ch04 - Chapter 4 Completing the Accounting Cycle Financial...

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Chapter 4-1 Completing the Accounting Cycle Financial Accounting, Sixth Edition Chapter 4
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Chapter 4-2 1. Prepare a worksheet. 2. Explain theprocess of closing thebooks. 3. Describe thecontent and purposeof a post-closing trial balance. 4. Statetherequired steps in the accounting cycle. 5. Explain theapproaches to preparing correcting entries. 6. Identify thesections of a classified balancesheet. Study Objectives Study Objectives
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Chapter 4-3 Using a Worksheet Steps in preparation Preparing financial statements Preparing adjusting entries Closing the Books Summary of Accounting Cycle Classified Balance Sheet Current assets Long-term investments Property, plant, and equipment Intangible assets Current liabilities Long-term liabilities Stockholders’ equity Reversing entries—An optional step Correcting entries—An avoidable step Completing the Accounting Cycle Preparing closing entries Posting closing entries Preparing a post-closing trial balance
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Chapter 4-4 A multiple-column form used in preparing financial statements. Not a permanent accounting record. Five step process. Use of worksheet is optional. Using A Worksheet Using A Worksheet SO 1 Prepare a worksheet. Prepare a worksheet. Worksheet
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Chapter 4-5 Steps in Preparing a Worksheet Steps in Preparing a Worksheet SO 1 Prepare a worksheet. SO 1 Illustration 4-1
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Chapter 4-6 Illustration The trial balance for Undercover Roofing for the month ended March 31, 2008, is as follows. Steps in Preparing a Worksheet Steps in Preparing a Worksheet Account Titles Dr. Cr. Cash 2,500 $ Accounts Receivable 1,800 Roofing Supplies 1,100 Equipment 6,000 Accumulated Depreciation 1,200 $ Accounts Payable 1,400 Unearned Revenue 300 Common stock 1,000 Retained earnings 6,000 Dividends 600 Service Revenue 3,000 Salaries Expense 700 Miscellaneous Expense 200 Totals 12,900 $ 12,900 $ Trial Balance Other data: 1. Supplies on hand total $140. 2. Depreciation for March is $200. 3. Unearned revenue amounted to $130 on March 31. 4. Accrued salaries are $350. Instructions a. Prepare and complete the worksheet. SO 1 Prepare a worksheet. Prepare a worksheet.
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Chapter 4-7 Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 2,500 Accounts Receivable 1,800 Roofing Supplies 1,100 Equipment 6,000 Accumulated Depreciation 1,200 Accounts Payable 1,400 Unearned Revenue 300 Common stock 1,000 Retained earnings 6,000 Dividends 600 Service Revenue 3,000 Salaries Expense 700 Miscellaneous Expense 200 Totals 12,900 12,900 Balance Sheet Adjusted Income Trial Balance Adjustments Trial Balance Statement Steps in Preparing a Worksheet Steps in Preparing a Worksheet SO 1 Prepare a worksheet. Prepare a worksheet. Trial balance amounts come directly from ledger accounts. Include all accounts with balances. 1. Prepare a Trial Balance on the Worksheet
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Chapter 4-8 Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 2,500 Accounts Receivable 1,800 Roofing Supplies 1,100 960 Equipment 6,000 Accumulated Depreciation 1,200 200 Accounts Payable 1,400 Unearned Revenue 300 170 Common stock 1,000 Retained earnings 6,000 Dividends 600 Service Revenue 3,000 170 Salaries Expense 700 350 Miscellaneous Expense 200 Totals 12,900 12,900 Supplies Expense 960 Depreciation Expense 200 Salaries Payable 350 Totals
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