Income statements with adjustments | Accruals and Prepayments | Principles of Accounts | CSEC PoA

This video is the first in a series dealing with preparing income statements with adjustments for trading entities. We take a look at how to deal with accrued and prepaid portions of revenues and expenses in this video. Other videos will examine how to treat with the provision for bad debts and the provision for depreciation. The example in the question does not have a detailed trading section or many expenses so that we can focus on the adjustments at hand. To see how to prepare the trading section of an income statement take a look at this video    • Income statements | How to prepare a Tradi...   To see how to deal with the t-accounts for revenue items including the prepaid or accrued balances check out this video    • CSEC PoA | Revenue accounts | How to prepa...   To see how to deal with t-accounts for expenses including the prepaid or accrued balances check out this video    • CSEC PoA | Expense accounts | How to prepa...   If you have any questions please feel free to leave them in the comments section :-) Follow us on Facebook for FREE solutions to PoA, Maths, and Add Maths past papers. Thanks for watching!