Slide 2-1 BMGT 220, Discussion #3 – Chapter 2 Kristian Sooklal 443-797-4588 (cell) | 410-575-4719 (text)

Slides:

Advertisements

Similar presentations

Analyzing and Recording Transactions

Advertisements

C3 - 1 Learning Objectives Power Notes The Matching Concept and the Adjusting Process The Matching Concept and the Adjusting Process 1. The Matching Concept.

Power Notes Chapter F2 Learning Objectives C2 Analyzing Transactions

Analyzing and Recording Transactions Last Revised: 3/1/2011

Accounting for Transactions and the Financial Statements

Financial and Managerial Accounting Wild, Shaw, and Chiappetta Fifth Edition Wild, Shaw, and Chiappetta Fifth Edition McGraw-Hill/Irwin Copyright © 2013.

Chapter 3 Accounting Information System The Basics of Financial Accounting.

Recording, Storing, & Reporting Accounting Information

Cash, Short-term Investments and Accounts Receivable

Question Answer Accounting I Debits & Credits Analyzing.

1 Processing Accounting Information Chapter 2. 2 Learning Objective 1 Analyze business transactions.

STUDY OBJECTIVES After studying this chapter, you should understand: Time period assumptionAdjusting entries for prepayments Accrual basis of accountingAdjusting.

Review of the Accounting Process

The Mechanics of Accounting.

Chapter 3  Completing the Accounting Cycle. Chapter 3Mugan-Akman Accounting Cycle Analyze and record the transactions Post the transactions.

© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin1 Analyzing and Recording Transactions Chapter 2 2.

Accounting 211 – Chapter 2 The Recording Process

Mini-case Acme Corp. was formed on July 1 of the current year. The following occurred during the year: t Common stock is issued for $50,000. t $200/month.

Copyright © 2004 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Slide 2-1 Chapter Two Review of the Accounting Process.

ACG2021 Financial Accounting

Trial Balance A trial balance is a list of all the nominal ledger (general ledger) accounts contained in the ledger of a business. The profit and loss.

Analyzing & Recording Business Transactions

© The McGraw-Hill Companies, Inc., 2008 McGraw-Hill/Irwin Chapter 2 Analyzing and Recording Business Transactions.

Analyzing and Recording Transactions Pr. SAMLAL Zoubida.

© The McGraw-Hill Companies, Inc., 2005 McGraw-Hill/Irwin Analyzing and Recording Transactions Chapter.

Chapter 2 Recording Business Transactions

©2006 Prentice Hall Business Publishing Financial Accounting, 6/e Harrison/Horngren 1 Processing Accounting Information Chapter 2.

3 7/e Financial Statements and the Annual Report PowerPoint Author: Catherine Lumbattis COPYRIGHT © 2011 South-Western/Cengage Learning.

Copyright 2003 Prentice Hall Publishing1 Chapter 4 Chapter 4 Keeping the Books: The Mechanics of an Accounting System.

© The McGraw-Hill Companies, Inc., 2005 McGraw-Hill/Irwin Analyzing and Recording Transactions Chapter 2 2.

THE ACCOUNTING CYCLE FINANCIAL TRANSACTION OCCURS RECORD TRANSACTIONS IN GENERAL JOURNAL POST TO THE GENERAL LEDGER RECORD ADJUSTING ENTRIES IN GENERAL.

Analyzing Transactions ACG 2021 Chapter 2. Steps in the Accounting Process Analyze Transactions from source documents Record relevant transactions in.

© 2009 The McGraw-Hill Companies, Inc., All Rights Reserved ANALYZING AND RECORDING TRANSACTIONS Chapter 2.

THE ACCOUNTING CYCLE: Closing Entries 1. Previous Lecture 2 Unadjusted Trial Balance Adjustments Adjusted Trial Balance Income statement Balance Sheet.

C3 - 1 Learning Objectives Power Notes The Matching Concept and the Adjusting Process The Matching Concept and the Adjusting Process 1. The Matching Concept.

© The McGraw-Hill Companies, Inc., 2003 McGraw-Hill/Irwin Slide Accounting Information System.

Financial Statements. Income statement Statement of owner’s equity Balance sheet Statement of cash flows.

The Accounting Information System 3.

BMGT 220, Discussion #2 Kristian Sooklal (cell) | (text)

Financial and Managerial Accounting Wild, Shaw, and Chiappetta Fourth Edition Wild, Shaw, and Chiappetta Fourth Edition McGraw-Hill/Irwin Copyright © 2011.

Gary A. Porter and Curtis L. Norton

Financial Accounting Fundamentals John J. Wild Fourth Edition John J. Wild Fourth Edition McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies,

ADJUSTED TRIAL BALANCE

3 7/e Financial Statements and the Annual Report PowerPoint Author: Catherine Lumbattis COPYRIGHT © 2011 South-Western/Cengage Learning.

External and Internal Events External events: interaction between entity and outside environment LO1 Internal events: Event occurs entirely within the.

Chapter 3 Processing Accounting Information Using Financial Accounting Information: The Alternative to Debits and Credits, 6/e by Gary A. Porter and Curtis.

1 Chapter 3 Processing Accounting Information Annual Report Financial Accounting 4e by Porter and Norton.

Financial Accounting John J. Wild Seventh Edition John J. Wild Seventh Edition Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction.

Chapter 2 Analyzing and Recording Transactions. Outline of Chapter 2 Analyzing and Recording Transactions Analyzing & Recording Process Analyzing & Processing.

Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 3 Applying Double-Entry Accounting.

Preparing Closing Entries and a Post-Closing Trial Balance

Financial and Managerial Accounting

Analyzing and Recording Transactions

Building Financial Statements

Completing the Accounting Cycle

The Accounting Cycle: Step 9

The Accounting Cycle: Step 2

Power Notes Chapter 3 Learning Objectives

The Accounting Cycle – Step 1

The Accounting Cycle: Step 4

The Accounting Cycle: Steps 6 & 7

The Accounting Information System

Building Financial Statements

BALANCE SHEET EQUITATION

3 Introduction to Financial Accounting Information, 7/e Processing

ACCRUALS AND DEFERRALS

Power Notes Chapter F4 Learning Objectives C4

Received $50,000 cash from the issue of common stock.

Building Financial Statements

Presentation transcript:

Slide 2-1 BMGT 220, Discussion #3 – Chapter 2 Kristian Sooklal (cell) | (text)

Slide 2-2 Important News Wizards vs. Nets (home game) tonight at 7 Wizards vs. Nets (home game) tonight at 7 Request tickets to Clemson basketball game today Request tickets to Clemson basketball game today Virginia game on Sunday at 1:00 pm Virginia game on Sunday at 1:00 pm Wizards beat the Knicks, Wizards beat the Knicks,

Slide 2-3 Topics in Chapter 2 Double Entry system Double Entry system Debits and Credits Debits and Credits DEAD DEAD COLR COLR Normal Balances Normal Balances Beginning Balance  Additions and Subtractions  Ending Balance Beginning Balance  Additions and Subtractions  Ending Balance T Accounts T Accounts Posting Posting Trial Balances Trial Balances

Slide 2-4 Plan for today Quiz 1 back Quiz 1 back Financial Statements Financial Statements Knowledge Check Questions Knowledge Check Questions Review of class notes + homework Review of class notes + homework Any questions? Any questions? Quiz 2 Quiz 2

Slide 2-5 After processing its remaining transactions for December, Scott company prepares a Trial Balance. DebitsCredits Cash3,950$ Accounts receivable- 1,500 Supplies9,650 Prepaid Insurance2,400 Equipment23,500 Accounts payable6,200$ Unearned consulting revenue3,000 Common stock30,000 Dividends600 Consulting revenue5,800 Rental revenue300 Salaries expense1,400 Rent expense 2,000 Utilities expense300 Total 45,300$ Scott Company Trial Balance December 31, 2011 The trial balance lists all account balances in the general ledger. If the books are in balance, the total debits will equal the total credits. $ 45,300

Slide 2-6 Stmt. Of Cash Flows Income Statement Stmt. of Ret. Earnings Beginning Balance Sheet Ending Balance Sheet Using a Trial Balance to prepare Financial Statements

Slide 2-7 Use the Trial Balance for Scott company to prepare its financial statements

Slide 2-8 Income Statement

Slide 2-9 Statement of Retained Earnings

Slide 2-10 Balance Sheet

Slide 2-11 Knowledge Check # 5: Knowledge Check # 5: An accountant for O’Leary Company enters a transaction in which she debits Accounts Receivable and credits Service Revenue. What type of transaction occurred that results in this entry? O’Leary collected an Account Receivable O’Leary performed a service in exchange for cash O’Leary performed a service for a client and sent a bill for services rendered O’Leary wrote off an Account Receivable that it expects not to collect.

Slide 2-12 Knowledge Check # 6: Knowledge Check # 6: If assets and equity have both been reduced by equal amounts in the same journal entry, what is the most likely explanation? A fixed asset has been purchased on credit An invoice has been received from the cell phone company A supplier has been paid An owner has received a dividend.