Lecture 5 Week 6

Lecture 5 Week 6 - CHAPTER5 Completingthe accountingcycle...

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4/04/2013 1 CHAPTER 5 Completing the accounting cycle ACCY111 Lecture 5 Dr Sam Jebeile COMPLETE ACCOUNTING CYCLE 2 Journalise transaction 1. Recognise and record transactions Source documents General journal 2 2. Journalise transaction 3. Post to ledger accounts 4. Prepare unadjusted trial balance of general ledger General ledger Trial balance (unadjusted) Continued Next Slide COMPLETE ACCOUNTING CYCLE 6 Post adjusting entries to 5. Determine adjusting entries and journalise General journal General ledger 3 8. Journalise closing entries 6. Post adjusting entries to general ledger 7. Prepare adjusted trial balance (accounts adjusted) Trial balance (adjusted) General journal Continued Next Slide COMPLETE ACCOUNTING CYCLE 10. Prepare post closing trial balance 9. Post closing entries to general ledger General ledger (temp a/c’s closed) Trial balance (post closing) 4 12. Journalise reversing entries 11. Prepare financial statements Financial statements General journal Work sheet 13. Post reversing entries to general ledger General ledger
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Lecture 5 Week 6 - CHAPTER5 Completingthe accountingcycle...

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