PPT-Accounts in English Adjusting Entries

Adjusting Entries purpose of adjusting entries Prepaid expenses Unearned revenue Accrued expenses Accrued revenue T he purpose of adjusting entries For purposes of measuring income and preparing financial statements the life of a business is divided into a series of accounting periods This practice enables decision makers to company the financial statements of successive periods and to identify significant trends But measuring net income for a relatively short accounting period such as a month even a year poses a . Chapter 16. 16-. 1. Learning Objectives. Describe the information processing operations required to update the general ledger and to produce reports for internal and external users.. Identify the major threats in general ledger and reporting activities and evaluate the adequacy of various control procedures for dealing with them.. Recording Adjusting Entries. 2. LESSON 16-1. ADJUSTING ENTRIES RECORDED FROM A WORK SHEET. 3. page 480. 2. 1. 4. 5. 6. 7. 1. Heading. 2. Date. 3. Identify the first adjustment. 4. Account debited. 5. Debit. Training Session. For . Year End 2014. Presented by:. Finance . and . Accounting. General Accounting. Agenda. 3. Agenda. Discuss the detailed steps required for preparing and submitting financial statements for auxiliaries, including:. Chapter 3. 1. Adjusting Attack. 2. Accrual versus cash-basis accounting & key elements of accrual accounting. Adjusting entries, why, what, how. Using the worksheet. to facilitate the process. Accrual versus cash-basis accounting. Understand basic accounting terminology.. Explain double-entry rules.. Explain how transactions affect the accounting equation.. Identify the steps in the accounting cycle and the steps in the recording process.. Training Session. For Fiscal Year . 2010-2011. Presented by:. Finance . and . Accounting. General Accounting. Agenda. 3. Agenda. Discuss the detailed steps required for preparing and submitting financial statements for auxiliaries, including:. Chapter 3. Copyright © 2016 McGraw-Hill Education.  All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.. Wild, Shaw, and . Chiappetta. Financial & . Chapter 16. 16-. 1. Learning Objectives. Describe the information processing operations required to update the general ledger and to produce reports for internal and external users.. Identify the major threats in general ledger and reporting activities and evaluate the adequacy of various control procedures for dealing with them.. LO. 8. . Journalize and post the adjusting entries for supplies and prepaid insurance.. Adjusting Entry for Supplies. Journal entries recorded to update general ledger accounts at the end of a fiscal period are called . Accounting . February 2014. Warm Up. The Walt Disney Company. What do you think of when you hear the word DISNEY?. How many of you think of the environment when you hear the word Disney?. Warm Up. Unearned Revenue. Receipt of cash that is recorded as a liability because the revenue has not been earned.. Adjusting Entries for “Unearned Revenues”. rent. airline tickets. school tuition. Cash Receipt. Accruals. Made to record:. . Revenues earned and . . OR. Expenses incurred . in the current accounting period that have not been recognized through daily entries.. Adjusting Entries for Accruals. Adjusting Accounts and Preparing Financial Statements Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education Income Tax. LO. 7. Post adjusting entries.. LO. 8. Adjust federal income tax payable.. LO. 9. Prepare an adjusted trial balance.. Learning Objectives. Adjusting Entries. LO7. SLIDE 2. Lesson 15-4.