ACCT5001_Accounting Principles_2009 Semester 1_Corrected version of week 2 lecture notes.pdfVIP

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ACCT5001_Accounting Principles_2009 Semester 1_Corrected version of week 2 lecture notes.pdf

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ACCT5001_Accounting Principles_2009 Semester 1_Corrected version of week 2 lecture notes

1ACCT5001 Week 2 1 THE ACCOUNTING CYCLE Week 2: “The Recording Process Text Readings: Chapter 2 (Learning Objectives (LO) -- all Demonstration Questions: E2.1, E2.2, P2.6A , E2.9, P2.2A Self-Study Questions: Q3, Q4, Q5 BE2.5, BE2.6, E2.5, E2.6, P2.4A, P2.5A, P2.7A ACCT5001 Week 2 2 Outline 1. The Accounting Cycle 2. Source Documents 3. Journal Entries 4. General Ledger 5. Trial Balance 6. Journal Entry correction ACCT5001 Week 2 3 Accounting Cycle Source Documents ? Journal Entries ? General Journal ? General Ledger ? Trial Balance ? Adjusting Entries ? Adjusted Trial Balance ? Financial Statements ? Closing Entries ? Trial Balance ACCT5001 Week 2 4 Source Documents ? Paper evidence to identify a transaction – eg. invoice, receipt, cheque butt, time card ? Enables details to be quickly recorded ? Provides reliable, objective verification (leaves audit trail) of transaction ? identifies type of events and assists in analysing the transaction by grouping like transactions together ACCT5001 Week 2 5 Accounts ? a record used to store and accumulate the effect of transactions for each item ? each type of A, L, OE, R, E will have its own account and amount (or balance) Chart of Accounts ? numerical / alphabetical list of all accounts (financial report items) used by a company to record the effects of transactions ACCT5001 Week 2 6 Journal Entries ? a procedure for recording transactions into accounts Debit (dr) entry on the left-hand side Credit (cr) entry on the right-hand side dr = cr 2ACCT5001 Week 2 7 Rules for Journal Entries 1. A = L + OE 2. Debit (dr) = Credit (cr) (LHS) (RHS) 3. ↑ A by dr ↑L or OE by cr ACCT5001 Week 2 8 Rules for Journal Entries A = L + OE ↑ ↑ ↑ dr cr cr Opposite for a decrease ↓ ↓ ↓ cr dr dr ACCT5001 Week 2 9 Rules for Journal Entries A = L + OE (+ R – E) Inc↑ dr cr cr cr(↑OE) dec↓ cr dr dr dr(↓OE) ACCT5001 Week 2 10 Demonstration Question E2.1 Enter the following transactions into the table 2/1