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Concept
Adjusting entries
Résumé
In accounting/accountancy, adjusting entries are journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. The revenue recognition principle is the basis of making adjusting entries that pertain to unearned and accrued revenues under accrual-basis accounting. They are sometimes called Balance Day adjustments because they are made on balance day.
Based on the matching principle of accrual accounting, revenues and associated costs are recognized in the same accounting period. However the actual cash may be received or paid at a different time.
Most adjusting entries could be classified this way:
Adjusting entries for prepayments are necessary to account for cash that has been received prior to delivery of goods or completion of services. When this cash is paid, it is first recorded in a prepaid expense asset account; the account is to be expensed either with the passage of time (e.g. rent, insurance) or through use and consumption (e.g. supplies).
A company receiving the cash for benefits yet to be delivered will have to record the amount in an unearned revenue liability account. Then, an adjusting entry to recognize the revenue is used as necessary.
Assume a magazine publishing company charges an annual subscription fee of 12 |
Unearned Revenue | 1 |
Revenue | 11 and revenue reported in the income statement is $1.
Accrued revenues are revenues that have been recognized (that is, services have been performed or goods have been delivered), but their cash payment have not yet been recorded or received.
Source officielle
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Proximité ontologique
Cours associés (1)
FIN-411: Accounting for finance
The objective of the course is to provide participants with accounting mechanisms for understanding and anaalyzing the financial statements of a company.
Concepts associés (3)
Accrual
In finance, an accrual (accumulation) of something is the adding together of interest or different investments over a period of time. For example, a company delivers a product to a customer who will pay for it 30 days later in the next fiscal year, which starts a week after the delivery. The company recognizes the proceeds as a revenue in its current income statement still for the fiscal year of the delivery, even though it will not get paid until the following accounting period.
Chiffre d'affaires
Le chiffre d'affaires (couramment abrégé en CA) est la somme des ventes de biens ou de services d'une entreprise sur une période délimitée (exercice comptable). Il peut inclure ou non des achats pour la revente et des sous-traitances selon le mode de comptabilisation retenu. Seules les ventes de biens et services, ainsi que leurs avoirs, entrent dans le chiffre d'affaires. En comptabilité française, cela regroupe donc les seuls comptes allant de 701 à 709.
Expense
An expense is an item requiring an outflow of money, or any form of fortune in general, to another person or group as payment for an item, service, or other category of costs. For a tenant, rent is an expense. For students or parents, tuition is an expense. Buying food, clothing, furniture, or an automobile is often referred to as an expense. An expense is a cost that is "paid" or "remitted", usually in exchange for something of value. Something that seems to cost a great deal is "expensive".