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【正文】 next financial year This financial year Next year $24,000 $2,000 19 Mechanics ? Deduct $2,000 from rent expense for this year ? Create an asset (prepayment) of $2,000 to carry forward to next year ? (Next year, this asset will “expire” and be written off to the I/S as rent expense for that year) 20 Accrued Expenses ? Most expenses are recorded either when paid or when the invoice is received. ? At the end of the year some of the expense may not yet be recorded. To apply the accruals concept the expense incurred should be included in the I/S. ? Amounts are usually shortterm and can be estimated accurately. ? The necessary adjustment is: – Add to the expense a/c (increases the I/S expense) – Add to the accruals (SOFP current liability) 21 22 Example Heat, Light amp。 accounting conventions ? Lecture 3 (Tuesday) Accruals amp。 Power ? Electricity bills of $11,000 have been paid in cash throughout the year ? After the year end, another bill arrives for $1,500 for electricity consumed during the financial year This year Next year $11,000 + $1,500 = $12,500 $1,500 Bill arrives 22 Mechanics ? Add $1,500 to this year’s Electricity Expense account. This makes $12,500 in total for electricity consumed (although not paid for) in this year. ? Create a liability account (Accrued expenses) to carry forward to next year. ? Next year, we will pay $1,500 to pay off this liability, rather than paying for an expense. 23 Exercise: Referring back to extended example 2, now record the following transactions in the 2022 accounts … Note: Use the templates on the next slides to record your transactions. It is still 2022. 24 Event 6: At the end of 2022, Cato recorded accrued salary expense of $6,000 (the salary expense is for courses the instructor taught in 2022 that Cato will pay cash for in 2022). Event 7: Cato signed contracts for $42,000 of consulting services to be performed in 2022. 25 Equity $ $ Trade Receivables $ $ Revenue $ $ DR CR Cash $ $ DR CR DR CR DR CR Bal b/f 5,000 Bal b/f 84,000 Bal b/f 53,000 Bal b/f 24,000 26 Salaries $ $ DR CR Advertising $ $ Bal b/f 2,000 B

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