Week 4 Have a closer look at year end adjustments (instructor)

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ACCT2010Principles ofAccounting IA closer look at year endadjustments1
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Chapter 3 / Exercise 3-8A
Financial Accounting: The Impact on Decision Makers
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ContentI.What are adjusting entries and Why neededII.Deferred & accrued revenuesIII.Deferred & accrued expensesIV.Preparing financial statements from adjusted trial balanceV.Financial analysis toolVI.Class activitiesa.Recording transactions including adjusting entriesb.Determining financial statement effects of adjusting entries2
ACCT2010Principles ofAccounting II.What are the adjusting entriesand Why needed3
What are adjusting entries & Why needed1.Revisit the accounting cycle4
What are adjusting entries & Why needed2.Unadjusted trial balance (TB) - revisita.A listing of individual accounts in general ledger, in financialstatement orderb.Account ending balances, where Dr. and Cr. Balances are listed intwo separate columnsc.Total Dr. = total Cr.d.Watch the video again-o3ItE0sbk5
What are adjusting entries & Why needed3.How a typical TB looks like …6
What are adjusting entries & Why needed3.How a typical TB looks like … (Continued)7
What are adjusting entries & Why needed4.Why adjusting entries are needed (Purpose of adjustments)a.Adjustments are required at the end of eachaccounting periodb.In order to get the revenues & expenses into the “right”period8
What are adjusting entries & Why needed5.Types of adjustments9
ACCT2010Principles ofAccounting III.Deferred & accrued revenues10
Deferred & accrued revenues1.Adjustment process11
Deferred & accrued revenues2.Deferred (Unearned) revenues - illustration12PapaJohn’sreceived cash last period and recorded an increase in Cashand increase in Unearned Franchise Fees, a liability, to recognize thebusiness’sobligation to provide future services to franchisees. DuringJanuary, PapaJohn’sperformed $1,100 in services for franchisees whohad previously paid fees.
Deferred & accrued revenues

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Term
Summer
Professor
N/A
Tags
Accounting, Balance Sheet, Income Statement, Revenue, Trial Balance, Generally Accepted Accounting Principles, Papa John, Prepaid expenses
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Financial Accounting: The Impact on Decision Makers
The document you are viewing contains questions related to this textbook.
Chapter 3 / Exercise 3-8A
Financial Accounting: The Impact on Decision Makers
Norton/Porter
Expert Verified

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