Location via proxy:   [ UP ]  
[Report a bug]   [Manage cookies]                
Scribd Logo
Upload

Welcome to Scribd!

  • 39 views

    Chapter 4: Completing The Accounting Cycle 1. Steps in Prepareing A Worksheet

    Uploaded by

    Nguyễn Quỳnh Anh
    The document discusses completing the accounting cycle, including preparing a worksheet, income statement, owner's equity statement, and balance sheet. It covers steps like computing net income, posting closing entries, and journalizing closing entries. Examples are provided for companies to practice preparing worksheets, financial statements, closing entries, and post-closing trial balances.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Chapter 4: Completing The Accounting Cycle 1. Steps in Prepareing A Worksheet

    Uploaded by

    Nguyễn Quỳnh Anh
    39 views8 pages
    The document discusses completing the accounting cycle, including preparing a worksheet, income statement, owner's equity statement, and balance sheet. It covers steps like computing net income, posting closing entries, and journalizing closing entries. Examples are provided for companies to practice preparing worksheets, financial statements, closing entries, and post-closing trial balances.

    Original Title

    [Learning Material] Chapter 4 P

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document discusses completing the accounting cycle, including preparing a worksheet, income statement, owner's equity statement, and balance sheet. It covers steps like computing net income, posting closing entries, and journalizing closing entries. Examples are provided for companies to practice preparing worksheets, financial statements, closing entries, and post-closing trial balances.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    39 views8 pages

    Chapter 4: Completing The Accounting Cycle 1. Steps in Prepareing A Worksheet

    Uploaded by

    Nguyễn Quỳnh Anh
    The document discusses completing the accounting cycle, including preparing a worksheet, income statement, owner's equity statement, and balance sheet. It covers steps like computing net income, posting closing entries, and journalizing closing entries. Examples are provided for companies to practice preparing worksheets, financial statements, closing entries, and post-closing trial balances.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 8

    Tutor: Chu Ngoc Long Facebook: Long Chu

    <https://www.facebook.com/louis.sun.9484/>
    Ôn thi Chuyên ngành Kiểm toán CLC NEU Phone: +84 926 789 668

    Chapter 4: Completing the Accounting Cycle


    1. Steps in prepareing a Worksheet

    COMPUTE NET INCOME (LOSS)

    1
    Tutor: Chu Ngoc Long Facebook: Long Chu
    <https://www.facebook.com/louis.sun.9484/>
    Ôn thi Chuyên ngành Kiểm toán CLC NEU Phone: +84 926 789 668

    2. Form of Income Statement

    3. Form of Owner’s Equity Statement

    2
    Tutor: Chu Ngoc Long Facebook: Long Chu
    <https://www.facebook.com/louis.sun.9484/>
    Ôn thi Chuyên ngành Kiểm toán CLC NEU Phone: +84 926 789 668

    4. Form of Balance Sheet

    3
    Tutor: Chu Ngoc Long Facebook: Long Chu
    <https://www.facebook.com/louis.sun.9484/>
    Ôn thi Chuyên ngành Kiểm toán CLC NEU Phone: +84 926 789 668

    4
    Tutor: Chu Ngoc Long Facebook: Long Chu
    <https://www.facebook.com/louis.sun.9484/>
    Ôn thi Chuyên ngành Kiểm toán CLC NEU Phone: +84 926 789 668

    5. Posting Closing Entries

    2500

    NOTE: Owner’s Drawings is closed directly to Owner’s Capital and not to Income
    Summary. Owner’s Drawings is not an expense.

    5
    Tutor: Chu Ngoc Long Facebook: Long Chu
    <https://www.facebook.com/louis.sun.9484/>
    Ôn thi Chuyên ngành Kiểm toán CLC NEU Phone: +84 926 789 668

    6. Closing entries journalized

    6
    Tutor: Chu Ngoc Long Facebook: Long Chu
    <https://www.facebook.com/louis.sun.9484/>
    Ôn thi Chuyên ngành Kiểm toán CLC NEU Phone: +84 926 789 668

    Exercises
    1. Victoria Lee company had the following adjusted trial balance.

    Prepare closing entries at June 30,2017

    2. The adjusted trial balance column of the worksheet for Porter company,
    owned by Mr. Porter are as follow:

    7
    Tutor: Chu Ngoc Long Facebook: Long Chu
    <https://www.facebook.com/louis.sun.9484/>
    Ôn thi Chuyên ngành Kiểm toán CLC NEU Phone: +84 926 789 668

    a. Preapare the worksheet


    b. Prepare an Income Statement, owner’s equity statement, and a classified balance
    sheet (Note: $5,000 of the notes payable become due in 2018) D. Thao did not
    make any additional investments in the business during the year.
    c. Prepare the closing entries
    d. Prepare a post-closing trial balance.

    You might also like