For each of the journal entries below, write a description of the underlying event. Assume that for prepaid expenses original debits are made to an expense account.
Definitions:
Current Asset
An asset that is expected to be converted into cash, sold, or consumed within one year or the operating cycle, whichever is longer.
Accounts Receivable
Funds that customers have yet to pay to a business for the goods or services that have already been provided to them.
Accumulated Depreciation
The total depreciation of an asset up to a single point in time, reflecting its decreased value from wear and tear or obsolescence.
Matching Principle
An accounting principle that dictates that expenses should be recorded in the same period as the revenues they helped to generate.
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