Shared Flashcard Set

Details

Accounting Test 1
Accounting
5
Accounting
Undergraduate 2
09/18/2013

Additional Accounting Flashcards

 


 

Cards

Term
Asset ---> used up ---> expense
Definition

To adjust this:

Debit ______ expense

Credit ______ asset used

Term
Expense ---> Not yet paid or recorded
Definition

To adjust this:

Debit _____ expense

Credit (accounts) payable

Term
Revenue ---> Collected in advance (earned over time)
Definition

To adjust this:

Debit unearned revenue

Credit service revenue

Term
Revenue ---> Not yet collected or recorded
Definition

To adjust this:

Debit Accounts Receivable

Credit Service Revenue

Term
Depreciation
Definition

(cost - salvage)/# of yrs

 

Debit depreciation expense

Credit accumulated depreciation

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