Summary of Some Major Adjustments in Ledger on Balance Day

January 12, 2011 by

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