19.3 - Prepaid revenue
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An airline received $90,000 from customers for flights in October and November. While $80,000 of the flights were provided in October, $10,000 of flights will occur in November, so the $10,000 received is considered prepaid revenue that has not yet been earned and must be recorded as a liability on the balance sheet.
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19.2 - Balance-day adjustments for revenue
The document discusses balance-day adjustments for revenue, including prepaid expenses, accrued expenses, prepaid revenue, and accrued revenue. Prepaid expenses and prepaid revenue refer to items that have been paid or received in advance but not yet used or earned. Accrued expenses and accrued revenue refer to items that have been used or earned but not yet paid or received. The document provides examples of how these adjustments would be recorded on a company's balance sheet at the end of the reporting period.
19.7 Accrued Revenue
Accrued revenue refers to revenue that has been earned but not yet received. For example, if a $500 commission was earned in June but will not be received until July, it would be recorded as accrued revenue on the June 30th balance sheet. This increases both assets and owner's equity on the balance sheet. Then when the $500 payment is received in July, it is recognized as revenue on the income statement for that period. Accrued revenue meets the definitions of both an asset and revenue for accounting purposes.
19.4 - The liability approach to prepaid revenue
Fancy Furniture received a $300 prepayment from a customer to produce 3 tables. Under the liability approach to accounting for prepaid revenue:
1. The $300 prepayment is recorded as a liability called "prepaid revenue" when received, rather than revenue, because the revenue has not yet been earned.
2. A liability is appropriate because Fancy Furniture has a present obligation to provide the tables arising from the customer's past payment, and will use future economic resources to fulfill this obligation.
3. The cash receipts journal records the $300 prepayment in the "sundries" column rather than the "sales" column to properly reflect it as a liability until the tables are produced
19.8 Recording Accrued Revenue
A small business invested $10,000 at 12% interest for one year, from January 1, 2015 to December 31, 2015. By the end of the business's reporting period on June 30, the business had accrued $600 in interest revenue even though it would not receive payment until maturity. The business must recognize the $600 as both an asset and revenue for the period. When payment is received on December 31, the business will receive $1,200 total which includes the $600 accrued interest from the first period and $600 in new interest earned from July to December.
14.6 Accounting for Accrued Expenses
The document discusses accounting for accrued expenses. It provides an example of a firm that accrued $900 for unpaid December telephone expenses. A journal entry is made on December 31st to record this as an expense and current liability. In January, the firm pays $2,090 for the December and January phone bills. This payment is recorded by debiting various expense accounts and crediting cash. The accrued amount reduces the current liability account.
17.7 Procedure for asset disposal
The document outlines the procedure for asset disposal in accounting. It states that two new accounts, "Profit on Disposal of Asset" and "Loss on Disposal of Asset" are required to record a disposal. It then provides an example of a laptop disposal, where the laptop was sold for less than its carrying value, resulting in a $300 loss. It explains that a temporary "Disposal of Asset" account is used to transfer balances from the asset, accumulated depreciation, and cash accounts, and any profit or loss, and then closed at the end of the day.
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This document discusses journalizing and recording depreciation expense. It explains that each year an asset is owned, an adjusting entry must be made to record the annual depreciation expense by debiting depreciation expense and crediting accumulated depreciation. The adjusting entry is then posted, debiting depreciation expense and crediting accumulated depreciation. A plant asset record is also used to track information about assets over their useful lives.
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19.2 - Balance-day adjustments for revenue
The document discusses balance-day adjustments for revenue, including prepaid expenses, accrued expenses, prepaid revenue, and accrued revenue. Prepaid expenses and prepaid revenue refer to items that have been paid or received in advance but not yet used or earned. Accrued expenses and accrued revenue refer to items that have been used or earned but not yet paid or received. The document provides examples of how these adjustments would be recorded on a company's balance sheet at the end of the reporting period.
19.7 Accrued Revenue
Accrued revenue refers to revenue that has been earned but not yet received. For example, if a $500 commission was earned in June but will not be received until July, it would be recorded as accrued revenue on the June 30th balance sheet. This increases both assets and owner's equity on the balance sheet. Then when the $500 payment is received in July, it is recognized as revenue on the income statement for that period. Accrued revenue meets the definitions of both an asset and revenue for accounting purposes.
19.4 - The liability approach to prepaid revenue
Fancy Furniture received a $300 prepayment from a customer to produce 3 tables. Under the liability approach to accounting for prepaid revenue:
1. The $300 prepayment is recorded as a liability called "prepaid revenue" when received, rather than revenue, because the revenue has not yet been earned.
2. A liability is appropriate because Fancy Furniture has a present obligation to provide the tables arising from the customer's past payment, and will use future economic resources to fulfill this obligation.
3. The cash receipts journal records the $300 prepayment in the "sundries" column rather than the "sales" column to properly reflect it as a liability until the tables are produced
19.8 Recording Accrued Revenue
A small business invested $10,000 at 12% interest for one year, from January 1, 2015 to December 31, 2015. By the end of the business's reporting period on June 30, the business had accrued $600 in interest revenue even though it would not receive payment until maturity. The business must recognize the $600 as both an asset and revenue for the period. When payment is received on December 31, the business will receive $1,200 total which includes the $600 accrued interest from the first period and $600 in new interest earned from July to December.
14.6 Accounting for Accrued Expenses
The document discusses accounting for accrued expenses. It provides an example of a firm that accrued $900 for unpaid December telephone expenses. A journal entry is made on December 31st to record this as an expense and current liability. In January, the firm pays $2,090 for the December and January phone bills. This payment is recorded by debiting various expense accounts and crediting cash. The accrued amount reduces the current liability account.
17.7 Procedure for asset disposal
The document outlines the procedure for asset disposal in accounting. It states that two new accounts, "Profit on Disposal of Asset" and "Loss on Disposal of Asset" are required to record a disposal. It then provides an example of a laptop disposal, where the laptop was sold for less than its carrying value, resulting in a $300 loss. It explains that a temporary "Disposal of Asset" account is used to transfer balances from the asset, accumulated depreciation, and cash accounts, and any profit or loss, and then closed at the end of the day.
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Partner investments were recorded with a journal entry showing Levy contributed $30,000 cash and $80,000 land, while Parcells contributed $50,000 cash and $20,000 equipment. Brookhaven Publishing recorded a $50,000 salary expense in February with journal entries to deduct payroll taxes, income tax withholdings, and record the company's payroll tax expenses. Visconti's recorded several short-term borrowing and liability transactions in December with journal entries, including notes payable, wages accrual, and warranty liability.
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This document outlines the key responsibilities of a company secretary after a meeting. These include:
1. Drafting meeting minutes within 30 days and getting them signed by the chairman.
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You will hear from Liz Willett, the Head of Nonprofits, and hear about what Walmart is doing to help nonprofits, including Walmart Business and Spark Good. Walmart Business+ is a new offer for nonprofits that offers discounts and also streamlines nonprofits order and expense tracking, saving time and money.
The webinar may also give some examples on how nonprofits can best leverage Walmart Business+.
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Walmart Business + (https://business.walmart.com/plus) is a new shopping experience for nonprofits, schools, and local business customers that connects an exclusive online shopping experience to stores. Benefits include free delivery and shipping, a 'Spend Analytics” feature, special discounts, deals and tax-exempt shopping.
Special TechSoup offer for a free 180 days membership, and up to $150 in discounts on eligible orders.
Spark Good (walmart.com/sparkgood) is a charitable platform that enables nonprofits to receive donations directly from customers and associates.
Answers about how you can do more with Walmart!"
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Mule event processing models | MuleSoft Mysore Meetup #47
Mule event processing models | MuleSoft Mysore Meetup #47
Event Link:- https://meetups.mulesoft.com/events/details/mulesoft-mysore-presents-mule-event-processing-models/
Agenda
● What is event processing in MuleSoft?
● Types of event processing models in Mule 4
● Distinction between the reactive, parallel, blocking & non-blocking processing
For Upcoming Meetups Join Mysore Meetup Group - https://meetups.mulesoft.com/mysore/YouTube:- youtube.com/@mulesoftmysore
Mysore WhatsApp group:- https://chat.whatsapp.com/EhqtHtCC75vCAX7gaO842N
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Shivani Yasaswi - https://www.linkedin.com/in/shivaniyasaswi/
Organizers:-
Shubham Chaurasia - https://www.linkedin.com/in/shubhamchaurasia1/
Giridhar Meka - https://www.linkedin.com/in/giridharmeka
Priya Shaw - https://www.linkedin.com/in/priya-shaw
Chapter wise All Notes of First year Basic Civil Engineering.pptx
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
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19.3 - Prepaid revenue
- 2. © Michael Allison, Trinity Grammar School. Author’s permission required for external use Prepaid Revenue: is revenue received but not yet earned. Example: NovemberOctober 19.3 PREPAID REVENUE Airline earns Revenue by flying customer to destination Customers pays airline $90,000 for flights Balance-Day $80,000 of the flights have been made in October $10,000 of the flights will be made in November
- 3. © Michael Allison, Trinity Grammar School. Author’s permission required for external use Prepaid Revenue: is revenue received but not yet earned. Example: NovemberOctober • There is an inflow of economic benefits – the $80,000 is earned • There is an increase in Assets – the Cash account • There is an increase in Owner’s Equity • There is a present obligation – to provide $10,000 of flights • Arising from a past event– the customers paid in October • There will be an outflow of future economic benefits – the resources required to provide the flights Revenue EARNED Liability UNEARNED 19.3 PREPAID REVENUE Balance-Day
- 4. © Michael Allison, Trinity Grammar School. Author’s permission required for external use NovemberOctober Income Statement for October Revenue $ Airfares sales 80,000 Balance Sheet at 31 October Current Liabilities $ Prepaid airfares revenue 10,000 Revenue EARNED Liability UNEARNED 19.3 PREPAID REVENUE Balance-Day
- 5. © Michael Allison, Trinity Grammar School. Author’s permission required for external use TASK In-class Homework SQ1 X SQ2 X