Presentation is loading. Please wait.

Presentation is loading. Please wait.

Chapter 7 Analysis and Reports− End of Fourth Quarter and Year Copyright ©2017 by McGraw-Hill Education. All rights reserved. 1 of 14.

Published byBridget Lester Modified over 8 years ago

Similar presentations

Presentation on theme: "Chapter 7 Analysis and Reports− End of Fourth Quarter and Year Copyright ©2017 by McGraw-Hill Education. All rights reserved. 1 of 14."— Presentation transcript:

1

2 Chapter 7 Analysis and Reports− End of Fourth Quarter and Year Copyright ©2017 by McGraw-Hill Education. All rights reserved. 1 of 14

3 Copyright ©2017 by McGraw-Hill Education. All rights reserved. Chapter 7 Continue recording financial transactions for Cloud_Ware Student Name. Complete transactions for the end of the fourth quarter and end of the year. At the end of December, which is also the end of the fourth quarter, complete adjusting entries, print an Adjusted Trial Balance, financial statements, and close the fiscal year. 2 of 14

4 Copyright ©2017 by McGraw-Hill Education. All rights reserved. QBO Tips QBO Tips Use the Journal Entry window to enter end-of-fourth quarter adjusting entries. Select > Journal Entry. The end-of-quarter adjusting entries include: o Adjusting three months of prepaid rent. o Adjusting three months prepaid insurance. o Using straight-line depreciation for adjusting computer equipment’s accumulated depreciation account. 3 of 14

5 Copyright ©2017 by McGraw-Hill Education. All rights reserved. Files Saved in Chapter 7 The chart shows the PDF and Excel files saved in Chapter 7. Files can be saved to a USB flash drive, hard-drive location, network, or external media. To identify your file, you could add your name at the end of the suggested file name. PDF & ExcelPage Nos. Chapter 7_December 31 Journal236 Chapter 7_December 31 Transaction Detail by Account 237 Chapter 7_Adjusted Trial Balance239 Chapter 7_EOY Profit and Loss241 Chapter 7_EOY Balance Sheet243 Chapter 7_EOY Statement of Cash Flows244 Chapter 7_January 1 Balance Sheet246 4 of 14

6 Copyright ©2017 by McGraw-Hill Education. All rights reserved. Files Saved in Chapter 7 (concluded) PDF & ExcelPage Nos. Chapter 7_Postclosing Trial Balance247 Chaper 7_Reconciliation Report.xls252 Exercise 7-2_AR Aging Summary256 Exercise 7-2_Customer Balance Detail256 Exercise 7-2_Invoice List by Date256 Exercise 7-2_AP Aging Summary256 Exercise 7-2_Vendor Balance Detail256 Exercise 7-2_Unpaid Bills256 5 of 14

7 Copyright ©2017 by McGraw-Hill Education. All rights reserved. Check Your Data To make sure you are starting Chapter 7 in the correct place, display the 10/1/20XX to 12/31/20XX trial balance. 6 of 14

8 Copyright ©2017 by McGraw-Hill Education. All rights reserved. End-of-Quarter Adjusting Entries To record Adjusting Entries, use the Journal Entry window. An adjusting entry is shown below. 7 of 14

9 Copyright ©2017 by McGraw-Hill Education. All rights reserved. Adjusted Trial Balance  After journalizing and posting the adjusting entries, display the Adjusted Trial Balance.  After printing the Adjusted Trial Balance, display the financial statements: Profit and Loss, Balance Sheet and Statement of Cash Flows.  In Chapter 7, the financial statements are shown. 8 of 14

10 Copyright ©2017 by McGraw-Hill Education. All rights reserved. Closing the Fiscal Year  When the date is changed to January 1, Net Income on the Balance Sheet is shown as Retained Earnings and the income and expense accounts have a zero balance.  After the fiscal year is closed, a Postclosing Trial Balance is printed. 9 of 14

11 Copyright ©2017 by McGraw-Hill Education. All rights reserved. Analyze Reports  QuickBooks Online organizes reports by modules within the accounting system. Go to the Reports page and select All Reports. Each link includes reports related to that module. The links include the following: o Business Overview o Review Sales o Manage Accounts Receivable o Review Expenses and Purchases o Manage Accounts Payable o Accountant Reports o Manage Payroll o Manage Products and Inventory 10 of 14

12 Online Learning Center  Go online to www.mhhe.com/QBO for additional resources. Link to Student Edition, then select Chapter 7. The Online Learning Center includes: www.mhhe.com/QBO o Narrated PowerPoints. o Going to the Net exercises. o Videos. o Multiple-Choice Questions. o True or False Questions. o Analysis Questions. o Glossary of Terms. Copyright ©2017 by McGraw-Hill Education. All rights reserved. 11 of 14

13 Copyright ©2017 by McGraw-Hill Education. All rights reserved. Videos 1. 1. Go to Prof. Susan Crosson’s YouTube videos.Susan Crosson’s YouTube videos 2. 2. To review financial accounting principles and procedures, link to a video. 12 of 14

14 Copyright ©2017 by McGraw-Hill Education. All rights reserved. Going to the Net 1. 1. Go to the QuickBooks Learn & Support website.QuickBooks Learn & Support 2. 2. Type the Search word, My Profit & Loss Accounts. Link to My Profit & Loss accounts are showing a zero balance. Read the information. Then answer these questions. My Profit & Loss accounts are showing a zero balance a. Explain transitory or temporary accounts. b.What happens at the end of the year? 13 of 14

15 Copyright ©2017 by McGraw-Hill Education. All rights reserved. Analysis Question Explain the different between the adjusted trial balance and the postclosing trial balance. 14 of 14

Download ppt "Chapter 7 Analysis and Reports− End of Fourth Quarter and Year Copyright ©2017 by McGraw-Hill Education. All rights reserved. 1 of 14."

Similar presentations

© 2010 The McGraw-Hill Companies, Inc. All rights reserved

© 2010 The McGraw-Hill Companies, Inc. All rights reserved
Chapter 4.

Chapter 4.
Journalizing Closing Entries

Journalizing Closing Entries
Chapter 11: Completing Quarterly Activities & Closing the Fiscal Year McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights.

Chapter 11: Completing Quarterly Activities & Closing the Fiscal Year McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights.
13–1 1-1 Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

13–1 1-1 Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.
Question Answer Accounting I 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 100 200 300 400 500 Debits & Credits Analyzing.

Question Answer Accounting I Debits & Credits Analyzing.
ACCOUNTING CYCLE FOR A SERVICE BUSINESS

ACCOUNTING CYCLE FOR A SERVICE BUSINESS
Chapter 11: Completing Quarterly Activities & Closing the Fiscal Year

Chapter 11: Completing Quarterly Activities & Closing the Fiscal Year
Financial and Managerial Accounting Wild, Shaw, and Chiappetta Fifth Edition Wild, Shaw, and Chiappetta Fifth Edition McGraw-Hill/Irwin Copyright © 2013.

Financial and Managerial Accounting Wild, Shaw, and Chiappetta Fifth Edition Wild, Shaw, and Chiappetta Fifth Edition McGraw-Hill/Irwin Copyright © 2013.
The Accounting Cycle Completed – Adjusting, Closing, and Post-Closing Trial Balance Chapter 5 2.

The Accounting Cycle Completed – Adjusting, Closing, and Post-Closing Trial Balance Chapter 5 2.
Chapter 11: Vendors & Purchases Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Chapter 11: Vendors & Purchases Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.
Chapter 10: Completing Quarterly Activities & Closing Fiscal Year Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Chapter 10: Completing Quarterly Activities & Closing Fiscal Year Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.
Financial Accounting John J. Wild Sixth Edition John J. Wild Sixth Edition McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights.

Financial Accounting John J. Wild Sixth Edition John J. Wild Sixth Edition McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights.
Chapter 1 Introduction to Bellwether Garden Supply Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

Chapter 1 Introduction to Bellwether Garden Supply Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.
Chapter 11: Vendors & Purchases. ©2008 The McGraw-Hill Companies, Inc. 2 of 54 Vendors & Purchases Chapter 11 begins Part 3 of the book: Peachtree Complete.

Chapter 11: Vendors & Purchases. ©2008 The McGraw-Hill Companies, Inc. 2 of 54 Vendors & Purchases Chapter 11 begins Part 3 of the book: Peachtree Complete.
Chapter 4 Working with Inventory, Vendors, and Customers Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution.

Chapter 4 Working with Inventory, Vendors, and Customers Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution.
© The McGraw-Hill Companies, Inc., 2008 McGraw-Hill/Irwin Chapter 3 Adjusting Accounts and Preparing Financial Statements.

© The McGraw-Hill Companies, Inc., 2008 McGraw-Hill/Irwin Chapter 3 Adjusting Accounts and Preparing Financial Statements.
6-1 Skyline College Chapter 6. 6-2 Closing entries are journal entries that transfer the results of operations (net income or net loss) to owner’s equity.

6-1 Skyline College Chapter Closing entries are journal entries that transfer the results of operations (net income or net loss) to owner’s equity.
Chapter 1 Introduction to Bellwether Garden Supply Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without.

Chapter 1 Introduction to Bellwether Garden Supply Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without.
Chapter 9: New Company Setup and Beginning Balances Chapter 9: New Company Setup and Beginning Balances Copyright © 2014 by The McGraw-Hill Companies,

Chapter 9: New Company Setup and Beginning Balances Chapter 9: New Company Setup and Beginning Balances Copyright © 2014 by The McGraw-Hill Companies,

Similar presentations

Ads by Google