Introduction to the Preparation Mini Case # 1 Introduction to the Preparation

Introduction

Questions

Questions

Journal Entries

Beginning Balance from page 175

Notes on Questions Page 175 is the beginning balance should look like slide 6. Journal entries are really focused on in Chapter 4. Slide 5 shows the journal entries which is also found in the mini case. General ledger posting is covered in Chapter 4. Preparing a Trial Balance is covered in Chapter 5. Adjusting entries is covered in Chapter 5. Completing a worksheet is covered in Chapter 5.

Notes on Questions Preparing an Income Statement is covered in Chapter 5. Preparing an Statement of Owner’s Equity is covered in Chapter 5. Preparing an Balance Sheet is covered in Chapter 5. Journalizing and posting adjusting entries is covered in Chapter 5. Journalizing and posting closing entries is covered in Chapter 6. Preparing a post closing trial balance is covered in Chapter 6.

Notes on Questions What was the dollar amount and percentage of the changes? What is the impact to the business from the balance sheet? What was the dollar amount and percentage of the changes? What is the impact to the business from cash and account receivable? Fun Part! What happened? What does it all mean? What should we do differently or more of? Yay financial analysis! ** Only looking for a paragraph or two. Interested to see your opinions.

General Comments Mini case #1 is found at the end of Chapter 6. Worksheets and schedules are found in the second worksheet book. Start as early as possible. My experience is the biggest risk to the grade is running out of time. Spend the most time and effort on the journal entries. If those are correct then normally it flows through to the end of the case. (More likely to get a higher score) Neatness counts but counts for more on Mini Case #2. Erasing and white should be used sparingly.

--This is to show me what you’ve learned so far.-- General Comments If you make too many mistakes or you need to start over there are templates in Canvas under files. Warning: They are not as good as the ones provided in the text. There are places to check your answers in the class syllabus. This can help ensure you are on the right track. If you get stuck contact me or post a class discussion. Don’t forget to journalize and post your adjusting and closing entries. --This is to show me what you’ve learned so far.--