Accounting Methods - TDMaddox

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AccountingMethodsExcelTemplate1.xlsx
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Sheet1

Business Policy Event Cash Accounting Accrual Accounting (GAAP)
180-day financing for customers Goods or services delivered to customer Account title: N/A Account title: Recievable
Account title: NA Account title: service
Customer pays cash after 180 days Account title: Cash Account : Cash
Account title: Service Fees (Revenue) Account title: Accounts Recievble
Payment to equipment suppliers upon delivery of goods Received equipment Account title: Equipment (Expense) Account title Equipment
Account title: Cash (out) Account title Cash
Adjusting entry each accounting period Account title: N/A Account title Depreciation Expense
Account title: N/A Account title Accumulated Depreciation
Prepayment for 2 years of insurance coverage Paid cash for insurance coverage Account title: Insurance (Expense) Account title Pre-paid Ins
Account title: Cash Account title Cash
Adjusting entry each accounting period Account title: N/A Account title Ins Expense
Account title: N/A Account title Salary and Wages Payable
Salary and Wages paid monthly One month’s salaries owed at year-end Account title: N/A Account title Salary and Wages Expense
Account title: N/A Account title Salary and Wages Payable
Payroll checks delivered at beginning of year Account title: Salary and Wages (Expense) Account title Salary and Wages Payable
Account title: Cash Account title Cash