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Financial Statements, Accrued Income, Income in Advance, Prepaid Expense,…
Financial Statements
Accrued Income
Not yet received income
amount
Accrued Income Account
"Income" Dr
Income Account
"Accrued Income" Cr
Total income
amount
Income Account
"Profit and Loss" Dr
Profit and Loss Account
"Income" Cr
Already received income
amount
Income Account
"Bank" Cr
People owe us
Income in Advance
Income received in advance
amount
Income in Advance Account
"Income" Cr
Income Account
"Accrued Income" Cr
Income received
for delivered services amount
Income Account
"Profit and Loss" Dr
Profit and Loss Account
"Income" Cr
Total income
amount
Income Account
"Bank" Cr
People paid us in advance
Prepaid Expense
Prepaid expense
amount
Prepaid Expenses Account
"Expense" Dr
Expense Account
"Prepaid expenses" Cr
Already paid expense
amount
Expense Account
"Profit and Loss" Cr
Profit and Loss Account
"Expense" Dr
Paid in advance
Accrued Expense
Unpaid expense
amount
Accrued expenses Account
"Expense" Cr
Expense Account
"Accrued expenses" Dr
Total expense
amount
Expense Account
"Profit and Loss" Cr
Profit and Loss Account
"Expense" Dr
Must still pay