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Is this all correct regarding adjusting journal entries? Accrual Paid after, in the future (harder version 1 Accrued Revenue/ He paid after I earned it
Is this all correct regarding adjusting journal entries?
Accrual Paid after, in the future (harder version 1 Accrued Revenue/ He paid after I earned it (service revenue, interest revenue) Recording Uncollected Revenue l paid after he earned it. (salaries expense, interest expense) 2 Accrued Expense/ Recording Unpaid Expenses: Paid Before 3 Prepaid Expense/ l paid, before l got it. (prepaid rent, supplies Insurance Converting Asset to Expense Depreciation Expense) lasts more than one accounting period He paid, before l gave it. (unearned season ticket revenue) 4 Unearned Revenue/ Converting Liability to Revenue When I book a flight, they didn't provide the service yet so they can't count the money. It's a liability until you provide the serviceStep by Step Solution
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