chap4 - CHAPTER 4 Adjustments, Financial Statements, and...

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1 Acct 284 Chap. 4 CHAPTER 4 Adjustments, Financial Statements, and the Quality of Earnings
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2 Acct 284 Chap. 4 Accounting Cycle Perform transaction analysis Record journal entries in gen. journal Post to general ledger Prepare trial balance Record and post adjusting entries Prepare financial statements
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3 Acct 284 Chap. 4 Unadjusted Trial Balance The unadjusted trial balance looks at where all the accounts stand at the end of the period as a result of recording the external transactions It tell us: * The balance in each account * Whether or not the accounts are in balance
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4 Acct 284 Chap. 4 SPENCER, INC. Unadjusted Trial Balance December 31, 2006 Description Debit Credit Cash $ 3,900 Accounts receivable 4,985 Inventory 3,300 Office equipment 4,800 Acc dep - Office equip. . $1,440 Furniture and fixtures 6,600 2,200 Accounts payable 2,985 Notes payable 4,000 Common stock 10,000 Retained earnings _____ 2,960 Totals $ 23,585 $ 23,585
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5 Acct 284 Chap. 4 Why Do We Need Adjusting Entries? Adjusting entries make the accounting records
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chap4 - CHAPTER 4 Adjustments, Financial Statements, and...

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