The Accounting Cycle Completed

More documents

Recommendations

Info

(FIGURE 5-5 cont.) Accounts Receivable Date 2004 May 22 Explanation Acct. No. 112 DR Post. or Ref. Debit Credit CR Balance GJ1 500000 DR 500000 Office Supplies Date 2004 Explanation May 3 31 Adjusting Post. Ref. GJ1 GJ2 Debit 60000 Credit 50000 DR or CR DR DR Acct. No. 114 Balance 60000 10000 Prepaid Rent Date 2004 Explanation May 1 31 Adjusting Post. Ref. GJ1 GJ2 Debit 120000 Acct. No. 115 DR Credit or CR Balance DR 120000 40000 DR 80000 Desktop Publishing Equipment Date 2004 Explanation May 1 Acct. No. 121 DR Post. or Ref. Debit Credit CR Balance GJ1 600000 DR 600000 Accumulated Amortization, Desktop Publishing Equipment Acct. No. 122 Date DR Post. or 2004 Explanation Ref. Debit Credit CR Balance May 31 Adjusting GJ2 8000 CR 8000 Accounts Payable Date 2004 May 1 3 18 28 Explanation Post. Ref. GJ1 GJ1 GJ1 GJ2 Debit 250000 Credit 500000 60000 25000 DR or CR CR CR CR CR Acct. No. 211 Balance 500000 560000 585000 335000 180 CHAPTER 5
Salaries Payable Date 2004 May 31 Explanation Adjusting Acct. No. 212 DR Post. or Ref. Debit Credit CR Balance GJ2 35000 CR 35000 Brenda Clark, Capital Date 2004 May 1 31 31 Explanation Closing (Net Income) Closing (Withdrawals) Post. Ref. Debit GJ1 GJ2 GJ2 62500 Credit 1000000 490000 DR or CR CR CR CR Acct. No. 311 Balance 1000000 14 90000 1427500 Note that this is the same ending balance as on page 142. ➤ Brenda Clark, Withdrawals Date 2004 Explanation May 20 31 Closing Post. Ref. GJ1 GJ2 Debit 62500 Acct. No. 312 DR Credit or CR Balance DR 62500 62500 –0– Income Summary Date 2004 May 31 31 31 Explanation Closing (Revenue) Closing (Expense) Closing (Net Income) Post. Ref. GJ2 GJ2 GJ2 Debit 310000 490000 Credit 800000 DR or CR CR CR Acct. No. 313 Balance 800000 490000 –0– Desktop Publishing Fees Date 2004 Explanation May 7 22 31 Closing Post. Ref. GJ1 GJ1 GJ2 Debit 800000 Credit 300000 500000 DR or CR CR CR Acct. No. 411 Balance 300000 800000 –0– Office Salaries Expense Date 2004 Explanation May 11 25 31 Adjusting 31 Closing Post. Ref. GJ1 GJ2 GJ2 GJ2 Debit 65000 65000 3 5000 Credit 165000 DR or CR DR DR DR Acct. No. 511 Balance 65000 130000 165000 –0– THE ACCOUNTING CYCLE COMPLETED 181
Page 1 and 2: 5 The Accounting Cycle Completed T
Page 3 and 4: CLARK'S DESKTOP PUBLISHING SERVICES
Page 5 and 6: LEARNING UNIT 5-1 REVIEW AT THIS PO
Page 7 and 8: An Income Summary is a temporary ac
Page 9 and 10: Telephone Expense 513 Office Suppli
Page 11: Date 2004 May 31 CLARK'S DESKTOP PU
Page 15 and 16: LEARNING UNIT 5-2 REVIEW AT THIS PO
Page 17 and 18: Table 5-1 Steps of the Manual Accou
Page 19 and 20: Chapter Review COMPREHENSIVE DEMONS
Page 21 and 22: Jan. 4 Office Equipment Asset ↑ D
Page 23 and 24: ADJUSTMENTS The amount of office su
Page 25 and 26: General Journal Page 2 Date Account
Page 27 and 28: These are all permanent accounts. R
Page 29 and 30: BLUEPRINT OF THE CLOSING PROCESS FR
Page 31 and 32: Closing Steps and Journalizing Clos
Page 33 and 34: Reconstructing closing entries 5-4.
Page 35 and 36: Account Titles Cash Prepaid Insuran
Page 37 and 38: Adjustment Data a. Insurance expire
Page 39 and 40: Adjustment Data a. Insurance expire
Page 41 and 42: Comprehensive review of the entire
Page 43 and 44: CONTINUING PROBLEM ◆ Tony has dec
Page 45 and 46: 1. 2. #3a & b, p. 214 #4, p. 214 #5
Page 47 and 48: 5a. 5b. 6a. THE ACCOUNTING CYCLE CO
Page 49 and 50: 10. 11a. 11b. THE ACCOUNTING CYCLE
Page 53 and 54: 17. 18. 19. THE ACCOUNTING CYCLE CO
Page 55 and 56: 22. 23. 24. THE ACCOUNTING CYCLE CO
Page 59 and 60: 31b. 32. Required Work for July 1.
Page 61 and 62: Print reports. Record June adjustin
Page 63:
Print reports. Record July adjustin
show all

The Accounting Cycle Completed

Create successful ePaper yourself

Delete template?

Save as template?