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会计学1FundamentalFinancialAccounting1 Instructor Dr XiaoyanLuEmail luxy Tel 84114272 STUDYOBJECTIVESAfterstudyingthischapter youshouldunderstand CHAPTER4COMPLETETHEACCOUNTINGCYCLE Aworksheetisamultiple columnformthatmaybeusedintheadjustmentprocessandinpreparingfinancialstatements Itisanoptionaltool notapermanentrecord Adjustmentsarejournalizedandpostedfromtheworksheetafterfinancialstatementsareprepared STUDYOBJECTIVE1PREPARINGAWORKSHEET BenefitsofaWorkSheet Aidsthepreparationoffinancialstatements Reducespossibilityoferrors Linksaccountsandtheiradjustments Assistsinplanningandorganizinganaudit Helpsinpreparinginterimfinancialstatements Showstheeffectsofproposedtransactions Notarequiredreport P1 1 2 3 4 Preparea Enter Enter Extendadjustedbalancesto trialbalance adjustment adjusted appropriatestatementcolumns onthe dates balances 5 worksheet Totalthestatementcolumns computenetincome ornet loss andcompleteworksheet accounttitles for adjustments FORMANDPROCEDUREFORAWORKSHEET 1Prepareatrialbalanceontheworksheet2Entertheadjustmentsintheadjustmentscolumns3Enteradjustedbalancesintheadjustedtrialbalancecolumns4ExtendadjustedtrialbalanceamountstotheF Scolumns5TotalF Scolumns computenetincomeorloss andcompletetheworksheet STEPSINPREPARINGAWORKSHEET FastForwardWorksheetFortheMonthEndedDecember31 2013 P1 STUDYOBJECTIVE2TheClosingProcess Resetsrevenue expense andwithdrawalaccountbalancestozeroattheendoftheperiod Helpssummarizeaperiod srevenuesandexpensesintheIncomeSummaryaccount C1 TemporaryandPermanentAccounts C1 Let sseehowtheclosingprocessworks RecordingClosingEntries CloseCreditBalancesinRevenueAccountstoIncomeSummary CloseDebitBalancesinExpenseaccountstoIncomeSummary CloseIncomeSummaryaccounttoOwner sCapital CloseWithdrawalstoOwner sCapital P2 Usingtheadjustedtrialbalance let spreparetheclosingentriesforFastForward P2 1 CloseCreditBalancesinRevenueAccountstoIncomeSummary P2 CloseCreditBalancesinRevenueAccountstoIncomeSummary Now let slookattheledgeraccountsafterpostingthisclosingentry P2 P2 CloseCreditBalancesinRevenueAccountstoIncomeSummary 2 CloseDebitBalancesinExpenseAccountstoIncomeSummary P2 Now let slookattheledgeraccountsafterpostingthisclosingentry CloseDebitBalancesinExpenseAccountstoIncomeSummary P2 NetIncome CloseDebitBalancesinExpenseAccountstoIncomeSummary P2 3 CloseIncomeSummarytoOwner sCapital P2 Now let slookattheledgeraccountsafterpostingthisclosingentry CloseIncomeSummarytoOwner sCapital P2 P2 CloseIncomeSummarytoOwner sCapital 4 CloseWithdrawalsAccounttoOwner sCapital P2 Now let slookattheledgeraccountsafterpostingthisclosingentry CloseWithdrawalsAccounttoOwner sCapital P2 P2 CloseWithdrawalsAccounttoOwner sCapital SummaryoftheClosingProcess CloseCreditBalancesinRevenueAccountstoIncomeSummary CloseDebitBalancesinExpenseAccountstoIncomeSummary CloseIncomeSummarytoOwner sCapital CloseWithdrawalsAccounttoOwner sCapital Let slookatFastForward spost closingtrialbalance Post ClosingTrialBalance Listofpermanentaccountsandtheirbalancesafterpostingclosingentries Totaldebitsandcreditsmustbeequal P3 Post ClosingTrialBalance P3 AccountingCycle C2 Currentitemsarethoseexpectedtocomedue bothcollectedandowed withinthelongerofoneyearorthecompany snormaloperatingcycle ClassifiedBalanceSheet C3 Currentassetsareexpectedtobesold collected orusedwithinoneyearorthecompany soperatingcycle C3 Long terminvestmentsareexpectedtobeheldformorethanoneyearortheoperatingcycle C3 Plantassetsaretangiblelong livedassetsusedtoproduceorsellproductsandservices C3 Intangibleassetsarelong termresourcesusedtoproduceorsellproductsandservicesandthatlackphysicalform C3 Currentliabilitiesareobligationsduewithinthelongerofoneyearorthecompany soperatingcycle C3 Long termliabilitiesareobligationsnotduewithinthelongerofoneyearorthecompany soperatingcycle C3 Equityistheowner sclaimontheassets C3 GlobalView ThedefinitionofanassetissimilarunderU S GAAPandIFRSandinvolvesthreebasiccriteria thecompanyownsorcontrolstherighttousetheitem therightarisesfromapasttransactionorevent andtheitemcanbereliablymeasured Bothsystemsdefinetheinitialassetvalueashistoricalcostfornearlyallassets ThedefinitionofaliabilityissimilarunderU S GAAPandIFRSandinvolvesthreebasiccriteria 1 theitemisapresentobligationrequiringaprobablefutureresourceoutlay 2 theobligationarisesfromapasttransactionorevent and 3 theobligationcanbereliablymeasured CurrentRatio Helpsassessthecompany sabilitytopayitsdebtsinthenearfuture LimitedBrands Inc A1 P4 Appendix4A ReversingEntries Reversingentriesareoptional Theyarerecordedinresponsetoaccruedassetsandaccruedliabilitiesthatwerecreatedbyadjustingentriesattheendofareportingperiod Thepurposeofreversingentriesistosimplifyacompany srecordkeeping Let sseehowtheaccountingforourpayrollaccrualwillbehandledwithandwithoutreversingentries P4 P4 Wi

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