Actbas1 Lesson 10 - Completing the Accounting Cycle (1)

Actbas1 Lesson 10 - Completing the Accounting Cycle (1) -...

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Learning Objectives Completing the Accounting Cycle Completing the Accounting Cycle 1. Work Sheet 2. Financial Statements 3. Adjusting and Closing Entries 4. Accounting Cycle Unit 9 U9
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The Work Sheet Financial Statements The Closing Process Post-Closing Trial Balance Accounting Cycles Slide # Topics 3 18 22 28 31 Note: To select a topic, type the slide # and press Enter. Unit 9 Completing the Accounting Cycle Completing the Accounting Cycle
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The Work Sheet The Work Sheet Exhibit 1 Exhibit 1 Trial Balance Accounts Dr Cr Dr Cr Dr Cr Adjustments Adjusted TB Prepared from general ledger. Accounts are listed in order: Assets, Liabilities, Owner’s Equity, Revenue, Expenses
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The Work Sheet The Work Sheet Exhibit 2 Exhibit 2 Adjustments are entered here. Two possibilities: 1. Accruals – New information is entered. 2. Deferrals – Existing balances are changed. Trial Balance Accounts Dr Cr Dr Cr Dr Cr Adjustments Adjusted TB
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The Work Sheet The Work Sheet Exhibit 2 Exhibit 2 Adjustments are combined with the trial balance. Account balances are now adjusted. Trial Balance Accounts Dr Cr Dr Cr Dr Cr Adjustments Adjusted TB
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Trial Balance Adjustments Adj. Trial Balance Internet Solutions - Work Sheet - Two Months Ended Dec 31 20x1 Account Debit Credit Debit Credit Debit Credit 11 Cash 2,065 2,065 12Accounts Receivable 2,220 (e) 500 2,720 14 Supplies 2,000 (a) 1,240 760 15Prepaid Insurance 2,400 (b) 100 2,300 17 Land 20,000 20,000 18 Office Equipment 1,800 1,800 19Accumulated Depr. 0 (f) 50 50 21Accounts Payable 900 900 22 Salaries Payable 0 (d) 250 250 23 Unearned Rent 360 (c) 120 240 31Chris Chee, Capital 25,000 25,000 32Chris Chee, Drawing 4,000 4,000 41 Fees Earned 16,340 (e) 500 16,840 42 Rent Revenue 0 (c) 120 120 51 Salaries Expense 4,275 (d) 250 4,525 52 Rent Expense 1,600 1,600 53Depreciation Expense 0 (f) 50 50 54 Utilities Expense 985 985 55 Supplies Expense 800 (a) 1,240 2,040 56Insurance Expense 0 (b) 100 100 59 Misc. Expense 455 455 42,600 42,600 2,260 2,260 43,400 43,400
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Trial Balance Adjustments Adj. Trial Balance Internet Solutions - Work Sheet - Two Months Ended Dec 31 20x1 Account Debit Credit Debit Credit Debit Credit 11 Cash 2,065 2,065 12Accounts Receivable 2,220 (e) 500 2,720 14 14 Supplies Supplies 2,000 2,000 (a) 1,240 (a) 1,240 760 760 15Prepaid Insurance 2,400 (b) 100 2,300 17 Land 20,000 20,000 18 Office Equipment 1,800 1,800 19Accumulated Depr. 0 (f) 50 50 21Accounts Payable 900 900 22 Salaries Payable 0 (d) 250 250 23 Unearned Rent 360 (c) 120 240 31Chris Chee, Capital 25,000 25,000 32Chris Chee, Drawing 4,000 4,000 41 Fees Earned 16,340 (e) 500 16,840 42 Rent Revenue 0 (c) 120 120 51 Salaries Expense 4,275 (d) 250 4,525 52 Rent Expense 1,600 1,600 53Depreciation Expense 0 (f) 50 50 54 Utilities Expense 985 985 55 55 Supplies Expense Supplies Expense 800 800 (a) 1,240 2,040 2,040 56Insurance Expense 0 (b) 100 100 59 Misc. Expense 455 455 42,600 42,600 2,260 2,260 43,400 43,400
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Trial Balance Adjustments Adj. Trial Balance Internet Solutions - Work Sheet - Two Months Ended Dec 31 20x1 Account Debit Credit Debit Credit Debit Credit 11 Cash 2,065 2,065 12Accounts Receivable 2,220 (e) 500 2,720 14 Supplies 2,000 (a) 1,240 760 15Prepaid Insurance 2,400 (b) 100 2,300 17 Land 20,000 20,000 18 Office Equipment 1,800 1,800 19Accumulated Depr. 0 (f) 50 50 21Accounts Payable 900 900 22 Salaries Payable 0 (d) 250 250 23 Unearned Rent 360 (c) 120 240 31Chris Chee, Capital 25,000 25,000 32Chris Chee, Drawing 4,000 4,000 41 Fees Earned 16,340 (e) 500 16,840 42 Rent Revenue 0 (c) 120 120 51 Salaries Expense 4,275 (d) 250 4,525 52 Rent Expense 1,600 1,600 53Depreciation Expense 0 (f) 50 50 54 Utilities Expense 985 985
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Actbas1 Lesson 10 - Completing the Accounting Cycle (1) -...

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