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

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ACCY 301 Lab ACCY 301 Lab Monday, August 24 Monday, August 24
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Welcome to ACCY 301 Lab! Welcome to ACCY 301 Lab! Today’s Agenda Introduction Course Information and Syllabus Events/Transactions, Financial Statements, and Transaction Analysis
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Introduction Introduction Instructor Name: Sue Thomas E-mail: [email protected] illinois.edu Office hours Tuesday: 2:00-4:00 p.m. Thursday: 9:00-11:00 a.m. 2046 BIF TA office hours: To be determined
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Course Information and Course Information and Syllabus Syllabus Course objectives Administrative info Course work Lab grade Lab schedule Course web site: https://compass.illinois.edu
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Financial Accounting Financial Accounting Let’s start with a quick overview of the entire accounting cycle
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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
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Transactions and Events Transactions and Events Events External Events: Interaction between an entity and its environment Internal events: Occur within an entity
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Transactions and Events Transactions and Events Transactions Includes 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
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Transactions and Events Transactions and Events Examples Examples Are the following external, internal, or not recorded? 1. A supplier of a company‘s 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.
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Transactions and Events Transactions and Events Examples Examples Are the following external, internal, or not recorded? 1. A supplier of a company‘s 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. Internal 6. A new advertising agency is hired. Not Recorded 7. The accountant determines the federal income taxes owed based on the income earned. Internal
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Financial Statement Financial Statement Overview Overview Income 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
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I NCOME STATEMENT I NCOME STATEMENT
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Income Statement Income Statement
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