CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 21-1 Accrued Revenue.

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Presentation transcript:

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 21-1 Accrued Revenue

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 2 LESSON 21-1 ANALYZING AN ADJUSTMENT FOR ACCRUED INTEREST INCOME 1 2 page Debit Interest Receivable. 2.Credit Interest Income. 3.Record the adjusting entry.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON Post the credit. POSTING AN ADJUSTING ENTRY FOR ACCRUED INTEREST INCOME page Post the debit.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 21-1 REVERSING ENTRY FOR ACCRUED INTEREST INCOME 12 3 page Write the heading. 2.Debit Interest Income. 3.Credit Interest Receivable.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 21-1 COLLECTING A NOTE RECEIVABLE ISSUED IN A PREVIOUS FISCAL PERIOD 2 page 620 January 30. Received cash for the maturity value of a 90-day, 6% note: principal, $2,000.00, plus interest, $30.00; total, $2, Receipt No Debit for the maturity value. 1.Credit for the principal of the note. 2.Credit for the total interest. 4.Post the amounts in the General columns

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 21-1 TERMS REVIEW accrued revenue intellectual property accrued interest income reversing entry page 621