02AIS SUA 7-11-12 - Todays Agenda Everything you ever...

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1 Everything you ever wanted to know about... The Accounting Cycle Today’s Agenda Review of the manual Accounting Cycle 6 Major Subcycles Begin the SUA Internal Controls in the SUA The Accounting Cycle SUA Reference p.10 Transactions Occur Prepare Documents Record in Journals Post to Ledgers Prepare Unadjusted Trial Balance Prepare and Post Adjusting Entries Prepare Adjusted Trial Balance Prepare Financial Statements Prepare Closing Entries The Accounting Cycle Subcycle (transaction cycle): Group of related business activities that result in repetitive patterns of transactions 6 Major Subcycles Revenue Cycle Expenditure Cycle Human Resources Cycle General Ledger and Reporting Cycle Production Cycle Financing Cycle Revenue Cycle in SUA Instructions pp. 18-21 Consists of: Credit Sales Cash Sales Bad Debt Write-offs Sales Returns Cash Receipts Revenue Cycle
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2 Revenue Cycle in SUA Credit Sale 1. Customer Purchase Order 2. Approve Credit 3. Bill of Lading 4. Sales Invoice 5. Pack and ship order 6. Review and approve documents 7. Mail invoice to customer 8. Make the entry in the Sales Journal and then update the A/R Subsidiary Ledger Introduction to SUA Waren Sports Supply SUA package materials Course packet supplemental materials Worksheet Introduction to SUA SUA package materials Reference book Documents Folder Other file tabs Journal book Instructions/Flowcharts/Ledgers book Introduction to SUA Course packet supplemental materials Assigment Schedule Check Figures File System page Grade sheet Transactions list Price lists Introduction to SUA Worksheet Worksheet is already prepared as Excel spreadsheet Download 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 List the green Transactions List the 1 blue Price List page Replace them with Transactions List and Price List pages from your course packet!!!
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