Journal Entries Flashcards
1
Q
Accrued Assets
A
DR: A/R
CR: Accrued revenue
2
Q
Accrued Liabilities
A
DR: Accrued expense
CR: A/P / Accrued liability
3
Q
Estimated Liabilities
A
DR: Accrued expense
CR: Accrued liability
4
Q
Prepaid expense
A
DR: Prepaid expense
CR: Cash
5
Q
Deferred charges (intangible asset and non-current prepaid items)
A
DR: Deferred charge
CR: Cash/Asset
6
Q
Collection of royalty revenue
A
DR: Cash
CR: Unearned royalty
7
Q
Recognition of royalty revenue
A
DR: Unearned royalty
CR: Earned royalty
