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Unformatted text preview: CHAPTER 3 CHAPTER ADJUSTING THE ADJUSTING ACCOUNTS ACCOUNTS Chapter 3- 1 Study Objectives Study Objectives 1. Explain the time period assumption. 2. Explain the accrual basis of accounting. 3. Explain the reasons for adjusting entries. 4. Identify the major types of adjusting entries. 5. Prepare adjusting entries for deferrals. 6. Prepare adjusting entries for accruals. 7. Describe the nature and purpose of an adjusted trial balance. Chapter 3-2 Adjusting the Accounts Adjusting the Accounts Timing Issues Timing Issues Time period Time assumption assumption Fiscal and Fiscal calendar years calendar Accrual- vs. cashbasis accounting Recognizing Recognizing revenues and expenses expenses Chapter 3- 3 The Basics of The Basics of Adjusting Adjusting Entries Entries Types of Types adjusting entries adjusting Adjusting entries Adjusting for deferrals for Adjusting entries Adjusting for accruals for Summary of Summary journalizing and posting posting The Adjusted The Adjusted Trial Balance and Trial Balance and Financial Statements Statements Preparing the Preparing adjusted trial balance balance Preparing Preparing financial statements statements Timing Issues Timing Issues Accountants divide the economic life of a business into artificial time period...
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