CIMA课件 4accounting cycle
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17
18
19
20
21
22
Debit
2,065 2,220 2,000 2,400 20,000 1,800
4,000
4,275 1,600
985 800 455 42,600
Credit
900 360 25,000 16,340
42,600
Debit
(a) 1,240
Credit
(a) 1,240
Debit
Liabilities due usually within one year or less and that are to be paid
out of current assets are called current liabilities.
Accounts payable Wages payable Interest payable Unearned fees
Liabilities not due for more than a year usually are long-term liabilities.
✓Mortgage note payable
✓Mortgage payable ✓Bond payable
The work sheet is a useful device for understanding the flow of accounting data from the unadjusted trial balance to the financial statements.
17
18 Insurance Expense
2,065 2,220 2,000 2,400 20,000 1,800
4,000
4,275 1,600
985 800 455 42,600
900 360 25,000 16,340
42,600
(a) 1,240 (b) 100
19
20
21 Accounts are added as needed.
NetSolutions Work Sheet For the Two Months Ended December 31, 2005
Trial Balance
Adjustments
Adjusted Trial Balance
Account Title
Debit Credit
Debit
1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Insurance 5 Land 6 Office Equipment 7 Accounts Payable 8 Unearned Rent 9 Chris Clark, Capital 10 Chris Clark, Drawing 11 Fees Earned 12 Wages Expense 13 Rent Expense 14 Utilities Expense 15 Supplies Expense 16 Miscellaneous Expense
as office equipment,Smoa,cahsisneetsryt,hat have a life buildings, and land wovoeurldaaypepaeraarre listed under
under that headinpgr.operty, plant, and equipment.
17
18
19
20
21
22
Debit
2,065 2,220 2,000 2,400 20,000 1,800
4,000
4,275 1,600
985 800 455 42,600
Credit
900 360 25,000 16,340
42,600
Debit Credit
Debit
The Unadjusted Trial Balance
Credit
(b)The Prepaid Insurance account has a debit balance of $2,400, which represents prepayment of insurance for 24 months beginning December 1. Thus, the insurance expense for this month is $100 ($2,400 ÷ 24).
4. Prepare adjusting and closing entries from a
work sheet.
5. Explain what is meant by the fiscal year and the
natural business year.
6. Analyze and interpret the financial solvency of a
business by computing working capital and the
current ratio.
Seven Basic Steps of the Accounting Cycle
1. Transactions are analyzed and recorded in the journal. 2. Transactions are posted to the ledger. 3. A trial balance is prepared, adjustment data are
NetSolutions Work Sheet For the Two Months Ended December 31, 2005
Trial Balance
Adjustments
Adjusted Trial Balance
Account Title
1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Insurance 5 Land 6 Office Equipment 7 Accounts Payable 8 Unearned Rent 9 Chris Clark, Capital 10 Chris Clark, Drawing 11 Fees Earned 12 Wages Expense 13 Rent Expense 14 Utilities Expense 15 Supplies Expense 16 Miscellaneous Work Sheet For the Two Months Ended December 31, 2005
Trial Balance
Adjustments
Adjusted Trial Balance
Account Title
1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Insurance 5 Land 6 Office Equipment 7 Accounts Payable 8 Unearned Rent 9 Chris Clark, Capital 10 Chris Clark, Drawing 11 Fees Earned 12 Wages Expense 13 Rent Expense 14 Utilities Expense 15 Supplies Expense 16 Miscellaneous Expense
assembled, and an optional work sheet is completed. 4. Financial statements are prepared. 5. Adjusting entries are journalized and posted. 6. Closing entries are journalized and posted. 7. A post-closing trial balance is prepared.
Credit
(a) The Supplies account has a debit of $2,000. A count of supplies at the end of the period reveals that $760 is on hand. Therefore, $1,240 in supplies was used during the two-month period.
Assets are commonly divided into classes and that two of these classes are current assets and property, plant, and equipment.
That’s correct. Cash and other assets that are expected to be converted into cash, sold, or used up usually in less than a
Objectives
1. Review the seven basic steps of the accounting
cycle.
After studying this
2. Prepare a wocrhkasphteer,t.you should
3. Prepare financial bsetaatebmleetnot:s from a work sheet.
The Work Sheet
Accounts
Trial Balance
Dr Cr
Adjustments
Dr Cr
Adjusted TB
Dr Cr
Prepared from the general ledger. Accounts are listed in the following order: assets, liabilities, owner’s equity, revenues, and expenses.
2. Accruals – New information is entered.
The Work Sheet
Accounts
Trial Balance
Dr Cr
Adjustments
Dr Cr
Adjusted TB
Dr Cr
Adjustments are combined with the trial balance. Account balances are now adjusted.
Completing the Accounting Cycle
Some of the action has been automated, so click the mouse when you see this lightning bolt in the lower right-hand
corner of the screen. You can point and click anywhere on the screen.
year are current assets.
For example?
Well… besides cash, there’s notes receivable, accounts
receivable, supplies, and other prepaid items.
There are some exceptions, but that’s basically correct. Assets such
22
Credit
(a) 1,240 (b) 100
Debit
Credit
(c) The Unearned Rent account has a credit balance of $360, which represents the receipt of three-months’ rent beginning with December 1. Thus, the rent revenue for December is $120.
The Work Sheet
Accounts
Trial Balance
Dr Cr
Adjustments
Dr Cr
Adjusted TB
Dr Cr
Adjustments are entered here. Two possibilities:
1. Deferrals – Existing balances are changed.
18
19
20
21
22
Debit
2,065 2,220 2,000 2,400 20,000 1,800
4,000
4,275 1,600
985 800 455 42,600
Credit
900 360 25,000 16,340
42,600
Debit
(a) 1,240
Credit
(a) 1,240
Debit
Liabilities due usually within one year or less and that are to be paid
out of current assets are called current liabilities.
Accounts payable Wages payable Interest payable Unearned fees
Liabilities not due for more than a year usually are long-term liabilities.
✓Mortgage note payable
✓Mortgage payable ✓Bond payable
The work sheet is a useful device for understanding the flow of accounting data from the unadjusted trial balance to the financial statements.
17
18 Insurance Expense
2,065 2,220 2,000 2,400 20,000 1,800
4,000
4,275 1,600
985 800 455 42,600
900 360 25,000 16,340
42,600
(a) 1,240 (b) 100
19
20
21 Accounts are added as needed.
NetSolutions Work Sheet For the Two Months Ended December 31, 2005
Trial Balance
Adjustments
Adjusted Trial Balance
Account Title
Debit Credit
Debit
1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Insurance 5 Land 6 Office Equipment 7 Accounts Payable 8 Unearned Rent 9 Chris Clark, Capital 10 Chris Clark, Drawing 11 Fees Earned 12 Wages Expense 13 Rent Expense 14 Utilities Expense 15 Supplies Expense 16 Miscellaneous Expense
as office equipment,Smoa,cahsisneetsryt,hat have a life buildings, and land wovoeurldaaypepaeraarre listed under
under that headinpgr.operty, plant, and equipment.
17
18
19
20
21
22
Debit
2,065 2,220 2,000 2,400 20,000 1,800
4,000
4,275 1,600
985 800 455 42,600
Credit
900 360 25,000 16,340
42,600
Debit Credit
Debit
The Unadjusted Trial Balance
Credit
(b)The Prepaid Insurance account has a debit balance of $2,400, which represents prepayment of insurance for 24 months beginning December 1. Thus, the insurance expense for this month is $100 ($2,400 ÷ 24).
4. Prepare adjusting and closing entries from a
work sheet.
5. Explain what is meant by the fiscal year and the
natural business year.
6. Analyze and interpret the financial solvency of a
business by computing working capital and the
current ratio.
Seven Basic Steps of the Accounting Cycle
1. Transactions are analyzed and recorded in the journal. 2. Transactions are posted to the ledger. 3. A trial balance is prepared, adjustment data are
NetSolutions Work Sheet For the Two Months Ended December 31, 2005
Trial Balance
Adjustments
Adjusted Trial Balance
Account Title
1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Insurance 5 Land 6 Office Equipment 7 Accounts Payable 8 Unearned Rent 9 Chris Clark, Capital 10 Chris Clark, Drawing 11 Fees Earned 12 Wages Expense 13 Rent Expense 14 Utilities Expense 15 Supplies Expense 16 Miscellaneous Work Sheet For the Two Months Ended December 31, 2005
Trial Balance
Adjustments
Adjusted Trial Balance
Account Title
1 Cash 2 Accounts Receivable 3 Supplies 4 Prepaid Insurance 5 Land 6 Office Equipment 7 Accounts Payable 8 Unearned Rent 9 Chris Clark, Capital 10 Chris Clark, Drawing 11 Fees Earned 12 Wages Expense 13 Rent Expense 14 Utilities Expense 15 Supplies Expense 16 Miscellaneous Expense
assembled, and an optional work sheet is completed. 4. Financial statements are prepared. 5. Adjusting entries are journalized and posted. 6. Closing entries are journalized and posted. 7. A post-closing trial balance is prepared.
Credit
(a) The Supplies account has a debit of $2,000. A count of supplies at the end of the period reveals that $760 is on hand. Therefore, $1,240 in supplies was used during the two-month period.
Assets are commonly divided into classes and that two of these classes are current assets and property, plant, and equipment.
That’s correct. Cash and other assets that are expected to be converted into cash, sold, or used up usually in less than a
Objectives
1. Review the seven basic steps of the accounting
cycle.
After studying this
2. Prepare a wocrhkasphteer,t.you should
3. Prepare financial bsetaatebmleetnot:s from a work sheet.
The Work Sheet
Accounts
Trial Balance
Dr Cr
Adjustments
Dr Cr
Adjusted TB
Dr Cr
Prepared from the general ledger. Accounts are listed in the following order: assets, liabilities, owner’s equity, revenues, and expenses.
2. Accruals – New information is entered.
The Work Sheet
Accounts
Trial Balance
Dr Cr
Adjustments
Dr Cr
Adjusted TB
Dr Cr
Adjustments are combined with the trial balance. Account balances are now adjusted.
Completing the Accounting Cycle
Some of the action has been automated, so click the mouse when you see this lightning bolt in the lower right-hand
corner of the screen. You can point and click anywhere on the screen.
year are current assets.
For example?
Well… besides cash, there’s notes receivable, accounts
receivable, supplies, and other prepaid items.
There are some exceptions, but that’s basically correct. Assets such
22
Credit
(a) 1,240 (b) 100
Debit
Credit
(c) The Unearned Rent account has a credit balance of $360, which represents the receipt of three-months’ rent beginning with December 1. Thus, the rent revenue for December is $120.
The Work Sheet
Accounts
Trial Balance
Dr Cr
Adjustments
Dr Cr
Adjusted TB
Dr Cr
Adjustments are entered here. Two possibilities:
1. Deferrals – Existing balances are changed.