Journal Entries Flashcards
1
Q
Asset
A
Debit inc
Credit dec
2
Q
Liability
A
debit dec
credit inc
3
Q
Shareholders’ Equity
A
debit dec
credit inc
4
Q
Revenue
A
Credit
5
Q
Expense
A
Debit
6
Q
Dividend
A
Debit
7
Q
Prepaid Expenses (Assets)
(2 ex)
A
ex: insurance or rent
setup:
debit: prepaid (assets)
credit: cash
adjustment:
debit: _____ expense
credit: prepaid (assets)
8
Q
Depreciation
(3 ex)
A
ex: equipment, building, vehicle
setup:
debit: long-term asset
credit: cash
adjustment:
debit: depreciation expense
credit: accumulated depreciation (of asset)
9
Q
Accrued Expenses
A
- built-up expenses not yet paid for
year-end:
debit: _______ expense
credit: _______ payable
10
Q
Accrued Revenues
(4 ex)
A
- $ earned that has not yet been paid
ex: interest, service, rent, accounts receivable
debit: _______ receivable
credit: _______ revenue
11
Q
Unearned Revenues
A
- liability - you owe work
setup:
debit: cash
credit: unearned ___ revenue
adjustment:
debit: unearned ___ revenue
credit: _____ revenue
