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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 10-2 Unearned and Accrued Revenue
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 2 LESSON 10-2 1.Debit the revenue account. 2.Credit the liability account. ADJUSTING ENTRY FOR UNEARNED REVENUE INITIALLY RECORDED AS A REVENUE 1 2 page 297
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON 10-2 1.Debit the liability account. 2.Credit the revenue account. REVERSING ENTRY FOR UNEARNED REVENUE INITIALLY RECORDED AS A REVENUE 1 2 page 298
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 10-2 Principal Interest Rate Fraction of Year = Accrued Interest Income ×× Note $500.0010% 30 360 =$4.17 ×× 12 $700.0010% 15 360 = 2.92 ×× 13 1.Calculate interest earned on the notes. 2.Record entry to accrue interest income. ADJUSTING ENTRY FOR ACCRUED INTEREST INCOME page 299 1 2 Total accrued interest income, December 31.... $7.09
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 10-2 REVERSING ENTRY FOR ACCRUED INTEREST INCOME page 300
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CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 10-2 TERMS REVIEW unearned revenue accrued revenue page 302
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