Actbas1 Lesson 10 - Completing the Accounting Cycle (1)

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Unformatted text preview: is Chee, Capital 2,065 2,720 760 2,300 20,000 1,800 29,645 50 900 250 240 28,205 29,645 Internet Solutions Post-Closing Trial Balance December 31, 20x1 Liabilities 11 12 14 15 17 18 19 21 22 23 31 Cash Accounts Receivable Supplies Prepaid Insurance Land Office Equipment Accum. Depreciation Accounts Payable Salaries Payable Unearned Rent Chris Chee, Capital 2,065 2,720 760 2,300 20,000 1,800 29,645 50 900 250 240 28,205 19,645 Internet Solutions Post-Closing Trial Balance December 31, 20x1 Owner’s Equity 11 12 14 15 17 18 19 21 22 23 31 Cash Accounts Receivable Supplies Prepaid Insurance Land Office Equipment Accum. Depreciation Accounts Payable Salaries Payable Unearned Rent Chris Chee, Capital 2,065 2,720 760 2,300 20,000 1,800 29,645 50 900 250 240 28,205 29,645 Manual Accounting Cycle Manual 1. Transactions are analyzed and recorded in journal. Documents Journal Manual Accounting Cycle Manual 1. Transactions are analysed and recorded in journal. Documents Journal 2. Transactions are posted from journal to ledger. Journal Ledger Manual Accounting Cycle Manual 1. Transactions are analyzed and recorded in journal. Documents Journal 2. Transactions are posted from journal to ledger. Journal 3. Trial balance is prepared, adjustment data is organized, work sheet is completed. Ledger Work Sheet Manual Accounting Cycle Manual 1. Transactions are analyzed and recorded in journal. Documents Journal 2. Transactions are posted from journal to ledger. Journal 3. Trial balance is prepared, adjusting entries are journalized, work sheet is completed. 4. Financial statements are prepared. Ledger Work Sheet P&L S SOE BS Financial Statements SCF Manual Accounting Cycle 5. Adjusting entries are posted to ledger. Journal Ledger Manual Accounting Cycle 5. Adjusting entries are posted to ledger. Journal 6. Closing entries are journalized and posted to ledger. Ledger Journal Ledger Manual Accounting Cycle 5. Adjusting entries posted to ledger. Journal 6. Closing entries are journalized and posted to ledger. Ledger Journal Ledger Assets Liabilities Owner’s Equity 7. Post-closing trial balance is prepared. Post-closing Trial Balance Unit 9 Completing the Accounting Cycle This is the last slide in Unit 9 . Note: To see the topic slide, type 2 and press Enter....
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