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LESSON 21-1
Accrued Revenue

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
ANALYZING AN ADJUSTMENT FOR
ACCRUED INTEREST INCOME

2
page 617

1
2
3

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

1. Debit Interest
Receivable.
2. Credit Interest
Income.
3. Record the
adjusting entry.

LESSON 21-1
3

POSTING AN ADJUSTING ENTRY FOR
ACCRUED INTEREST INCOME

page 618

1
1. Post the debit.
2. Post the credit.

2

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 21-1
REVERSING ENTRY FOR ACCRUED
INTEREST INCOME

1

2

4
page 619

3

1. Write the heading.
2. Debit Interest Income.
3. Credit Interest
Receivable.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 21-1
5

COLLECTING A NOTE RECEIVABLE
ISSUED IN A PREVIOUS FISCAL PERIOD

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, $2,030.00. Receipt No. 9.

1

2

1. Credit for the principal of
the note.
2. Credit for the total interest.
3. Debit for the maturity value.
4. Post the amounts in the
General columns.
CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

3

4

4
LESSON 21-1
6

TERMS REVIEW





page 621

accrued revenue
intellectual property
accrued interest income
reversing entry

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 21-1
6

TERMS REVIEW





page 621

accrued revenue
intellectual property
accrued interest income
reversing entry

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning

LESSON 21-1

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Lesson 21 1

  • 1. LESSON 21-1 Accrued Revenue CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning
  • 2. ANALYZING AN ADJUSTMENT FOR ACCRUED INTEREST INCOME 2 page 617 1 2 3 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 1. Debit Interest Receivable. 2. Credit Interest Income. 3. Record the adjusting entry. LESSON 21-1
  • 3. 3 POSTING AN ADJUSTING ENTRY FOR ACCRUED INTEREST INCOME page 618 1 1. Post the debit. 2. Post the credit. 2 CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 21-1
  • 4. REVERSING ENTRY FOR ACCRUED INTEREST INCOME 1 2 4 page 619 3 1. Write the heading. 2. Debit Interest Income. 3. Credit Interest Receivable. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 21-1
  • 5. 5 COLLECTING A NOTE RECEIVABLE ISSUED IN A PREVIOUS FISCAL PERIOD 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, $2,030.00. Receipt No. 9. 1 2 1. Credit for the principal of the note. 2. Credit for the total interest. 3. Debit for the maturity value. 4. Post the amounts in the General columns. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 4 4 LESSON 21-1
  • 6. 6 TERMS REVIEW     page 621 accrued revenue intellectual property accrued interest income reversing entry CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 21-1
  • 7. 6 TERMS REVIEW     page 621 accrued revenue intellectual property accrued interest income reversing entry CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 21-1