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Can someone please check this over to make sure I'm correct? (thanks) Matching Wo Matching accpunting cycle accrued revenue adjusted trial balance adjusting entries calendar
Can someone please check this over to make sure I'm correct? (thanks)
Matching Wo Matching accpunting cycle accrued revenue adjusted trial balance adjusting entries calendar year closing entoes contra asset account 1. January 1 to December 31. imour um 2. The Mstates that revenue must be matched with the expenses used to generate revenue. 3. Cash received as revenue prior to the company providing a good or service. income summary matching principle past closing trial balanc Any 12 consecutive months.b.tn-ume - Revenue that is earned but unrecorded and uncollected because it is not due yet. 4. -prepaid expense S. revenue principie unearned revenue 6. Entries prepared prior to the preparation of the financial statements to assure all accounts show the correct balances. 7. The states that revenue cannot be recognized (recorded) until it is earned 8. Paying for an expected expense prior to using it. Ciaid txa 9. A trial balance prepared after the completion of the adjusting entries. Entries made at the end of the accounting cycle to reduce all income determining accounts to a zero balance A trial balance prepared after the completion of the closing entries. 10. 11. 12 , is a temporary account that is used to close all revenue and expense accounts. 13. The is the entire accounting process, which begins with journalizing the transactions and produces financial statements as the final product. 14. The WOY is an acountant's tool that is used to facilitate the entire cycle ending process. An account used to offset its associate asset account to bring the asset account down to its appropriate balanc 15
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