Term
| Asset ---> used up ---> expense |
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Definition
To adjust this:
Debit ______ expense
Credit ______ asset used |
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Term
| Expense ---> Not yet paid or recorded |
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Definition
To adjust this:
Debit _____ expense
Credit (accounts) payable |
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Term
| Revenue ---> Collected in advance (earned over time) |
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Definition
To adjust this:
Debit unearned revenue
Credit service revenue |
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Term
| Revenue ---> Not yet collected or recorded |
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Definition
To adjust this:
Debit Accounts Receivable
Credit Service Revenue |
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Term
|
Definition
(cost - salvage)/# of yrs
Debit depreciation expense
Credit accumulated depreciation |
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