finance
...K¡K¡K¡K. 1,800 Then, when benefit is received¡K Insurance expense (+E „³ -SE))¡K¡K¡K 600 Prepaid insurance expense (-A)¡K¡K¡K¡K¡K.. 600 A FUTURE CASH TRANSACTION ¡V revenues that have been earned or expenses that have been incurred by the end of the period but have not yet been recorded and for which cash will be received or paid in the future. „X Accrued Revenues: revenue earned before cash is received. Accrued interest receivable (+A)¡K¡K.. 80 Interest revenue (+R „³ +SE)¡K¡K¡K¡K¡K¡K¡K. 80 Then, when payment is received¡K Cash (+A)¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K. 120 Interest revenue (+R „³ +SE)¡K¡K¡K¡K¡K¡K¡K. 40 Accrued interest receivable (-A)¡K¡K¡K¡K¡K¡K. 80 „X Accrued Expenses: expense incurred before cash is paid. Wages expense (+E „³ -SE)¡K¡K¡K¡K. 600 Accrued wages payable (+L)¡K¡K¡K¡K¡K¡K¡K. 600 Then, when the cash is paid out¡K Wages expense (+E „³ -SE)¡K¡K¡K¡K. 1,400 Accrued wages payable (-L)¡K¡K¡K¡K. 600 Cash (-A)¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K 2,000 ALLOWANCE FOR BAD DEBT ALLOWANCE FOR BAD DEBT ¡VAND¡V BAD DEBT EXPENSE ¡§When bad debt expense is estimated¡¨ „X End of period adjustment „³ Entry based on estimate of debt that will not be collected. Record on period of credit sale. „X Affects: Income statement and balance sheet. Bad debt expense (+E „³ -SE)¡K¡K¡K¡K¡K¡K¡K¡K 2,383,000 Allowance for bad debt (+XA)¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K.. 2,382,000 WRITE-OFF (CHARGE-OFF) ¡§When bad debt expense is realized¡¨ „X Throughout the period, when the uncollectible amount is ¡§realized¡¨. „X Affects: No financial statement (income statement nor balance sheet). Allowance for bad debt (-XA)¡K¡K¡K¡K¡K¡K¡K¡K¡K 1,356,000 Accounts Receivable (-A)¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K 1,356,000 COLLECTION OF DEBT PREVIOUSLY WRITTEN-OFF (RECOVERY) First¡K Accounts Receivable (+A)¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K 500,000 Allowance for bad debt (+XA)¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K. 500,000 Then¡K Cash (+A)¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡K¡...