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Summary of Some Major Adjustments in Ledger on Balance Day
January 12th, 2011 Comments off
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Ledger adjustments for the following major adjustments on Balance Day:
Type of Ledger Adjustments
Debit
Credit
Shown in Balance Sheet As
Accruals or Accrued Expenses
Expenses Account
Accrued Expenses account
Current Liability
Prepayment or Prepaid Expenses
Prepaid Expenses Account
Expenses Account
Current Asset
Accrued Revenue
Accrued Revenue Account
Revenue Account
Current Asset
Revenue Received in Advance
Revenue Account
Revenue Received in Advance Account
Current Liability
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