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WVU ACCT 201 - Revenue Recognition Principle
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ACCT 201 1st Edition Lecture 9 Outline of Last Lecture I Examples of Completing a Balance Sheet Outline of Current Lecture II III IV Revenue Recognition Principle Matching Principle T Tables Current Lecture Revenue Recognition Principle recognize revenue when action happens not exchange of money Matching Principle when you match your expenses Actual Accounting 1 Completed 2 500 of work on Jan 27 and mailed the bill to customer A L SE 2 500 acct receivable DR 2 500 service revenue CR Feb 15 customer pays bill in full Get cash asset Give up acct receivable asset 2 500 cash 2 500 acct receivable Customer pays for work completed Jan 27 same day Service revenue 2 500 Cash 2 500 A L SE 2 500 cash 2 500 service revenue 2 Received telephone bill of 200 due by Feb 10 on Jan 22 Telephone expense SE Account Payable liability These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute A L 200 acct payable Paid on Feb 10 A L 200 cash 200 acct payable DR CR A Left Side Debit Side DR CR DR SE 200 telephone expense SE CR DR L SE Right side Credit side CR every event must have a min of 1 DR and 1CR


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