The Accounting Cycle. Chapters 4 and 3
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1 The Accounting Cycle Chapters 4 and 3
2 Accumulate...
3 Accumulate... Communicate!
4 Business Transactions Source Documents Analyzed Journalized Posted
5 The Accounting Cycle 1. Business transactions create source documents. 2. Transactions are analyzed, 3. Journalized, and posted to the ledger. 4. A trial balance is prepared. 5. Data needed to adjust the accounts are assembled. 6. A work sheet is prepared. 7. The financial statements are prepared. 8. Adjusting entries are journalized and posted. 9. Closing entries are journalized and posted. 10. A post-closing trial balance is prepared.
6 The Accounting Cycle 1. Business transactions create source documents. 2. Transactions are analyzed, 3. Journalized, and posted to the ledger. Chapters 1 & 2 4. A trial balance is prepared. 5. Data needed to adjust the accounts are assembled. 6. A work sheet is prepared. 7. The financial statements are prepared. 8. Adjusting entries are journalized and posted. 9. Closing entries are journalized and posted. 10.A post-closing trial balance is prepared.
7 The Accounting Cycle 1. Business transactions create source documents. 2. Transactions are analyzed, 3. Journalized, and posted to the ledger. 4. A trial balance is prepared. 5. Data needed to adjust the accounts are assembled. 6. A work sheet is prepared. Today 7. The financial statements are prepared. 8. Adjusting entries are journalized and posted. 9. Closing entries are journalized and posted. 10.A post-closing trial balance is prepared.
8 The Accounting Cycle 1. Business transactions create source documents. 2. Transactions are analyzed, 3. Journalized, and posted to the ledger. 4. A trial balance is prepared. 5. Data needed to adjust the accounts are assembled. 6. A work sheet is prepared. 7. The financial statements are prepared. 8. Adjusting entries are journalized and posted. 9. Closing entries are journalized and posted. 10.A post-closing trial balance is prepared. Homework
9 The Accounting Cycle 1. Business transactions create source documents. 2. Transactions are analyzed, 3. Journalized, and posted to the ledger. 4. A trial balance is prepared. 5. Data needed to adjust the accounts are assembled. 6. A work sheet is prepared. 7. The financial statements are prepared. 8. Adjusting entries are journalized and posted. 9. Closing entries are journalized and posted. 10.A post-closing trial balance is prepared. 1st Discussion
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13 ADDITIONAL INFORMATION: Supplies on hand Insurance expired Depreciation for period 1, Wages accrued 1,025.00
14 Supplies Adjusting Entry
15 Adjusting Entry Beg. Bal. Supplies
16 Adjusting Entry Beg. Bal. + Purchases Supplies
17 Adjusting Entry Beg. Bal. + Purchases Supplies mixed
18 Adjusting Entry Supplies Supplies Expense Beg. Bal. + Purchases used used
19 Adjusting Entry Supplies Supplies Expense Beg. Bal. + Purchases used used Bal. = EI
20 ADDITIONAL INFORMATION: Supplies on hand Insurance expired Depreciation for period 1, Wages accrued 1,025.00
21 Adjusting Entry Supplies Supplies Expense BB 970 used? used? B = 170
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23 ADDITIONAL INFORMATION: Supplies on hand Insurance expired Depreciation for period 1, Wages accrued 1,025.00
24 Adjusting Entry Prepaid Insurance Beg. Bal. + Prem Pd
25 Adjusting Entry Prepaid Insurance Beg. Bal. + Prem Pd mixed
26 Adjusting Entry Prepaid Insurance Insurance Expense Beg. Bal. + Prem Pd expired expired
27 Adjusting Entry Prepaid Insurance Insurance Expense Beg. Bal. + Prem Pd expired expired B = unexpired
28 ADDITIONAL INFORMATION: Supplies on hand Insurance expired Depreciation for period 1, Wages accrued 1,025.00
29 Adjusting Entry Prepaid Insurance Insurance Expense 1,800 expired expired B = unexpired $1,100?? $ 700??
30 ADDITIONAL INFORMATION: Supplies on hand Insurance EXPIRED Depreciation for period 1, Wages accrued 1,025.00
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32 ADDITIONAL INFORMATION: Supplies on hand Insurance expired Depreciation for period 1, Wages accrued 1,025.00
33 Adjusting Entry cost Equipment
34 Adjusting Entry cost Equipment Depr. Expense X
35 Adjusting Entry Equipment Depr. Expense cost Acc. Depr. X X
36 Adjusting Entry Equipment Depr. Expense cost Acc. Depr. X contra X
37 Adjusting Entry Equipment Depr. Expense cost Acc. Depr. X X
38 Adjusting Entry Equipment Depr. Expense cost Acc. Depr. X X Equipment Acc. Depr.
39 Adjusting Entry Equipment Depr. Expense cost Acc. Depr. X X Equipment Acc. Depr. = Book Value
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41 ADDITIONAL INFORMATION: Supplies on hand I Insurance expired Depreciation for period 1, Wages accrued 1, II.
42 ADDITIONAL INFORMATION: Supplies on hand Insurance expired Depreciation for period 1, Wages accrued 1,025.00
43 Consider this...
44 Consider this...
45 Consider this...
46 Consider this... expense
47 Consider this... expense accrual
48 ADDITIONAL INFORMATION: Supplies on hand Insurance expired Depreciation for period 1, Wages accrued 1,025.00
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50 Totals
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72 Totals
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78 Learn to Classify Accounts P 5 ways: A, L, C(OE), R, E P 2 ways: B.S. or I.S. P 2 ways: real or nominal
79 Learn to Classify Accounts P 5 ways: P 2 ways: A, L, C(OE), R, E B.S. or I.S. P 2 ways: real or nominal
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109 The Accounting Cycle 1. Business transactions create source documents. 2. Transactions are analyzed, 3. Journalized, and posted to the ledger. 4. A trial balance is prepared. 5. Data needed to adjust the accounts are assembled. 6. A work sheet is prepared. 7. The financial statements are prepared. 8. Adjusting entries are journalized and posted. 9. Closing entries are journalized and posted. 10. A post-closing trial balance is prepared.
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Assignment 6: Adjusting Journal Entries and
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