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Fees Earned
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Service Revenue
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Common Stock
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Capital Stock
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FASB
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Determine Accounting principles
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Cost Principle
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Record assets at their cost
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Fair value principle
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Price received to sell an asset or settle a liability
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DEA
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Debit to increase Dividends, expenses, and Assets
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CLR
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Credit to increase Capital stock, liabilities, revenues
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Journalizing
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Recording transactions
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ALORE
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Assets, Liabilities, Owner’s Equity, Revenues, Expenses (Trial Balance order)
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Accrual-basis accounting
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Record transactions that change a company's financial statements in the period they occur
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Cash-basis accounting
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Record revenue when they receive cash, not in accordance with GAAP
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Revenue-recognition principle
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Recognize revenue in the accounting period in which the service is performed
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Expense-recognition principle (matching principle
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expenses follow revenues, match expenses with revenues
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Adjusted trial balance
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trial balance - accumulated depreciation
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FOB shipping
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buyer pays
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FOB destination
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seller pays
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Investment by stockholders
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Dr Cash, Cr Common stock
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Purchase of equipment for cash
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Dr Equipment, Cr Cash
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Purchase of supplies on account (credit
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Dr Supplies, Cr Accounts payable
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Services provided for cash
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Dr Cash. Cr Revenue
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Purchase of advertising on credit
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Dr Advertising Expense, Cr Accounts payable
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Services rendered for cash and credit
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Dr Cash, Dr Accounts receivable, Cr Cash
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Payment of expenses
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Dr Expense, Cr Cash
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Payment of Accounts payable
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Dr Cash, Cr Accounts receivable
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Receipt of cash on account
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Dr Accounts payable, Cr Cash
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Dividends
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Dr Dividend, Cr Cash
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