Show:
Financial Statements
Adjusting Closing
Posting
Accounting Cycle
Vocabulary
100
balance sheet/ income statement
What are financial statments
100
journal entries recorded to update the general ledger accounts at the end of a fiscal period
what are adjusting entries
100
writing the end result on the general ledger
What is posting
100
source documents are checked and transactions analyzed
What is step 1
100
trial balance prepared after the closing entries are posted
What is post closing trial balance
200
values of expenses ect
What is the income statement
200
entries you have to close
What is closing entries
200
to make it look more organized
why do we use posting
200
transactions from info on source documents are recorded in journal
What is step 2
200
accounts used to accumulate info from one fiscal period to the next
What are permanent accounts
300
values of cash, AP, AR, Capital, Drawing
What is the balance sheet
300
post
what do you do after you close entires
300
yes
when we posted do balances usually cancel out
300
journal entries are posted to general ledger
What is step 3
300
journal entries used to prepare temporary accounts for a new fiscal period
What are closing entires
400
heading assets liabilities owner's equity
What are the four sections of a balance sheet
400
worksheet
What do you look at before you close entries
400
no wrong answer
What do you believe is most difficult for you about posting
400
work sheet including trial balance is prepared
What is step 4
400
journal entires recorded to update general ledger accounts at the end of a fiscal period
What are adjusting entires
500
the date
what should go at the top of the sheet
500
2
on every activity we've done so far, how many adjusting entries were required
500
yes
do posts use debits and credits
500
financial statements are prepared from the work sheet
What is step 5
500
free response
What is vocabulary