Adjusting entries recorded from a work sheet
Download
1 / 19

ADJUSTING ENTRIES RECORDED FROM A WORK SHEET - PowerPoint PPT Presentation


  • 117 Views
  • Uploaded on

2. 1. 4. 6. 5. 7. ADJUSTING ENTRIES RECORDED FROM A WORK SHEET. page 481. 1. Heading. 2. Date. 3. 3. Identify the first adjustment. 4. Account debited. 5. Debit. 6. Account credited. 7. Credit. 8. Continue down the Adjustments columns.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' ADJUSTING ENTRIES RECORDED FROM A WORK SHEET' - casper


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
Adjusting entries recorded from a work sheet

2

1

4

6

5

7

ADJUSTING ENTRIES RECORDED FROM A WORK SHEET

page 481

1. Heading

2. Date

3

3. Identify the first adjustment

4. Account debited

5. Debit

6. Account credited

7. Credit

8. Continue down the Adjustments columns

LESSON 16-1




Adjusting entry for supplies office
ADJUSTING ENTRY FOR SUPPLIES—OFFICE

page 483

LESSON 16-1


Adjusting entry for supplies store
ADJUSTING ENTRY FOR SUPPLIES—STORE

page 483

LESSON 16-1


Adjusting entry for prepaid insurance
ADJUSTING ENTRY FOR PREPAID INSURANCE

page 484

LESSON 16-1


Adjusting entry for depreciation office equipment
ADJUSTING ENTRY FOR DEPRECIATION—OFFICE EQUIPMENT

page 484

LESSON 16-1


Adjusting entry for depreciation store equipment
ADJUSTING ENTRY FOR DEPRECIATION—STORE EQUIPMENT

page 485

LESSON 16-1



The income summary account
THE INCOME SUMMARY ACCOUNT

page 487

LESSON 16-2


Closing entry for accounts with credit balances

3

3

CLOSING ENTRY FOR ACCOUNTS WITH CREDIT BALANCES

page 488

1

2

4

1. Heading

3. Debits to close

2. Date

4. Credit to Income Summary

LESSON 16-2


Closing entry for income statement accounts with debit balances

3

3

CLOSING ENTRY FOR INCOME STATEMENT ACCOUNTS WITH DEBIT BALANCES

page 489

1. Date

2. Account debited

3. Credits to close

4. Debit amount

1

2

4

LESSON 16-2


Summary of closing entry for income statement accounts with debit balances

Purchases

Bal. 209,960.00 Closing 209,960.00

(New Bal. zero)

Income Summary

Adj. (mdse. inv.) 15,840.00 Closing (credit amounts) 500,253.10

Closing (debit accounts) 404,099.15 (New Bal. 80,313.95)

SUMMARY OF CLOSING ENTRY FOR INCOME STATEMENT ACCOUNTS WITH DEBIT BALANCES

page 490

LESSON 16-2


Closing entry to record net income
CLOSING ENTRY TO RECORD NET INCOME

page 491

1

2

3

1. Date

2. Debit Income Summary

3. Credit Retained Earnings

LESSON 16-2


Closing entry for dividends
CLOSING ENTRY FOR DIVIDENDS

page 491

1

2

3

1. Date

2. Debit Retained Earnings

3. Credit Dividends

LESSON 16-2



Post closing trial balance

3 JOURNAL

2

4

5

7

POST-CLOSING TRIAL BALANCE

page 496

1. Heading

1

2. Accounts that have balances

3. Debit balances

4. Credit balances

5. Word Totals

6. Totals

7. Double lines

6

LESSON 16-3


Accounting cycle for a merchandising business organized as a corporation
ACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATION

page 497

1. Source documents are checked, and transactions are analyzed.

1

2

2. Transactions are recorded in journals.

3. Journal entries are posted to the accounts payable ledger, the accounts receivable ledger, and the general ledger.

3

4

5

4. Schedules of accounts payable and account receivable are prepared from the subsidiary ledgers.

5. A work sheet is prepared from the general ledger.

(continued on next slide)

LESSON 16-3


Accounting cycle for a merchandising business organized as a corporation1

6. Financial statements are prepared. CORPORATION

ACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATION

page 497

7. Adjusting and closing entries are journalized from the work sheet.

9

8. Adjusting and closing entries are posted to the general ledger.

9. A post-closing trial balance of the general ledger is prepared.

8

7

6

(continued from previous slide)

LESSON 16-3


ad