基础会计学第四单元课件英文版完整版本
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the worksheet
4 -7
FastForward
P1
Worksheet
For the Month Ended December 31, 2013
4 -8
C1
STUDY OBJECTIVE 2
The Closing Process
1. Resets revenue, expense, and withdrawal account balances to zero at the end of the period.
STUDY OBJECTIVES After studying this chapter, you should understand:
How to prepare a worksheet
The closing process
Steps in the accounting cycle
Correcting entries
• It is an optional tool --not a permanent record. • Adjustments are journalized and posted from the
work sheet after financial statements are prepared.
Baidu Nhomakorabea
4 -4
P1 Benefits of a Work Sheet
Aids the preparation of
financial statements.
Reduces possibility of
errors.
Links accounts and their
adjustments.
Not a required report.
Assists in planning and organizing an
audit.
Helps in preparing interim financial statements.
Shows the effects of proposed transactions.
4 -5
Account Titles
4 -1
会计学1
Fundamental Financial Accounting 1
Instructor: Dr. Xiaoyan Lu Email: luxy@mail.sysu.edu.cn
Tel: 84114272
4 -2
CHAPTER 4
COMPLETE THE ACCOUNTING CYCLE
▪ Close Debit Balances in
Expense accounts to Income Summary.
▪ Close Income Summary
account to Owner’s Capital.
▪ Close Withdrawals to Owner’s
Capital.
Let’s see how the closing
The post-closing trial The classified balance
balance
sheet
4 -3
STUDY OBJECTIVE 1
PREPARING A WORKSHEET
• A work sheet is a multiple-column form that may be used in the adjustment process and in preparing financial statements.
Owner’s Capital
The closing process applies only to
temporary accounts.
4 - 10
P2 Recording Closing Entries
▪ Close Credit Balances in
Revenue Accounts to Income Summary.
STEPS IN PREPARING A WORKSHEET
1 Prepare a trial balance on the worksheet 2 Enter the adjustments in the adjustments columns 3 Enter adjusted balances in the adjusted trial balance columns 4 Extend adjusted trial balance amounts to the F/S columns 5 Total F/S columns, compute net income or loss, and complete
FORM AND PROCEDURE FOR A WORK SHEET
Trial Balance Dr. Cr.
Work Sheet
Adjusted Adjustments Trial Balance Dr. Cr. Dr. Cr.
Income Statement Dr. Cr.
Balance Sheet
Dr. Cr.
(Ledger account titles)
(Additional account titles
for adjustments)
1. Prepare a trial balance
on the work sheet
2. Enter adjustment dates
3. Enter adjusted balances
2. Helps summarize a period’s revenues and expenses in the Income Summary account.
4 -9
C1
Temporary and
Permanent Accounts
Assets
Permanent Accounts
Liabilities
4. Extend adjusted balances to appropriate statement columns
5. Total the statement columns, compute net income (or net loss), and complete work sheet
4 -6
process works!
4 -7
FastForward
P1
Worksheet
For the Month Ended December 31, 2013
4 -8
C1
STUDY OBJECTIVE 2
The Closing Process
1. Resets revenue, expense, and withdrawal account balances to zero at the end of the period.
STUDY OBJECTIVES After studying this chapter, you should understand:
How to prepare a worksheet
The closing process
Steps in the accounting cycle
Correcting entries
• It is an optional tool --not a permanent record. • Adjustments are journalized and posted from the
work sheet after financial statements are prepared.
Baidu Nhomakorabea
4 -4
P1 Benefits of a Work Sheet
Aids the preparation of
financial statements.
Reduces possibility of
errors.
Links accounts and their
adjustments.
Not a required report.
Assists in planning and organizing an
audit.
Helps in preparing interim financial statements.
Shows the effects of proposed transactions.
4 -5
Account Titles
4 -1
会计学1
Fundamental Financial Accounting 1
Instructor: Dr. Xiaoyan Lu Email: luxy@mail.sysu.edu.cn
Tel: 84114272
4 -2
CHAPTER 4
COMPLETE THE ACCOUNTING CYCLE
▪ Close Debit Balances in
Expense accounts to Income Summary.
▪ Close Income Summary
account to Owner’s Capital.
▪ Close Withdrawals to Owner’s
Capital.
Let’s see how the closing
The post-closing trial The classified balance
balance
sheet
4 -3
STUDY OBJECTIVE 1
PREPARING A WORKSHEET
• A work sheet is a multiple-column form that may be used in the adjustment process and in preparing financial statements.
Owner’s Capital
The closing process applies only to
temporary accounts.
4 - 10
P2 Recording Closing Entries
▪ Close Credit Balances in
Revenue Accounts to Income Summary.
STEPS IN PREPARING A WORKSHEET
1 Prepare a trial balance on the worksheet 2 Enter the adjustments in the adjustments columns 3 Enter adjusted balances in the adjusted trial balance columns 4 Extend adjusted trial balance amounts to the F/S columns 5 Total F/S columns, compute net income or loss, and complete
FORM AND PROCEDURE FOR A WORK SHEET
Trial Balance Dr. Cr.
Work Sheet
Adjusted Adjustments Trial Balance Dr. Cr. Dr. Cr.
Income Statement Dr. Cr.
Balance Sheet
Dr. Cr.
(Ledger account titles)
(Additional account titles
for adjustments)
1. Prepare a trial balance
on the work sheet
2. Enter adjustment dates
3. Enter adjusted balances
2. Helps summarize a period’s revenues and expenses in the Income Summary account.
4 -9
C1
Temporary and
Permanent Accounts
Assets
Permanent Accounts
Liabilities
4. Extend adjusted balances to appropriate statement columns
5. Total the statement columns, compute net income (or net loss), and complete work sheet
4 -6
process works!