Presentation is loading. Please wait.

Presentation is loading. Please wait.

Lecture 10 Chapter 04 Completing the Accounting Cycle Task Force Image Gallery clip art included in this electronic presentation is used with the permission.

Published byTracey Perkins Modified over 9 years ago

Similar presentations

Presentation on theme: "Lecture 10 Chapter 04 Completing the Accounting Cycle Task Force Image Gallery clip art included in this electronic presentation is used with the permission."— Presentation transcript:

1 Lecture 10 Chapter 04 Completing the Accounting Cycle Task Force Image Gallery clip art included in this electronic presentation is used with the permission of NVTech Inc.

2 Review of Previous Lecture

3 Trial Balance AccountsDrCrDrCrDrCr AdjustmentsAdjusted TB Prepared from the general ledger. Accounts are listed in the following order: assets, liabilities, stockholders’ equity, revenues, and expenses.

4 Trial Balance AccountsDrCrDrCrDrCr AdjustmentsAdjusted TB

5 Adjustments are combined with the trial balance. Account balances are now adjusted. Trial Balance AccountsDrCrDrCrDrCr AdjustmentsAdjusted TB

6 Cash2,065 Accounts Receivable2,220 Supplies2,000 Prepaid Insurance2,400 Land20,000 Office Equipment1,800 Accounts Payable900 Unearned Rent360 Capital Stock25,000 Dividends4,000 Fees Earned16,340 Wages Expense4,275 Rent Expense1,600 Utilities Expense985 Supplies Expense800 Miscellaneous Expense45542,600 Account TitleDebitCreditDebitCreditDebitCredit Adjusted Trial Balance Adjustments Trial Balance Opportunities Inc. Work Sheet For the Two Months Ended December 31, 2010

7

8 Cash2,065 Accounts Receivable2,220 Supplies2,000 Prepaid Insurance2,400 Land20,000 Office Equipment1,800 Accounts Payable900 Unearned Rent360 Capital Stock25,000 Dividends4,000 Fees Earned16,340 Wages Expense4,275 Rent Expense1,600 Utilities Expense985 Supplies Expense800 Miscellaneous Expense45542,600 Account TitleDebitCreditDebitCreditDebitCredit Adjusted Trial Balance Adjustments Trial Balance Opportunities Inc. Work Sheet For the Two Months Ended December 31, 2010 (a) 1,240

9

10 Cash2,065 Accounts Receivable2,220 Supplies2,000(a) 1,240 Prepaid Insurance2,400 Land20,000 Office Equipment1,800 Accounts Payable900 Unearned Rent360 Capital Stock25,000 Dividends4,000 Fees Earned16,340 Wages Expense4,275 Rent Expense1,600 Utilities Expense985 Supplies Expense800(a) 1,240 Miscellaneous Expense45542,600 Account TitleDebitCreditDebitCreditDebitCredit Adjusted Trial Balance Adjustments Trial Balance Opportunities Inc. Work Sheet For the Two Months Ended December 31, 2010 Insurance Expense(b) 100 Accounts are added as needed. (b) 100

11

12 Cash2,065 Accounts Receivable2,220 Supplies2,000(a) 1,240 Prepaid Insurance2,400(b) 100 Land20,000 Office Equipment1,800 Accounts Payable900 Unearned Rent360 Capital Stock25,000 Dividends4,000 Fees Earned16,340 Wages Expense4,275 Rent Expense1,600 Utilities Expense985 Supplies Expense800(a) 1,240 Miscellaneous Expense45542,600 Account TitleDebitCreditDebitCreditDebitCredit Adjusted Trial Balance Adjustments Trial Balance Opportunities Inc. Work Sheet For the Two Months Ended December 31, 2010 Insurance Expense(b) 100 (c) 120 Rent Revenue(c) 120

13

14 Cash2,065 Accounts Receivable2,220 Supplies2,000(a) 1,240 Prepaid Insurance2,400(b) 100 Land20,000 Office Equipment1,800 Accounts Payable900 Unearned Rent360(c) 120 Capital Stock25,000 Dividends4,000 Fees Earned16,340 Wages Expense4,275 Rent Expense1,600 Utilities Expense985 Supplies Expense800(a) 1,240 Miscellaneous Expense45542,600 Account TitleDebitCreditDebitCreditDebitCredit Adjusted Trial Balance Adjustments Trial Balance Opportunities Inc. Work Sheet For the Two Months Ended December 31, 2010 Insurance Expense(b) 100 Rent Revenue (c) 120 Wages Payable(d) 250 (d) 250

15

16 Cash2,065 Accounts Receivable2,220 Supplies2,000(a) 1,240 Prepaid Insurance2,400(b) 100 Land20,000 Office Equipment1,800 Accounts Payable900 Unearned Rent360(c) 120 Capital Stock25,000 Dividends4,000 Fees Earned16,340 Wages Expense4,275(d) 250 Rent Expense1,600 Utilities Expense985 Supplies Expense800(a) 1,240 Miscellaneous Expense45542,600 Account TitleDebitCreditDebitCreditDebitCredit Adjusted Trial Balance Adjustments Trial Balance Opportunities Inc. Work Sheet For the Two Months Ended December 31, 2010 Insurance Expense(b) 100 Rent Revenue (c) 120 Wages Payable(d) 250 (e) 500

17

18 Cash2,065 Accounts Receivable2,220(e) 500 Supplies2,000(a) 1,240 Prepaid Insurance2,400(b) 100 Land20,000 Office Equipment1,800 Accounts Payable900 Unearned Rent360(c) 120 Capital Stock25,000 Dividends4,000 Fees Earned16,340(e) 500 Wages Expense4,275(d) 250 Rent Expense1,600 Utilities Expense985 Supplies Expense800(a) 1,240 Miscellaneous Expense45542,600 Account TitleDebitCreditDebitCreditDebitCredit Adjusted Trial Balance Adjustments Trial Balance Opportunities Inc. Work Sheet For the Two Months Ended December 31, 2010 Insurance Expense(b) 100 Rent Revenue (c) 120 Wages Payable(d) 250 Depreciation Expense(f) 50 Accum. Depreciation(f) 50

19 Cash2,065 Accounts Receivable2,220(e) 500 Supplies2,000(a) 1,240 Prepaid Insurance2,400(b) 100 Land20,000 Office Equipment1,800 Accounts Payable900 Unearned Rent360(c) 120 Capital Stock25,000 Dividends4,000 Fees Earned16,340(e) 500 Wages Expense4,275(d) 250 Rent Expense1,600 Utilities Expense985 Supplies Expense800(a) 1,240 Miscellaneous Expense45542,600 Account TitleDebitCreditDebitCreditDebitCredit Adjusted Trial Balance Adjustments Trial Balance Opportunities Inc. Work Sheet For the Two Months Ended December 31, 2010 Insurance Expense(b) 100 Rent Revenue (c) 120 Wages Payable(d) 250 Depreciation Expense(f) 50 Accum. Depreciation(f) 50

20 Cash2,065 Accounts Receivable2,220(e) 500 Supplies2,000(a) 1,240 Prepaid Insurance2,400(b) 100 Land20,000 Office Equipment1,800 Accounts Payable900 Unearned Rent360(c) 120 Capital Stock25,000 Dividends4,000 Fees Earned16,340(e) 500 Wages Expense4,275(d) 250 Rent Expense1,600 Utilities Expense985 Supplies Expense800(a) 1,240 Miscellaneous Expense45542,600 Account TitleDebitCreditDebitCreditDebitCredit Adjusted Trial Balance Adjustments Trial Balance Insurance Expense(b) 100 Rent Revenue (c) 120 Wages Payable(d) 250 Depreciation Expense(f) 50 Accum. Depreciation(f) 502,260 Summed and ruled

21

22 Cash2,065 Accounts Receivable2,220(e) 500 Supplies2,000(a) 1,240 Prepaid Insurance2,400(b) 100 Land20,000 Office Equipment1,800 Accounts Payable900 Unearned Rent360(c) 120 Capital Stock25,000 Dividends4,000 Fees Earned16,340(e) 500 Wages Expense4,275(d) 250 Rent Expense1,600 Utilities Expense985 Supplies Expense800(a) 1,240 Miscellaneous Expense45542,600 Account TitleDebitCreditDebitCreditDebitCredit Adjusted Trial Balance Adjustments Trial Balance Insurance Expense(b) 100 Rent Revenue (c) 120 Wages Payable(d) 250 Depreciation Expense(f) 50 Accum. Depreciation(f) 502,260

23 Cash2,0652,065 Accounts Receivable2,220(e) 5002,720 Supplies2,000(a) 1,240760 Prepaid Insurance2,400(b) 1002,300 Land20,00020,000 Office Equipment1,8001,800 Accounts Payable900900 Unearned Rent360(c) 120240 Capital Stock25,00025,000 Dividends4,0004,000 Fees Earned16,340(e) 50016,840 Wages Expense4,275(d) 2504,525 Rent Expense1,6001,600 Utilities Expense985985 Supplies Expense800(a) 1,2402,040 Miscellaneous Expense45545542,600 Account TitleDebitCreditDebitCreditDebitCredit Adjusted Trial Balance Adjustments Trial Balance Insurance Expense(b) 100 100 Rent Revenue (c) 120120 Wages Payable(d) 250250 Depreciation Expense(f) 5050 Accum. Depreciation(f) 5050 2,2602,26043,40043,400

24 Lecture Overview Unadjusted Trial Balance Adjusting entries and their affect on adjustment column Adjustment of entries on Adjusted column

25 End of Lecture 10

Download ppt "Lecture 10 Chapter 04 Completing the Accounting Cycle Task Force Image Gallery clip art included in this electronic presentation is used with the permission."

Similar presentations

C3 - 1 Learning Objectives 1. The Matching Concept 2. Nature of the Adjusting Process 3. Recording Adjusting Entries 4. Summary of Adjustment Process 5.Financial.

C3 - 1 Learning Objectives 1. The Matching Concept 2. Nature of the Adjusting Process 3. Recording Adjusting Entries 4. Summary of Adjustment Process 5.Financial.
Chapter 4 Demonstration Problems Completing the Accounting Cycle Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall4-1.

Chapter 4 Demonstration Problems Completing the Accounting Cycle Copyright © 2014 Pearson Education, Inc. publishing as Prentice Hall4-1.
C3 - 1 Learning Objectives Power Notes The Matching Concept and the Adjusting Process The Matching Concept and the Adjusting Process 1. The Matching Concept.

C3 - 1 Learning Objectives Power Notes The Matching Concept and the Adjusting Process The Matching Concept and the Adjusting Process 1. The Matching Concept.
C4 - 1 Learning Objectives Power Notes Completing the Accounting Cycle Completing the Accounting Cycle 1.Work Sheet 2.Financial Statements 3.Adjusting.

C4 - 1 Learning Objectives Power Notes Completing the Accounting Cycle Completing the Accounting Cycle 1.Work Sheet 2.Financial Statements 3.Adjusting.
Completing the Accounting Cycle

Completing the Accounting Cycle
Completing the Accounting Cycle

Completing the Accounting Cycle
Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

Question Answer Accounting I Debits & Credits Analyzing.
Chapter 3  Completing the Accounting Cycle. Chapter 3Mugan-Akman 20052-38 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.
The Matching Concept and the Adjusting Process

The Matching Concept and the Adjusting Process
Mini-case Acme Corp. was formed on July 1 of the current year. The following occurred during the year: t Common stock is issued for $50,000. t $200/month.

Mini-case Acme Corp. was formed on July 1 of the current year. The following occurred during the year: t Common stock is issued for $50,000. t $200/month.
Completing the Accounting Cycle

Completing the Accounting Cycle
@ 2012, Cengage Learning Completing the Accounting Cycle LO 1 – Understanding the Accounting Cycle.

@ 2012, Cengage Learning Completing the Accounting Cycle LO 1 – Understanding the Accounting Cycle.
Chapter 5 Completion of the Accounting Cycle. 5-1 Work Sheet Form and Procedure Trial Balance AdjustmentsAdjusted Trial Balance Income Statement Balance.

Chapter 5 Completion of the Accounting Cycle. 5-1 Work Sheet Form and Procedure Trial Balance AdjustmentsAdjusted Trial Balance Income Statement Balance.
CHAPTER THREE FINANCIAL REPORTING PROCESS. PRINCIPLE – Revenue Recognition Revenue is recognized when it is earned not paid Expenses are recognized when.

CHAPTER THREE FINANCIAL REPORTING PROCESS. PRINCIPLE – Revenue Recognition Revenue is recognized when it is earned not paid Expenses are recognized when.
Course Studied Lecture 32. Chapter 1 Introduction to Accounting and Business.

Course Studied Lecture 32. Chapter 1 Introduction to Accounting and Business.
Chapter 4 Completing the Accounting Cycle. The Accounting Work Sheet What is the work sheet? A work sheet is a multi-columned document used by accountants.

Chapter 4 Completing the Accounting Cycle. The Accounting Work Sheet What is the work sheet? A work sheet is a multi-columned document used by accountants.
Completing the Accounting Cycle – Part I Chapter 4 1.

Completing the Accounting Cycle – Part I 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.

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.
Journalize transactions. Post entries to the ledger accounts. Prepare trial balance. Make end-of- year adjustments. Prepare adjusted trial balance. Recall.

Journalize transactions. Post entries to the ledger accounts. Prepare trial balance. Make end-of- year adjustments. Prepare adjusted trial balance. Recall.
4 – Completing the Accounting Cycle

4 – Completing the Accounting Cycle

Similar presentations

Ads by Google