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Chapter 10:  Completing Quarterly Activities  and Closing the Fiscal Year
Completing Quarterly Activities  and Closing the Fiscal Year <ul><li>Chapters 9 and 10 work together. In Chapter 10, you w...
Software Objectives, p. 289 <ul><li>Restore data from Chapter 9.  (The Chapter 9 October.ptb back up was made on page 289....
©The McGraw-Hill Companies, Inc.   of 35 Web Objectives, p. 301 <ul><li>Use your Internet browser to go to the book’s webs...
PCA’s Computer  Accounting Cycle, p. 302 <ul><li>Print the general ledger trial balance (adjusted). </li></ul><ul><li>Jour...
PCA’s Computer  Accounting Cycle (concluded), p. 302 10. Interpret accounting information. 9.  Close the fiscal year. 8.  ...
Peachtree Tips <ul><li>You must complete Chapter 9  before  starting Chapter 10. </li></ul><ul><li>To check that you have ...
Peachtree Tips (continued) <ul><li>If you do not get the correct year-to-date amounts on your Income Statement (p. 326), S...
Backing Up Chapter 10 . <ul><li>Part 2 continues in Chapter 10.  The chart below shows the size of the backups made in Cha...
Chapter 10 Topics <ul><li>Software & web objectives,  p. 301 </li></ul><ul><li>Getting started, pp. 302-304 </li></ul><ul>...
Chapter 10 Topics, concluded <ul><li>Backing up December Data, pp. 329-330 </li></ul><ul><li>Closing the Fiscal Year, pp. ...
Change accounting periods, pp. 303-304 <ul><li>Click on Tasks, then System. From the System menu, select Change Accounting...
Pages 305 through 310 <ul><li>Continue with the steps shown on pages 305 – 310. </li></ul><ul><li>Compare your Cash Accoun...
Pages 311 and 312 <ul><li>Print the balance sheet, then compare it to the one shown on p. 311. </li></ul><ul><li>Print the...
Data File Statistics, pp. 313-314 <ul><li>From the menu bar, click on Help, Customer Support and Service, then select File...
Pages 315 - 319 <ul><li>Continue with the steps for changing the accounting period shown on page 315. </li></ul><ul><li>Co...
Backing up the Unadjusted Trial Balance, pages 319-320 <ul><li>Follow steps a through f on pages 319-320 to back up your u...
End-of-Quarter Adjusting Entries,  p. 320-323 <ul><li>Ms. Wood’s accounting records are adjusted at the end of December. F...
Financial Statements, pp. 325-329 <ul><li>Compare your balance sheet to the one shown on p. 325. </li></ul><ul><li>Compare...
Backing up December data, pp. 329-330 <ul><li>Follow the steps on pp. 329-330 to back up December data. </li></ul><ul><li>...
Closing the Fiscal Year, p. 330 <ul><li>From the menu bar, select Tasks, System, Year-End Wizard.  </li></ul><ul><li>Click...
Closing the fiscal year, continued, p. 331 <ul><li>The Year-End Wizard – Welcome window appears. </li></ul><ul><li>Click o...
Closing the fiscal year, continued, p. 331 <ul><li>The Close Options window appears. Read the information on this window. ...
Closing the fiscal year, continued, p. 332 <ul><li>Read the information on the Print Fiscal Year-End Reports window. </li>...
Closing the fiscal year, continued,  pp. 332-333 <ul><li>The Back Up Company Data window appears. You already made a back ...
Closing the fiscal year, continued, p. 333 <ul><li>The New Open Fiscal Years window appears. Read the information on this ...
Closing the fiscal year, continued, p. 334 <ul><li>The Important – Confirm Year-End Close window appears. Read the informa...
Closing the fiscal year, continued p. 334 <ul><li>The Begin Close-Year Process window appears. Read the information on thi...
Closing the fiscal year, concluded, p. 335 <ul><li>The Congratulations! window appears. Read the information on this windo...
Printing the Post-Closing  Trial Balance, pp. 333-336 <ul><li>After the fiscal year is closed, a post-closing trial balanc...
Backing Up Year-End Data, pp. 336-337 <ul><li>Follow steps 1 through 6 on pages 336 & 337 to back up year-end data. </li><...
Glossary of Terms Chapter 10
Unearned revenue, p. 323 <ul><li>Unearned revenue is a liability account used to report advance collections from customers...
©The McGraw-Hill Companies, Inc.   of 35 Internet Activity, p. 337 Follow the steps shown on the book’s website to complet...
©The McGraw-Hill Companies, Inc.   of 35 Going to the Net, p. 335 <ul><li>Access the asset depreciation schedule at  </li>...
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Transcript of "Chapter 10: Completing Quarterly Activities "

  1. 1. Chapter 10: Completing Quarterly Activities and Closing the Fiscal Year
  2. 2. Completing Quarterly Activities and Closing the Fiscal Year <ul><li>Chapters 9 and 10 work together. In Chapter 10, you will continue recording financial information for Jessica Wood Graphics. You will complete the Computer Accounting Cycle for November and December. Ms. Wood’s checkbook registers and bank statements will be used as source documents. </li></ul><ul><li>At the end of December, which is also the end of the fourth quarter, you will complete adjusting entries for Ms. Wood, print financial statements, and close the fiscal year. </li></ul>
  3. 3. Software Objectives, p. 289 <ul><li>Restore data from Chapter 9. (The Chapter 9 October.ptb back up was made on page 289. All activities in Chapter 9 must be completed before starting Chapter 10.) </li></ul><ul><li>Change accounting periods. </li></ul><ul><li>Journalize and post transactions for November and December. </li></ul><ul><li>Complete account reconciliation. </li></ul><ul><li>Print a General Ledger Trial Balance (unadjusted ) </li></ul><ul><li>Journalize and post quarterly adjusting entries in the General Journal. </li></ul><ul><li>Print financial statements. </li></ul><ul><li>Close the fiscal year. </li></ul><ul><li>Print a Post-Closing Trial Balance. </li></ul><ul><li>Make eight backups: four backups of Jessica Wood Graphics data: one backup of Exercise 10-1; three backups in Exercise 10-2. </li></ul>
  4. 4. ©The McGraw-Hill Companies, Inc. of 35 Web Objectives, p. 301 <ul><li>Use your Internet browser to go to the book’s website at www.mhhe.com/yacht2005 </li></ul><ul><li>Go to the Internet Activity link on the book’s website. Then, select WEB EXERCISES PART 2. Complete the second web exercise in Part 2, Understanding Accounting Terms. </li></ul><ul><li>Use a word processing program to write summaries of the websites that you visited. </li></ul>
  5. 5. PCA’s Computer Accounting Cycle, p. 302 <ul><li>Print the general ledger trial balance (adjusted). </li></ul><ul><li>Journalize and post adjusting entries. </li></ul><ul><li>Print the general ledger trial balance (unadjusted). </li></ul><ul><li>Account reconciliation. </li></ul><ul><li>Post entries to the general ledger. </li></ul><ul><li>Journalize entries. </li></ul><ul><li>Change accounting periods. </li></ul>
  6. 6. PCA’s Computer Accounting Cycle (concluded), p. 302 10. Interpret accounting information. 9. Close the fiscal year. 8. Print the financial statements: Balance Sheet, Income Statement, Statement of Retained Earnings, Statement of Cash Flow, Statement of Changes in Financial Position.
  7. 7. Peachtree Tips <ul><li>You must complete Chapter 9 before starting Chapter 10. </li></ul><ul><li>To check that you have completed Chapter 9, display Jessica Wood Graphics general ledger trial balance. Compare it to the one shown on page 286. This is the trial balance at the end of Chapter 9. </li></ul><ul><li>If any of the account balances are incorrect on the general ledger trial balance, follow the steps for Editing Journal Transactions on page 285. Then, reprint the trial balance. </li></ul>
  8. 8. Peachtree Tips (continued) <ul><li>If you do not get the correct year-to-date amounts on your Income Statement (p. 326), Statement of Cash Flow and Statement of Changes in Financial position (pp. 328 and 329), you may have set your chart of accounts beginning balances in Chapter 9 incorrectly. Refer to pages 255-261, Entering Chart of Accounts Beginning Balances in Chapter 9. Jessica Wood’s beginning balance sheet is dated October 1, 2005 (p. 260). Since Peachtree posts on the last day of the month (September 30), you must set beginning balances for the preceding month—September 1 through 30, 2005. This is shown on the Select Period window illustration below step 3 on textbook page 257. </li></ul>
  9. 9. Backing Up Chapter 10 . <ul><li>Part 2 continues in Chapter 10. The chart below shows the size of the backups made in Chapter 10. Refer to textbook p. 238 for the entire chart of backups made in Part 2-Chapters 9, 10 and Project 1. </li></ul>344 235 KB Exercise 10-1 346 238 KB Exercise 10-2 Unadjusted Trial Balance 338 23 KB Asset depreciation.xls 346 240 KB Exercise 10-2 Financial Statements 312-313 235 KB Chapter 10 November 319-320 243 KB Chapter 10 December UTB 346 238 KB Exercise 10-2 End of Year 329-330 248 KB Chapter 10 December 336-337 245 KB Chapter 10 EOY Pages Kilobytes Backup Name
  10. 10. Chapter 10 Topics <ul><li>Software & web objectives, p. 301 </li></ul><ul><li>Getting started, pp. 302-304 </li></ul><ul><li>Checkbook register and bank statement: November 2005, p. 305-312 </li></ul><ul><li>Backing up November Data, pages 312-313 </li></ul><ul><li>Data File Statistics, pages 313-314 </li></ul><ul><li>Changing accounting periods: December 1-31, 2005, p. 315 </li></ul><ul><li>Checkbook register and bank statement: December 2005, pages 315-319 </li></ul><ul><li>Backing up the unadjusted trial balance, pp. 319-320 </li></ul><ul><li>End-of-Quarter Adjusting Entries, pp. 320-329 </li></ul>
  11. 11. Chapter 10 Topics, concluded <ul><li>Backing up December Data, pp. 329-330 </li></ul><ul><li>Closing the Fiscal Year, pp. 330-335 </li></ul><ul><li>Printing the Post-Closing Trial Balance, pages 335-336 </li></ul><ul><li>Backing up year-end data, pages 336-337 </li></ul><ul><li>Internet Activity, page 337 </li></ul><ul><li>Summary and Review, pp. 337-338 </li></ul><ul><li>a. Going to the Net, page 338 </li></ul><ul><li>b. True/Make True questions, page 339-341 </li></ul><ul><li>c. Exercise 10-1, pages 341-344 </li></ul><ul><li>d. Exercise 10-2, pages 344-346 </li></ul><ul><li>e. Chapter 10 Index, page 347 </li></ul>
  12. 12. Change accounting periods, pp. 303-304 <ul><li>Click on Tasks, then System. From the System menu, select Change Accounting Period. Select 11-Nov 01, 2005 to Nov 30, 2005. This window is shown on p. 304. </li></ul><ul><li>Click on < O K>. Click on <No> at the window prompt. </li></ul>
  13. 13. Pages 305 through 310 <ul><li>Continue with the steps shown on pages 305 – 310. </li></ul><ul><li>Compare your Cash Account Register to the one shown on p. 307. </li></ul><ul><li>Compare your account reconciliation report to the one shown on p. 308. </li></ul><ul><li>Compare your cash receipts journal to the one shown on p. 308. </li></ul><ul><li>Compare your cash disbursements journal to the one shown on p. 309. </li></ul><ul><li>Compare your general journal to the one shown on p. 309. </li></ul><ul><li>Print the general ledger trial balance, then compare it to the one shown on p. 310. </li></ul>
  14. 14. Pages 311 and 312 <ul><li>Print the balance sheet, then compare it to the one shown on p. 311. </li></ul><ul><li>Print the income statement, then compare it to the one shown on p. 312. </li></ul><ul><li>Follow the steps to back up November data shown on pages 312-313. </li></ul>
  15. 15. Data File Statistics, pp. 313-314 <ul><li>From the menu bar, click on Help, Customer Support and Service, then select File Statistics. </li></ul><ul><li>The File Statistics window shows the shortened name for the company. If you used your name in the company name, your shortened name will differ. This window is shown on page 314. </li></ul><ul><li>Click OK to close the Data File Statistics window. </li></ul>
  16. 16. Pages 315 - 319 <ul><li>Continue with the steps for changing the accounting period shown on page 315. </li></ul><ul><li>Complete entries using the December check register, pp. 315-316 </li></ul><ul><li>Complete account reconciliation, pp. 316-317. </li></ul><ul><li>Compare your Cash Account Register to the one shown on p. 317. </li></ul><ul><li>Compare your Account Reconciliation to the one shown on p. 317. </li></ul><ul><li>Compare your General Journal to the one shown on p. 318. </li></ul><ul><li>Compare your cash receipts journal to the one shown on p. 318. </li></ul><ul><li>Compare your cash disbursements journal to the one shown on p. 319. </li></ul><ul><li>Print the general ledger trial balance, then compare it to the one shown on p. 319. </li></ul>
  17. 17. Backing up the Unadjusted Trial Balance, pages 319-320 <ul><li>Follow steps a through f on pages 319-320 to back up your unadjusted trial balance. </li></ul><ul><li>Use Chapter 10 December UTB as the file name. (UTB is an abbreviation of unadjusted trial balance.) </li></ul>
  18. 18. End-of-Quarter Adjusting Entries, p. 320-323 <ul><li>Ms. Wood’s accounting records are adjusted at the end of December. Follow the steps on pages 320-323 to record adjusting entries. </li></ul><ul><li>Compare your December 31, 2005 general journal to the one shown on p. 323. </li></ul><ul><li>Compare your adjusted trial balance to the one shown on p. 324. </li></ul>
  19. 19. Financial Statements, pp. 325-329 <ul><li>Compare your balance sheet to the one shown on p. 325. </li></ul><ul><li>Compare your income statement to the one shown on p. 326. </li></ul><ul><li>Compare your statement of retained earnings to the one shown on p. 327. </li></ul><ul><li>Compare your statement of cash flow to the one shown on p. 328. </li></ul><ul><li>Compare your statement of changes in financial position to the one shown on p. 329. </li></ul>
  20. 20. Backing up December data, pp. 329-330 <ul><li>Follow the steps on pp. 329-330 to back up December data. </li></ul><ul><li>Use Chapter 10 December as the back up name. </li></ul>
  21. 21. Closing the Fiscal Year, p. 330 <ul><li>From the menu bar, select Tasks, System, Year-End Wizard. </li></ul><ul><li>Click on <Next>. </li></ul>
  22. 22. Closing the fiscal year, continued, p. 331 <ul><li>The Year-End Wizard – Welcome window appears. </li></ul><ul><li>Click on <Next>. </li></ul>
  23. 23. Closing the fiscal year, continued, p. 331 <ul><li>The Close Options window appears. Read the information on this window. </li></ul><ul><li>Click on <Next>. </li></ul>
  24. 24. Closing the fiscal year, continued, p. 332 <ul><li>Read the information on the Print Fiscal Year-End Reports window. </li></ul><ul><li>Makes sure the boxes are unchecked. Click on <Next>. </li></ul>
  25. 25. Closing the fiscal year, continued, pp. 332-333 <ul><li>The Back Up Company Data window appears. You already made a back up of your data but you may want to make another one. Read the information on this window. Click on Back Up. The Back Up Company window appears. </li></ul><ul><li>Observe that the box next to Include company name in the backup file name is checked. Click on the Back Up button. Complete steps 10-13 on pages 332 and 333. </li></ul>
  26. 26. Closing the fiscal year, continued, p. 333 <ul><li>The New Open Fiscal Years window appears. Read the information on this window.. </li></ul><ul><li>Accept the default for Next Fiscal Year by clicking on <Next>. </li></ul>
  27. 27. Closing the fiscal year, continued, p. 334 <ul><li>The Important – Confirm Year-End Close window appears. Read the information on this window. </li></ul><ul><li>Click on <Next>. </li></ul>
  28. 28. Closing the fiscal year, continued p. 334 <ul><li>The Begin Close-Year Process window appears. Read the information on this window. </li></ul><ul><li>Click on <Begin Close>. </li></ul>
  29. 29. Closing the fiscal year, concluded, p. 335 <ul><li>The Congratulations! window appears. Read the information on this window. </li></ul><ul><li>Click on <Finish>. </li></ul>
  30. 30. Printing the Post-Closing Trial Balance, pp. 333-336 <ul><li>After the fiscal year is closed, a post-closing trial balance is printed. Only permanent accounts appear on the post-closing trial balance. All temporary accounts (revenues and expenses) have been closed. This completes the computer accounting cycle. </li></ul><ul><li>Follow steps 1 and 2 on page 335 to print the post-closing trial balance. </li></ul><ul><li>Compare your post-closing trial balance to the one shown on page 336. </li></ul>
  31. 31. Backing Up Year-End Data, pp. 336-337 <ul><li>Follow steps 1 through 6 on pages 336 & 337 to back up year-end data. </li></ul><ul><li>The back up name is Chapter 10 EOY . </li></ul>
  32. 32. Glossary of Terms Chapter 10
  33. 33. Unearned revenue, p. 323 <ul><li>Unearned revenue is a liability account used to report advance collections from customers or clients. </li></ul>
  34. 34. ©The McGraw-Hill Companies, Inc. of 35 Internet Activity, p. 337 Follow the steps shown on the book’s website to complete this Internet activity. 5 Scroll down to UNDERSTANDING ACCOUNTING TERMS – Chapter 10. Read steps 1-5. 4 Link to WEB EXERCISES PART 2. 3 In the Student Edition list, link to Internet Activities. 2 Go to the book’s website at www.mhhe.com/yacht2005 1
  35. 35. ©The McGraw-Hill Companies, Inc. of 35 Going to the Net, p. 335 <ul><li>Access the asset depreciation schedule at </li></ul><ul><li>http://office.microsoft.com/en-us/templates/TC010460991033.aspx </li></ul><ul><li>( Hint: Excel 2000 or later is required.) </li></ul><ul><li>Click the Download Now button . When the window appears asking if you want to automatically download and display links in the Template Help pane, click No. An Asset Depreciation Worksheet appears . </li></ul><ul><li>Complete steps 1 - 4 on page 338. </li></ul>
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