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