ACCY%20301%20Lab-8-24-09--Filled%20In

ACCY%20301%20Lab-8-24-09--Filled%20In - ACCY 301 Lab ACCY...

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Unformatted text preview: ACCY 301 Lab ACCY 301 Lab Monday, August 24 Monday, August 24 Welcome to ACCY 301 Lab! Welcome to ACCY 301 Lab! Todays Agenda I ntroduction Course I nformation and Syllabus Events/Transactions, Financial Statements, and Transaction Analysis I ntroduction I ntroduction I nstructor Name: Sue Thomas E-mail: sthomas8@ illinois.edu Office hours Tuesday: 2:00-4:00 p.m. Thursday: 9:00-11:00 a.m. 2046 BI F TA office hours: To be determined Course I nformation and Course I nformation and Syllabus Syllabus Course objectives Administrative info Course work Lab grade Lab schedule Course web site: https://compass.illinois.edu Financial Accounting Financial Accounting Lets start with a quick overview of the entire accounting cycle Source documents Record in Journal Financial Statements Transaction Analysis Post to Ledger Unadjusted Trial Balance Record & Post Adjusting Entries Adjusted Trial Balance Close Temporary Accounts Post-Closing Trial Balance The Accounting Processing Cycle During the Accounting Period At the End of the Accounting Period At the End of the Year Transactions and Events Transactions and Events Events External Events: I nteraction between an entity and its environment I nternal events: Occur within an entity Transactions and Events Transactions and Events Transactions I ncludes external events such as an exchange between two entities (for example, purchases or sales of goods or services) and transfers in one direction only (charitable contributions, investments by owners, casualty losses, thefts) A company records events and transactions that affect its financial position Transactions and Events Transactions and Events Examples Examples Are the following external, internal, or not recorded? 1. A supplier of a companys raw material is paid an amount owed on account. 2. A customer pays its open account. 3. A new chief executive officer is hired. 4. The biweekly payroll is paid. 5. Raw materials are entered into production. 6. A new advertising agency is hired. 7. The accountant determines the federal income taxes owed based on the income earned. Transactions and Events Transactions and Events Examples Examples Are the following external, internal, or not recorded? 1. A supplier of a companys raw material is paid an amount owed on account. External 2. A customer pays its open account. External 3. A new chief executive officer is hired. Not Recorded 4. The biweekly payroll is paid. External 5. Raw materials are entered into production. I nternal 6. A new advertising agency is hired. Not Recorded 7. The accountant determines the federal income taxes owed based on the income earned. I nternal Financial Statement Financial Statement Overview Overview I ncome Statement Statement of Owners Equity Balance Sheet Statement of Cash Flows (The above are listed in the order they are prepared) Notes to financial statements I NCOM E STATEM ENT I NCOM E STATEM ENT I ncome Statement...
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ACCY%20301%20Lab-8-24-09--Filled%20In - ACCY 301 Lab ACCY...

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