Last Modified: 2012-05-04
Revenue earned $14,000Accounts receivable $3,000Expenses incurred $7,250Accounts payable (related to expenses) $750
- Revenues are recorded in the period in which they are earned.
- Balance sheet and income statement accounts have correct balances at the end of an account period.
- Expense are recognized in the period in which they are incurred.
Credit Office Supplies, $2,400
Credit Prepaid Rent, $4,000
Credit Service Revenue
- Sales returns and allowances
- Sales discounts
$100,000 Net Sales
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