By Duane R. Milano
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In this case, the accounting period ends between payment dates. 4. 4 After the adjustment, the balance in the wage expense account is $50,000 (the true amount of expense for the month), while wages payable reflect the amount of liability for wages owned as of January 31st ($10,000). 1 DEFINITION AND PURPOSE OF CLOSING ENTRIES Closing entries are used to classify and summarize all revenue and expense accounts. Each expense and revenue account is completely cleared (leaving a zero balance) at the end of the accounting cycle.
This number is recorded when the separate debits and credits are posted in the proper ledger accounts. After a transaction is journalized (entered in the journal), the information is posted (recorded in the ledger). 2. 1. 1. 1 CASH BASIS OF ACCOUNTING Businesses may use either the cash basis or the accrual basis of accounting to report revenues and expenses. Using the cash basis of accounting, a business would report revenues only when cash is received and expenses only when cash is disbursed. Net income is the difference between cash receipts and disbursements.
Subsequent recovery of an account that has been written-off would require an entry to reinstate that account. 1. 4 NOTES RECEIVABLE Notes receivable arise when customers or others obligate themselves to a business through a formal contract to repay the face amount of a loan at a specific date with interest calculated at a specific rate. For example, assume that Paul Johnson borrows $5,000 from The Sample Company on April 4. The terms of the note require repayment within 60 days. Interest is to be calculated at 12%.