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TOPIC 5 ADJUSTMENT AT THE END OF ACCOUNTING PERIOD

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TOPIC 5 ADJUSTMENT AT THE END OF ACCOUNTING PERIOD

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LEARNING REFLECTION (16/07/2019)

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1. Prepaid expenses and account receivable are current assets
2. UNEARNED REVENUE
-receive cash before service is perform
3. Prepaid expenses have to pay first and then baru dapat benefits
4. Accrued revenue(hasil belum terima)
5. Accrued expenses

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Unearned revenue
-receive cash before service performed
-record as a current liabilities
-not recognized as revenue
Prepaid expense
-a current asset representing amounts paid in advance for future expenses.
Accured revenue
-provide service but the payment still not received yet,current asset
-rent
-interest
-Service
Accured expenses
-expense recorded before cash payment
-result in liability
-salaries
-interest
-taxes
-rent

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Unearned Revenue
*had receive cash but not yet perform the service
*not recognise as revenue

Prepaid Expenses
*paid in advance
*not comply with GAAP
*prepaid insurance for example

Accrued Revenues
*Perform service first but not yet received payments

Accrued Expenses
*Need to be recognised as expenses
*Expense payable
*Result in liability

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topic 5
-unearned revenue
already get a payment from customer but not give service yet.
current liability

-prepaid expenses
we already make a paid in advance for next expenses
current assets

-revenue receivable
we already delivered the service but no payment has been received yet from customer
current assets

-expenses payable
we already got the benefit but not make payment yet
current liability

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Types of adjusting entries
i)Deferrals=Prepaid expenses
=Unearned revenues
ii)Accruals=Accrued revenues
=Accrued expenses

1)Prepaid Expenses
-expenses paid in cash before they are used or consumed
-example(insurance and rent)

2)Unearned Revenues
-the cash has been receipt,but the service not incurred yet

3)Accrued Revenues
-revenues for services performed but not yet received in cash or recorded

4)Accrued Expenses
-expenses incurred but not yet paid in cash or recorded

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-unearned revenue (current liability)  : already get the payment but not receive revenue yet.
-accrued revenue (asset ) : perform service but not received cash  yet
-Accrued expenses (liability) : expense recorded before cash payment.
-prepaid expense : prabayar ( lebih bayar) example  -Prepaid Insurance

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Prepaid expense. Expenses paid in cash before they are used or consumed. (Will be recorded in financial position below current assets)

Unearned revenue. Revenues we receive before we perform services. (Will be recorded in financial position below current liability)

Accrued revenue/revenue receivable. We have performed service but haven’t receive cash yet. (Current assets)

Accrued expenses/expenses payable. Expenses recorded before cash payment. Common accrued expenses (salaries, interest, taxes, rent). Results in liability (current liability)

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Urnearned revenue : is a current liability. customer have made payments but service not performe to them .

Prepaid expenses: is a current asset. customer have made payment in advance but not use the benefit yet .
-insurance

Accrued revenue: is a asset. service has performed but not receive the payment yet .

Accrued expenses: is a liabilities. expenses recorded before cash payment

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Unearned revenue
-had receive cash but not yet perform the service
- not recognize as a revenue
Prepaid expense
-payment of cash, that is recorded as an asset to show service will receive in futureq
Accrued revenue
-revenues for service performed bu doesn't yet receive in cash or recorded

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TOPIC 5
UNEARNED REVENUE
-NOT CLASSIFY AS REVENUE BECAUSE NOT PERFORMED YET
PREPAID EXPENSE
-PAID IN ADVANCE FOR FUTURE EXPENSE
ACCRUED EXPENSES
-RECORD BEFORE CASH PAYMENT (LIABILITIES)
ACCRUED RECEIVABLE
-CASH NOT YET RECEIVED
-BUT SERVICE HAD BEEN PERFORMED

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topic 5
unearned revenue
-receive cash from customer before performed service
-current liabilities
-not recognize at revenue
Prepaid Expense
-paid in advance for future expenses
-expense is increased and expense is decreased
-record as current asset
- cash payment before recorded
Acrrued revenue
-not paid yet but has been performed service
-revenue recorded before cash receipt
-increase assets and increase revenue
Accrued expenses
-expense recorded before cash payment
-result in liability
-salaries , taxes , rent

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Prepaid expenses (assets)
Cash has been paid but haven't receive the service yet
Revenue receivable (assets)
Cash not yet been receive but the service had been performed
Unearned revenue(liability)
The cash has been received but service has not perform yet
Expense payable (liability)
Cash not had been paid but the service been received

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- unearned revenue : cash has been received but service is not performed yet .
-prepaid expense : cash has been made but benefited is not incurred
-accrued revenues : service has performed but payments hasn’t receive from customer
Accrued expenses : same like account payable , benefits has been received but payment haven’t made to seller

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Unearned revenue : receive cash before give the service
:current liabilities
:not recognised as revenue
Prepaid expenses : extra pay before get the benefits
:current assets
:Dt side in ledger/TB
accrued revenue : service performed but not yet received payment
:current assets
Accrued expenses:  a expenses but not yet pay
:current liabilities

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accrued revenue- service performed but not yet receive the payment
accrued expenses- expenses incured but not yet paid in cash
unearned revenue- receive cash but service has not yet perform
prepaid expenses- payment first before service perform

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Unearned revenue
-Receive cash before service performed
Prepaid expense
-cash payment before expenses recorded
Accrued revenue
-revenues earned in a period that are both unrecorded and not yet received
Accrued expenses
-expenses recorded before cash payment

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Unearned Revenue ( Liability ) : Cash are received but service has not been performed or merchandise has not been given to the customer.
Prepaid expenses ( Asset ) : Expenses has not incurred but we had made payment to it.
Accrued revenue ( Asset ) : Revenue earned but not yet receive cash.
Accrued expenses ( Liability ) : Expenses that had been consumed but we had not made payment for it.

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Current assets: - accured revenue,prepaid expenses
Current liabilities: -accrued expenses,unearned revenue

Accrued revenue-we still not get the payment
Unearned revenue-we still not perform the service
Accrued expenses-we still not pay the expenses
Prepaid expenses-we still not get the service

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Unearned revenue(liabities)
Cash received before service are performed
Prepaid expenses(asset)
Expenses paid in cash before they are used service
Accrued revenue(asset)
Service performed but not yet received in cash or recorded
Accrued expenses(liabilities)
Expenses incurred but not yet paid in cash or recorded

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Prepaid Expenses
-has paid in cash
-before they are used or consumed

Unearned Revenue
-cash have been received
-but the service has not performed yet

Accrued Revenues
-The owner performed the services
-but not yet received cash

Accrued Expenses
-Owner consumed or used the expenses
-but not yet paid cash

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Unearned revenue : received cash before service performed. Current liabilities. Not recognized as revenue
Expense payable: we already get benefit but didn't make payment yet. It know as expense. Liabilities at the credit side.
Revenue receivable: revenue earned in a period that are unrecorded and not yet received cash. Increase asset and revenue
Prepaid expense: expense paid in cash before it used and consume. Current asset. Overpaid

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current assets
-prepaid expense
•pay before receive service
-accrued revenue
•give service before receive payment

current liabilities
-accrued expense
•receive benefit before payment
-unearned revenue
•receive payment before give service

#hidupmelayu #ecahnebes

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Prepaid expense
-cash payment before expenses recorded
Unearned revenue
-receive cash before service performed
Accrued revenue
-revenue recorded before cash receipt
Accrued expenses
-expenses recorded before cash payment

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Prepaid Expense
- Already paid the expense in advance for coming use
Accrued Expense
- Payment has not been done for benefits received from workers, utilities, rent and so on.
Unearned Revenue
- Received payment but there is still liability to provide good or perform service
Accrued Revenue
- Provided goods or performed service in credit term. Not yet received payment from customer

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unearned revenue-received cash before service perform
prepaid expenses-cash payment before expenses recorded
accrued revenue-perform service before receive cash
accrued expenses-expenses recorded before cash payment

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-Accrued revenues and prepaid expenses are current assets
· Accrued revenues occur when services are rendered but cash has not been received
·Prepaid expenses occur when expenses are paid in advance before receiving bills
-Unearned revenues and accrued expenses are current liabilities
· Unearned revenues occur when cash has been received but services has not yet been performed
· Accrued expenses occur when payment has not yet been made up to date

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Adjustments

-prepaid expenses (asset)current assets paid in advance for future expenses.expenses paid in cash before it was use or consume.

-unearned revenue (liability)receives cash from cust but not provide the service( service not perform, not a revenue)

-accrued revenue(asset)hasil belum terima,increase aset, increase revenue, perform service dulu baru receive cash.

-accrued expenses(liability)expense recorded before cash payment,iktiraf expenses sebab dah dapat benefits

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1. Unearned service revenue
-receive cash before service performed
-current liability

2. Accrued service revenue / service revenue receivable
-service had already performed but have not receive cash
-current asset

3. Prepaid expense
-make payment before we get benefit
-current asset

4. Accrued expense / expense payable
-already get the benefit but have not pay for it
-current liability

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Unearned revenue-receive cash before service     performed

current liabilities

Not recognize as revenue

Prepaid expense-current asset presenting amounts paid in advance for future expense(insurance,rent)

Accrued revenue -hasil yang belum terima

-rent,interest,services

Accrued expenses-got benefit,but havent

made payment

-result in liability
-salaries,interes,rent,expense

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SEE ZHAO WEI
Unearned revenue should not recognized as revenue as the service was not performed
Prepaid expense should not recognize as expense because we haven't get the benefits
accrued revenue means revenue receivable
accrued expense means expense payable

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Prepaid expense - current asset
Accrued reveneu / Reveneu receivable - Current asset
Prepaid expense - expenses paid in cash before they are used
Accrued expense - expense recorded before cash payment

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Prepaid expenses
- paid in cash
- cash payment before expense recorded

Unearned revenue
- cash received before services are performed

Accrued revenue (revenue receivable)
- service perfomed but not yet received cash

Accrued expenses ( expenses payable)
- expenses incurred but not yet paid in cash or recorded

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1)unearned revenue
service not prepared
2)prepaid expense
before they use
3)accrued expenses
already use but not yet paid
4)accrued revenue
already performed service but not yet receive money

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Unearned revenue

-Receive cash b4 service performed

-Record as current liability

-Not recognised as revenue cuz service not performed

Prepaid expenses

-Cash payment b4 expenses recorded

-Prabyaar terlebih bayar

-Record as asset - hukum ikut asset

-Expenses paid in cash before they are paid n consume.

-Prepaid insurance divided by the month in a year

Accrued revenue

-Hasil belum terima (+ asset, + revenue)

-Asset - AR (bayaran sewa tanah)

-Service performed - Revenue (

Accrued expenses

-Record as liability and also expense

-cth payment salaries : gaji lambat masuk (tapi diaorg dah perform service)

-So we record as accrued salaries / salaries payable

-Kalau increase, hukum dia adalah credit

-Decrease, hukum dia debit

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Unearned Revenue
* receive cash before the service is performed
* recorded as liability

Prepaid expense
* payment is made before the expenses is recorded
* recorded as asset

Accrued revenue
* Revenues earned in a period which both unrecorded and haven't received yet
*  Recorded as asset

Accrued expenses
*  expenses recorded before payment is made
*  recorded as liability

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Unearned revenue
-cash received
-service not perform yet

Accrued revenue
-owner performed service
-cash not received yet

Prepaid expenses
-did not use yet
-already paid

Accrued expenses
-owner used the expenses
-did not pay yet

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prepaid expenses current asset
unearned revenue current liability
accrued expenses current liability
accrued revenue current asset

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CURRENT ASSET
i) Prepaid Expenses - paid in cash before use it
ii) Accrued Revenue - service performed but not yet receive in cash

CURRENT LIABILITY
i) Unearned Revenue - receive cash before service perfomed
ii) Accrued Expenses - expenses recorded before cash

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Hanis(A1P3)
1. Unearned revenue
-receive cash before service performed
-current liabilities
-not recognize as revenue
2. Prepaid expenses
-prepaid payment often occur in regard to
~insurance,supplies,advertising,rent
3. Accrued revenue
-often occur in regard to
~rent,interest,service
4. Acrued expense
-expense record before cash payment
-result in liabilities
-common occur expense
~salaries,rent,interest,taxes

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Unearned revenue
Receive cash but no performed the service
Prepaid expense
Cash payment before get the benefit
Accrued revenue
Revenue recorded before cash receipt
Accrued expenses
Dikira expenses
Liability
Expense recorded before cash payment

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Prepaid expense
-Expenses paid in cash before they are used
Unearned Revenues
-Cash received before services are performed
Accrued Revenues
-services performed but not yet received in cash or recorded
Accrued Expense
-Expenses incurred but not yet paid in cash or recorded

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prepaid expenses - a current asset representig ampunts paid in advance for future expenses, as the expenses are used or expire, expense is increased and prepaid expense is decreased

accrued revenues - revenue earned in a period that are both unrecorded and not yet received in cash (or other assets) adjusting entries for recording accrued revenues

unearned revenue - receive cash before service performed, record as current liabilities, not recognized as revenue

accrued expenses - expense recorded before cash payment, result in a liability

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Unearned revenue
- receive cash but not yet been service performed .
- not recognized as revenue.
- dt unearned revenue
cr service revenue

prepaid
expense - increase
prepaid expense - decrease

accrued revenue
service performed but no yet receive cash

acrrued expenses
expense recorded before cash payment

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prepaid expense: when money is received but the service has not performed yet
-for eg: insurance expense

accrued expense: expense recorded before received cash even service has been performed
-for eg: salaries, taxes, rent

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Accrued revenue (aset)
Service performed but not yet received in cash/recorded

Accrued expense/payable (liability)
Expense included but not get paid in cash or recorded

Unearned revenue (liability)
Cash received before service one performed

Prepaid expense (asset)
Expense paid in cash before they are used service

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Unearned revenue-receive cash,before service perform
(Not recognises as revenue)
Prepaid expenses- a current asset representing amount paid in advance for future expenses
Accrued revenue-revenue earns in a period that unrecorded and not yet receive cash
Accrued expenses-expenses recorded before cash payment

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unearned revenue :
receice cash before service performance
current liability
prepaid expense:
cash payment before used
accured revenue:
perform service before receice cash
accured expenses :
expense record before cash

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Syafiqah (A1P2)
1.Unearned revenue - received cash before service performed.
2.Prepaid expenses - Cash payment before expenses recorded.
3. Accrued revenue - Revenue recorded before cash receipt.
4.Accrued expenses - Expense recorded before cash payment.

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KHAIRUN NABIHAH BINTI AB HALIM (A1P5)
CURRENT ASSETS :
1) PREPAID EXPENSE
2) ACCRUED REVENUE
CURRENT LIABILITIES :
1) UNEARNED REVENUE
2) ACCRUED EXPENSE

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Hanani A1P2
1.Prepaid expense is recorded as an asset.
Cash payment before expense recorded.
2.unearned  revenue is recorded as a liability.
Cash receipt before revenue recorded
3.accrued revenue is recorded as asset.
Revenue recorded before cash receipt
4.accrued expenses is recorded as liability.
Expense recorded before cash payment

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1. Service that is performed but payment haven't received should be recorded as service revenue receivable (as asset, at debit side).
2. Expense that is paid in advance but benefit from the espense haven't been obtained should be recorded as prepaid expense (as asset, at debit side).
3. Service that hasn't been performed but payment is received should be recorded as unearned service revenue (as liability, at credit side).
4. Expense that is not paid but benefit from the expense is obtained should be recorded as expense payable (as liability, at credit side)

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Today i learn about prepaid expense, unearned revenue, expense payable and revenue receivable.

Prepaid expense, made payment but not received benefit yet. Example, prepaid insurance
Unearned revenue, received cash but not perform services yet
Example, unearned services
Expense payable, received benefit but not made payment yet
Example, salary payable
Revenue receivable, perform services but not received payment
Example, rent receivable

Thank you

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Unearned revenue
• receive cash before perfoming a service
• recorded as liability

Accrued revenue
• performing a service before receiving cash

Accrued expense
• expense incured before cash payment

Prepaid expense
• cash payment before receiving the benefit
• recorded as assets

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Aliya Azhar :) (A1P4)

1. Prepaid expenses
- cash has been paid but the expenses does not incurred yet
- e.g; insurance

2. Unearned Revenues
- cash has been received but the servise has not perform yet
- not recognized as revenue

3. Accrued Revenues
- revenues receivable
- the services have been performed but cash is not received yet

4. Accrued Expenses
- expenses payable
- liabilities
- recognized as expenses

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Prepaid expenses
We had paid cash before they are used or consumed

Unearned revenue
Cash received before services are performed.
( recorded as liability )

Accrued revenues ( revenues receivable )
Revenue for services performed but not yet received in cash or recorded.

Accrued expenses ( expenses payable )
Expenses incurred but not yet paid in cash or recorded.

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Prepaid expenses-we already paid something that we will receive later,not in the accounting period.
Unearned revenue-we already paid to the customer but we dont receive the revenue yet.
Accrued revenue(revenue receivable)-We already give our services or merchandise to customer but we dont receive the payment yet.
Accrued expenses(expenses payable)-customer already paid to us for the services or mercandise,but we dont give the services or merchandise yet.

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Chapter 5

PREPAID EXPENSES
-payment tht we already paid for the goods but didnot receive the benefit yet

UNEARNED REVENUES
-we received payment but we did not perform services to them yet

ACCRUED REVENUES
-We performed services to customer but did not receive payment yet

ACCRUED EXPENSES
-we did not paid the services tht we already get the benefit

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1.Prepaid expenses- payment of cash , record as an asset to show the service or benefit the company will receive in the future.
2.Unearned revenues - payment has been receive but service has not yet been performed , will be record as revenue when the service is performed.
3.Accrued revenues -  can be record as revenue even the payment has not been received yet.
4. Accrued expenses - expenses incurred but not yet paid in cash or recorded. Example ,  we rent but did not paid yet.

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TOPIC 5
Prepaid expenses
-payment of cash to get benefit (insurance/rent)
Unearned revenue
- receipt of cash that recorded as a liability bcs the service has not been performed (service revenue)
Accrued Revenues
- revenues for service performed but not yet receipt in cash or recorded (rent/interest)
Accrued Expenses
-expenses incurred but not yet paid in cash or recorded (salaries payable)

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type of adjusting entries
1) prepaid expenses
- pay first, revenue later
- prepaid insurance
2) unearned revenue
- the service has not been performed but already get the money
- airline tickets
3) revenue receivable
- services has been performed but not yet get the cash
4) expenses payable
- expenses has happen but not yet paid
- salaries payable

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Topic 5
Prepaid expenses is payment of cash to get benefit in the future
Meaning that expenses has been paid, but benefit has not been received
exp: rent, insurance
Unerned revenue is receipt of cash that is recorded as a liability because service has not been performed
Meaning that cash has been received , but service is not performed
Exp: rent, airline tickets
Accrued revenue is revenue for service performed but not yet recileived cash or recorded
Meaning that service has been done but cash mot received
Exp: rent, interest
Accrued expenses is expenses that has accured but has not yet been paid
Meaning expenses has been done but havent paid
Exp: taxes, salaries

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Siti Nur Fatihah Binti Mohd Maleh Khan A2P3

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Siti Nur Fatihah Binti Mohd Maleh Khan A2P3

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Chapter 5 Adjustment at the end of accounting period

Prepaid expenses
- record as asset
- cash must be receive but the benefit will receive in the future
- example: insurance

Unearned revenue
- record as liability
- receive cash before service is perform
- example : rent

Accrued revenues
-  service performed but not yet received in cash
- example : rent

Accrued expenses
- expenses incurred but not yet paid
- example: taxting

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AMIRUL NASIF A2P3
Adjustment at end of accounting period
1.prepaid expense
-payment of cash, that is recorded as an asset to show the service or benefit the company will receive in the future
2.unearned revenues
-receipt of cash that is recorded as a liability because the service has not been performed
3.accrued revenues
-Revenues for service performed but no yet received in cash or recorded
4.accrude expenses
-Expenses incurred but not yet paid in cash or recorded

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* Prepaid expenses - we have paid but the service has not been received yet
* Unearned revenue - record as liability but service has not been performed
* Accrued revenue - revenue for service performed but not received the payment yet
* Accrued expenses - we have used the service but have not paid in cash yet

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Prepaid expenses
-payment of cash that is recorded as an asset to show service has no received yet
Unearnd revenue
-customer paid but not received the benefits yet
Revenue receivable
-revenue for service performed but not yet received in cash
Expenses payable
-expenses incurred but not yet paid in cash

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1. Prepaid expenses - we have paid but the service has not been received yet
2. Unearned revenue - customers have paid but we have not performed service yet
3. Accrued revenues - service has been performed but customers have not paid yet
4. Accrued expenses - we have used the service but have not paid yet

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Alyaa ziqreena A2P4
Prepaid expense is the cash that we paid eevn before getting the benefit. When the benefit expires  through use or time prepaid will change into expense.
Unearned revenue is a liability. The cash had been received from the buyer but service had not been done.
Accrued revenue is the service or sales performed but the money is not yet received.
Accrued expenses is the expenses incurred but not yet been paid

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atikah (a2p4)
prepaid expenses :
-payment that we already paid but we did not receive yet our benefits

unearned revenues :
-we already receive the payment but we still not performed yet our services to them

revenues receivable :
-we have performed the services and we can record it as our revenues although we did not receive the payment yet

expenses payable :
-the customer did not receive yet their payment from us although they has performed the services

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Prepaid expenses(asset) - service or benefit have been paid but will be receive in the future.
Unearned revenue(liability) - cash has been received but services has not been performed yet
Accrued revenues/revenues receivable(asset) - services has been performed but cash has not received yet (record as revenue)
Accrued expenses/expenses payable(liability) - expenses incurred but not yet paid in cash or recorded

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Prepaid expense- Benefit have not been received eventho payment has been made

Unearned revenue-customer paid but haven’t received the benefit.

Revenue receivable- service has been performed but customer haven’t pay yet

Expenses payable- Benefit have been received but not yet made payment

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•Prepaid expenses: payment or cash made but not receive any service or benefit
•Unearned revenue : receive cash or payment before perform service
•revenues receivable : revenues for service performed but not yet received in cash or recorded
•expenses payable : expenses incurred but not yet paid in cash or recorded

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Adjustment At The End Of Accounting period

• Prepaid Expenses
Payment of cash, that is recorded as an asset to show the service or the benefit the company will receive in the future.
Benefits will receive in the future.

• Unearned Revenue
Receipt of cash from customer but the service has not been perfomed.

•Accrued Revenue
Performed service first but not yet received cash or recorded.

•Accrued Expenses
Expenses incurred but not yet paid in cash or recorded.

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Prepaid expense
-payment of cash,that is recorded as an asset to show the service or benefit the company will receive in the future
Unearned revenue
-Adjusting entry is made to record the revenue for service performed during the period and to show the liability that remains at the end of the period
•accrued revenues/revenue receivable
-revenue for service perfomed but not yet received in cash
•accrued expenses
-expense incurred but not yet paid in cash or recorded

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Aiman Rozelan (A2P4)

Prepaid Expenses
-payment of cash, that is recorded as an asset to show the service or benefit the company will receive in the future

Unearned Revenue
-Receipt of cash that id recorded as a liability because the service has not been performed

Accrued Revenue
-Revenue for service performed before receive money

Accrued Expenses
-Expenses incurred but not yet paid in cash or recorded

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Prepaid expenses
- Payment of cash, that is recorded as an asset to show the service or benefit the company will receive in the future
Unearned revenues
- receipt of cash that is recorded as a liability because the service has not been performed
Accrued revenues
- revenue for services performed but not yet received in cash or recorded
Accrued expenses
- expenses incurred but not paid in cash or recorded

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1. Prepaid Expenses (current asset)
-Expenses paid in cash before they are used or consumed
2. Unearned Revenues (current liability)
-Cash received before service are performed
3. Accrued Revenues (current asset)
-Revenues for services performed but not yet received in cash or recorded
4. Accrued Expenses (current liability)
-Expenses incurred but not yet paid in cash or recorded

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Unearned Revenue
↪had receive cash but not yet perform the service
↪not recognise as revenue
↪Rent ,airline ticket

Prepaid Expenses
↪paid in advance but the benefit not received yet
↪not comply with GAAP
↪prepaid insurance , advertising

Accrued Revenues
↪Perform service first but not yet received payments
↪rent ,interest,service

Accrued Expenses
↪the expenses incurred but not yet paid in cash or recorded
↪Expense payable
↪rent ,interest,tax

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PREPAID EXPENSES - Payment made for benefits that have not been received
UNEARNED REVENUE - Cash received for services that have not been performed yet
ACCRUED REVENUE - Services performed but payment has not been made
ACCRUED EXPENSES - Expenses incurred but payment has not been made yet

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Wan Nor Athirah ( A2P3)
1. Prepaid expenses
- benefit will receive in the future
- insurance
2. Unearned revenues
- receive cash before service is perform
- rent
3. Accrued revenues
- revenues for service performed but not yet received in cash
- rent
4. Accrued expenses
- expenses incurred but not yet paid.
- rent

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Prepaid expenses: the payment that we already paid before we receive the benefit

Unearned revenue: receipt or cash that is recorded as liability because tge service hv not been performed

Accrued revenue: service are perfomed but not yet received any payment

Accrued expenses: expenses incurred but not yet paid in cash or recorded

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-Prepaid expenses (asset)
Cash has been paid in advance before receiving the services.

-Accrued Revenue (asset)
Cash has not been received for the service done.

-Unearned revenue(liability)
The cash has been received before service is performed.

-Accrued expenses(liability)
Cash has not been paid for services which have been received.

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prepaid expenses
-the company already paid the merchandise/service before the actual accountung period but hasn't received the benefit yet.
- exp : the company paid rm100 for insurance untul out of the accounting period

unearned revenue
- receipt of cas that is recorded as a liability because the service has not been perfirmed yet.
- exp : company has received cash rm 1000 but the service will be performed next month

accrued revenue
- revenue for service performed but not yet received in cash / recorded.
- exp : the company bought and already received the office equipment but hasnt paid the assets yet

accrued expenses
- expenses incurred but not yet paid in cash or recorded
- exp : the company has performed the service but hasnt received any cash.

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Prepaid expenses -paid in advance in cash for next expenses (currenct assets)
Unearned revenues I - the cash has been received but the service not incurred  (current liability)
Accrued revenues-service performed but cash is not received yet( current asset)
Accrued expenses - not yet paid in cash or recorded( liability)

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🌸PREPAID EXPENSES
-recorded in assets
-payment of cash to show the benefits that company will receive in the future
🌸UNEARNED REVENUE
-recorded in liability
-we got the payment but we still not give the service
🌸REVENUE RECEIVABLE
- revenue recorded before cash receipt
🌸EXPENSES PAYABLE
- expenses recorded before cash payment

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Chapter 5
Prepaid expenses
- we have pay but we did not yet receive the benefit.

Unearned revenues
- customer has pay cash to us but we did not yet give the benefit.

Revenue receivable / accured revenue
- we have give the service but not yet receive cash.
- We can record it

Expenses payable / accured expenses
- we have receive the benefit but not pay yet

# data[].attributes.body
1. Prepaid Expenses (Asset): Cash/Cheque that have already been paid before we consumed it's benefits.
2. Expenses Payable (Liability) : Cash/Cheque that haven't been paid after we received it's benefits.
3. Revenue Receivable (Asset): Cash/Cheque that have not been received even we provided service.
4. Unearned Revenue (Liability): Received cash before providing service.

# data[].attributes.body
Prepaid expenses
-Cash payment before expenses recorded
Unearned revenue
- Cash receipt before revenue recorded
Accrued revenues
- Revenue recorded before cash receipt
Accrued expenses
-Expenses recorded before cash payment

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TOPIC 5 - ADJUSTMENT AT TGE END OF ACCOUNTING PERIOD
1) PREPAID EXPENSES
- EXPENSE PAID IN CASH BEFORE THEY ARE USED OR CONSUMED
- EXAMPLE : INSURANCE OR RENT
2) UNEARNED REVENUE
- THE CASH HAS BEEN RECEIPT, BUT THE SERVICE NOT INCCURED YET
- EXAMPLE : RENT
3) ACCRUED REVENUE
- REVENUE FOR SERVICE PERFOMED BUT DOESN'T YET RECEIVE IN CASH OR RECORDED
- EXAMPLE : RENT
4) ACCRUED EXPENSES
- EXPENSES RECORDED BEFORE CASH PAYMENT
- EXAMPLE : SALIRIES

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Faqrul A2P1

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Prepaid Expenses - we paid the benefits that we did not recieve yet
Unearned Revenue - we recieve the money but we can't recognise it as our revenue
Revenue Recievable - we already delivered the service but did not recieve the cash
Expenses Payable - we does not pay yet the benefits that we recieve.

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Revenue:
1. Accured Revenue (revenue receivable) is revenue for services performed but not yet received in cash or recorded.
2. Accured Expenses (Expenses payable) is expenses incurred but not yet paid in cash or recorded.

Prepaid:
1. Prepaid Expenses is paid in cash before they are used or consumed.
2. Unearned Revenues is cash received before services are performed.

Deferrals - Prepaid Expenses
+ Accrued Revenue
Accruals - Accrued Expenses
+Unearned revenue

# data[].attributes.body
Accrued revenue-service performed but not yet received cash or recorded.
Accrued expense- expense incurred but not yet paid in cash or recorded.
Unearned revenue-cash receive before service performed.
Prepaid expense-expense paid in cash before they are used or consumed.