The Accounting Cycle. Chapters 4 and 3

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Transcription:

The Accounting Cycle Chapters 4 and 3

Accumulate...

Accumulate... Communicate!

Business Transactions Source Documents Analyzed Journalized Posted

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.

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.

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.

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

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

ADDITIONAL INFORMATION: Supplies on hand 170.00 Insurance expired 700.00 Depreciation for period 1,919.00 Wages accrued 1,025.00

Supplies Adjusting Entry

Adjusting Entry Beg. Bal. Supplies

Adjusting Entry Beg. Bal. + Purchases Supplies

Adjusting Entry Beg. Bal. + Purchases Supplies mixed

Adjusting Entry Supplies Supplies Expense Beg. Bal. + Purchases used used

Adjusting Entry Supplies Supplies Expense Beg. Bal. + Purchases used used Bal. = EI

ADDITIONAL INFORMATION: Supplies on hand 170.00 Insurance expired 700.00 Depreciation for period 1,919.00 Wages accrued 1,025.00

Adjusting Entry Supplies Supplies Expense BB 970 used? used? B = 170

ADDITIONAL INFORMATION: Supplies on hand 170.00 Insurance expired 700.00 Depreciation for period 1,919.00 Wages accrued 1,025.00

Adjusting Entry Prepaid Insurance Beg. Bal. + Prem Pd

Adjusting Entry Prepaid Insurance Beg. Bal. + Prem Pd mixed

Adjusting Entry Prepaid Insurance Insurance Expense Beg. Bal. + Prem Pd expired expired

Adjusting Entry Prepaid Insurance Insurance Expense Beg. Bal. + Prem Pd expired expired B = unexpired

ADDITIONAL INFORMATION: Supplies on hand 170.00 Insurance expired 700.00 Depreciation for period 1,919.00 Wages accrued 1,025.00

Adjusting Entry Prepaid Insurance Insurance Expense 1,800 expired expired B = unexpired $1,100?? $ 700??

ADDITIONAL INFORMATION: Supplies on hand 170.00 Insurance EXPIRED 700.00 Depreciation for period 1,919.00 Wages accrued 1,025.00

ADDITIONAL INFORMATION: Supplies on hand 170.00 Insurance expired 700.00 Depreciation for period 1,919.00 Wages accrued 1,025.00

Adjusting Entry cost Equipment

Adjusting Entry cost Equipment Depr. Expense X

Adjusting Entry Equipment Depr. Expense cost Acc. Depr. X X

Adjusting Entry Equipment Depr. Expense cost Acc. Depr. X contra X

Adjusting Entry Equipment Depr. Expense cost Acc. Depr. X X

Adjusting Entry Equipment Depr. Expense cost Acc. Depr. X X Equipment Acc. Depr.

Adjusting Entry Equipment Depr. Expense cost Acc. Depr. X X Equipment Acc. Depr. = Book Value

ADDITIONAL INFORMATION: Supplies on hand I. 170.00 Insurance expired 700.00 Depreciation for period 1,919.00 Wages accrued 1,025.00 II.

ADDITIONAL INFORMATION: Supplies on hand 170.00 Insurance expired 700.00 Depreciation for period 1,919.00 Wages accrued 1,025.00

Consider this...

Consider this...

Consider this...

Consider this... expense

Consider this... expense accrual

ADDITIONAL INFORMATION: Supplies on hand 170.00 Insurance expired 700.00 Depreciation for period 1,919.00 Wages accrued 1,025.00

Totals

+

+ =

+ =

Totals

???

???

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

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

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.