Management 1A Lecture Notes (3)

Management 1A Lecture Notes (3) - Management 1A Lecture...

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Management 1A Lecture Notes Professor Gardner-Treloar Week 3, Lectures 6
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The Accounting Cycle -Business transaction Business Document Journal Entry Ledgers Trial Balance Adjustments Adjusted Trial Balance Financial Statements Journal Entries -There are five journals -Sales -This is receivable -It records sales made (for which money is to be collected) -Cash Receipts -This is also receivable -It records money coming into the company -Purchases -Cash Disbursements -That is, money going out of the company -General -This is then posted to the General Ledger Ledgers -There are three ledgers -General -Accounts Receivable Subledger -Accounts Payable Subledger Financial Statements -Income Statements -Statement of Owner’s Equity -Balance Sheet -Cash Flow -Notes Adjustments -Because of the nature of accruals and deferrals, there are sometimes adjustments that need to be made Adjusting Journal Entries Adjustments for Prepaid Expenses
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