Accounting Basics英语会计基础教学课件3.ppt

* * * * * * * * * * * * * * * * * * * * * (e) Comic books worth $3,500 were sent to a collector with an invoice on 29 June 2010. Type of adjusting entry ~ accrual ~ unrecorded revenue Adjusting entry for unrecorded revenue… Date Description Debit Credit e 30/06 (to record revenue earned but not yet received) (f) The subscription revenue recorded in the unearned revenue account were for a two-year period, therefore half of this money was earned at year end Type of adjusting entry ~ deferral ~ unearned revenue Adjusting entry for unearned revenue now earned Date Description Debit Credit f 30/06 (to record unearned revenue earned during the year) An example: Bazinga Inc * Once adjusting entries are posted to ledger accounts, new totals are calculated and an adjusted trial balance is taken After the adjusting process is completed, the adjusted trial balance is used to prepare the financial statements We will use worksheets to help us with this process Using a worksheet… * Why use a worksheet? It helps to compile the information necessary for the preparation of the financial statements The balances of ledger accounts appear in one location The affect of adjustments can be viewed easily and corrected if necessary Because the adjusted trial balance is easily visible, the worksheet can simplify the preparation of financial statements What does a worksheet look like? * An example: Bazinga Inc * Once the adjustments are entered, the adjusted balances are extended to the appropriate columns in the adjusted trial balance. Expenses ? debit column Revenue ? credit column Assets and dividends/drawings ? debit columns Liabilities, equity, contra assets ? credit columns * An example: Bazinga Inc * Finally, the amounts in the adjusted trial balance are entered in the income statement and balance sheet columns. Expenses = debit column of income statement Revenue = credit column of income statement Assets and dividends/drawings = debit column of balance sheet Liabiliti