Chapter 11: Completing Quarterly Activities and Closing the Fiscal Year
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1 Chapter 11: Completing Quarterly Activities and Closing the Fiscal Year McGraw-Hill/Irwin Copyright 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
2 Completing Quarterly Activities and Closing the Fiscal Year Chapters 9, 10 and 11 work together. In Chapter 11, you continue recording financial information for Mark Foltz Designer. You complete the Computer Accounting Cycle for November and December. Mr. Foltz s transaction registers and bank statements are used as source documents. At the end of December, which is also the end of the fourth quarter, you complete adjusting entries, print financial statements, and close the fiscal year. 11-2
3 PCA s Computer Accounting Cycle, p Change accounting periods. 2. Journalize entries. PCA's Computer Accounting Cycle 3. Post entries to the General Ledger. 4. Account Reconciliation. 5. Print the General Ledger Trial Balance (unadjusted). 6. Journalize and post adjusting entries. 7. Print the General Ledger Trial Balance (adjusted). 8. Print the financial statements: Balance Sheet, Income Statement, Statement of Cash Flow, and Statement of Retained Earnings. 9. Close the fiscal year. 10. Interpret accounting information. 11-3
4 Peachtree Tips You must complete Chapters 9 and 10 before starting Chapter 11. To check that you have completed Chapter 10, display Mark Foltz Designer s general ledger trial balance. Compare it to the one shown on page 347. This is the trial balance at the end of October. If any of the account balances are incorrect on the general ledger trial balance, follow the steps for Editing Journal Entries on page 346. Then, reprint the trial balance. 11-4
5 Peachtree Tips (concluded) If you do not get the correct year-to-date amounts on the Income Statement (pages 373 and 390) and Statement of Cash Flow (page 392), you probably set your chart of accounts beginning balances in Chapter 9 incorrectly (refer to steps 1-8, pages , Entering Chart of Accounts Beginning Balances). The Select Period window, From 9/1/12 through 9/30/12, is shown on page 304 below step 3. To check that your beginning balances were set up correctly, display the September 30, 2012 balance sheet (refer to pages ). 11-5
6 Backing Up Chapter 11 The chart below shows the size of the backups made in Chapter 11. Refer to textbook pp for sizes of backups (.ptb), Excel files (.xlsx), and Adobe (.pdf) files in Part 2-Chapters 9, 10, 11 and Project 1. Peachtree Backup (.ptb) Excel (.xlsx) and Adobe (.pdf) Kilobytes Pages Chapter 11 November.ptb 1,010 KB Chapter 11 December UTB.ptb 1,011 KB Chapter 11 December.ptb 1,017 KB Chapter 11_Adjusted Trial Balance and Financial Statements.xlsx 30 KB Chapter 11_Adjusted Trial Balance.pdf 38 KB 394 Chapter 11_December Balance Sheet.pdf 5 KB 394 Chapter 11_December Income Statement.pdf 6 KB 394 Chapter 11_December Statement of Cash Flow.pdf 5 KB
7 Backing Up Chapter 11 (continued) Peachtree Backup (.ptb) Excel (.xlsx) and Adobe (.pdf) Kilobytes Pages Chapter 11_December Statement of Retained Earnings.pdf 4 KB 394 Chapter 11 EOY.ptb 1,026 KB Chapter 11_Postclosing Trial Balance.xlsx 12 KB 401 Chapter 11_Postclosing Trial Balance.pdf 51 KB 401 Asset depreciation.xlsx (Going to the Net) 14 KB 402 Exercise 11-1.ptb 973 KB 406 Exercise 11-2_Unadjusted Trial Balance.ptb 1,008 KB 408 Exercise 11-2 Financial Statements.ptb 1,011 KB 409 Exercise 11-2_Adjusted Trial Balance and Financial Statements.xlsx 29 KB 409 Exercise 11-2_Adjusted Trial Balance.pdf 53 KB 409 Exercise 11-2_Balance Sheet.pdf 5 KB
8 Backing Up Chapter 11 (concluded) Peachtree Backup (.ptb) Excel (.xlsx) and Adobe (.pdf) Kilobytes Pages Exercise 11-2_Income Statement.pdf 6 KB 409 Exercise 11-2_Statement of Cash Flow.pdf 5 KB 409 Exercise 11-2_Statement of Retained Earnings.pdf 4 KB 409 Exercise 11-2 End of Year.ptb 1,020 KB 409 Exercise 11-2_Postclosing Trial Balance.xlsx 12 KB 409 Exercise 11-2_Postclosing Trial Balance.pdf 50 KB
9 Change accounting periods, pp Click on Tasks, then System. From the System menu, select Change Accounting Period. Select 11-Nov 01, 2012 to Nov 30, The Change Accounting Period window is shown on p Click on <OK>. Click on <No> at the window prompt. The toolbar shows. 11-9
10 Data File Statistics, pp From the menu bar, click Help, Customer Support and Service, then select File Statistics. The File Statistics window shows the shortened name for the company. If you used your first and last name Designer, your shortened company name will differ. The Data File Statistics window is shown on page 376. Click OK to close the Data File Statistics window. The shortened company name that Peachtree assigns is made from the first three letters in the first word, the first three letters in the second word, and two letters from the third word
11 Glossary of Terms Chapter
12 General Ledger System, pp The complete collection of accounts (chart of accounts) of a company, transactions associated with these accounts, and account balances for a specified period of time. In Peachtree, the General Ledger System is the combination of all journal entries that have been shown on the company s financial statements
13 Unearned revenue, p. 386 Unearned revenue is a liability account used to report advance collections from customers or clients
14 Going to the Net, p. 402 Access the asset depreciation schedule at (Hint: You may need to copy/paste the website address into your browser. Excel 2000 or later is required.) Click. Save the asset depreciation schedule. An Asset Depreciation worksheet appears. Complete the following fields. Press <Enter> to move between fields. Date: 1/1/2006 Initial cost: 7000 Salvage value: 0 Useful life (years) 7 Click on Asset Depreciation. Type Furniture to replace it. From Excel s menu bar, make the selections to Print. Save. The suggested file name is Asset depreciation.xls. (The default is an.xls file.) What depreciation methods are shown? Close Excel; close Internet Explorer
15 Analysis Questions, p When using Peachtree, why is it important to change accounting periods? (Hint: Do a search on Peachtree s Help window for Change Accounting Period.) Accounting Periods define segments of your fiscal year. Peachtree permits you to operate within two open fiscal years. The Change Accounting Period window serves two purposes. First, it informs you of your company's current fiscal year and payroll tax year setup. Second, this window permits you to move to an alternate accounting period. Typically, you'll do this at the beginning of each new accounting period
16 Analysis Questions, p Does the balance in retained earnings differ on the adjusted trial balance and the postclosing trial balance? 3. How does the postclosing trial balance differ from the adjusted trial balance? (Answer to #2 and #3 below) The adjusted trial balance shows all accounts in the general ledger that have account balances. This includes the revenue and expense accounts. Since the revenue and expense accounts have not been closed, there is no balance in Account No. 3910, Retained Earnings, on the adjusted trial balance. At the end of the fiscal year, the temporary owner s equity accounts (revenues, expenses, and drawing) are closed to a permanent owner s equity account. In Peachtree, there are two permanent owner s equity accounts: the owner s capital account and the Retained Earnings account. Peachtree closes the temporary accounts to the Retained Earnings account. After the fiscal year is closed, a postclosing trial balance is printed. Only permanent accounts appear on the postclosing trial balance. All temporary accounts (revenues and expenses) have been closed. The postclosing trial balance shows a balance in Account No. 3910, Retained Earnings. The retained earnings account balance is net income minus the account balance in the drawing account. The Retained Earnings balance on the postclosing trial balance agrees with Peachtree s Statement of Retained earnings
17 Assessment Rubric, p. 410 Task Date Navigation Center December bank reconciliation Mark Foltz Designer Dec. 31, 2012 Banking; Reconcile Accounts, Select Account No. 1020, Checking Account Task Window Account Reconciliation Ending GL Balance $18,
18 Online Learning Center Go online to for additional resources. Link to Student Edition, select Chapter 11. o o o o o o o Interactive Testing Glossary of Terms Feature Quizzes PowerPoints Assessment Rubric Going to the Net QA Templates 11-18
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