The Five Journal Entries Flashcards
1
Q
Convert Asset to Expense (Ex: Prepaid Insurance)
A
Dr Expense; Cr Asset
2
Q
Convert Liability to Revenue (Ex: Unearned Revenue)
A
Dr Liability; Cr Revenue
3
Q
Accruing Unpaid Expense (Ex: Salaries Payable)
A
Dr Expense; Cr Liability
4
Q
Accruing Uncollected Revenue (Ex: Unbilled Revenue)
A
Dr Account Receivable; Cr Revenue
5
Q
Depreciation
A
Dr Depreciation Expense; Cr Accumulated Depreciation
