Chapter02 Accounting Cycle (I) Journalizing, Posting and Preparing Trial Balance基础会计英文版
Chapter2-1 Accounting Cycle
5/1 5/25 5/29 5/31 Bal.
Cash 8,000 5/2 2,500 Payments 75 5/8 2,000 are on the credit 750 5/28 150 side. 5/31 50 4,125 The balance is the
difference between the debit and credit entries in the account.
JILL JONES, DRAWING Debit Credit for for Increase Decrease
JILL JONES, CAPITAL Debit Credit for for Decrease Increase
Accounting English @2011 12
Accounting cycle – journalizing posting and trial balance …
Accounting English @2011 19
Account Titles and Explanation
Debit 8,000
Credit
8,000
Posting Journal Entries to the Ledger Accounts
GENERAL JOURNAL
Date 2001 May 1 Cash Jill Jones, Capital Owner investedGeneral cash in theLedger business. 8,000 8,000 Account Titles and Explanation Debit Credit
A = L + OE =
Credit balances
Unit 2 Accounting cycle I汇总
Key terms
staff schedule 员工日程 expense claims 费用申请 reimburse 偿还，报销 invoice 发票，发货单 credit note 贷方票据，抵扣发票 petty cash voucher 零用资金报销单 notes 纸币 coins 硬币 cashier 出纳 cheque 支票 crossed cheque 划线支票
The methods of payment
Internal documentatin 内部凭证
Goods received note 收货单 Is prepared by the buyer and given to the seller as a record of the quantity and condition of goods delivered to the business.
➢ Payee, the recipient of the money.
➢ Drawee, the bank or other financial institution where the cheque can be presented for payment.
➢ Amount and date.
Credit note 抵扣发票
is used by a seller to cancel part of previously issued invoices.
a seller might sometimes give the purchaser a credit note, so that the total amount payable to the seller is the value of the unpaid invoice minus the amount of the credit note. can be treated like negative invoices.
Chapter2-2 Accounting Cycle
Need for adjustments
The life of a business is divided into accounting periods so that periodic financial reports can be prepared and used. Adjustments at the end of each period are necessary to update some of the asset, liability, expense, and revenue accounts and to show the effects of previously unrecorded internal economic events of the business.
Accounting English @2011 5
Adjusting the accounts (… step 5)
Adjusting entries are journalized in the general journal and then posted into the general ledger. Adjusting entries are used to:
Entries to prepaid expenses…
The costs are expensed as they are used to generate revenue.
GENERAL JOURNAL
Date Account Titles and Explanation Monthly Adjusting Entry for Insurance Jan. 31 Insurance Expense Prepaid Insurance Insurance expense for January.
IA_chapter 02 A Review of the Accounting Cycle
Posting to the Ledger Accounts
An account is used to summarize the effects of transactions on each element of the expanded accounting equation.
• A ledger is a collection of accounts •
213
Steps to Analyze Circumstances
1. Determine whether the amounts recorded for all asset and liabilities is correct. 2. Determine what revenue or expense adjustments are required as a result of the changes in recorded amounts of assets and liabilities indicated in step 1.
recorded in the journals. Documents underlying each recorded transaction provide a means of verifying the accounting records and thus form a vital part of the information and control systems.
212
Preparing Adjusting Entries
Although the majority of accounts are up to date at the end of the accounting period and their balances can be included in the financial statements, some accounts require adjustment to reflect current circumstances. At the end of each accounting period, in order to report all asset, liability, and owners’ equity amounts properly and to recognize all revenues and expenses for the period on an accrual basis, accountants are required to make adjusting entries prior to preparing financial statements.
Chapter2 Unit 2 basics of accounting cycle
Unit 2 Basics of Accounting Cycle会计循环概述教学目标:Master the identify transactions or events to be recorded. Understand the journalize transactions and events and posting from journals to ledger.教学内容：（1）identify transactions or events to be recorded（2）journalize transactions and events（3）posting from journals to ledger本节重点：identify transactions or events to be recorded本节难点：posting from journals to ledger计划学时：1学时授课形式：讲授与实例结合，适当布置作业授课班级：2009会计学本科授课地点：2105Key termsadjusted trial balance调整后试算平衡表A schedule indicating the balances in ledger accounts after end-of-period adjusting entries have been posted. The amounts shown in the adjusted trial balance are carried directly into financial statements. 期末用调整分录调整过金额的分类账余额的列表。
调整后试算表中的数字将直接进入财务报表。
adjusting entries调整分录Entries made at the accounting period for the purpose of recognizing revenue and expenses that are not properly measured as a result of journalizing transactions as they occur. 会计期间期末编制的一种分录。
unit 2会计英语
2. Recording business transactions in journals. Businesses keep a daily record of transactions in sales journals, cashreceipt journals or cash-disbursement journals. receipt n. 收据 【例句】Do you require a receipt for these items? 【搭配1】ask for/give/keep/sign a receipt要/给/保存/签收据 【搭配2】receipt and payment documents收支凭证 receipt slip收条 receipts account收入账 receipt voucher收款凭证 receipt side收方 receipts ledger 收入分类账
5. Closing the books. After all revenues and expenses are accounted for, any net profit gets posted in the owners' equity account. Revenue and expense accounts are always brought to a zero balance before a new accounting cycle begins.
revenue
n. 收入; 营业收入
【例句】European sales account for 30% of the company’s revenue. 【搭配】revenue account （公司的）收益账 revenue expenditure 收益的支出
第2章 Accounting Cycle《会计英语》PPT课件
Unit 1 Accounting Equation and Double-entry Accounting
➢ DOUBLE-ENTRY ACCOUNTING.
➢The equilibrium which the bookkeeping record achieves through the
➢The following table summarizes the rule.
Assets and Expenses
Debit
+
Credit
-
Liabilities,Owners’Equity & Revenue
Debit
-
Credit
+
Special Terms
1. accounting equation
Business activities can be described in terms of transactions and
events. The first step will identify transactions and events that cause
a change in the firm’s resources or obligations and will collect
会计等式或会计平衡式。在复式记账法下,不论一个
期间发生多少经济业务,其记录的结果始终不会破坏会计等式三项要素之间的平
衡关系,即:
资产=负债+所有者权益
2. contributed capital 缴入股本,指股东投入企业的现金或其他资产,包括股
本和股本溢价两部分。
3. common stock 普通股,英国称ordinary share,是公司股票的主要种类,通
会计英语(西方会计学)chapter2-accounting cycle
Double Entry Book Keeping System
Part1: Introduction
分析经济事项
（调整事项）
登记日记账
过入分类账
编制试算表
Analyze Transactions/Events
(Adjustments)
Journalize Transactions/Events
Jan. 1 2,400 Dec. 31
100 Jan. 31 100
Bal.
2,300
(2) Depreciation
Depreciation is the process of allocating the cost of a plant asset over its useful life in a systematic and rational manner.
Dr. 1,000
Accumulated depreciation is a contra asset account.
Cr. 1,000
(3) Unearned Revenues
Cash received in advance of providing products or services.
Dr.
Dec. 26 Cash
3,000
Unearned Revenue
Consulting fees received in advance
Cr. 3,000
Unearned Revenue Dec. 26 3,000
(4) Accrued Expenses
Costs incurred in a period that are both unpaid and
cpa会计第二至第五章知识点表格总结
cpa会计第二至第五章知识点表格总结Chapter 2: The Accounting Cycle- The accounting cycle refers to the process of recording financial transactions and producing financial statements.- Key steps in the accounting cycle include analyzing transactions, journalizing transactions, posting to the general ledger, preparing a trial balance, making adjusting entries, preparing an adjusted trial balance, preparing financial statements, and closing the books.- The accounting cycle ensures that transactions are recorded accurately and financial statements are prepared in a timely manner.Chapter 3: Accrual Accounting and Income Measurement- Accrual accounting records revenues and expenses when they are earned or incurred, regardless of when the cash is received or paid. - The revenue recognition principle states that revenues should be recorded when earned and realized or realizable.- The expense recognition (or matching) principle states that expenses should be recorded in the same period as the revenues they help generate.- Adjusting entries are made at the end of an accounting period to record accrued revenues, accrued expenses, prepaid expenses, and unearned revenues.- Adjusting entries ensure that financial statements accurately reflect the financial position and performance of a company. Chapter 4: Cash and Internal Controls- Cash includes currency, coins, checks, money orders, and directly withdrawable deposits.- Internal controls are procedures and policies implemented by acompany to safeguard its assets and ensure accurate financial reporting.- The key objectives of internal controls include safeguarding assets, ensuring the accuracy and reliability of financial records, promoting operational efficiency, and ensuring compliance with laws and regulations.- Segregation of duties is an important internal control measure that involves dividing key tasks and responsibilities among different individuals to prevent fraud or errors.- Cash receipts must be properly documented and deposited promptly, while cash payments should be made by check or electronic means to provide a clear audit trail.Chapter 5: Receivables and Revenue Recognition- Receivables are amounts owed to a company by its customers or individuals or entities that have borrowed money from the company.- Accounts receivable arise from credit sales and are recorded as assets on the balance sheet.- The allowance method is commonly used to account for uncollectible accounts receivable. It involves estimating and recording an allowance for uncollectible accounts based on past experience or industry norms.- Revenue recognition for merchandise sales typically occurs at the point of sale, while revenue recognition for services may occur over time or at the completion of the service.- Multiple deliverable arrangements require allocation of revenue to each individual component based on their relative fair value.。
山东财经大学 会计英语 第2章
Practice
Let’s practice double entry system with ABC Company
Event 1 – Investment of Cash by Owners
Oct. 1 - Owner invested $10,000 Cash in business in exchange for $10,000 of ABC Corporation Common Stock (普通股股票)
objectives
Explain what a ledger is and how it helps in the recording process. Explain what posting is and how it helps in the recording process. Explain the purposes of a trial balance. Explain the purpose of closing entries.
Assets
Cash New Balance $6,200 + +10,000
= Liabilities +
5,000 = $1,200 +
Owners’ Equity
Common Stock $10,000 +10,000
office equip = Balance $16,200 + 5,000 =
Oct. 2 –ABC received a $1,200 cash advance from Mary Limited, a client.
Assets
Cash Old Balance $5,000 +
会计英语(西方会计学)chapter2-accounting cycle
0.Adjustments
Adjustments
Paid (or received) cash before expense (or revenue) recognized Paid (or received) cash after expense (or revenue) recognized
Prepaid expenses
Dollar amount of debits and credits
2. Post to the Ledger
GENERAL JOURNAL
Date 2014 Dec. 1 Cash Description PR Debit 12,000 Amy. Schneider, Capital The investment of the owner Dec. 2 Supplies Cash 1 Identify the debit account Purchased store supplies for cash 2,500
Asset
Unadjusted Balance Credit Adjustment
Expense
Debit Adjustment
E.g.: On 1/1/2013, Amy’s enterprise paid $2,400 for insurance for 2-years. The enterprise recorded the expenditure as Prepaid Insurance on 1/31/2013. What adjustment is required?
T型账户
复式记账法
Part1: Introduction
分析经济事项
（调整事项）
基础会计(英文版)(第二版)Chapter02 Accounting Cycle I Journal
Reference column of the journal.
e.g.
GENERAL JOURNAL
e.g.
Guangli Services Chart of Accounts
Assets (100-199) 111 Cash 112 Accounts Receivable 113 Prepaid Insurance 121 Trucks 123 Equipment 125 House
Liabilities (200-299) 211 Accounts Payable
An accounting period/fiscal period: any span of time covering a complete accounting cycle.
An accounting year/fiscal year: an accounting period composed of twelve consecutive months.
➢ Enter the date of transaction; ➢ Enter the amount of transaction and the new balance of
the account; ➢ Insert the page number of the journal in the Posting
Accounting Cycle
journalize business transactions
会计循环Accountingcycle-商贸英语
会计循环Accounting cycleThe sequence of accounting procedures used to record， classify， and summarize accounting information is often termed the accounting cycle. The accounting cycle begins with the initial recording of business transactions and concludes with the preparation of formal financial statements summarizing the effects of these transactions upon the assets， liabilities， and owners‘ equity of the business. The term “cycle” indicates that these procedures must be repeated continuously to enable the business to prepare new， up-to-date financial statements at reasonable intervals. The accounting cycle consists of some specific steps as follows： 1. Analyze transactions and business documents 2. Journalize transactions 3. Post journal entries to accounts 4. Determine account balances and prepare a trial balance 5. Prepare a worksheet 6. Prepare financial statements 7. Journalize and post adjusting entries 8. Make closing entries 9. Prepare a post-closing trial balance 10. Make reversing entries Notice that step 1 to 3 occur continuously during the accounting period， step 4 to 9 occur only at the end of the accounting period， and step 10 occurs only at the start of the next accounting period. 会计记录、分类和总结会计记录的过程经常被称作会计循环。
会计学 第二章 会计循环.
Balance 3,000 2,000
Date 2001 June 1 15
Balance 7,000 5,000
Accounting
四、账户
• 会计科目是账户的名称，是设置账户的依据，但
本身没有结构； • 账户是根据会计科目设立的，用来分类记录会计 要素增减变化及其结果的一种记账载体。
Accounting
• (3) 任何一天，任何一时点来看，任何一个单位 的会计恒等式左右方总金额必然相等，经济业务 的发生不会影响会计等式的平衡关系 。 • (4)会计恒等式的意义：该公式是会计上设置帐户、 复式记账、试算平衡、编制会计报表等理论依据， 是贯穿于财务会计始终的一条红线。
Accounting
银行存款
1000
118000 12000
107000
四个金额要素
Accounting 第三节 借贷记账法
一、复式记账法（Double-entry Bookkeeping）
复式记账法是对任何一笔经济业务，都 必须用相等的金额在两个或两个以上的 有关账户中进行登记的记帐方法。 特点
１．可以通过账户的对应关系，反映经济 业务的来龙去脉。
一、会计等式（Accounting Equation） 理论 平衡
静态 平衡 资产=权益=债权人权益+所有者权益
资产=负债+所有者权益
利润 动态 资产=负债+所有者权益+（收入-费用） 平衡
Accounting
扩展的动态平衡式
• 2008.12.31
资产=负债+所有者权益
• 2009.12.31
资产=负债+所有者权益
填制或 取得原 始凭证
会计专业英语教学课件 chapter 2 Accounting Cycle
Content
Topic 1: Basics of Accounting Cycle Topic 2: Journals and Ledgers Topic 3:The Trail Balance Topic 4: Adjusting Procedures
4
Topic 1: Basics of Accounting Cycle
7
Topic 2: Journals and Ledgers
1. Journals In a western accounting system, the information
about each business transaction is initially recorded in an accounting record called a Journal. The information about each transaction that should be recorded in the journal is the date of the transaction, the debit and credit changes in specific ledger accounts, and a brief explanation of the transaction.
2
Mini Case
John is a new internship in the finance department of a company, he has to deal with various business transactions in his daily work. Here is a conversation between John and his tutor, Gary.
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After all the transactions posted from the journal, we can form a completer ledger. (An example can be seen on p35-38.) A trial balance (referred to Chapter 1) can be prepared to help you prove the equality of total debit amounts and total credit amounts.
Chapter 2
Accounting Cycle (I) Journalizing, Posting and Preparing Trial Balance
Accounting Cycle
Accounting cycle: a sequence of accounting procedures which are repeated continuously during each accounting period.
prepare financial statements
prepare a post-closing trial balance
prepare a trial balance
complete a work sheet
The General Journal
A journal: a book in which all business transactions are initially recorded. The process of recording business transactions in the journal is called journalizing.
General ledger: a book containing all the ledger accounts of a business.
GENERAL LEDGER
ACCOUNT NO.
ACCOUNT
DATE ITEM POST REF.
DEBIT
CREDIT
BALANCE DEBIT CREDIT
Posting to the General Ledger
Posting: The process of transferring the journal entries from the journal to ledger accounts. Generally, we follow four steps:
Assets (100-199) 111 Cash 112 Accounts Receivable 113 Prepaid Insurance 121 Trucks 123 Equipment 125 House Liabilities (200-299) 211 Accounts Payable
① ACCOUNT
GENERAL LEDGER
Cash ②
④
ACCOUNT NO. 111
DATE ITEM POST REF.
200×J an.
DEBIT
CREDIT
②
BALANCE DEBIT CREDIT
1
1
1000
0
0 0
00
1000
0 0 0 00
Posting to the General Ledger
Accounting Cycle
journalize business transactions journalize and post the adjusting entries journalize and post the closing entries
post journal entries to ledger accounts
An accounting period/fiscal period: any span of time covering a complete accounting cycle. An accounting year/fiscal year: an accounting period composed of twelve consecutive months.
The Chart of Accounts
Chart of accounts: the official list of all the accounts and their account numbers.
e.g.
Guangli Services Chart of Accounts Owner’s Equity (300-399) 311 Li, Capital 312 Li, Drawing Revenue (400-499) 411 Income from Services Expenses (500-599) 511 Gas Expense 512 Utilities Expense 513 Wages Expense
The simplest form of journal is called a general journal.
The General Journal
GENERAL JOURNAL PAGE
DATE
DESCRIPTION
POST REF.
DEBIT
CREDIT
The General Ledger
Li, Drawing Income from Services
Gas Expense Utilities Expense Wages Expense
500 28 300
200 250 9 000 1 068 300 1 068 300
e.g.
DATE
200× Jan. 1 Cash
GENERAL JOURNAL
PAGE ③
1
DESCRIPTION
POST REF.
1000
DEBIT
0 0 0 00
CREDIT
111
1000 0 0 0 00
Li, Capital
Original investment by Mr. Li in Guangli Services.
e.g.
Guangli Services Trial Balance January 31, 200×
DEBIT Cash Accounts Receivable Prepaid Insurance Trucks Equipment House Accounts Payable Li, Capital 444 450 1 300 3 600 240 000 9 000 360 000 40 000 1 000 000 CREDIT
Enter the date of transaction; Enter the amount of transaction and the new balance of the account; Insert the page number of the journal in the Posting Reference column of the ledger account (cross-reference); Insert the ledger account number in the Posting Reference column of the journal.