Show:
Adjusting
Accounting Cycle
Balance Sheet
Common Stock / Dividends
Treasury Shares
100
1) Salaries Expense DEBIT Salaries Payable CREDIT 2) Salaries Payable DEBIT Salaries Expense DEBIT Cash CREDIT
What is Adjusting Entry to record an accrued expense and then ....subsequent entry to record payment of expense in future period. Ex) Accrued Wages
100
• Important set at end of accounting period AFTER financial statements have been completed.
What is Closing
100
o Expected to be sold, collected, or used within one year or company’s operating cycle
What is current asset.
100
Cash DEBIT Common Stock CREDIT (# shares X par value)
What is • Issuing Par Value Stock at Par
100
Treasury Stock, Common DEBIT (cost per share * # shares) Cash CREDIT
What is Purchasing Treasury Stock
200
Accounts Receivable DEBIT Consulting Revenue CREDIT
What is Journal to record revenue on credit...also example of journal to record accrued revenue.
200
1. Analyzing transactions and events.
What is 1st step in Accounting Cycle.
200
o Accounts payable, short term notes payable, wages payable, taxes payable, interest payable, and unearned revenue
What is current liability
200
Cash DEBIT Common Stock CREDIT (# shares * par value) Paid in Capital in Excess of Par Value, Common Stock CREDIT
What is • Issuing Par Value Stock at Premium
300
• List of accounts and balances prepared AFTER adjusting entries have been recorded and posted
What is Adjusted Trial Balance
300
8. Preparing the post-closing trial balance.
What is final step in Accounting Cycle?
300
o Cash, short-term investments, accounts receivable, short-term notes receivable, merchandise or inventory, prepaid expenses, including supplies
What is Current Assets
300
NO JOURNAL ENTRY – it is simply date specified by directors for identifying those stockholders listed in corporation’s records to receive dividends
What is Date of Record
300
Cash DEBIT (Cash Received) Treasury Stock, Common CREDIT(Original cost * # shares)
What is Selling Treasury Stock at Cost
400
Cash DEBIT Accounts Receivable CREDIT
What is Future receipt of cash for accrued revenue.
400
• Carry ending balances into next period and generally consist of balance sheet accounts • Assets – cash, accounts receivable, prepaid expenses, land • Liabilities- Accounts Payable, Notes Payable, Unearned revenue / unearned fees • Equity Accounts – Retained Earnings (EXCEPTION: dividends account is closed)
What is Permanent (real) accounts
400
o Common Stock o Retained Earnings
What is Equity
400
Retained Earnings DEBIT Common Dividend Payable CREDIT ($per share declared dividend X # shares)
What is Date of Declaration
400
Cash DEBIT (Cash Received) Treasury Stock, Common CREDIT(Original cost * # shares) Paid-In Capital, Treasury Stock CREDIT
What is Selling Treasury Stock Above Cost
500
- Costs that are incurred in a period but are both unpaid and unrecorded
What is Accrued expense.
500
• Accumulate data related to one accounting period • Include all income statement accounts (revenue / fees earned, expenses); also close dividends account
What is Temporary / nominal accounts.
500
Assets - Liabilities
What is Equity
500
Common Stock Dividend Payable DEBIT Cash CREDIT
What is Date of Payment
500
Cash DEBIT(Cash Received) Paid-In Capital, Treasury Stock DEBIT Retained Earnings DEBIT Treasury Stock, Common CREDIT
What is Selling Treasury Stock Below Cost