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Chapter 2 Accounting cycle (I): Journalizing posting and preparing Trial Balance 日记账, 过账和试算平衡表.

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Presentation on theme: "Chapter 2 Accounting cycle (I): Journalizing posting and preparing Trial Balance 日记账, 过账和试算平衡表."— Presentation transcript:

1 Chapter 2 Accounting cycle (I): Journalizing posting and preparing Trial Balance 日记账, 过账和试算平衡表

2 Accounting Cycle 会计循环 a sequence of accounting procedures which are repeated continuously during each accounting period. Accounting period /fiscal period: any span of time covering a complete accounting cycle E.g. a month,a quarter or half a year, a year Fiscal year/accounting year: twelve consecutive months

3 The Accounting Cycle Journalize transactions. Post entries to the ledger accounts. Prepare trial balance. Complete a work sheet. Prepare financial statements. Prepare post-closing trial balance. Journalize and post closing entries. Journalize and post adjusting entries.

4 Step 3: Record transactions in a journal. Steps in Journalizing Step 1: Examine source documents. Liabilities Equity Assets =+ Step 2: Analyze transactions.

5 The Journal( 日记账 ) In an actual accounting system, transactions are initially recorded in the journal.( handout)

6 Exercise Problem 1 on page 53.

7 Posting Journal Entries to the Ledger Accounts Posting ( 过账 ) involves copying information from the journal to the ledger accounts.

8 The Ledger( 分类账 ) The entire group of accounts is kept together in an accounting record called a general ledger( 总分类账 ) Cash Accounts Payable Jill Jones, Capital Accounts are individual records showing increases and decreases.

9 Chart of Accounts 科目代码表 A official list of all the accounts and their account numbers 1.The first digit indicates the major account classification 2.The second digit indicates financial statement classification 3.The third digit indicates detailed account classification

10 Posting Sorting out and copying the information from the journal to the ledger account.

11 Posting Journal Entries to the Ledger Accounts

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13 Cross –reference 3) Insert the page number of the journal in the posting reference column of the ledger account 4) Insert the ledger account number in the posting reference column of the journal Example on page 45

14 Ledger Accounts After Posting This ledger format is referred to as a running balance (as opposed to simple T accounts).

15 Step 4: Record the journal information in a ledger. Step 3: Record transactions in a journal. Step 5: Prepare a trial balance. Steps in Processing Transactions Step 1: Examine source documents. Liabilities Equity Assets =+ Step 2: Analyze transactions.

16 Exercise Problem 1 on page 53.

17 End of Chapter 2


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