会计学原理-英文版-第21版-第三章-Adjusting-Accounts-and-Preparing-Financial-Statements.pptVIP

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会计学原理-英文版-第21版-第三章-Adjusting-Accounts-and-Preparing-Financial-Statements.ppt

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会计学原理-英文版-第21版-第三章-Adjusting-Accounts-and-Preparing-Financial-Statements

An accrued expense is defined as a cost incurred in the current period that is both unpaid and unrecorded. When you use your credit card, often you do not record the transaction until you pay your monthly invoice; even though you have incurred the cost. Accrued expenses must be reported on the income statement of the period when incurred. For all accrued expense adjusting entries, we debit, or increase an expense account, and credit, or increase, a liability account. Let’s look at a specific example of an accrued expense. FastForward’s employee earns $70 per day and is paid every two weeks on Friday. Year-end, 12/31/13, falls on a Wednesday. The last payday of 2013 is Friday, 12/26/13. From 12/26 until year-end is three working days. The employee has earned $210 for Monday through Wednesday. He will not be paid until Friday January 9, 2014. Look at the schematic of the dates. We need to record an adjusting entry on December 31, 2013 to recognize the salary earned by the employee but not paid. Let’s look at the adjusting entry. In our adjusting journal entry we will debit, or increase, salaries expense and credit, or increase, salaries payable for $210. After the adjustment, salaries expense for 2013 is stated properly. Let’s look at the posting to the ledger accounts. Salaries expense recorded during the year amounted to $1,400. After posting our adjusting entry, the new balance at the end of the year is $1,610. The salaries payable account will be eliminated when the employee is paid on January 9, 2014. Now let’s look at the entry to record the salaries expense on the next payday. On January 9, 2014, FastForward will pay the payroll for the two weeks from December 26, 2013 through January 9, 2014. The journal entry for this payroll involves a debit to the liability account, Salaries Payable, for $210, the amount we accrued at December 31, 2013, a debit to Salaries Expense for $490 (7 work days times $70 per day), and a credit to Cash for $700. We must be ca