Lesson 4 3
•Download as PPT, PDF•
0 likes•462 views
This document discusses the process of posting column totals from a journal to a general ledger. It explains that check marks indicate amounts are not posted individually, only column totals are posted. It provides step-by-step instructions for posting column totals from sales, cash debit, and cash credit columns, which include writing the date, journal page number, column total, new account balance, and account number.
Report
Share
Report
Share
Recommended
Lesson 4 2
The document describes the steps for posting journal entries to a general ledger. It explains how to post separate debit and credit amounts from the journal to the appropriate accounts in the ledger, including writing the date, journal page number, debit or credit amount, and new account balance. It also discusses posting a second amount to the same account and posting from the credit column of the journal.
Lesson 11 1
This document provides instructions for posting transactions to an accounts payable ledger. It explains how to record purchases, cash payments, and journal entries in the ledger. It also shows how to prove the accuracy of the ledger by ensuring debits equal credits. Maintaining an accounts payable ledger is important for tracking amounts owed to vendors and reconciling with the general ledger.
Lesson 18 5
The document discusses the declining-balance method of depreciation. It provides steps for calculating depreciation using the double declining-balance method over multiple years. In the last year, the ending book value from the previous year is used as the beginning book value and depreciation expense is calculated by subtracting the salvage value. It also compares the declining-balance method to other depreciation methods and provides a term review.
Lesson 4 1
This document discusses preparing a chart of accounts, including the relationship between T accounts and account forms, assigning account numbers, and opening new accounts in the general ledger. Key steps in opening a new account are writing the account title and assigning an account number. Important terms reviewed are ledger, general ledger, account number, file maintenance, and opening an account.
Lesson 7 2
This document provides instructions for preparing a balance sheet, including headings, section layout, and account titles. It describes presenting assets and liabilities with titles and amounts, and a single line between them. It also details the owner's equity section with a capital amount, single line, and total assets equaling total liabilities and owner's equity. Finally, it explains reporting owner's equity in detail with beginning capital, net income, drawings, and ending capital amounts.
Lesson 3 4
This document provides instructions for proving, ruling, and starting new pages in a journal. It discusses adding column totals to prove debits equal credits, ruling lines to separate entries, and bringing forward totals when continuing to a new page. The document also explains how to prove and rule the journal at month end by adding totals and including a totals line. Standard accounting practices for journals are also mentioned.
Lesson 11 2
This document provides instructions for posting transactions to an accounts receivable ledger from source documents like sales journals, cash receipts journals, and general journals. It explains how to record the date, journal page number, debit or credit amount, and customer number for each transaction. Samples are given for making postings from each source document type. The completed accounts receivable ledger is shown, along with the process for proving it. Key terms like schedule of accounts receivable are defined.
Lesson 11 3
The document describes the process for posting transactions from source documents to a general ledger. It discusses 5 steps: 1) Starting a new account in the general ledger by writing the account title, number, date and initial balance. 2) Posting from a cash payments journal by writing the date, journal page, debit amount, new balance, and account number. 3) Posting a debit transaction from a general journal by writing the date, journal page, amount, new balance, and account number. 4) Posting a credit transaction from a general journal using the same steps. The document provides examples to illustrate the posting process.
Recommended
Lesson 4 2
The document describes the steps for posting journal entries to a general ledger. It explains how to post separate debit and credit amounts from the journal to the appropriate accounts in the ledger, including writing the date, journal page number, debit or credit amount, and new account balance. It also discusses posting a second amount to the same account and posting from the credit column of the journal.
Lesson 11 1
This document provides instructions for posting transactions to an accounts payable ledger. It explains how to record purchases, cash payments, and journal entries in the ledger. It also shows how to prove the accuracy of the ledger by ensuring debits equal credits. Maintaining an accounts payable ledger is important for tracking amounts owed to vendors and reconciling with the general ledger.
Lesson 18 5
The document discusses the declining-balance method of depreciation. It provides steps for calculating depreciation using the double declining-balance method over multiple years. In the last year, the ending book value from the previous year is used as the beginning book value and depreciation expense is calculated by subtracting the salvage value. It also compares the declining-balance method to other depreciation methods and provides a term review.
Lesson 4 1
This document discusses preparing a chart of accounts, including the relationship between T accounts and account forms, assigning account numbers, and opening new accounts in the general ledger. Key steps in opening a new account are writing the account title and assigning an account number. Important terms reviewed are ledger, general ledger, account number, file maintenance, and opening an account.
Lesson 7 2
This document provides instructions for preparing a balance sheet, including headings, section layout, and account titles. It describes presenting assets and liabilities with titles and amounts, and a single line between them. It also details the owner's equity section with a capital amount, single line, and total assets equaling total liabilities and owner's equity. Finally, it explains reporting owner's equity in detail with beginning capital, net income, drawings, and ending capital amounts.
Lesson 3 4
This document provides instructions for proving, ruling, and starting new pages in a journal. It discusses adding column totals to prove debits equal credits, ruling lines to separate entries, and bringing forward totals when continuing to a new page. The document also explains how to prove and rule the journal at month end by adding totals and including a totals line. Standard accounting practices for journals are also mentioned.
Lesson 11 2
This document provides instructions for posting transactions to an accounts receivable ledger from source documents like sales journals, cash receipts journals, and general journals. It explains how to record the date, journal page number, debit or credit amount, and customer number for each transaction. Samples are given for making postings from each source document type. The completed accounts receivable ledger is shown, along with the process for proving it. Key terms like schedule of accounts receivable are defined.
Lesson 11 3
The document describes the process for posting transactions from source documents to a general ledger. It discusses 5 steps: 1) Starting a new account in the general ledger by writing the account title, number, date and initial balance. 2) Posting from a cash payments journal by writing the date, journal page, debit amount, new balance, and account number. 3) Posting a debit transaction from a general journal by writing the date, journal page, amount, new balance, and account number. 4) Posting a credit transaction from a general journal using the same steps. The document provides examples to illustrate the posting process.
Lesson 10 1
This document discusses journalizing sales on account using a sales journal. It explains how to record sales transactions, including merchandise sold on account, sales tax amounts, and how to complete a sales invoice. The sales journal is used to record the date of the sale, customer name, invoice number, total and sales amounts, and sales tax for transactions where merchandise is sold to a customer on credit.
Lesson 5 1
This document discusses checking accounts and the processes for depositing cash, recording deposits on check stubs, endorsing checks, completing check stubs, writing and recording checks, and voiding checks. Key steps for completing checks and check stubs are outlined, including writing the date, payee, amount in figures and words, purpose, and new balance. Different types of endorsements such as blank, special, and restrictive are also defined.
Lesson 10 3
This document discusses how to record sales returns and allowances in a general journal. It provides an example journal entry for a $58.50 merchandise return plus $3.51 in sales tax on March 11th, with a total credit of $62.01 issued under credit memorandum number 41. Accounts receivable is credited for the total amount. The steps for recording the journal entry are outlined. Key terms like sales return, sales allowance, and credit memorandum are also defined.
Lesson 16 2
This document discusses the process of recording closing entries for income statement accounts at the end of an accounting period. It explains that credit balances in income statement accounts are closed out by debiting those accounts and crediting the income summary account. Accounts with debit balances are closed by crediting the accounts and debiting income summary. Finally, the income summary account balance is closed by debiting the account and crediting retained earnings to recognize net income, and dividends are recorded by debiting retained earnings and crediting dividends payable.
10.3 The Profit and Loss Summary account
The document discusses the purpose and process of the profit and loss summary account. Revenue and expense accounts are closed out or transferred to the profit and loss summary account at the end of an accounting period. This allows the business to determine its net profit for the period and reset the revenue and expense account balances to zero in preparation for the next period. Specifically, revenue account balances are transferred to the credit side of the profit and loss summary account. Expense account balances are transferred to the debit side. This process of transferring revenue and expense account balances determines the net profit or loss for the period.
10.1 Balancing vs. Closing ledgers
The document discusses the differences between balancing accounts and closing ledgers. Balancing accounts leaves account balances to carry forward to the next period, while closing ledgers transfers account balances to financial reports to "close off" the period. The Balance Sheet presents a snapshot of financial position as at a point in time, while the Income Statement aggregates revenues and expenses for a specific period, such as a month. Closing ledger accounts is necessary to accurately prepare these distinct financial statements for a given period and then start fresh for the next period.
10.2 Why are ledgers closed?
Revenue and expense accounts are closed at the end of each reporting period by resetting their balances to zero. This allows the firm to 1) determine its net profit for the period, 2) reset balances so net profit can be calculated for the next period, and 3) complete the accounting cycle and prepare required financial reports. Closing is necessary to comply with accounting principles such as the reporting period principle and relevance, which require separating transactions and financial results into discrete accounting periods.
10.4 The closing process
The document summarizes the closing process which involves 5 steps:
1) All revenue accounts are closed together to the profit and loss summary account
2) All expense accounts are closed together to the profit and loss summary account
3) The profit and loss summary account is closed to the capital account, transferring the net profit or loss for the period
4) The drawings account is closed to the capital account to record withdrawals of capital
5) The capital account is balanced to carry forward the updated balance to the next period.
Lesson 9 2
This document provides instructions and examples for journalizing cash payments using a cash payments journal. It explains how to record payments of expenses, purchases of supplies, merchandise purchases, and payments on account. Examples show recording the date, account title, check number, debit amount, and credit amount for each transaction. Key terms covered are the cash payments journal, cash discounts, purchase discounts, and contra accounts.
Demise of resources unlimited
Resources Unlimited was formed in 1985 through a merger of two natural gas pipeline companies. After industry deregulation, the company's costs and revenues became volatile. Resources Unlimited envisioned using derivatives to manage this risk but lacked the expertise and data to accurately model derivatives. Concerns raised by accounting about unrealistic profits reported to the media and incomplete data went unaddressed by senior management. Ultimately, Resources Unlimited went bankrupt in 1994 due to an inability to effectively manage risks through derivatives from industry changes.
Chapter 3 subsidery books
Subsidiary books record individual transactions which are then used to update ledger accounts. The ledger and trial balance provide data for financial statements. Subsidiary books offer advantages like division of work and efficiency. They record original transactions like purchases, sales, returns, bills receivable and payable, while the ledger and cash book are primary books used for the trial balance and statements. Examples of subsidiary books are purchase books, sales books, returns books and journals. Sales books can include a column for sales tax which is remitted to the government.
Double
This document discusses a double column cash book, which contains two columns of amounts on each side to record bank transactions. It describes how pay-in slips are used to deposit cash or checks into a bank account and how checks can be used to withdraw money, including crossed and order checks. Endorsements involve writing instructions to pay a check to someone and signing the back. Contra entries record the transactions in the cash book. The conclusion restates that a double column cash book contains two amount columns on each side to record the large number of bank transactions common in many organizations.
Chapter 2 ledgers
Ledgers record entries classified into accounts. The ledger determines the balance of each account. Posting transfers journal entries to the appropriate accounts in the ledger. Accounts are balanced by determining if they have a debit or credit balance at period end. Nominal accounts do not show balances but are transferred to profit and loss. A trial balance shows the debit and credit balances of all accounts and ensures accuracy by making totals equal. While a trial balance checks arithmetic, errors may remain. Methods for preparing a trial balance include the total method, balance method, and total and balance method. A suspense account can be used to temporarily adjust differences making a trial balance balance.
Ch10 Two Column Cash Book
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Cash book
This document provides information about cash books. It begins by explaining that as a business grows and the number of transactions increases, recording all transactions in a single journal becomes inconvenient. Various books are then maintained to record transactions according to their nature, such as a cash book for cash transactions.
The document goes on to describe what a cash book is - it is a book where all cash receipts and payments are recorded. It then explains the different types of cash books, including simple cash books which record only cash receipts and payments, and bank column cash books which have an additional column to record bank transactions. The formatting and posting process for each type is outlined.
Cash book
Cash Book is a special Journal
in which all cash and bank transactions
of a business are recorded first
in a chronological order.
It serves the purpose of the Ledger also, so far as the Cash and Bank Accounts are concerned.
Cash Book
This document contains templates for basic accounting journals, including a cash book to track cash and bank transactions, a purchase journal to record purchases, a return outward journal for returned purchases, a sales journal to record sales, a return inward journal for returned sales, and a general journal for other transactions. These journals provide a way to systematically record financial transactions and keep accounting records organized.
3.2 Source Documents
VCE Accounting Unit 3. Video of this presentation can be found on my YouTube channel here https://www.youtube.com/channel/UCf5jyuJoYwie8tWfvjEc0zg.
TYPES OF CASH BOOK
The document discusses different types of cash books used in accounting. It describes single column, double column, cash and discount column, bank and discount column, and petty cash books. Each type records transactions differently based on whether payments are made in cash, to the bank, or include discounts. Cash books simplify accounting by recording money transactions and help prevent errors and fraud.
Additional Notes On Topic 4 Source Documents
Source documents provide details of business transactions including date, type of transaction, values, and names of buyers and sellers. Books of prime entry, like journals, are used to initially record transactions in chronological order, which reduces recordings needed in the ledger. Journals include purchases, purchases returns, sales, and sales returns journals. The purchases and sales journals record credit transactions from invoices, while the returns journals record entries from credit notes.
Source documents powerpoint
A business usually pays other parties by cheque, with information written on both the cheque itself and a corresponding cheque counterfoil. A deposit slip is filled out when depositing money including cash, cheques, and money orders into a bank account, with the depositor keeping a duplicate and the bank keeping the original. When a customer pays a business through various methods like cash, cheque, or credit/debit card, the business can provide a receipt, cash register receipt, or credit card slip to acknowledge receiving payment.
3.3 Source Documents for Cash Transactions
VCE Accounting Unit 3. Video of this presentation can be found on my YouTube channel here https://www.youtube.com/channel/UCf5jyuJoYwie8tWfvjEc0zg.
More Related Content
What's hot
Lesson 10 1
This document discusses journalizing sales on account using a sales journal. It explains how to record sales transactions, including merchandise sold on account, sales tax amounts, and how to complete a sales invoice. The sales journal is used to record the date of the sale, customer name, invoice number, total and sales amounts, and sales tax for transactions where merchandise is sold to a customer on credit.
Lesson 5 1
This document discusses checking accounts and the processes for depositing cash, recording deposits on check stubs, endorsing checks, completing check stubs, writing and recording checks, and voiding checks. Key steps for completing checks and check stubs are outlined, including writing the date, payee, amount in figures and words, purpose, and new balance. Different types of endorsements such as blank, special, and restrictive are also defined.
Lesson 10 3
This document discusses how to record sales returns and allowances in a general journal. It provides an example journal entry for a $58.50 merchandise return plus $3.51 in sales tax on March 11th, with a total credit of $62.01 issued under credit memorandum number 41. Accounts receivable is credited for the total amount. The steps for recording the journal entry are outlined. Key terms like sales return, sales allowance, and credit memorandum are also defined.
Lesson 16 2
This document discusses the process of recording closing entries for income statement accounts at the end of an accounting period. It explains that credit balances in income statement accounts are closed out by debiting those accounts and crediting the income summary account. Accounts with debit balances are closed by crediting the accounts and debiting income summary. Finally, the income summary account balance is closed by debiting the account and crediting retained earnings to recognize net income, and dividends are recorded by debiting retained earnings and crediting dividends payable.
10.3 The Profit and Loss Summary account
The document discusses the purpose and process of the profit and loss summary account. Revenue and expense accounts are closed out or transferred to the profit and loss summary account at the end of an accounting period. This allows the business to determine its net profit for the period and reset the revenue and expense account balances to zero in preparation for the next period. Specifically, revenue account balances are transferred to the credit side of the profit and loss summary account. Expense account balances are transferred to the debit side. This process of transferring revenue and expense account balances determines the net profit or loss for the period.
10.1 Balancing vs. Closing ledgers
The document discusses the differences between balancing accounts and closing ledgers. Balancing accounts leaves account balances to carry forward to the next period, while closing ledgers transfers account balances to financial reports to "close off" the period. The Balance Sheet presents a snapshot of financial position as at a point in time, while the Income Statement aggregates revenues and expenses for a specific period, such as a month. Closing ledger accounts is necessary to accurately prepare these distinct financial statements for a given period and then start fresh for the next period.
10.2 Why are ledgers closed?
Revenue and expense accounts are closed at the end of each reporting period by resetting their balances to zero. This allows the firm to 1) determine its net profit for the period, 2) reset balances so net profit can be calculated for the next period, and 3) complete the accounting cycle and prepare required financial reports. Closing is necessary to comply with accounting principles such as the reporting period principle and relevance, which require separating transactions and financial results into discrete accounting periods.
10.4 The closing process
The document summarizes the closing process which involves 5 steps:
1) All revenue accounts are closed together to the profit and loss summary account
2) All expense accounts are closed together to the profit and loss summary account
3) The profit and loss summary account is closed to the capital account, transferring the net profit or loss for the period
4) The drawings account is closed to the capital account to record withdrawals of capital
5) The capital account is balanced to carry forward the updated balance to the next period.
Lesson 9 2
This document provides instructions and examples for journalizing cash payments using a cash payments journal. It explains how to record payments of expenses, purchases of supplies, merchandise purchases, and payments on account. Examples show recording the date, account title, check number, debit amount, and credit amount for each transaction. Key terms covered are the cash payments journal, cash discounts, purchase discounts, and contra accounts.
Demise of resources unlimited
Resources Unlimited was formed in 1985 through a merger of two natural gas pipeline companies. After industry deregulation, the company's costs and revenues became volatile. Resources Unlimited envisioned using derivatives to manage this risk but lacked the expertise and data to accurately model derivatives. Concerns raised by accounting about unrealistic profits reported to the media and incomplete data went unaddressed by senior management. Ultimately, Resources Unlimited went bankrupt in 1994 due to an inability to effectively manage risks through derivatives from industry changes.
What's hot (10)
Viewers also liked
Chapter 3 subsidery books
Subsidiary books record individual transactions which are then used to update ledger accounts. The ledger and trial balance provide data for financial statements. Subsidiary books offer advantages like division of work and efficiency. They record original transactions like purchases, sales, returns, bills receivable and payable, while the ledger and cash book are primary books used for the trial balance and statements. Examples of subsidiary books are purchase books, sales books, returns books and journals. Sales books can include a column for sales tax which is remitted to the government.
Double
This document discusses a double column cash book, which contains two columns of amounts on each side to record bank transactions. It describes how pay-in slips are used to deposit cash or checks into a bank account and how checks can be used to withdraw money, including crossed and order checks. Endorsements involve writing instructions to pay a check to someone and signing the back. Contra entries record the transactions in the cash book. The conclusion restates that a double column cash book contains two amount columns on each side to record the large number of bank transactions common in many organizations.
Chapter 2 ledgers
Ledgers record entries classified into accounts. The ledger determines the balance of each account. Posting transfers journal entries to the appropriate accounts in the ledger. Accounts are balanced by determining if they have a debit or credit balance at period end. Nominal accounts do not show balances but are transferred to profit and loss. A trial balance shows the debit and credit balances of all accounts and ensures accuracy by making totals equal. While a trial balance checks arithmetic, errors may remain. Methods for preparing a trial balance include the total method, balance method, and total and balance method. A suspense account can be used to temporarily adjust differences making a trial balance balance.
Ch10 Two Column Cash Book
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive function. Exercise causes chemical changes in the brain that may help protect against mental illness and improve symptoms.
Cash book
This document provides information about cash books. It begins by explaining that as a business grows and the number of transactions increases, recording all transactions in a single journal becomes inconvenient. Various books are then maintained to record transactions according to their nature, such as a cash book for cash transactions.
The document goes on to describe what a cash book is - it is a book where all cash receipts and payments are recorded. It then explains the different types of cash books, including simple cash books which record only cash receipts and payments, and bank column cash books which have an additional column to record bank transactions. The formatting and posting process for each type is outlined.
Cash book
Cash Book is a special Journal
in which all cash and bank transactions
of a business are recorded first
in a chronological order.
It serves the purpose of the Ledger also, so far as the Cash and Bank Accounts are concerned.
Cash Book
This document contains templates for basic accounting journals, including a cash book to track cash and bank transactions, a purchase journal to record purchases, a return outward journal for returned purchases, a sales journal to record sales, a return inward journal for returned sales, and a general journal for other transactions. These journals provide a way to systematically record financial transactions and keep accounting records organized.
3.2 Source Documents
VCE Accounting Unit 3. Video of this presentation can be found on my YouTube channel here https://www.youtube.com/channel/UCf5jyuJoYwie8tWfvjEc0zg.
TYPES OF CASH BOOK
The document discusses different types of cash books used in accounting. It describes single column, double column, cash and discount column, bank and discount column, and petty cash books. Each type records transactions differently based on whether payments are made in cash, to the bank, or include discounts. Cash books simplify accounting by recording money transactions and help prevent errors and fraud.
Additional Notes On Topic 4 Source Documents
Source documents provide details of business transactions including date, type of transaction, values, and names of buyers and sellers. Books of prime entry, like journals, are used to initially record transactions in chronological order, which reduces recordings needed in the ledger. Journals include purchases, purchases returns, sales, and sales returns journals. The purchases and sales journals record credit transactions from invoices, while the returns journals record entries from credit notes.
Source documents powerpoint
A business usually pays other parties by cheque, with information written on both the cheque itself and a corresponding cheque counterfoil. A deposit slip is filled out when depositing money including cash, cheques, and money orders into a bank account, with the depositor keeping a duplicate and the bank keeping the original. When a customer pays a business through various methods like cash, cheque, or credit/debit card, the business can provide a receipt, cash register receipt, or credit card slip to acknowledge receiving payment.
3.3 Source Documents for Cash Transactions
VCE Accounting Unit 3. Video of this presentation can be found on my YouTube channel here https://www.youtube.com/channel/UCf5jyuJoYwie8tWfvjEc0zg.
Cash book
A cash book is used to record all cash transactions and serves as both a journal and ledger for cash and bank accounts. It has debit and credit sides, with receipts recorded on the debit side and payments on the credit side. The cash book can take different forms depending on the number of accounts recorded, from simple to double or triple column formats. The objectives of a cash book include finding total receipts and payments, ascertaining balances, and verifying cash on hand and in the bank.
Topic 6 subsidiary books ii
Thank you for the informative document on cash books. Have a great day as well!
SUBSIDIARY BOOKS
This document discusses subsidiary books, which are specialized journals used to record specific transaction types. It provides examples of common subsidiary books like cash books, purchase books, sales books, bills receivable books, bills payable books, and petty cash books. Subsidiary books are needed to avoid repetition, provide prompt information, facilitate internal checks, and classify transactions.
Viewers also liked (15)
Similar to Lesson 4 3
Lesson 11 4
The document provides instructions for posting special journal totals to a general ledger. It discusses posting totals from sales, purchases, cash receipts and cash payments journals. For each journal, the instructions note to write the date, journal page number, column totals for each account, new account balances, and general ledger account numbers. The purpose is to transfer summary information from special journals to a general ledger for record keeping.
Lesson 8 1
This document discusses adjusting entries in accounting. It provides examples of adjusting entries for supplies and prepaid insurance. Adjusting entries are made at the end of an accounting period to update accounts and prepare financial statements. The examples show the format for recording adjusting entries, including the date, account debited and amount, account credited and amount. The document concludes with a term review of adjusting entries.
Lesson 8 2
This document discusses the process of recording closing entries at the end of an accounting period. Closing entries are needed to transfer the balances of temporary accounts, such as income summary accounts, to permanent accounts like owner's equity. The document provides examples of closing entry journal entries that debit the income summary account and credit revenue or expense accounts to clear their balances, or that debit expenses and credit the income summary account. It also discusses how to record the net income or loss for the period through a closing entry that debits or credits retained earnings.
Lesson 6 4
This document provides instructions for correcting three types of errors that may occur on a work sheet in accounting: 1) Posting an entry to the wrong account, 2) Recording an incorrect amount, and 3) Posting an amount to the wrong column. The steps to correct each error involve drawing a line through the incorrect information, recording the correct information, recalculating the affected account balance, and correcting the balance on the work sheet.
Les 05 2
The document provides instructions for posting amounts from the debit and credit columns of a general journal, as well as posting a debit amount to an account with a balance. Specifically, it outlines the 5 steps to take which include writing the date, journal page number, debit/credit amount, new account balance, and account number in the reference column.
Lesson 6 1
This document provides instructions for creating a worksheet and preparing a trial balance on a worksheet. It discusses including the name of the company and report, date of the report, and general ledger account titles and balances in the debit and credit columns. It also notes that a single line should be drawn across the trial balance columns after totals, and double lines should be drawn at the bottom to complete the trial balance section of the worksheet. Key terms reviewed are fiscal period, work sheet, and trial balance.
Lesson 22 4
This document discusses the accounting cycle for a corporation, including adjusting, closing, and reversing entries. It explains how to close accounts with credit or debit balances, record net income, dividends, and reversing entries. The accounting cycle steps are outlined as: 1) recording transactions, 2) posting to journals and ledgers, 3) preparing a work sheet and financial statements, 4) making adjusting and closing entries, 5) preparing a post-closing trial balance, and 6) making reversing entries.
Lesson04 2g
The document outlines the steps for posting transactions from a general journal to a general ledger. It describes posting debit and credit amounts, including writing the date, journal page number, amount, new account balance, and returning to the journal to write the account number. Examples are provided of journal pages with completed postings.
Lesson 9 3
This document provides instructions for various petty cash and cash payments journal operations, including:
1) How to complete a petty cash report, which involves documenting payments, calculating balances, and determining replenishment amounts.
2) The steps for replenishing a petty cash fund using a check, including recording expense accounts and adjusting cash balances.
3) Procedures for totaling, proving, and ruling a cash payments journal page to carry column totals to a new page when the current page is full.
4) How to start a new cash payments journal page by bringing column totals forward from the previous page.
Lesson 11 5
This document discusses correcting errors in subsidiary ledger accounts that affect customer accounts. It provides instructions for journalizing and posting correcting entries when a sale was incorrectly charged to the wrong customer account. The steps for journalizing include writing the date, correct customer name, memorandum number, amount, incorrectly charged customer name, and amount. The steps for posting include writing the date, general journal page number, amount, new account balances, and appropriate customer number in the post reference columns.
Lesson 6 3
This document discusses how to extend financial statement information from a company's balance sheet and income statement onto a work sheet. It explains how to record debit and credit balances with or without adjustments, record sales and expense balances, record net income or loss, total the columns, and rule the work sheet. The purpose is to consolidate the information from the basic financial statements onto a single work sheet for further analysis or calculations.
Lesson 22 3
The document discusses how to prepare a statement of stockholders' equity and a balance sheet. It explains that a statement of stockholders' equity includes sections for capital stock and retained earnings. It also outlines how to calculate working capital and current ratio from information on a balance sheet. Key terms reviewed include long-term liabilities, working capital, and current ratio.
Lesson 7 1
This document provides instructions and examples for preparing an income statement, including formatting, required sections, and calculations. It explains how to label the heading of the income statement with the company name, report name, and date. It outlines the main sections of an income statement - revenue, expenses, and net income - and how to list account titles and amounts. It also demonstrates how to calculate total expenses and net income, and provides an example of an income statement with two sources of revenue that results in a net loss.
Lesson 3 3
This document provides instructions for journalizing transactions that affect owner's equity and involve receiving or paying cash. It includes examples of receiving cash from sales, selling services on account, paying cash for an expense, receiving cash on account, and paying cash to the owner for personal use. For each transaction, it lists the steps to record the date, debit and credit amounts, account titles, and source document number in the journal.
Lesson 13 1
This document discusses recording and paying payroll. It includes a payroll register to record wages for employees, analyzing the accounts impacted by paying payroll including wages expense and various liability accounts, and journalizing the payment of payroll including debiting cash and crediting various liability accounts for the total amount of wages paid.
Lesson 9 4
This document provides instructions and examples for journalizing transactions related to purchases using a general journal. It includes an example of buying supplies on account, outlining the steps to record the debit to Supplies and credit to the vendor account. Another example shows how to record the return of merchandise to a vendor by debiting Purchases Returns and Allowances and crediting the vendor. Key terms reviewed are purchases return, purchases allowance, and debit memorandum.
Lesson 4 4
This document discusses correcting accounting entries. It provides an example of a correcting entry where a $140 payment for advertising in October was incorrectly recorded as a debit to miscellaneous expense instead of advertising expense. The document includes an image of a completed journal page with a correcting entry posted to fix the error. It also defines a correcting entry and provides a term review section.
Lesson 12 1
The document discusses how to prepare payroll time cards. It explains how to calculate employee hours worked by determining regular and overtime hours for each day and totaling them. It also explains how to calculate total employee earnings by entering regular and overtime rates, calculating regular and overtime earnings amounts, and totaling them. The document provides steps and examples for completing these payroll calculations. It concludes with a brief review of key payroll terms like salary, pay period, payroll, and total earnings.
Lesson 15 3
The document discusses how to prepare a statement of stockholders' equity, including sections for capital stock and retained earnings. The capital stock section includes headings for capital stock and par value, as well as details of stock at the beginning of the year, stock issued during the year, and total stock issued at the end of the year. The retained earnings section includes headings for retained earnings, beginning balance, net income after tax, dividends declared, increase in retained earnings, ending balance, and total stockholders' equity. Key terms reviewed are statement of stockholders' equity and par value.
Lesson 15 1
This document discusses how to prepare an income statement for a merchandising business. It explains that an income statement contains a revenue section with items like sales and contra accounts, a cost of merchandise sold section with beginning inventory, purchases, and ending inventory, and an expenses section. It also defines key terms like net sales, cost of merchandise sold, and gross profit on sales.
Similar to Lesson 4 3 (20)
More from nadinesullivan
Infographics project
Infographics are visual representations of information, data, or knowledge that combine graphics, icons, and text to convey complex information quickly and clearly. They can be used in education to explain processes, make comparisons, analyze data, and create timelines. Infographics contain textual elements like titles, headings, words, and numbers alongside visual elements such as color, images, charts, and timelines. Teachers have many free online resources available to help them create their own infographics, including Piktochart, Infogram, Easelly, and Google Drawings, or they can find pre-made infographics on sites like the Infographic Archive and Information is Beautiful.
Channels of distribution pp txx
This document discusses channel management strategies for distributing sports and entertainment content. It begins by providing background on Netflix and how it has evolved over time to offer streaming content on various devices and original programming. It then discusses channels of distribution and intermediaries that help make products available to consumers. Examples are provided of simple and complex distribution channels. The key channels for distributing sports and entertainment are live events and media events like television, radio, and the internet. New technologies like streaming media and podcasts have improved the efficiency of distribution. Social media also helps engage consumers. The document addresses legal issues around content ownership as new distribution technologies emerge.
Sales promotion ppt
This chapter discusses promotion strategies for sports and entertainment marketing. It covers the four elements of promotion: advertising, sales promotion, publicity, and personal selling. Advertising uses paid communication methods like commercials and print ads. Sales promotions offer incentives to encourage purchases. Publicity utilizes unpaid media coverage. Personal selling involves direct interaction with customers. Effective promotion balances these elements to spread brand awareness, increase sales, and build customer loyalty.
Lesson 24 2
This document provides instructions for recording an internet sale in a company's accounting journal. It lists the six steps to journalize an internet sale where a credit card was used for payment: 1) Write the date, 2) Check the Account Title column, 3) Write the source document number, 4) Check the Post. Ref. column, 5) Write the sale amount credit, and 6) Write the sale amount debit. Following these steps will properly record the financial transaction of an internet sale in the accounting journal.
Lesson 24 1
This document discusses recording international sales transactions in accounting. It provides instructions for journalizing an international cash sale, journalizing sales on account using time drafts, and journalizing the collection of cash from a time draft. Key terms related to international sales such as exports, imports, letters of credit, bills of lading, drafts, and trade acceptances are also defined.
Lesson 23 2
The document discusses accounting statements for partnerships, including:
1) The distribution of net income statement, which shows each partner's share of net income.
2) The owners' equity statement, which reports the beginning and ending capital balances for each partner.
3) The balance sheet for a partnership, which includes owners' equity as a section showing the partners' capital accounts.
Lesson 23 1
The document provides examples of accounting entries for initial investments, withdrawals of cash, and withdrawals of merchandise from a partnership. It gives the steps to record an initial investment of cash and office equipment from one partner, and cash from another partner. It also shows how to record a partner's withdrawal of cash for personal use with a check, and the withdrawal of merchandise for personal use with a memorandum. Finally, it defines some key terms related to partnerships.
Lesson 23 3
This document discusses the process of dissolving a partnership. It explains how to calculate and record gains or losses on the realization of assets when they are sold. It also covers liquidating partnership liabilities by paying off creditors and distributing any remaining cash balances to partners based on their fixed ownership percentages. Key terms reviewed include liquidation of a partnership, realization, and limited liability partnership.
Lesson 22 2
The document discusses how to prepare an income statement and analyze its components. It provides an example of calculating the cost of merchandise sold percentage by dividing the cost of merchandise sold by net sales. Preparing and analyzing income statements is important for understanding a company's profitability.
Lesson 22 1
The document discusses how to prepare a work sheet for a corporation. It outlines the necessary adjusting entries for interest income, supplies, and federal income taxes. It also provides steps for completing the work sheet, which include totaling columns, calculating net income after taxes, extending the net income amount, calculating column totals, and drawing double lines.
Lesson 21 2
The document discusses accrued expenses and interest. It provides examples of journal entries to record accrued interest expense, including debiting interest expense and crediting interest payable. It also demonstrates how to post adjusting entries for accrued interest expense. Additionally, it shows how to record a reversing entry to undo an accrual, and entries to pay a note payable including previously accrued interest. Key terms reviewed are accrued expenses and accrued interest expense.
Lesson 21 1
The document discusses accrued revenue and provides examples of accounting entries related to accrued interest income. It explains how to record adjusting entries to recognize accrued interest income earned during an accounting period but not yet received. It also demonstrates how to reverse the accrued interest income entry at the start of the next period and how to record collecting a note receivable that included accrued interest from a previous period. Key terms reviewed include accrued revenue, intellectual property, accrued interest income, and reversing entry.
Lesson 20 2
The document provides examples of accounting entries for notes payable. It describes signing a 90-day, 6% note for $20,000 and the journal entries to record it. It then discusses paying the principal and interest of $20,300 for the note at maturity. Another example shows signing a 90-day, 12% note for $4,000 to extend an accounts payable and the entries to record it. Finally, it discusses paying $4,120 for the principal and interest of that note at maturity.
Lesson 20 1
1) A promissory note is a written promise by a maker to pay a sum of money to a payee.
2) A promissory note specifies the principal, interest rate, and maturity date. Interest is calculated on the principal based on the interest rate and time.
3) At maturity, the maker must pay the payee the principal plus any accumulated interest.
Lesson 20 3
The document discusses accounting procedures for notes receivable. It provides examples of accepting a 90-day, 8% note receivable from a customer in exchange for an accounts receivable. It also discusses collecting the principal and interest on a matured note receivable, and the process for recording a dishonored note receivable. Key terms reviewed include notes receivable, interest income, and dishonored note.
Lesson 19 3
This document discusses methods for estimating inventory levels. It introduces the gross profit method, which estimates inventory by working backwards from actual gross profit to calculate an estimated cost of goods sold and ending inventory. It continues explaining the gross profit method over multiple slides. The final slide provides a term review that reinforces the gross profit method of estimating inventory levels.
Lesson 19 1
The document provides instructions for taking a physical inventory count and updating inventory records. It explains that an inventory record should be used to record the stock number, count, unit price, and total cost for each item during a physical inventory. It also notes that a stock record is used to track purchase information, sales information, and the new balance on hand for each item. Finally, it defines key terms related to inventory such as periodic inventory, perpetual inventory, inventory record, stock record, and stock ledger.
Lesson 19 2
The document discusses different inventory costing methods including first-in, first-out (FIFO), last-in, first-out (LIFO), and weighted average. It provides examples of how to calculate the cost of inventory and cost of goods sold using each method. Specifically, it shows how to determine the cost of ending inventory and cost of goods sold given total units on hand and unit purchase prices over different periods. The document also defines key terms related to inventory costing methods.
Lesson 18 4
The document discusses different methods for disposing of plant assets in accounting. It provides examples of recording the sale of a plant asset for its book value, recording a partial year's depreciation expense before selling an asset, selling an asset for more than its book value resulting in a gain, and selling an asset for less than its book value resulting in a loss. The key steps outlined are removing the original cost of the asset, recording any gains or losses on the sale, recording the cash received, and updating the plant asset record.
Lesson 18 3
This document discusses journalizing and recording depreciation expense. It explains that each year an asset is owned, an adjusting entry must be made to record the annual depreciation expense by debiting depreciation expense and crediting accumulated depreciation. The adjusting entry is then posted, debiting depreciation expense and crediting accumulated depreciation. A plant asset record is also used to track information about assets over their useful lives.
More from nadinesullivan (20)
Recently uploaded
The Genesis of BriansClub.cm Famous Dark WEb Platform
BriansClub.cm, a famous platform on the dark web, has become one of the most infamous carding marketplaces, specializing in the sale of stolen credit card data.
Best practices for project execution and delivery
A select set of project management best practices to keep your project on-track, on-cost and aligned to scope. Many firms have don't have the necessary skills, diligence, methods and oversight of their projects; this leads to slippage, higher costs and longer timeframes. Often firms have a history of projects that simply failed to move the needle. These best practices will help your firm avoid these pitfalls but they require fortitude to apply.
2022 Vintage Roman Numerals Men Rings
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
https://rb.gy/usj1a2
HOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdf
How to Start Up a Company: A Step-by-Step Guide Starting a company is an exciting adventure that combines creativity, strategy, and hard work. It can seem overwhelming at first, but with the right guidance, anyone can transform a great idea into a successful business. Let's dive into how to start up a company, from the initial spark of an idea to securing funding and launching your startup.
Introduction
Have you ever dreamed of turning your innovative idea into a thriving business? Starting a company involves numerous steps and decisions, but don't worry—we're here to help. Whether you're exploring how to start a startup company or wondering how to start up a small business, this guide will walk you through the process, step by step.
Profiles of Iconic Fashion Personalities.pdf
The fashion industry is dynamic and ever-changing, continuously sculpted by trailblazing visionaries who challenge norms and redefine beauty. This document delves into the profiles of some of the most iconic fashion personalities whose impact has left a lasting impression on the industry. From timeless designers to modern-day influencers, each individual has uniquely woven their thread into the rich fabric of fashion history, contributing to its ongoing evolution.
Top 10 Free Accounting and Bookkeeping Apps for Small Businesses
Maintaining a proper record of your money is important for any business whether it is small or large. It helps you stay one step ahead in the financial race and be aware of your earnings and any tax obligations.
However, managing finances without an entire accounting staff can be challenging for small businesses.
Accounting apps can help with that! They resemble your private money manager.
They organize all of your transactions automatically as soon as you link them to your corporate bank account. Additionally, they are compatible with your phone, allowing you to monitor your finances from anywhere. Cool, right?
Thus, we’ll be looking at several fantastic accounting apps in this blog that will help you develop your business and save time.
Maksym Vyshnivetskyi: PMO KPIs (UA) (#12)
Maksym Vyshnivetskyi: PMO KPIs (UA)
Lemberg PMO School 2024
Website – https://lembs.com/pmoschool
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...
Dive into the steadfast world of the Taurus Zodiac Sign. Discover the grounded, stable, and logical nature of Taurus individuals, and explore their key personality traits, important dates, and horoscope insights. Learn how the determination and patience of the Taurus sign make them the rock-steady achievers and anchors of the zodiac.
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...
The Radar reflects input from APCO’s teams located around the world. It distils a host of interconnected events and trends into insights to inform operational and strategic decisions. Issues covered in this edition include:
The Most Inspiring Entrepreneurs to Follow in 2024.pdf
In a world where the potential of youth innovation remains vastly untouched, there emerges a guiding light in the form of Norm Goldstein, the Founder and CEO of EduNetwork Partners. His dedication to this cause has earned him recognition as a Congressional Leadership Award recipient.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Taste
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian Matka
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian Matka➒➌➎➏➑➐➋➑➐➐Dpboss Matka Guessing Satta Matka Kalyan Chart Indian Matka
9356872877Sattamatka.satta.matka.satta matka.kalyan weekly chart.kalyan chart.kalyan jodi chart.kalyan penal chart.kalyan today.kalyan open.fix satta.fix fix fix Satta matka nambar.How MJ Global Leads the Packaging Industry.pdf
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
Top mailing list providers in the USA.pptx
Discover the top mailing list providers in the USA, offering targeted lists, segmentation, and analytics to optimize your marketing campaigns and drive engagement.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
This letter, written by Kellen Harkins, Course Director at Full Sail University, commends Anny Love's exemplary performance in the Video Sharing Platforms class. It highlights her dedication, willingness to challenge herself, and exceptional skills in production, editing, and marketing across various video platforms like YouTube, TikTok, and Instagram.
Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...
Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...➒➌➎➏➑➐➋➑➐➐Dpboss Matka Guessing Satta Matka Kalyan Chart Indian Matka
Sattamatka.satta.matka.satta matka.kalyan weekly chart.kalyan chart.kalyan jodi chart.kalyan penal chart.kalyan today.kalyan open.fix satta.fix fix fix Satta matka nambarHamster Kombat' Telegram Game Surpasses 100 Million Players—Token Release Sch...
Hamster Kombat' Telegram Game Surpasses 100 Million Players—Token Release Schedule Unveiled
Industrial Tech SW: Category Renewal and Creation
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
Recently uploaded (20)
The Genesis of BriansClub.cm Famous Dark WEb Platform
The Genesis of BriansClub.cm Famous Dark WEb Platform
HOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdf
HOW TO START UP A COMPANY A STEP-BY-STEP GUIDE.pdf
Top 10 Free Accounting and Bookkeeping Apps for Small Businesses
Top 10 Free Accounting and Bookkeeping Apps for Small Businesses
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...
Taurus Zodiac Sign: Unveiling the Traits, Dates, and Horoscope Insights of th...
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...
The APCO Geopolitical Radar - Q3 2024 The Global Operating Environment for Bu...
The Most Inspiring Entrepreneurs to Follow in 2024.pdf
The Most Inspiring Entrepreneurs to Follow in 2024.pdf
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Taste
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Taste
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian Matka
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Indian Matka
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...
Dpboss Matka Guessing Satta Matta Matka Kalyan panel Chart Indian Matka Dpbos...
Hamster Kombat' Telegram Game Surpasses 100 Million Players—Token Release Sch...
Hamster Kombat' Telegram Game Surpasses 100 Million Players—Token Release Sch...
Lesson 4 3
- 1. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-3LESSON 4-3 Posting Column Totals from a Journal to a General Ledger
- 2. 2 LESSON 4-3CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning CHECK MARKS SHOW THAT AMOUNTSCHECK MARKS SHOW THAT AMOUNTS ARE NOT POSTEDARE NOT POSTED page 100 Check mark indicates that amounts ARE NOT posted individually. Check mark indicates that amounts ARE NOT posted individually. Check mark indicates that general amount column totals ARE NOT posted. Check mark indicates that general amount column totals ARE NOT posted.
- 3. 3 LESSON 4-3CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning POSTING THE TOTALPOSTING THE TOTAL OF THE SALES CREDIT COLUMNOF THE SALES CREDIT COLUMN page 101 11 44 1. Write the date. 4. Write the new account balance. 2. Write the journal page number. 3. Write the column total. 5. Return to the journal and write the account number. 22 33 55
- 4. 4 LESSON 4-3CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning POSTING THE TOTALPOSTING THE TOTAL OF THE CASH DEBIT COLUMNOF THE CASH DEBIT COLUMN page 102 11 44 1. Write the date. 4. Write the new account balance. 2. Write the journal page number. 3. Write the column total. 5. Return to the journal and write the account number. 225533
- 5. 5 LESSON 4-3CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning POSTING THE TOTALPOSTING THE TOTAL OF THE CASH CREDIT COLUMNOF THE CASH CREDIT COLUMN page 103 11 44 1. Write the date. 4. Write the new account balance. 2. Write the journal page number. 3. Write the column total. 5. Return to the journal and write the account number. 22 55 33
- 6. 5 LESSON 4-3CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning POSTING THE TOTALPOSTING THE TOTAL OF THE CASH CREDIT COLUMNOF THE CASH CREDIT COLUMN page 103 11 44 1. Write the date. 4. Write the new account balance. 2. Write the journal page number. 3. Write the column total. 5. Return to the journal and write the account number. 22 55 33