PowerPoint Chapter 10 (451.0K)

988 views

Published on

Published in: Technology, Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
988
On SlideShare
0
From Embeds
0
Number of Embeds
4
Actions
Shares
0
Downloads
7
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

PowerPoint Chapter 10 (451.0K)

  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 Barbara 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. 313 <ul><li>Restore data from Chapter 9. (The “Chapter 9 October.ptb” back up was made on page 302. 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 Barbara Wood Graphics, for the months of 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>Complete asset maintenance with Peachtree Fixed Assets; calculate depreciation; post to the general ledger; and print depreciation reports. </li></ul>
  4. 4. Software Objectives concluded, p. 313 <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 six backups: four backups of Barbara Wood Graphics data; one backup of Exercise 10-1; and one backup of Exercise 10-2. (You may use the same disk to back up Chapter 10 that you used for the Chapter 9 backups.) </li></ul>
  5. 5. 10- McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2003 Web Objectives, p. 313 <ul><li>Use your Internet browser to go to the book’s website at www.mhhe.com/business/accounting/yacht2002 </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>
  6. 6. Peachtree’s Computer Accounting Cycle, p. 314 <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>
  7. 7. Peachtree’s Computer Accounting Cycle, p. 314 <ul><li>Print depreciation report. </li></ul><ul><li>Interpret accounting information. </li></ul><ul><li>Close the fiscal year. </li></ul><ul><li>Print the financial statements: Balance Sheet, Income Statement, Statement of Retained Earnings, Statement of Cash Flow, Statement of Changes in Financial Position. </li></ul>
  8. 8. 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 Barbara Wood’s general ledger trial balance. Compare it to the one shown on page 298. 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 Entries” on page 297. Then, reprint the trial balance. </li></ul>
  9. 9. Peachtree Tips (continued) <ul><li>If you do not get the correct year-to-date amounts on your Statement of Cash Flow and Statement of Changes in Financial position (pp. 347 and 348), you may have set your chart of accounts beginning balances up incorrectly. Refer to pages 267-271, Entering Chart of Accounts Beginning Balances. Barbara Wood’s beginning balance sheet is dated October 1, 2002 (p. 267). 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, 2002, pp. 268-269. </li></ul>
  10. 10. Peachtree Tips (concluded) <ul><li>Peachtree Complete Accounting 2002 must be started and Barbara Wood Graphics opened before you use Peachtree Fixed Assets. In order for Peachtree Fixed Assets to know what data to work with, the appropriate company must be opened first in Peachtree Complete Accounting 2002. </li></ul><ul><li>The “Troubleshooting Tips” link on the textbook’s website has more information about Peachtree Fixed Assets. </li></ul>
  11. 11. Backing Up Chapter 10 . 365 98 KB A:Exercise 10-1 323-324 119 KB A:Chapter 10 November 15 of 18 330 122 KB A:Chapter 10 December UTB Disk 367 112 KB A:Exercise 10-2 729 KB TOTAL KB 349 139 KB A:Chapter 10 December 357 139 KB A:Chapter 10 EOY Pages KB Backup Name
  12. 12. Chapter 10 Topics <ul><li>Software & web objectives, p. 313 </li></ul><ul><li>Getting started, pp. 314-317 </li></ul><ul><li>a. Restoring data from Chapter 9, pp. 314-315 </li></ul><ul><li>b. Changing accounting periods: November 1-30, 2002, pp. 315-316 </li></ul><ul><li>Checkbook register and bank statement: November 2002, p. 317 </li></ul><ul><li>a. Journalize and post November transactions, p. 317 </li></ul><ul><li>b. Account reconciliation, pp. 318-319 </li></ul><ul><li>c. Printout of cash receipts journal and cash disbursements journal, p. 320 </li></ul>
  13. 13. Chapter 10 Topics, continued <ul><li>d. General ledger trial balance, p. 321 </li></ul><ul><li>e. Balance sheet, p. 322 </li></ul><ul><li>f. Income statement, p. 323 </li></ul><ul><li>Backing up November data, pp. 323-324 </li></ul><ul><li>Changing accounting periods, p. 324 </li></ul><ul><li>Checkbook register and bank statement: December 2002, p. 325 </li></ul><ul><li>a. Journalize and post December transactions in the cash receipts and cash disbursements journals, p. 325. </li></ul><ul><li>b. Account reconciliation report, pp. 326-327 </li></ul>
  14. 14. Chapter 10 Topics, continued <ul><li>c. Cash receipts journal, p. 328 </li></ul><ul><li>d. Cash disbursements journal, p. 328 </li></ul><ul><li>e. General ledger trial balance, p. 329 </li></ul><ul><li>Backing up the unadjusted trial balance, p. 330 </li></ul><ul><li>Peachtree’s Fixed Assets, p. 331 </li></ul><ul><li>a. Fixed asset maintenance, pp. 332-335 </li></ul><ul><li>b. Calculate depreciation, pp. 335-336 </li></ul><ul><li>c. Posting to Peachtree Complete’s general ledger, pp. 336-337 </li></ul><ul><li>d. Depreciation expense report, pp. 337- 338 </li></ul>
  15. 15. Chapter 10 Topics, continued <ul><li>End-of-quarter adjusting entries, p. 338 </li></ul><ul><li>a. Journalize and post adjusting entries in the general journal, pp. 339-341. </li></ul><ul><li>b. General ledger trial balance (adjusted), p. 343 </li></ul><ul><li>c. Financial statements, pp. 344-348 </li></ul><ul><li>1) Balance sheet, p. 344 </li></ul><ul><li>2) Income statement, p. 345 </li></ul><ul><li>3) Statement of retained earnings, p. 346 </li></ul><ul><li>4) Statement of cash flow, p. 347 </li></ul><ul><li>5) Statement of changes in financial position, p. 348 </li></ul>
  16. 16. Chapter 10 Topics, concluded <ul><ul><li>Backing up December data, p. 349 </li></ul></ul><ul><ul><li>Closing the fiscal year, pp. 350-355 </li></ul></ul><ul><ul><li>Printing the post-closing trial balance, pp. 355-356 </li></ul></ul><ul><ul><li>Backing up year-end data, p. 357 </li></ul></ul><ul><ul><li>Internet Activity, p. 357 </li></ul></ul><ul><ul><li>Summary and Review, p. 358 </li></ul></ul><ul><ul><li>a. Going to the Net, p. 359 </li></ul></ul><ul><ul><li>b. True/Make True questions, pp. 359-362 </li></ul></ul><ul><ul><li>c. Exercise 10-1, pp. 362-365 </li></ul></ul><ul><ul><li>d. Exercise 10-2, pp. 365-367 </li></ul></ul><ul><ul><li>e. Chapter 10 index, p. 368 </li></ul></ul>
  17. 17. Change accounting periods, pp. 315-316 <ul><li>Click on Tas k s, then Sys t em. From the “Sys t em” pull-down menu. Select Change A ccounting Period. Select “11-Nov 01, 2002 to Nov 30, 2002.” </li></ul><ul><li>Click on < O k>. Click on <N o > at the screen prompt. </li></ul>
  18. 18. Pages 317 through 321 <ul><li>Continue with the steps shown on pages 317, 318, and 319. </li></ul><ul><li>Compare your account reconciliation report to the one shown on p. 319. </li></ul><ul><li>Compare your cash receipts journal to the one shown on p. 320. </li></ul><ul><li>Compare your cash disbursements journal to the one shown on p. 320. </li></ul><ul><li>Print the general ledger trial balance, then compare it to the one shown on p. 321. </li></ul>
  19. 19. Pages 322 - 324 <ul><li>Print the balance sheet, then compare it to the one shown on p. 322. </li></ul><ul><li>Print the income statement, then compare it to the one shown on p. 323. </li></ul><ul><li>Follow the steps to back up November data shown on pages 323 and 324 </li></ul><ul><li>Follow the steps to change accounting periods shown on p. 324. </li></ul>
  20. 20. Pages 325 - 329 <ul><li>Continue with the steps shown on pages 325, 326, and 327. </li></ul><ul><li>Compare your account reconciliation report to the one shown on p. 327. </li></ul><ul><li>Compare your cash receipts journal to the one shown on p. 328. </li></ul><ul><li>Compare your cash disbursements journal to the one shown on p. 328. </li></ul><ul><li>Print the general ledger trial balance, then compare it to the one shown on p. 329. </li></ul>
  21. 21. Peachtree’s Fixed Assets, p. 331 <ul><li>Minimize Peachtree Complete Accounting. Double-click on the “Peachtree Fixed Assets” icon. The “Open” window appears. </li></ul><ul><li>Make sure “Barbara Wood Graphics” is highlighted. Click on < O k>. </li></ul>
  22. 22. Peachtree’s Fixed Assets continued, p. 332 <ul><li>Type 9/30/02 in the “Conversion Date” box. Press the <Tab> key, then click on < O k>. The “Peachtree Fixed Assets: Barbara Wood Graphics” menu bar appears. </li></ul><ul><li>Complete the steps on page 332. The “Asset Maintenance - Financial Book” screen is shown on the next slide. </li></ul><ul><li>. </li></ul>
  23. 23. Asset Maintenance – Financial Book, p. 333 <ul><li>Asset Maintenance – Financial Book window. </li></ul><ul><li>Complete steps 4, 5, 6, and 7 on pages 334 and 335. </li></ul>
  24. 24. Calculate depreciation, p. 335 <ul><li>From the menu bar, click on T asks, then Calculate D epreciation. </li></ul><ul><li>Complete steps 2, 3, and 4 on pages 335 and 336. </li></ul>
  25. 25. Posting to Peachtree Complete’s General Ledger, p. 336 <ul><li>Follow steps 1, 2, and 3 on page 336. </li></ul><ul><li>Compare your General Journal Entries to the one shown on page 336. </li></ul><ul><li>Complete steps 4 and 5 on page 337. </li></ul>
  26. 26. Depreciation Expense Report, p. 338 <ul><li>From the menu bar, click on R eports, D eprecation, then select E xpense. </li></ul><ul><li>Click on the “Print” icon, then make the selections to print. Compare your Depreciation Expense report to the one shown on p. 338 </li></ul>
  27. 27. End-of-Quarter Adjusting Entries, p. 338 - 343 <ul><li>Ms. Wood’s accounting records are adjusted at the end of December. Follow the steps on pages 338 – 341 to record adjusting entries. </li></ul><ul><li>Compare your general journal to the one shown on p. 342. </li></ul><ul><li>Compare your adjusted trial balance to the one shown on p. 343. </li></ul>
  28. 28. Financial Statements, pp. 344-348 <ul><li>Compare your balance sheet to the one shown on p. 344. </li></ul><ul><li>Compare your income statement to the one shown on p. 345. </li></ul><ul><li>Compare your statement of retained earnings to the one shown on p. 346. </li></ul><ul><li>Compare your statement of cash flow to the one shown on p. 347. </li></ul><ul><li>Compare your statement of changes in financial position to the one shown on p. 348. </li></ul>
  29. 29. Backing up December data, p. 349 <ul><li>Follow the steps on p. 349 to back up December data. </li></ul><ul><li>Use “Chapter 10 December” as the back up name. </li></ul>
  30. 30. Closing the Fiscal Year, p. 350 <ul><li>From the menu bar, select Tas k s, Sys t em, Y ear-End Wizard. </li></ul><ul><li>Click on < N ext>. </li></ul>
  31. 31. Closing the fiscal year, continued, p. 351 <ul><li>Accept the default for “Fiscal a nd Payroll Tax Years.” </li></ul><ul><li>Click on < N ext>. </li></ul>
  32. 32. Closing the fiscal year, continued, p. 351 <ul><li>Read the information on the “Unprinted Items” screen. </li></ul><ul><li>Click on < N ext>. </li></ul>
  33. 33. Closing the fiscal year, continued, p. 352 <ul><li>Read the information on the “Print Fiscal Year-End Reports” screen. </li></ul><ul><li>Click on the < N ext>. The general ledger prints. </li></ul>
  34. 34. Closing the fiscal year, continued, pp. 352-353 <ul><li>Read the information in step 7 on page 352. </li></ul><ul><li>Click on the < N ext>. </li></ul><ul><li>Complete steps 9-14 on page 353. </li></ul><ul><li>Accept the default for “Next F iscal Year” by clicking on < N ext>. </li></ul>
  35. 35. Closing the fiscal year, continued, p. 354 <ul><li>Read the information on the “Important – Confirm Year-End Close” screen. </li></ul><ul><li>Click on < N ext>. </li></ul>
  36. 36. Closing the fiscal year, continued, p. 354 <ul><li>Read the information on the “Begin Close-Year Process” screen. </li></ul><ul><li>Click on <Begin C lose>. </li></ul>
  37. 37. Closing the fiscal year, continued p. 354 <ul><li>Read the information on the “Congratulations!” screen. </li></ul><ul><li>Click on < F inish>. </li></ul>
  38. 38. Printing the Post-Closing Trial Balance, pp. 355-356 <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 355 to print the post-closing trial balance. </li></ul><ul><li>Compare your post-closing trial balance to the one shown on page 356. </li></ul>
  39. 39. Backing Up Year-End Data, page 357 <ul><li>Follow steps 1 through 9 on page 357 to back up year-end data. </li></ul><ul><li>The back up name is “Chapter 10 EOY.” </li></ul>
  40. 40. Glossary of Terms Chapter 10
  41. 41. Unearned revenue, p. 341 <ul><li>Unearned revenue is a liability account used to report advance collections from customers or clients. </li></ul>
  42. 42. 10- McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2003 Internet Activity, p. 357 Use a word processing program to write a summary for each website visited (maximum length of each summary: 75 words; minimum length, 50 words. 6 Follow the steps shown on the book’s website to complete this Internet activity. 5 Scroll down the screen to “UNDERSTANDING ACCOUNTING TERMS.” Read steps 1-5. 4 Link to WEB EXERCISES PART 2 . 3 In the “Student Center” list, link to Internet Activities. 2 Go to the book’s website at www.mhhe.com/business/accounting/yacht2002 1
  43. 43. 10- McGraw-Hill/Irwin © The McGraw-Hill Companies, Inc., 2003 Going to the Net, p. 359 <ul><li>Access the depreciation calculator at www.fixedassetinfo.com/calculator.htm </li></ul><ul><li>This takes you to the Fixed AssetsInfo.com depreciation calculator. </li></ul><ul><li>Complete steps 1 - 5 on page 359. </li></ul>

×