Financial accounting 15e warren duchac

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Nội dung chi tiết: Financial accounting 15e warren duchac

Financial accounting 15e warren duchac

AFJQa_nc!al.—AccountingThe BasicsAccounting Equation:AwtJ - Liabilities ♦ Owner's EquityT Account:Account TitleLeft sideRight sidedebitcreditRules of

Financial accounting 15e warren duchac Debit and Credit:Accounting Cycle:1Transactions are analyzed and recorded m the journal.2Transactions are posted to the ledger.3An unadjusted trial b

alance is prepared.4Adjustment data are assembled and analyzed.5An optional end-of-penod spreadsheet is prepared.6Adjusting entries are journalized an Financial accounting 15e warren duchac

d posted to the ledger.7An adjusted trial balance is prepared.8Financial statements are prepared.0. Closing entries are journalized and posted to the

Financial accounting 15e warren duchac

ledger.10. A post-closing trial balance is prepared.Analyzing and Journalizing Transactions1Carefully read the description of the transaction to deter

AFJQa_nc!al.—AccountingThe BasicsAccounting Equation:AwtJ - Liabilities ♦ Owner's EquityT Account:Account TitleLeft sideRight sidedebitcreditRules of

Financial accounting 15e warren duchac saction, determine whether the account increases or decreases.3Determine whether each increase or decrease should be recorded as a debit or a credit,

following the rules of debit and credit.4Record the transaction using a journal entry.5Periodically post journal entries to the accounts in the ledger Financial accounting 15e warren duchac

.6Prepare an unadjusted trial balance at the end of the pericdLFinancial Statements:•Income statement: A summary of the revenue and expenses of a busi

Financial accounting 15e warren duchac

ness entity for a specific period of time such as a month or a year.•Statement of owner’s equity: A summary of the changes in the owner's equity of a

AFJQa_nc!al.—AccountingThe BasicsAccounting Equation:AwtJ - Liabilities ♦ Owner's EquityT Account:Account TitleLeft sideRight sidedebitcreditRules of

Financial accounting 15e warren duchac owner's equity of a business entity as of a specific date, usually at the close of the last day of a month or a year.•Statement of Cash Flows: A summa

ry of the cash receipts and cash payments of a business entity for a specific period of time, such as a month or a year.Types of Adjusting Entries:•Ac Financial accounting 15e warren duchac

crued revenue (accrued asset)•Accrued expense (accrued liability)•Unearned revenue (deferred revenue)

AFJQa_nc!al.—AccountingThe BasicsAccounting Equation:AwtJ - Liabilities ♦ Owner's EquityT Account:Account TitleLeft sideRight sidedebitcreditRules of