Accounting Principles Completing the Accounting Cycle参考.pptx

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Accounting Principles Completing the Accounting Cycle参考.pptx

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Accounting Principles Completing the Accounting Cycle参考

4Completing the Accounting CycleLearning ObjectivesPrepare a worksheet.1Prepare closing entries and a post-closing trial balance.2Explain the steps in the accounting cycle and how to prepare correcting entries.3Identify the sections of a classified balance sheet.4Prepare a worksheet.LEARNINGOBJECTIVE1WorksheetMultiple-column form used in preparing financial statements. Not a permanent accounting record.May be a computerized worksheet using an electronic spreadsheet program such as Excel.Prepared using a five step process.Use of worksheet is optional.LO 1Steps in Preparing a WorksheetIllustration 4-1Steps in Preparing a WorksheetIllustration 4-2STEP 1: PREPARE A TRIAL BALANCE ON THE WORKSHEETTrial balance amounts come directly from ledger accounts.Include all accounts with balances.LO 1Steps in Preparing a WorksheetIllustration 3-23General journal showing adjusting entriesAdjusting Journal Entries(Chapter 3)LO 1Steps in Preparing a WorksheetIllustration 4-3STEP 2: ENTER THE ADJUSTMENTS IN THE ADJUSTMENTS COLUMNS(a)(b)Adjustments Key:(a) Supplies Used.(b) Insurance Expired.(c) Depreciation Expensed.(d) Service Revenue Recognized.(e) Service Revenue Accrued.(f) Interest Accrued.(g) Salaries Accrued.(d)(d)(e)(g)(a)(b)(c)(c)(e)Enter adjustment amounts, total adjustments columns,and check for equality.(f)(f)(g)Add additional accounts as needed.LO 1Steps in Preparing a WorksheetIllustration 4-4STEP 3: COMPLETE THE ADJUSTED TRIAL BALANCE COLUMNS(a)(b)(d)(d)(e)(g)(a)(b)(c)(c)(e)(f)(f)(g)Total the adjusted trial balance columns and check for equality.LO 1Steps in Preparing a WorksheetIllustration 4-5STEP 4: EXTEND AMOUNTS TO FINANCIAL STATEMENT COLUMNS(a)(b)(d)(d)(e)(g)(a)(b)(c)(c)(e)(f)(f)(g)Extend adjusted trial balance amounts to appropriate financial statement columns.LO 1Steps in Preparing a WorksheetIllustration 4-6STEP 5: TOTAL COLUMNS, COMPUTE NET INCOME (LOSS)(a)(b)(d)(d)(e)(g)(a)(b)(c)(c)(e)(f)(f)(g)Compute Net Income or Net Loss.LO 1Steps in Preparing a Work