会计专业英语 工业和信息化高职高专“十二五”规划教材立项项目 作者 孙晓媛 5.pptVIP

Accounting English Accounting English Steps in the accounting cycle Part 2 Presentation --- When Lesson five— accounting cycle Learning objectives 1．Record transactions in the journal 2．Post from the journal to the ledger 3．Prepare and use a trial balance 4．Make adjusting entries and prepare an adjusted trial balance 5．Prepare the financial statements from the adjusted trial balance 6．Closing Lesson five— accounting cycle 5.2 Journalizing In Step 5, “Enter the transaction in the journal”, means to record the transaction in the journal. This step is also called “making the journal entry”. Step1. The source documents are Lyon’s bank deposit slip and $100?000 cheque, which is deposited in the business bank account. Step2. The accounts affected by the transaction are Cash and Cary Lyon, Capital. Step3. Both accounts balance increase $100?000. Step4.Cash at bank, the asset account, is increased (debited) and Cary Lyon, Capital, the owner’s equity account, is increase (credited). Step5. The journal entry is: Dr: Cash at bank 100?000 Cr: Capital—Cary Lyon 100?000 Lesson five— accounting cycle 5.3 Posting from Journal to Ledger Posting means transferring the amounts from the journal to the accounts in the ledger. Debits in the journal are posted as debits in the ledger. The initial investment transaction of Cary Lyon is posted to the ledger, as shown in Exhibit 5-2. Computers perform this tedious task quickly and without error. Lesson five — accounting cycle 5.4 Preparing Unadjusted Trial Balance A trial balance is a list of all the accounts with their balances—assets first, followed by liabilities and then owner’s equity—taken from the ledger. Before computers, the trial balance provided a check on accuracy by showing whether the total debits equal the total credits. The trial balance is still useful as a summary of all the accounts and their balances. Exhibit5-4 is the trial balance of the ledger of Gary Lyon’s accounting practice after the first six transaction