1 Chapter 8 Adjustments for Merchandizing Business: 商业企业会计调整.

Slides:

Advertisements

Similar presentations

The Accounting Cycle Accruals and Deferrals

Advertisements

Financial and Managerial Accounting Wild, Shaw, and Chiappetta Fourth Edition Wild, Shaw, and Chiappetta Fourth Edition McGraw-Hill/Irwin Copyright © 2011.

Review of the Accounting Process INTERMEDIATE ACCOUNTING I CHAPTER 2 This presentation is under development.

Adjusting Accounts and Preparing Financial Statements

Adjusting the Accounts

McGraw-Hill/Irwin Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved. The Accounting Cycle: Accruals and Deferrals Chapter 4.

© The McGraw-Hill Companies, Inc., 2008 McGraw-Hill/Irwin 4-1 The Accounting Cycle Accruals and Deferrals Chapter 4.

© The McGraw-Hill Companies, Inc., 2008 McGraw-Hill/Irwin 4-1 The Accounting Cycle Accruals and Deferrals Chapter 4.

© The McGraw-Hill Companies, Inc., 2008 McGraw-Hill/Irwin The Accounting Cycle Accruals and Deferrals Chapter 4.

McGraw-Hill/Irwin Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. 4-1 Chapter Four: The Accounting Cycle: Accruals and Deferrals.

THE ACCOUNTING CYCLE: Accruals and Prepayments

The Adjusting Process ACG 2021 Chapter 3.

Chapter 3 Accounting Information System The Basics of Financial Accounting.

Chapter Twelve Work Sheet and Adjusting Entries. Copyright © Houghton Mifflin Company. All rights reserved Performance Objectives 1.Prepare an.

Question Answer Accounting I Debits & Credits Analyzing.

ADJUSTMENTS. Remember Financial statements should always be … ACCURATE TIMELY UNDERSTANDABLE To make Decisions.

Review of the Accounting Process

Review of the Accounting Process

Review of the Accounting Process

Chapter 3  Completing the Accounting Cycle. Chapter 3Mugan-Akman Accounting Cycle Analyze and record the transactions Post the transactions.

Chapter 3  Completing the Accounting Cycle. Chapter 3Mugan-Akman Accounting Cycle Analyze and record the transactions Post the transactions and.

3 The Adjusting Process Accounting 26e C H A P T E R Warren Reeve

Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Slide 2-1 Chapter Two Review of the Accounting Process.

Adjusting Entries Adjusting Entries bring certain account balances up to date at the end of the accounting period. Adjusting Entries are made after preparing.

Chapter 8! The Accounting Cycle Work Sheet and Adjusting Process Unit 3 Test (cover chapter 6, 7 and 8, but we will cover only some portion of chapter.

3 Adjusting Accounts for Financial Statements CHAPTER.

Financial and Managerial Accounting Wild, Shaw, and Chiappetta Fifth Edition Wild, Shaw, and Chiappetta Fifth Edition McGraw-Hill/Irwin Copyright © 2013.

© The McGraw-Hill Companies, Inc., 2003 McGraw-Hill/Irwin Slide Reporting and Preparing Financial Statements.

Chapter 3 Preparing Financial Statements Annually 12 Monthly Quarterly Semiannually The Accounting Period Jan FebMar Apr MayJunJulAugSepOctNovDec.

Financial and Managerial Accounting Wild, Shaw, and Chiappetta Fifth Edition Wild, Shaw, and Chiappetta Fifth Edition McGraw-Hill/Irwin Copyright © 2013.

Financial Accounting John J. Wild Sixth Edition John J. Wild Sixth Edition McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights.

Learning Objective 1 Adjustments: prepaid rent, office supplies, depreciation on equipment, and accrued salaries © 2010 Prentice Hall Business Publishing,

Adjusting Accounts and Preparing Statements

Worksheet for a Merchandising Business

Keyterms Journal Entries Closing Entries Normal Balance Accounting Cycle

CHAPTER TWENTY ONE WORKSHEET ADJUSTMENTS McGraw-Hill/Irwin Accounting Fundamentals, 7/e © 2006 The McGraw-Hill Companies, Inc., All Rights Reserved.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1 Recording Adjusting Entries.

© The McGraw-Hill Companies, Inc., 2008 McGraw-Hill/Irwin Chapter 3 Adjusting Accounts and Preparing Financial Statements.

Adjusting Accounts & Preparing Financial Statements

ACCOUNTING 2 CH. 2. ADJUSTMENTS Adjustments transfer the cost of “used up” assets to expense accounts. Adjustments for changes in merchandise inventory.

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

Chapter 3 Lecture 06. Lecture Review Transactions Rules of Debit and Credit Journalizing Posting into Ledgers Balancing the Ledger Accounts Errors Correction.

ACTG 3110 Chapter 3 – The Accounting Information System.

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

Review of the Accounting Process

Accounting Theory.  Accounting Period Cycle ◦ Preparing financial statements at the end of each fiscal period  Adjusting Entries ◦ Journal entries recorded.

© 2010 Prentice Hall Business Publishing, College Accounting: A Practical Approach, 11e by Slater The Accounting Cycle Continued Chapter 4.

CHAPTER 16 Worksheet for a Merchandising Business.

Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 13 Merchandiser’s Adjustments and Trial Balance.

© The McGraw-Hill Companies, Inc., 2003 McGraw-Hill/Irwin Slide 4-1 THE ACCOUNTING CYCLE: Accruals and Deferrals Chapter 4.

© The McGraw-Hill Companies, Inc., 2009 McGraw-Hill/Irwin Chapter 3 Adjusting Accounts and Preparing Financial Statements.

0 Glencoe Accounting Unit 4 Chapter 18 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Unit 4 The Accounting Cycle for a Merchandising.

Financial Accounting John J. Wild Seventh Edition John J. Wild Seventh Edition Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction.

© The McGraw-Hill Companies, Inc., 2003 McGraw-Hill/Irwin Slide 4-1 THE ACCOUNTING CYCLE: ภาคจบ Chapter 5.

Financial Accounting Chapter 4. Adjustments, Financial Statements, and the Quality of Earnings.

Review of a Company’s Accounting System C hapter 3.

调整分录. Prior PeriodsCurrent PeriodFuture Periods Transaction Paid cash in advance of incurring expense (creates an asset). Transaction Paid cash in advance.

Financial Accounting Fundamentals John J. Wild Third Edition John J. Wild Third Edition McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies,

Financial and Managerial Accounting

LESSON 8-1 Recording Adjusting Entries

LESSON 8-1 Recording Adjusting Entries

Adjusting Accounts and Preparing Financial Statements

Recording Adjusting and Closing Entries

The Accounting Cycle: Step 9

Completion of the Accounting Cycle for a Merchandise Company

Unit 4 The Accounting Cycle for a Merchandising Corporation

Recording Adjusting and Closing Entries

Chapter 3 The Adjusting Process Student Version

Preparing a Worksheet for a Merchandise Company

Presentation transcript:

1 Chapter 8 Adjustments for Merchandizing Business: 商业企业会计调整

2 The Accounting Cycle Journalize transactions. Post entries to the ledger accounts. Prepare trial balance. Make end-of- year adjustments. Prepare adjusted trial balance. Prepare financial statements. Prepare after closing trial balance. Journalize and post closing entries.

3 An adjusting entry is recorded to bring an asset or liability account balance to its proper amount. Adjusting Accounts Prepaid insurance Prepaid insurance adjustment Unearned revenue Unearned revenue Depreciation Supplies Merchandize Inventory Merchandize Inventory

4 Periodic inventory method 定期盘存制 Expense Account Merchandize inventory Adjusting (ending inventory) adjusting Adjusting (ending inventory) Purchase amount in This period

5 Adjustment for merchandize inventory A merchandizing business must make adjustment for inventory account when using periodic method to record the inventory.

6 Computing Cost of Goods Sold in Periodic Inventory System The accounting records of Party Supply show the following: Inventory, Jan. 1, 2003 $ 14,000 Purchases (during 2003) 130,000 The accounting records of Party Supply show the following: Inventory, Jan. 1, 2003 $ 14,000 Purchases (during 2003) 130,000 At December 31, 2003, Party Supply counted the merchandise on hand at $12,000. Calculate Party Supply’s cost of goods sold for 2003.

7 Computing Cost of Goods Sold in Periodic Inventory System Cost of Goods Sold can be calculated as follows:

8 Periodic inventory method 定期盘存制 Cost of Good Sold 12/ / Merchandise inventory 12/ / / adjusting closing Purchases 1/ / / adjusting

9 Periodic inventory method 定期盘存制 Income Summary 12/ / Merchandise inventory 12/ / / adjusting closing Purchases 1/ / / adjusting

10 Periodic inventory method 定期盘存制 Income Summary Merchandise inventory Adjusting (beginning inventory) Beginning balance Adjusting (ending inventory) adjusting Adjusting (ending inventory) Purchases Adjusting (beginning inventory) Purchase amount in This period purchase (Inventory bought in this period) closing Step 1 Step 2

11 Creating Cost of Goods Sold in Periodic Inventory System adjust beginning balance of inventory to income summary

12 Creating Cost of Goods Sold in Periodic Inventory System Now, Party Supply must record the ending inventory amount.

13 An item is “material” if knowledge of the item might reasonably influence the decisions of users of financial statements. Supplies Lightbulbs The Materiality Principle ( 重要性原则）

14 Adjusting Supplies On December 1, 2001, Scott Company paid $1,500 yuan worth of supplies for cash,

15 Adjusting Supplies On December 31, 2001, Scott Company take a physical count of the supplies and found that there were 500 yuan worth of supplies left. The adjusting journal entry ($1000) needed on December 31, 2001 is shown below.

16 Adjusting Supplies After posting, the accounts involved look like this: Office supplies Office Supplies expense 12/1 $15,00 12/31 $1,000

17 Prior PeriodsCurrent PeriodFuture Periods Transaction Collected from customers in advance (creates a liability). Transaction Collected from customers in advance (creates a liability). End of Current Period Adjusting Entry  Recognize portion earned as revenue, and  Reduce balance of liability account. Adjusting Entry  Recognize portion earned as revenue, and  Reduce balance of liability account. Converting Liabilities to Revenue -- Adjustment for Unearned Revenue

18 Buy your season tickets for all home basketball games NOW! “Go Big Blue” Adjusting Unearned Revenue (liability) Cash received in advance for providing products or services. Unearned revenue (liability) Revenue Unadjusted Balance Credit Adjustment Debit Adjustment

19 The Accounting Cycle Journalize transactions. Post entries to the ledger accounts. Prepare trial balance. Make end-of- year adjustments. Prepare adjusted trial balance. Prepare financial statements. Prepare after closing trial balance. Journalize and post closing entries.

20 Assignment Problem 3 on page 207

21 End of Chapter 8 8