TAILIEUCHUNG - Lecture Accounting (6th edition): Chapter App L - Kimmel, Weygandt, Kieso

Chapter App L - Accounting for sole proprietorships. After completing this unit, you should be able to: Identify the differences in equity accounts between a corporation and a sole proprietorship, understand what accounts increase and decrease owner’s equity, describe the differences between a retained earnings statement and an owner’s equity statement. | Accounting for Sole Proprietorships Kimmel ● Weygandt ● Kieso Accounting, Sixth Edition L Understand what accounts increase and decrease owner’s equity. CHAPTER OUTLINE Identify the differences in equity accounts between a corporation and a sole proprietorship. 1 2 LEARNING OBJECTIVES Describe the differences between a retained earnings statement and an owner’s equity statement. 3 Explain the process of closing the books for a sole proprietorship. 4 The primary difference between accounting and reporting for a sole proprietorship and a corporation involves accounting for equity transactions. ILLUSTRATION L-1 Equity section of the balance sheet—corporation vs. proprietorship LEARNING OBJECTIVE Discuss and account for the formation of a partnership. 1 LO 1 OWNER’S EQUITY IN A SOLE PROPRIETORSHIP ILLUSTRATION L-2 Increases and decreases in owner’s equity LEARNING OBJECTIVE Understand what accounts increase and decrease owner’s equity. 2 LO 2 Sierra’s transactions as a sole proprietor. RECORDING TRANSACTIONS ILLUSTRATION L-3 Summary of transactions A sole proprietor makes the same types of adjustments as a corporation. After recording and posting all of the adjustments, an adjusted trial balance is prepared. Illustrations L-4 and L-5 show how the adjusted trial balance is used to prepare a sole proprietor’s financial statements. LEARNING OBJECTIVE Describe the differences between a retained earnings statement and an owner’s equity statement. 3 LO 3 Sole proprietor prepares an owner’s equity statement rather than a retained earnings statement ILLUSTRATION L-4 LO 4 ILLUSTRATION L-5 Preparation of the balance sheet from the adjusted trial balance LEARNING OBJECTIVE Explain the process of closing the books for a sole proprietorship. 4 LO 4 ILLUSTRATION L-6 ILLUSTRATION L-6 Diagram of closing process ILLUSTRATION L-8 Posting of closing entries LO 4 Post-closing trial balance List of all permanent accounts and their balances after closing entries are journalized and posted.

• Kế toán - Kiểm toán
• Lecture Accounting
• Financial statements
• Business organization
• Accounting information
• Sole proprietorships
• Accounting for sole proprietorships
• Financial accounting
• Lecture Financial accounting
• Management accounting
• Accounting standards
• Accounting equation
• Intermediate accounting
• Lecture Intermediate accounting
• Accounting process
• Accounting processing cycle
• Managerial accounting
• Accounting principles
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Merchandising operations
• Lecture Accounting 1
• Accounting for main transactions
• Accounting for purchases
• Accounting for sales
• Accounting for expenses
• Principle of accounting
• Lecture Principle of accounting
• The basic accounting equation
• Transaction analysis in accounting equation
• Calculate the accounting equation
• Lecture Advanced financial accounting
• Bài giảng Kế toán tài chính nâng cao
• Advanced financial accounting
• Accounting policies
• Accounting estimate
• Retrospective application
• Changes in accounting estimates
• Retrospective restatements
• Accounting assumptions
• Lecture Management accounting
• Bài giảng Kế toán quản trị
• Nature of management accounting
• Component of accounting system
• Financial system
• Lecture Accounting and financial system
• Ledger accounting
• Trial balance
• Completing the accounting cycle
• Accounting cycle
• Accounting worksheet
• Classified balance sheet
• Accounting changes
• Error corrections
• Accounting choices
• Accounting for business
• Lecture Accounting for business
• Accounting entity
• Classification of assets
• Accounting equation transactions