Prepaid Expense us an expense that is paid in advance in the current year which the benefits are available in the future years. Prepaid Expense is adjusted with the amount equal to the cost of the prepaid expense expired during the year. The amount of cost that has expired is transferred from the assets account (Prepaid Expense) to the expense account. The other adjusting entries do a company need to make for a period before preparing financial statements Accrued refers to revenue earned in a period that is both unrecorded and not gets received in cash example is a technician who bills the customer only when the job is done Accrued these are expenses that have accumulated or built up during the accounting year but will not be paid until the following year, after the date of the balance sheet Deferred revenues are liabilities representing cash received for goods not yet delivered or services to be performed. what is your opinion?
Prepaid Expense us an expense that is paid in advance in the current year which the benefits are available in the future years. Prepaid Expense is adjusted with the amount equal to the cost of the prepaid expense expired during the year. The amount of cost that has expired is transferred from the assets account (Prepaid Expense) to the expense account.
The other
Accrued refers to revenue earned in a period that is both unrecorded and not gets received in cash example is a technician who bills the customer only when the job is done
Accrued these are expenses that have accumulated or built up during the accounting year but will not be paid until the following year, after the date of the
Deferred revenues are liabilities representing cash received for goods not yet delivered or services to be performed.
what is your opinion?
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