04 - Presentation Deck - ACC 211 PRINCIPLES OF ACCOUNTING...

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ACC 211: PRINCIPLES OF ACCOUNTING CHAPTER 4: COMPLETING THE ACCOUNTING CYCLE PRESENTATION DECK Prepared by: Jill Mitchell, Assistant Professor, NOVA Reference: Weygandt, Jerry, Kieso, and Kimmel. Accounting Principles Unless noted, illustrations are from the referenced text.
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Chapter 4-2 1.1 Explain the difference between temporary and permanent accounts Chapter 4: Completing the Accounting Cycle Course Competencies 1. Closing the Books
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4-3 Using a Worksheet Worksheet : a multiple column form that companies use in the adjustment process in preparing financial statements. It is not a permanent accounting record. The use of a worksheet is optional. Account Titles Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash 2,500 2,500 2,500 Accounts Receivable 1,800 1,800 1,800 Roofing Supplies 1,100 960 140 140 Equipment 6,000 6,000 6,000 Accumulated Depreciation 1,200 200 1,400 1,400 Accounts Payable 1,400 1,400 1,400 Unearned Revenue 300 170 130 130 I. Spy, Capital 7,000 7,000 7,000 I. Spy, Drawing 600 600 600 Service Revenue 3,000 170 3,170 3,170 Salaries Expense 700 350 1,050 1,050 Miscellaneous Expense 200 200 200 Totals 12,900 12,900 Supplies Expense 960 960 960 Depreciation Expense 200 200 200 Salaries Payable 350 350 350 Totals 1,680 1,680 13,450 13,450 2,410 3,170 11,040 10,280 Net Income
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This note was uploaded on 02/28/2011 for the course ACC 211 taught by Professor Mitchell during the Spring '11 term at Northern Virginia Community College.

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04 - Presentation Deck - ACC 211 PRINCIPLES OF ACCOUNTING...

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