Chapter 5 Accounting Cycle and Year End 1 Copyright ©2013 by The McGraw-Hill Companies, Inc. All rights reserved.

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Presentation transcript:

Chapter 5 Accounting Cycle and Year End 1 Copyright ©2013 by The McGraw-Hill Companies, Inc. All rights reserved.

Objectives, page 173 Restore data from the Exercise 4-2 backup. Record a compound journal entry. Write checks for expenses. Make deposits. Complete account reconciliation. Print a trial balance (unadjusted). Record and post quarterly adjusting entries in the General Journal. Print adjusted trial balance and financial statements. Close the fiscal year. Print a Postclosing Trial Balance. Make backups of Chapter 5 data.  The chart in the Preface, page xii, shows the file name and size of each backup file. Refer to this chart for backing up data. Remember, you can back up to a hard drive location or external media. 2 Copyright ©2013 by The McGraw-Hill Companies, Inc. All rights reserved.

3 Compound Transactions pages A compound transaction is an entry that affects three or more accounts.

Copyright ©2013 by The McGraw-Hill Companies, Inc. All rights reserved. 4 Write Checks and Check Register pages

Accounting Cycle, page 180 5Copyright ©2013 by The McGraw-Hill Companies, Inc. All rights reserved. QuickBooks Accounting Cycle 1.Set up a company. 2.Record transactions. 3.Post entries automatically. 4.Account Reconciliation. 5.Print the Trial Balance (unadjusted). 6.Record and post adjusting entries. 7.Print the Trial Balance (adjusted). 8.Print the financial statements: balance sheet, profit and loss, cash flow statement. 9.Close the fiscal year. 10.Interpret accounting information.

End-of-Quarter Adjusting Entries pages Copyright ©2013 by The McGraw-Hill Companies, Inc. All rights reserved.

Closing the Fiscal Year and Postclosing Trial Balance, pages Copyright ©2013 by The McGraw-Hill Companies, Inc. All rights reserved. The postclosing trial balance is shown on page 192.

Summary and Review pages Each chapter ends with the following summary and review material: o Resourceful QuickBooks includes going online to You can link to videos from this web site. o Multiple choice questions, True/Make True or Short Answer, and the Analysis questions are online at Your instructor mail want you to take these online tests or the QA Templates. o End-of-chapter exercises must be completed. The company data accumulates in Chapters 1 through 6. 8 Copyright ©2013 by The McGraw-Hill Companies, Inc. All rights reserved.