会计学原理英文课件Chapter_04ACCOUNTING CYCLE教程文件.pptVIP

ACCOUNTING CYCLE;BENEFITS OF A WORK SHEET;FastForwardWork Sheet For Month Ended December 31, 2009;Next, enter the adjustments.;Prepare adjusted trial balance.;?Prepare the Income Statement.;?Prepare the Statement of Owner’s Equity.;?Prepare the Balance Sheet.;;;;Using the adjusted trial balance, let’s prepare the closing entries for FastForward.;Close Revenue accounts to Income Summary.; CLOSE REVENUE ACCOUNTSTO INCOME SUMMARY; CLOSE REVENUE ACCOUNTSTO INCOME SUMMARY;Close Expense accounts to Income Summary.;Now, let’s look at the ledger accounts after posting this closing entry.;Net Income;Close Income Summary to Owner’s Capital.;Now, let’s look at the ledger accounts after posting this closing entry.;;Close Withdrawals to Owner’s Capital.;Now, let’s look at the ledger accounts after posting this closing entry.;;Let’s look at FastForward’spost-closing trial balance.;POST-CLOSING TRIAL BALANCE;Steps in the Accounting Cycle;Current items are those expected to come due (both collected and owed) within the longer of one year or the company’s normal operating cycle.;Current assets are expected to be sold, collected, or used within one year or the company’s operating cycle. ;Long-term investments are expected to be held for more than one year or the operating cycle.;Plant assets are tangible long-lived assets used to produce or sell products and services.;Intangible assets are long-term resources used to produce or sell products and services and that lack physical form.;Current liabilities are obligations due within the longer of one year or the company’s operating cycle.;Long-term liabilities are obligations not due within the longer of one year or the company’s operating cycle.;Equity is the owner’s claim on the assets. ;END OF CHAPTER 4