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1Everything you ever wanted to know about...The Accounting CycleToday’s AgendaReview of the manual Accounting Cycle6 Major SubcyclesBegin the SUAInternal Controls in the SUAThe Accounting CycleSUA Reference p.10TransactionsOccurPrepareDocumentsRecord inJournalsPost to LedgersPrepareUnadjustedTrial BalancePrepare and Post AdjustingEntriesPrepare Adjusted TrialBalancePrepareFinancialStatementsPrepareClosingEntriesThe Accounting CycleSubcycle (transaction cycle):Group of related business activities that result in repetitive patterns of transactions6 Major SubcyclesRevenueCycleExpenditureCycleHumanResourcesCycleGeneralLedger andReportingCycleProductionCycleFinancingCycleRevenue Cycle in SUAInstructions pp. 18-21Consists of:Credit SalesCash SalesBad Debt Write-offsSales ReturnsCash ReceiptsRevenueCycle
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2Revenue Cycle in SUACredit Sale1. Customer Purchase Order2. Approve Credit3. Bill of Lading 4. Sales Invoice5. Pack and ship order6. Review and approve documents7. Mail invoice to customer8. Make the entry in the Sales Journal and then update the A/R Subsidiary LedgerIntroduction to SUAWaren Sports SupplySUA package materialsCourse packet supplemental materialsWorksheetIntroduction to SUASUA package materialsReference bookDocuments FolderOther file tabsJournal bookInstructions/Flowcharts/Ledgers bookIntroduction to SUACourse packet supplemental materialsAssigment ScheduleCheck Figures File System pageGrade sheetTransactions listPrice listsIntroduction to SUAWorksheetWorksheet is already prepared as Excel spreadsheetDownload this spreadsheet from the 474 web site under “Homework” (you don’t need the spreadsheet worksheet until SUA 3)Alter the SUA package!!!From your Documents File, throw away:the blue Transactions Listthe green Transactions Listthe 1 blue Price List pageReplace them with Transactions Listand Price List pages from your course packet!!!