AdjustingforDepreciationEquipmentDepreciationExpense1AdjustingforDepreciationEquipmentisshownnetofaccumulateddepreciation.$AdjustingforDepreciationEquiBuyyourseasonticketsforallhomebasketballgamesNOW!“GoBigBlue”AdjustingUnearned(Deferred)RevenuesCashreceivedinadvanceofprovidingproductsorservices.LiabilityRevenueUnadjustedBalanceCreditAdjustmentDebitAdjustmentBuyyourseasonticketsfor“GoAdjustingUnearned(Deferred)RevenuesOnOctober1,2004,OxUniversitysold1,000seasonticketstoits20homebasketballgamesfor$100each.OxUniversitymakesthefollowingentry:AdjustingUnearned(Deferred)AdjustingUnearned(Deferred)RevenuesOnDecember31,OxUniversityhasplayed10ofitsregularhomegames,winning2andlosing8.AdjustingUnearned(Deferred)We’reaboutone-halfdonewiththisjobandwanttobepaidfor

ourwork!Costsincurredinaperiodthatarebothunpaidandunrecorded.AdjustingforAccruedExpensesExpenseLiabilityCreditAdjustmentDebitAdjustmentWe’reaboutone-halfCostsincu1/12/0431/12/04YearendLastpaydate26/12/04Nextpaydate2/1/05Recordadjustingjournalentry.AdjustingforAccruedExpensesBarton,Inc.paysitsemployeeseveryFriday.Year-end,31/12/04,fallsonaWednesday.Asof31/12/04,theemployeeshaveearnedsalariesof$47,250forMondaythroughWednesdayoftheweekended02/01/05.1/12/0431/12/04LastpayNextpaAdjustingforAccruedExpensesBarton,Inc.paysitsemployeeseveryFriday.Year-end,12/31/04,fallsonaWednesday.Asof12/31/04,theemployeeshaveearnedsalariesof$47,250forMondaythroughWednesdayoftheweekended1/02/05.AdjustingforAccruedExpensesYes,I’vecompletedyour

taxreturn,buthavenothad

timetobillyouyet.AdjustingAccruedRevenuesRevenuesearnedinaperiodthatarebothunrecordedandnotyetreceived.AssetRevenueCreditAdjustmentDebitAdjustmentYes,I’vecompletedyour

taxrAdjustingforAccruedRevenuesSmith&Jones,CPAs,had$31,200ofworkcompletedbutnotyetbilledtoclients.Let’smaketheadjustingentrynecessaryonDecember31,2004,theendofthecompany’sfiscalyear.AdjustingforAccruedRevenuesLinkstoFinancialStatementsLinkstoFinancialStatementsBadDebtsBaddebtsDebtorrefusedtopaytheinvoicesDebtorrefusedtopaypartoftheinvoicesDebtor’sbusinesshasfailedandmaysettlepartofthedebt.Debtor’sbusinesshasfailedandunlikelytosettlethetotaldebt.ProvisionfordoubtfuldebtsAnAccountshowingtheexpectedamountsofdebtorsatthebalancesheetdatewhowillnotbeabletopaytheiraccountBaddebtsrecoveredDebtswrittenoffinpreviousyearstoberecoveredReinstateofdebtsBadDebtsBaddebtsOnAugust4,Bartondeterminesitcannotcollect$350fromMartin,Inc.,acreditcustomer.BadDebts:

DirectWrite-OffMethodOnAugust4,BartondeterminesAfterthewrite-off,Martindecidestopay$200.BadDebts:

DirectWrite-OffMethodAfterthewrite-off,MartindeBadDebts:

AllowanceMethodAttheendofitsfirstyearofoperations,BartonCo.estimatesthat$3,000ofitaccountsreceivablewillproveuncollectible.ThetotalaccountsreceivablebalanceatDecember31,2004,is$278,000.ContraassetaccountBadDebts:

AllowanceMethodAtBadDebts:

AllowanceMethodAttheendofitsfirstyearofoperations,BartonCo.estimatesthat$3,000ofitaccountsreceivablewillproveuncollectible.ThetotalaccountsreceivablebalanceatDecember31,2004,is$278,000.BadDebts:

AllowanceMethodAtBadDebts:

AllowanceMethodAttheendofitsfirstyearofoperations,BartonCo.estimatesthat$3,000ofitaccountsreceivablewillproveuncollectible.ThetotalaccountsreceivablebalanceatDecember31,2004,is$278,000.BadDebts:

AllowanceMethodAtTwoMethods

PercentofSalesMethodAccountsReceivableMethodsPercentofAccountsReceivableAgingofAccountsReceivableMethodEstimatingBadDebtsExpenseTwoMethodsEstimatingBadDebBaddebtsexpenseiscomputedasfollows:PercentofSalesMethodBaddebtsexpenseiscomputedBartonhascreditsalesof$1,400,000in2004.Managementestimates0.5%ofcreditsaleswilleventuallyproveuncollectible.WhatisBadDebtsExpensefor2004?PercentofSalesMethodBartonhascreditsalesof$1,Barton’saccountantcomputesestimatedBadDebtsExpenseof$7,000.PercentofSalesMethodBarton’saccountantcomputeseComputetheestimateoftheAllowanceforDoubtfulAccounts.

BadDebtsExpenseiscomputedas:PercentofAccountsReceivableMethodComputetheestimateoftheAlBartonhas$100,000inaccountsreceivableanda$900creditbalanceinAllowanceforDoubtfulAccountsonDecember31,2004.Pastexperiencesuggeststhat4%ofreceivablesareuncollectible.WhatisBarton’sBadDebtsExpensefor2004?PercentofAccountsReceivableBartonhas$100,000inaccountDesiredbalanceinAllowanceforDoubtfulAccounts.PercentofAccountsReceivableDesiredbalanceinAllowancef

Year-endAccountsReceivableis

brokendownintoage

classifications.

Computeaseparateallowance

foreachagegrouping.AgingofAccountsReceivableMethod

Eachagegroupinghasa

differentlikelihoodofbeing

uncollectible.Year-endAccountsReceivable

AgingofAccountsReceivable

AgingofAccountsReceivableBarton’sunadjustedbalanceintheallowanceaccountis$900.Weestimatedtheproperbalancetobe$5,320.AgingofAccountsReceivableBarton’sunadjustedbalanceinWiththeallowancemethod,whenanaccountisdeterminedtobeuncollectible,thedebitgoestoAllowanceforDoubtfulAccounts.WritingOffaBadDebtBartondeterminesthatMartin’s$300accountisuncollectible.Withtheallowancemethod,wheSubsequentcollectionsonaccountswritten-offrequirethattheoriginalwrite-offentrybereversedbeforethecashcollectionisrecorded.RecoveryofaBadDebtSubsequentcollectionsonaccoSimpleAdjustmentTopic3SimpleAdjustmentTopic31234567891011121234Annual12MonthlyQuarterlySemiannualTheAccountingPeriodJanFebMarAprMayJunJulAugSepOctNovDec1234567891011121234Annual12MonAccrualBasisvs.CashBasis權(quán)責(zé)發(fā)生制和收付實(shí)現(xiàn)制AccrualBasisRevenuesarerecognizedwhenearnedandexpensesarerecognizedwhenincurred.CashBasisRevenuesarerecognizedwhencashisreceivedandexpensesrecordedwhencashispaid.AccrualBasisvs.CashBasis權(quán)CashBasisOnthecashbasistheentire$2,400wouldberecognizedasinsuranceexpensein2004.Noinsuranceexpensefromthispolicywouldberecognizedin2005or2006,periodscoveredbythepolicy.CashBasisOnthecashbasisthAccrualBasis

Ontheaccrualbasis$100ofinsuranceexpenseisrecognizedin2004,$1,200in2005,and$1,100in2006.Theexpenseismatchedwiththeperiodsbenefitedbytheinsurancecoverage.AccrualBasisOntheaccrualbWehavedeliveredtheproducttoourcustomer,soIthinkweshouldrecordtherevenueearned.RecognizingRevenuesandExpensesRevenueRecognitionWehavedeliveredtheRecogniziRecognizingRevenuesandExpensesRevenueRecognitionMatchingSummaryofExpensesRentGasolineAdvertisingSalariesUtilitiesand....$1,0005002,0003,000450....Nowthatwehaverecognizedtherevenue,let’sseewhatexpensesweincurredtogeneratethatrevenue.RecognizingRevenuesandExpenAdjustments

Anadjustingentryisrecordedtobringanassetorliabilityaccountbalancetoitsproperamount.AdjustingAccountsPaid(orreceived)cashbeforeexpense(orrevenue)recognizedPaid(orreceived)cashafterexpense(orrevenue)recognizedPrepaid(Deferred)expenses*Unearned(Deferred)revenuesAccrued

expenseAccrued

revenuesFrameworkforAdjustments*includingdepreciationAdjustmentsAnadjustingentryHereisthecheckformyfirst6months’rent.AdjustingPrepaid(Deferred)ExpensesResourcespaidforpriortoreceivingtheactualbenefits.AssetExpenseUnadjustedBalanceCreditAdjustmentDebitAdjustmentHereisthecheckAdjustingPrePrepaidInsuranceOnDecember1,2004,ScottCompanypaid$12,000tocoverrentforDecember2004throughMay2005.ScottrecordedtheexpenditureasPrepaidInsuranceonDecember1.Whatadjustmentisrequired?637128PrepaidInsuranceOnDecember1SuppliesDuring2004,ScottCompanypurchase$15,500ofsupplies.ScottrecordedtheexpendituresasSupplies.AtDecember31,acountofthesuppliesindicated$2,655onhand.Whatadjustmentisrequired?126652SuppliesDuring2004,ScottComDeclineinassetvalueoveritsusefullife

Use2.Allocatecosttoperiodsbenefited.3.Accountforsubsequentexpenditures.

Disposal4.RecorddisposalAdjustingforDepreciation

Acquisition1.Computecost.DeclineinassetvalueoveritAcquisition

CostAcquisitioncostexcludesfinancingchargesand

cashdiscounts.AllexpendituresneededtopreparetheassetforitsintendedusePurchase

price

CostDeterminationAcquisition

CostAcquisitioncoLandisnotdepreciable.Purchase

priceRealestatecommissionsTitleinsurancepremiumsDelinquenttaxesSurveying

feesTitlesearchandtransferfeesLandLandisnotdepreciable.PurchaCostofpurchaseorconstructionBrokerage

feesTaxesTitlefeesAttorneyfeesBuildingsCostofpurchaseorconstructiPurchase

priceInstalling,

assembling,and

testingInsurancewhile

intransitTaxesTransportationchargesMachineryandEquipmentPurchase

priceInstalling,

asseDepreciationistheprocessofallocatingthecostofaplantassettoexpenseintheaccountingperiodsbenefitingfromitsuse.

CostAllocationAcquisition

Cost(Unused)BalanceSheet(Used)IncomeStatementExpenseDepreciationDepreciationistheprocessof

Thecalculationofdepreciationrequiresthreeamountsforeachasset:

Cost.SalvageValue.UsefulLife.FactorsinComputingDepreciation Thecalculationofdepreciati

Straight-lineUnits-of-productionDecliningbalanceDepreciationMethodsStraight-lineDepreciationMetOnJanuary1,2004,equipmentwaspurchasedfor$50,000cash.Theequipmenthasanestimatedusefullifeof5yearsandanestimatedresidualvalueof$5,000.Cost-SalvageValue

Usefullifeinperiods

DepreciationExpenseforPeriod=Straight-LineMethodOnJanuary1,2004,equipmentStraight-LineMethodCost-SalvageValue

Usefullifeinperiods

DepreciationExpenseforPeriod=$9,000

DepreciationExpenseperYear=$50,000-$5,000

5years=Straight-LineMethodCost-SSalvageValueStraight-LineMethodDepreciation

Rate=(100%÷5years)=20%peryearSalvageValueStraight-LineMetStep2:DepreciationExpense=DepreciationPerUnit×NumberofUnitsProduced

inthePeriodUnits-of-ProductionMethodDepreciationPerUnit=

Cost-SalvageValue

TotalUnitsofProductionStep1:Step2:Depreciation=Depreciati

OnDecember31,2001,equipmentwaspurchasedfor$50,000cash.Theequipmentisexpectedtoproduce100,000unitsduringitsusefullifeandhasanestimatedsalvagevalueof$5,000.

If22,000unitswereproducedin2002,what

istheamountofdepreciationexpense?Units-of-ProductionMethodOnDecember31,2001,equipmStep2:DepreciationExpense=$.45perunit×22,000units=$9,900Step1:DepreciationPerUnit=

$50,000-$5,000100,000units

=$.45perunitUnits-of-ProductionMethodStep2:Depreciation=$.45peruNodepreciationexpenseiftheequipmentisidle.Units-of-ProductionMethodNodepreciationexpenseiftheDepreciationRepairExpenseExpenseEarlyYearsHighLowLaterYearsLowHighFixedpercentagefordepreciationisdeductedfromthecostinthefirstyear.Thefollowingyear,thesamepercentageistakenofthereducedbalance.Depreciationisreducingoverthenumberofyearsofuse.DecliningBalanceMethodDepreciationRepairExpenseExpenDecliningBalanceMethodReducingBalancedepreciation:Formula:NetBookValuexDepreciationrate(Cost-AccumulatedDepreciation)xDepreciationrate@DecliningBalanceMethodReduci2004Depreciation:

40%×$50,000=

$20,000Declining-BalanceMethod2005Depreciation:

40%×($50,000-$20,000)=$12,000

Eg:Forthefirstyear2004,EquipmentcostingRM50,000,Thedepreciationrateis40%onbookvalue.2004Depreciation:40%×Declining-BalanceMethodDeclining-BalanceMethodLifeinYearsAnnualDDB

DepreciationComparingDepreciationMethodsAnnualProduction

DepreciationLifeinYearsLifeinYearsAnnualSL

DepreciationLifeinYearsAnnualDDB

DeprecAdjustingforDepreciationOnJanuary1,2004,Barton,Inc.purchasedequipmentfor$62,000cash.Theequipmenthasanestimatedusefullifeof5yearsandBartonexpectstoselltheequipmentattheendofitslifefor$2,000cash.Let’srecorddepreciationexpensefortheyearendedDecember31,2004.2004DepreciationExpense=

$62,000-$2,0005=$12,000AdjustingforDepreciationOnJAdjustingforDepreciationOnJanuary1,2004,Barton,Inc.purchasedequipmentfor$62,000cash.Theequipmenthasanestimatedusefullifeof5yearsandBartonexpectstoselltheequipmentattheendofitslifefor$2,000cash.Let’srecorddepreciationexpensefortheyearendedDecember31,2004.Accumulateddepreciationisacontraassetaccount.AdjustingforDepreciationOnJEquipmentDepreciationExpense1/162,00012/3112,000AccumulatedDepreciation12/3112,000AdjustingforDepreciationEquipmentDepreciationExpense1AdjustingforDepreciationEquipmentisshownnetofaccumulateddepreciation.$AdjustingforDepreciationEquiBuyyourseasonticketsforallhomebasketballgamesNOW!“GoBigBlue”AdjustingUnearned(Deferred)RevenuesCashreceivedinadvanceofprovidingproductsorservices.LiabilityRevenueUnadjustedBalanceCreditAdjustmentDebitAdjustmentBuyyourseasonticketsfor“GoAdjustingUnearned(Deferred)RevenuesOnOctober1,2004,OxUniversitysold1,000seasonticketstoits20homebasketballgamesfor$100each.OxUniversitymakesthefollowingentry:AdjustingUnearned(Deferred)AdjustingUnearned(Deferred)RevenuesOnDecember31,OxUniversityhasplayed10ofitsregularhomegames,winning2andlosing8.AdjustingUnearned(Deferred)We’reaboutone-halfdonewiththisjobandwanttobepaidfor

ourwork!Costsincurredinaperiodthatarebothunpaidandunrecorded.AdjustingforAccruedExpensesExpenseLiabilityCreditAdjustmentDebitAdjustmentWe’reaboutone-halfCostsincu1/12/0431/12/04YearendLastpaydate26/12/04Nextpaydate2/1/05Recordadjustingjournalentry.AdjustingforAccruedExpensesBarton,Inc.paysitsemployeeseveryFriday.Year-end,31/12/04,fallsonaWednesday.Asof31/12/04,theemployeeshaveearnedsalariesof$47,250forMondaythroughWednesdayoftheweekended02/01/05.1/12/0431/12/04LastpayNextpaAdjustingforAccruedExpensesBarton,Inc.paysitsemployeeseveryFriday.Year-end,12/31/04,fallsonaWednesday.Asof12/31/04,theemployeeshaveearnedsalariesof$47,250forMondaythroughWednesdayoftheweekended1/02/05.AdjustingforAccruedExpensesYes,I’vecompletedyour

taxreturn,buthavenothad

timetobillyouyet.AdjustingAccruedRevenuesRevenuesearnedinaperiodthatarebothunrecordedandnotyetreceived.AssetRevenueCreditAdjustmentDebitAdjustmentYes,I’vecompletedyour

taxrAdjustingforAccruedRevenuesSmith&Jones,CPAs,had$31,200ofworkcompletedbutnotyetbilledtoclients.Let’smaketheadjustingentrynecessaryonDecember31,2004,theendofthecompany’sfiscalyear.AdjustingforAccruedRevenuesLinkstoFinancialStatementsLinkstoFinancialStatementsBadDebtsBaddebtsDebtorrefusedtopaytheinvoicesDebtorrefusedtopaypartoftheinvoicesDebtor’sbusinesshasfailedandmaysettlepartofthedebt.Debtor’sbusinesshasfailedandunlikelytosettlethetotaldebt.ProvisionfordoubtfuldebtsAnAccountshowingtheexpectedamountsofdebtorsatthebalancesheetdatewhowillnotbeabletopaytheiraccountBaddebtsrecoveredDebtswrittenoffinpreviousyearstoberecoveredReinstateofdebtsBadDebtsBaddebtsOnAugust4,Bartondeterminesitcannotcollect$350fromMartin,Inc.,acreditcustomer.BadDebts:

DirectWrite-OffMethodOnAugust4,BartondeterminesAfterthewrite-off,Martindecidestopay$200.BadDebts:

DirectWrite-OffMethodAfterthewrite-off,MartindeBadDebts:

AllowanceMethodAttheendofitsfirstyearofoperations,BartonCo.estimatesthat$3,000ofitaccountsreceivablewillproveuncollectible.ThetotalaccountsreceivablebalanceatDecember31,2004,is$278,000.ContraassetaccountBadDeb

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