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JOURNAL ENTRIES



* UM-CAC has just switched from cash to accrual accounting?


* Adjusting entries must be made at the end of each month to reconcile accounts.



1. To accrue a "delayed income."

A "delayed Income" is income that arrives in an accounting period after it is
earned. Offsetting postings are used to record it when it is earned so reports
will reflect more accurately the financial shape of the business.


* Debit contracts receivable


* Credit delayed income category's income account

2. List Other adjusting entries needed regularly or occasionally here.

Other adjusting entries should be made at the discretion of the Executive Director
and Treasurer, or the auditor for year-end reconciliation.

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Uptown Multi-Cultural Art Center (UM-CAC). Click here for contact Info or to E-mail UM-CAC at umcac@art-teez.org click here. Ph.773/561-7676

Peachtree tutorial Introduction Peachtree Accounting illustrated ART-ACT Art Peachtree Accounting illustrated SPW Art Peachtree Accounting illustrated Art Gallery Peachtree Accounting illustrated Web School Peachtree Accounting illustrated Support Us
NEXT PAGE Peachtree Accounting illustrated Previous Page Peachtree Accounting illustrated Income/Expense Stm. Peachtree Accounting illustrated Att. Gen. Report Peachtree Accounting illustrated T-shirts Sold