ACCT 201 1st Edition Lecture 11Outline of Last Lecture *Currently unavailableOutline of Current LectureI. More examples of credit and debit Current LectureOct. 1DR Supplies $500CR Cash $500Oct. 31DR Supplies expense $100CR Supplies $100Assets = Liabilities + SESupplies Supplies expense-100 -100Oct. 1DR Prepaid insurance $12,000 (for one year)CR Cash $12,000Oct. 31DR Insurance expense $1000CR Prepaid insuranceAssets = Liabilities + SEPrepaid insurance insurance expense-1000 -1000Oct. 1, 2014DR Equipment $10,000 (10 yr. life, no salvage value)CR Account Payable $10,000These 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.Oct. 1, 2015DR Depreciation expense $1000 Equipment 10,000CR Accumulated Depreciation $1000 Less: Accum. Dep. (1000)(Equipment) 9000Assets = L + SEAccum. Dep. Dep. expense-1000 -1000Oct. 1, 2014DR Cash $100,000 (10 yr. contract)CR Unearned Revenues $100,000Oct. 1, 2015DR Unearned Revenue $10,000CR Service Revenue $10,000A = L + SEUnearned Rev.Service Rev.-10,000
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