The Accounting Cycleoruaccounting.com/acct/prin1/WorksheetLecture.pdfThe Accounting Cycle 1....
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The Accounting Cycle Chapters 4 and 3
Transcript of The Accounting Cycleoruaccounting.com/acct/prin1/WorksheetLecture.pdfThe Accounting Cycle 1....
The Accounting CycleChapters 4 and 3
Accumulate ...
Accumulate ...
Communicate!
Business Transactions
Source Documents
Analyzed
Journalized
Posted
The Accounting Cycle1. 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 Cycle1. 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.
Chapters 1 & 2
The Accounting Cycle1. 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.
Today
The Accounting Cycle1. 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 Cycle1. 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 170.00Insurance expired 700.00Depreciation for period 1,919.00Wages accrued 1,025.00
Adjusting Entry
Supplies
Adjusting Entry
Supplies
Beg. Bal.
Adjusting Entry
Supplies
Beg. Bal.+ Purchases
Adjusting Entry
Supplies
Beg. Bal.+ Purchases
mixed
Adjusting Entry
Supplies
Beg. Bal.+ Purchases used used
Supplies Expense
Adjusting Entry
Supplies
Beg. Bal.+ Purchases used used
Supplies Expense
Bal. = EI
ADDITIONAL INFORMATION:Supplies on hand 170.00Insurance expired 700.00Depreciation for period 1,919.00Wages accrued 1,025.00
Adjusting Entry
Supplies
BB 970 used? used?
Supplies Expense
B = 170
ADDITIONAL INFORMATION:Supplies on hand 170.00Insurance expired 700.00Depreciation for period 1,919.00Wages 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
Beg. Bal.+ Prem Pd expired
Insurance Expense
expired
Adjusting Entry
Prepaid Insurance
Beg. Bal.+ Prem Pd expired
Insurance Expense
B = unexpired
expired
ADDITIONAL INFORMATION:Supplies on hand 170.00Insurance expired 700.00Depreciation for period 1,919.00Wages accrued 1,025.00
Adjusting Entry
Prepaid Insurance
1,800 expired
Insurance Expense
B = unexpired
expired
$1,100 ??$ 700 ??
ADDITIONAL INFORMATION:Supplies on hand 170.00Insurance EXPIRED 700.00Depreciation for period 1,919.00Wages accrued 1,025.00
ADDITIONAL INFORMATION:Supplies on hand 170.00Insurance expired 700.00Depreciation for period 1,919.00Wages accrued 1,025.00
Adjusting Entry
Equipment
cost
Adjusting Entry
Equipment
cost
Depr. Expense
X
Adjusting Entry
Equipment
costAcc. Depr.
Depr. Expense
X
X
Adjusting Entry
Equipment
costAcc. Depr.
Depr. Expense
X
X
contra
Adjusting Entry
Equipment
costAcc. Depr.
Depr. Expense
X
X
Adjusting Entry
Equipment
costAcc. Depr.
Depr. Expense
Equipment Acc. Depr.
X
X
Adjusting Entry
Equipment
costAcc. Depr.
Depr. Expense
Equipment Acc. Depr.= Book Value
X
X
ADDITIONAL INFORMATION:Supplies on hand 170.00Insurance expired 700.00Depreciation for period 1,919.00Wages accrued 1,025.00
I.II.
ADDITIONAL INFORMATION:Supplies on hand 170.00Insurance expired 700.00Depreciation for period 1,919.00Wages accrued 1,025.00
Consider this...
Consider this...
Consider this...
Consider this...
expense
Consider this...
expense
accrual
ADDITIONAL INFORMATION:Supplies on hand 170.00Insurance expired 700.00Depreciation for period 1,919.00Wages accrued 1,025.00
Totals
+
+ =
+ =
Totals
??
?
??
?
Learn to Classify Accounts
P 5 ways: A, L, C(OE), R, EP 2 ways: B.S. or I.S.P 2 ways: real or nominal
Learn to Classify Accounts
P 5 ways: A, L, C(OE), R, EP 2 ways: B.S. or I.S.P 2 ways: real or nominal
2 ways:
The Accounting Cycle1. 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.
