Lecture06 PreClass

Lecture06 PreClass - Lecture 6 Accounting Cycle 1 Goals of...

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Lecture 6 1 Accounting Cycle
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Goals of Today’s Class • Examples of adjusting entries • Depreciation • Effect of financial statement errors 2 • Discuss the accounting cycle – Adjusting Entries – Closing Entries – Unadjusted Trial Balances
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Accounting Cycle 3
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• At the end of the period, income accounts are closed back into the retained earnings. • all revenues and gains must eventually be included as increases in RE and all expenses and losses must eventually be included as decreases in RE Recap: Permanent vs. Temporary Accounts 4
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The Accounting Cycle What is Accounting Cycle? The sequence of accounting procedures 5 used each period to record transactions and events and to prepare financial statements.
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Transaction occurs AND document is generated Journal entry is entered into the Journal - Journalizing Transfer ( Post ) entries from the Journal to T-Accounts These happen every day at the time of the transaction The Accounting Cycle 6 Prepare Unadjusted Trial Balance Make
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This note was uploaded on 12/18/2010 for the course ACCT 101 taught by Professor Armstrong during the Fall '09 term at UPenn.

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Lecture06 PreClass - Lecture 6 Accounting Cycle 1 Goals of...

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