会计学原理英文课件Chapter_04ACCOUNTING CYCLE

Rental revenue Depr. expense Salaries expense Insurance expense Rent expense Supplies expense Utilities expense Totals
FastForward Work Sheet For Month Ended December 31, 2009
Supplies
8,670
Prepaid insurance
2,300
Equipment
26,000
Accum. depr. - Equip.
375
Accounts payable
6,200
Salaries payable
210
Unearned consulting revenue
2,750
C. Taylor, Capital
25,625 $ 42,745
$ 9,160
33,585 $ 42,745
McGraw-Hill/Irwin
Slide 10
C1
CLOSING PROCESS
Resets revenue, expense and withdrawal account balances to zero at the end of the period.
C. Taylor, Capital 12/1/09 Investment by owner
Add: Net income Total Less: Withdrawal by owner C. Taylor, Capital 12/31/09
30,000 $ 3,785
$ -0-
33,785 33,785
Assists in planning and organizing an
audit.
Reduces possibility of
errors.
Links accounts and their
adjustments.
McGraw-Hill/Irwin
Not a required report.
Helps in preparing interim financial statements.
375
6,200
210
2,750
30,000
200
43,320
39,535
McGraw-Hill/Irwin
Slide 6
Total statement columns,FcasotFmoprwuatred income or loss, and ForbMaolnathnEcneWdocerdokDlSuehmceeemnt sbe.r 31, 2007
Prepaid insurance
2,300
2,300
Equipment
26,000
26,000
Accum. depr. - Equip.
375
375
Accounts payable
6,200
6,200
Salaries payable
210
210
Unearned consulting revenue
Add: Net income Total Less: Withdrawal by owner C. Taylor, Capital 12/31/09
30,000 $ 3,785
$ -0-
33,785 33,785
200 $ 33,585
Prepare the Balance Sheet.
FastForward
30,000
C. Taylor, Withdrawals
200
Consulting revenue
7,850
7,850
Rental revenue
300
300
Depr. expense
375
375
Salaries expense
1,610
1,610
Insurance expense
100
100
Rent expense
Balance Sheet
December 31, 2009
Assetsຫໍສະໝຸດ CashAccounts receivable
Supplies
Prepaid insurance
Equipment
$ 26,000
Less: accum. depr.
(375)
Total assets
Liabilities
Accounts payable
1,610
1,610
Insurance expense
100
100
Rent expense
1,000
1,000
Supplies expense
1,050
1,050
Utilities expense
230
230
Totals
47,685
47,685
4,365
8,150
43,320
39,535
Net income
1,000
1,000
Supplies expense
1,050
1,050
Utilities expense
230
230
Totals
47,685
47,685
4,365
8,150
Balance Sheet &
Statement of Equity
Dr.
Cr.
4,350
1,800
8,670
2,300
26,000
Permanent Accounts
Income Summary
McGraw-Hill/Irwin
The closing process applies only to
temporary accounts.
Slide 12
P2 RECORDING CLOSING ENTRIES
Close Revenue accounts to
2,750
2,750
C. Taylor, Capital
30,000
30,000
C. Taylor, Withdrawals
200
200
Consulting revenue
7,850
7,850
Rental revenue
300
300
Depr. expense
375
375
Salaries expense
Shows the effects of proposed transactions.
Slide 2
P1
Cash Accounts receivable Supplies Prepaid insurance Equipment Accum. depr. - Equip. Accounts payable Salaries payable Unearned consulting revenue C. Taylor, Capital C. Taylor, Withdrawals Consulting revenue
Prepare the Income
Revenues: Consulting revenue
$ 7,850
Statement.
Rental revenue
300
Total revenues Operating expenses:
8,150 A work sheet
Depr. expense - Equip. $ 375
P1
Adjusted
Income
Balance Sheet &
Trial Balance
Statement
Statement of Equity
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Cash
4,350
4,350
Accounts receivable
1,800
1,800
Supplies
8,670
8,670
1,050
Utilities expense
230
Total expenses
4,365
Net income
$ 3,785
Prepare the Statement of Owner’s Equity.
FastForward Statement of Owner's Equity For the Month Ended December 31, 2009
200 $ 33,585
McGraw-Hill/Irwin
Slide 9
FastForward Statement of Owner's Equity For the Month Ended December 31, 2009
C. Taylor, Capital 12/1/09 Investment by owner
Unadjusted Trial Balance
Adjustments
Adjusted Trial Balance
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
4,350 -
9,720 2,400 26,000
200
1,400
1,000
230 45,300
-
6,200 First, enter the -
3,000 unadjusted
Salaries expense
1,610
does not