Completing the Accounting Cycle – Part II Chapter 4 1.

Slides:

Advertisements

Similar presentations

Completing the Accounting Cycle

Advertisements

Journalizing Closing Entries

Mr. Belolan. Objectives 1. Explain the purpose of adjusting and closing entries by journalizing and posting several transactions 2. Using the completed.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-1 Recording Adjusting Entries.

Lesson 26-4 (GJ) ADJUSTING ENTRIES Lesson 26-4, page 677.

NETA POWERPOINT PRESENTATIONS TO ACCOMPANY VOLUME 1 Accounting Second Canadian Edition BY WARREN/REEVE/DUCHAC/ELWORTHY/KRISTJANSON/TOBER Adapted by Sheila.

Completing the Accounting Cycle CPA, MBA By Rachelle Agatha, CPA, MBA Slides by Rachelle Agatha, CPA, with excerpts from Warren, Reeve, Duchac.

Completing the Accounting Cycle

Steps in the Accounting Cycle Accounting Kerri Perry.

© 2014 Cengage Learning. All Rights Reserved. Learning Objective © 2014 Cengage Learning. All Rights Reserved. LO5 Prepare a post-closing trial balance.

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO2 Prepare a post-closing trial balance.

Recording Adjusting and Closing Entries for a Service Business Chapter 8, Section 3.

Recording Transactions in a General Journal

Where are we in the Accounting Cycle? 1. Transaction Occurs (Source Document) 2. Transaction Recorded in Journal 3. Journal Entries Posted to the Ledger.

Completing the Accounting Cycle Chapter 4 4-1Copyright ©2014 Pearson Education, Inc. publishing as Prentice Hall.

Completing the Accounting Cycle – Part II Beginning on page 156 Chapter 4 1.

1 4 Completing the Accounting Cycle. 2 After studying this chapter, you should be able to: Completing the Accounting Cycle 1 Describe the flow of accounting.

4 – Completing the Accounting Cycle

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 16-3 Preparing a Post-Closing Trial Balance.

Completing the Accounting Cycle 4. From Transactions to Financial Statements OBJECTIVE 1: Describe the accounting cycle and the role of closing entries.

1 4 Completing the Accounting Cycle Describe the flow of accounting information from the unadjusted trial balance into the adjusted trial balance.

Learning Objective 1 Chapter 4 - Completing the Accounting Cycle Copyright Gayle M. Richardson, CPA.

At the end of the accounting period, the company makes the accounts ready for the next period. Closing the Books SO 2 Explain the process of closing the.

LESSON 16-3 Preparing a Post-Closing Trial Balance

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-3 Preparing a Post-Closing Trial Balance  General ledger accounts after posting.

LESSON 8-3 Preparing a Post-Closing Trial Balance

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-3 Preparing a Post-Closing Trial Balance.

Recording and Adjusting Closing Entries. 2LESSON 8-1 ADJUSTING ENTRY FOR SUPPLIES 1 2 page Write the title of the account credited. Record the.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-3 Preparing a Post-Closing Trial Balance.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-3 Preparing a Post-Closing Trial Balance.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 4-5 End-of-Period Work for a Departmentalized Business.

© 2000 South-Western Educational Publishing POST-CLOSING TRIAL BALANCE Write the heading. 2.Write titles of all general ledger accounts with balances.

Completing the Accounting Cycle

ADJUSTED TRIAL BALANCE

Prepared by: C. Douglas Cloud Professor Emeritus of Accounting Pepperdine University © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned,

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 16-3 Preparing a Post-Closing Trial Balance  Completed general ledger  Post-closing.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-3 Preparing a Post-Closing Trial Balance.

Warren Reeve Duchac Accounting 26e Completing the Accounting Cycle 4 C H A P T E R human/iStock/360/Getty Images.

Accounting Cycle.

Prepared by: C. Douglas Cloud Professor Emeritus of Accounting Pepperdine University © 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned,

© 2015 Cengage Learning. All Rights Reserved. Learning Objectives © 2015 Cengage Learning. All Rights Reserved. LO9Complete end-of-period work for a departmentalized.

Chapter 5 Completion of the Accounting Cycle. Describe the flow of accounting information from the unadjusted trial balance into the adjusted trial balance.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 8-3 Preparing a Post-Closing Trial Balance.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 8-3 Preparing a Post-Closing Trial Balance Original created by M.C. McLaughlin, Thomson/South-Western.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 8-3 Preparing a Post-Closing Trial Balance.

LESSON 8-1 Recording Adjusting Entries

Accounting I Chapter 9 – Recording Adjusting & Closing Entries for a Service Business.

Post-Closing Trial Balance

Completing the Accounting Cycle

Completing the Accounting Cycle

© 2014 Cengage Learning. All Rights Reserved.

POST-CLOSING TRIAL BALANCE

Financial Statements Review

The Accounting cycle Agenda for next Week.

BUSINESS HIGH SCHOOL-ACCOUNTING II

Completing the Accounting Cycle

LESSON 8-3 Preparing a Post-Closing Trial Balance

LESSON 8-3 Preparing a Post-Closing Trial Balance

LESSON 8-3 Preparing a Post-Closing Trial Balance

LESSON 8-2 Preparing a Post-Closing Trial Balance

© 2014 Cengage Learning. All Rights Reserved.

© 2014 Cengage Learning. All Rights Reserved.

LESSON 8-3 Preparing a Post-Closing Trial Balance

LESSON 8-1 Recording Adjusting Entries

© 2014 Cengage Learning. All Rights Reserved.

Completing the Accounting Cycle

© 2014 Cengage Learning. All Rights Reserved.

Completing the Accounting Cycle

LESSON 16-5 Preparing a Post-Closing Trial Balance

LESSON 8-3 Preparing a Post-Closing Trial Balance

Presentation transcript:

Completing the Accounting Cycle – Part II Chapter 4 1

Objective 1 Describe the accounting cycle. 2

The accounting process that begins with analyzing and journalizing transactions and ends with preparing the accounting records for the next period’s transactions is called the accounting cycle. There are ten steps in the accounting cycle. 3

2.Transactions are posted to the ledger. 3.An unadjusted trial balance is prepared. 4.Adjustment data are assembled and analyzed. 5.An optional end-of-period spreadsheet (work sheet) is prepared. 1.Transactions are analyzed and recorded in the journal. (continued) Accounting Cycle 4

7.An adjusted trial balance is prepared. 8.Financial statements are prepared. 9.Closing entries are journalized and posted to the ledger. 10.A post-closing trial balance is prepared. 6.Adjusting entries are journalized and posted to the ledger. Accounting Cycle (continued) 5

From the following list of steps in the accounting cycle, identify what two steps are missing. a.Transactions are analyzed and recorded in the journal. b.Transactions are posted to the ledger. c.Adjustment data are assembled and analyzed. d.An optional end-of-period spreadsheet (work sheet) is prepared. e.Adjusting entries are journalized and posted to the ledger. f.Financial statements are prepared. g.Closing entries are journalized and posted to the ledger. h.A post-closing trial balance is prepared. Example Exercise 4-6 Accounting Cycle 6

The following two steps are missing: (1) the preparation of an unadjusted trial balance and (2) the preparation of the adjusted trial balance. The unadjusted trial balance should be prepared after step (b). The adjusted trial balance should be prepared after step (e). Example Exercise 4-6 (continued) 7

Illustrate the accounting cycle for one period. Objective 2 8

Journal entries for April, Kelly Consulting Exhibit 9 9

Journal entries for April, Kelly Consulting (continued) Exhibit 9 10

Unadjusted Trial Balance, Kelly Consulting Exhibit 10 11

12 End-of-Period Spreadsheet (Work Sheet) Exhibit

Adjusting Entries, Kelly Consulting Exhibit 12 13

Exhibit 13 14

Financial Statements, Kelly ConsultingExhibit 14 15

Financial Statements, Kelly Consulting (continued) Exhibit 14 16

Financial Statements, Kelly Consulting (continued) Exhibit 14 17

Closing Entries, Kelly ConsultingExhibit 15 18

Closing Entries, Kelly ConsultingExhibit 15 19

Ledger, Kelly Consulting Exhibit 17 20

Ledger, Kelly Consulting (continued) Exhibit 17 21

Ledger, Kelly Consulting (continued) Exhibit 17 22

Ledger, Kelly Consulting (continued) Exhibit 17 23

Explain what is meant by the fiscal year and the natural business year. Objective 3 24

The annual accounting period adopted by a business is known as its fiscal year. When a business adopts a fiscal year that ends when business activities have reached the lowest point in its annual operation, such a fiscal year is also called the natural year. 25

Financial History of a Business 26

THE END 27