TAILIEUCHUNG - Completing the Accounting Cycle
Chu kỳ kế toán là quá trình mà kế toán chuẩn bị các báo cáo tài chính cho một thực thể trong một thời gian cụ thể thời gian. | Completing the Accounting Cycle Chapter 4 Prepare an accounting work sheet. Objective 1 The Accounting Cycle The accounting cycle is the process by which accountants prepare financial statements for an entity for a specific period of time. The Accounting Cycle For a new business, begin by setting up ledger accounts. For an established business, begin with account balances carried over from the previous period. Accounts Receivable 1,350 Accounts Receivable 1,700 Service Revenue 1,700 Accounts Receivable 1,350 1,700 3,050 Accounts Receivable 1,350 1,700 The Accounting Cycle Work Sheet Cash Accounts receivable 12,100 3,050 Balance Sheet Income Statement The Accounting Cycle Postclosing Trial Balance Cash Accounts receivable 12,100 3,050 Adjusting entries Closing entries Cash Accounts Receivable 12,100 3,050 The Accounting Cycle The Accounting Work Sheet What is the work sheet? A work sheet is a multi-columned document used by accountants to help move data from the trial balance to the financial statements. It is an internal document. Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash Accounts receivable Supplies Equipment Accum. depreciation Accounts payable Salary payable Unearned revenue Capital Withdrawals Revenue Salary expense Supplies expense Depreciation expense Totals 12,100 1,350 250 15,500 1,000 12,000 42,200 7,500 1,200 1,100 1,500 7,200 23,700 42,200 The Accounting Work Sheet ©2002 Prentice Hall, Inc. Business Publishing Accounting, 5/E Horngren/Harrison/Bamber 4 - 9 The Accounting Work Sheet The company has earned revenue of $1,700 which will be collected next month. Inventory of supplies at month end totaled $150. Depreciation for the period was calculated as $200. Adjusted Trial Balance Adjustments Trial Balance Account Title Dr. Cr. Dr. Cr. Dr. Cr. Cash Accounts receivable Supplies Equipment Accum. depreciation Accounts payable Salary payable Unearned revenue Capital Withdrawals Revenue Salary expense Supplies .
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