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

6 Steps. Analyze Journalize Post Adjust Close Prepare

Step 1 Analyze transactions from source documents to decide which account(s) to debit and which account(s) to credit. Instructions: These are embedded graphs. To edit a graph simply double-click anywhere on the graph. When you’re done editing the graph, click outside of the graph to return to PowerPoint. Labels above each column are added in PowerPoint.

Step 2 Instructions: This is an embedded graph. To edit this graph simply double- click anywhere on the graph. When you’re done editing the graph, click outside of the graph to return to PowerPoint. Journalize transactions General Journal Prepaid Rent 400 Cash 400 Tp record rent paid

Step 3 Instructions: This is an embedded graph. To edit this graph simply double- click anywhere on the graph. When you’re done editing the graph, click outside of the graph to return to PowerPoint. Post entries to the ledger and prepare a trial balance General Journal Prepaid Rent 400 Cash 400 Tp record rent paid Ledger

Trial Balance Instructions: This is an embedded table from Microsoft Word. To edit this table you need to have Microsoft Word installed on your computer. You do not need to have Word installed to view the table. To edit this table simply double-click anywhere on the table. When you’re done editing the table, click outside of the table to return to PowerPoint.

Step 4 Instructions: This is an embedded graph. To edit this graph simply double- click anywhere on the graph. When you’re done editing the graph, click outside of the graph to return to PowerPoint. Make end-of-period adjustments and prepare an adjusted trial balance General Journal Prepaid Rent 400 Cash 400 Tp record rent paid Ledger Adjustments Rent Expense 200 Prespaid Rent0 200 To adjust rent.

Adjusted Trial Balance Instructions: This is an embedded table from Microsoft Word. To edit this table you need to have Microsoft Word installed on your computer. You do not need to have Word installed to view the table. To edit this table simply double-click anywhere on the table. When you’re done editing the table, click outside of the table to return to PowerPoint. This is from the GL after the Adjusting Entries have been posted.

Step 5 Instructions: This is an embedded graph. To edit this graph simply double- click anywhere on the graph. When you’re done editing the graph, click outside of the graph to return to PowerPoint. Close the accounts and prepare a post-closing trial balance. General Journal Closing Entries Ledger

Post-Closing Trial Balance Instructions: This is an embedded table from Microsoft Word. To edit this table you need to have Microsoft Word installed on your computer. You do not need to have Word installed to view the table. To edit this table simply double-click anywhere on the table. When you’re done editing the table, click outside of the table to return to PowerPoint.

Step 6 Instructions: This is an embedded graph. To edit this graph simply double- click anywhere on the graph. When you’re done editing the graph, click outside of the graph to return to PowerPoint. Prepare Financial Statements Income Statement Statement of Owner’s Equity Balance Sheet

Summary - 6 steps. Analyze Journalize Post Adjust Close Prepare