Acct Notes

Card Set Information

Author:
dante2011
ID:
125099
Filename:
Acct Notes
Updated:
2011-12-27 15:29:03
Tags:
Acct
Folders:

Description:
General Acct Notes
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  1. Accounting Cycle
    • 1. Analyze Transactions
    • 2 Record in General Journal
    • 3 Post to the Ledger
    • 4 Unadjusted trial balance
    • 5 Adjusting entries
    • 6 Prepare Adjusted trial balance
    • 7 Closing Entries
    • 8 Post Closing trial balance
    • 9 Reversing Entries - optional
  2. Prepare Financial Statements
    Prepare Adjusted Trial Balance

    Prepare Income Statement

    Prepare Retained Earnings

    Prepare Balance Sheet
  3. Special Journals
    Sales Journal- sale of merchandise on credit

    Purchase Journal- purchases on credit

    Cash Receipts Journal - Record Cash Receipts

    Cash Payment Journal - Record Cash Payments
  4. Subsidiary Ledgers
    Accounts Receivables

    Accounts Payables
  5. Permanent Accounts
    • Debit Credit
    • Assets + -
    • Liabilities - +
    • Capital Stock - +
    • Retd Earnings - +
  6. Temporary Accts
    • Debit Credit
    • Revenue - +
    • Expense + -
    • Dividend + -
  7. Deferred Revenue
    Debit the Liability Credit the Asset

    • eg
    • Unearned Rent 150
    • Rent Revenue 150
  8. Accrued Revenue
    Debit the Asset Credit the Revenue

    • eg
    • Interest Receivable 200
    • Interest Revenue 200
  9. Accrued Expense
    Debit the Expense Credit the Liability

    • eg
    • Salary Expense 900
    • Salary Payable 900
  10. Prepaid Expense
    Debit the Expense Credit the Asset

    • eg
    • Insurance Expense 875
    • Prepaid Insurance 875
  11. Estimated Items
    • Increase the Expense Decrease the Asset
    • Credit Contra-Asset
    • eg
    • Depreciation Expense 500
    • Accumulated Depreciation 500
  12. Close Expenses to Income Summary
    • Expenses Income Summary
    • | Credit Debit|
  13. Close Revenue To Income Summary
    • Revenue Income Summary
    • Debit| |Credit
  14. Close Dividends to Retained Earnings
    • Dividends Retained Earnings
    • |Credit Debit|
  15. Close Income Summary to Retained Earnings
    • Income Summary Retained Earnings
    • Debit| |Credit
  16. Beginning Inventory + Net Purchases-Cost of Goods Sold
    =Ending Inventory
  17. Beginning Inventory + Net Purchases -Ending Inventory
    = Cost of Goods Sold
  18. Beginning Inventory + Net Purchases
    = Cost of Goods Avalialbe for Sale
  19. Cost of goods available for sale - Cost of goods sold
    = Ending Inventory
  20. Net Sales - Gross Profit
    = Cost of Goods Available for sale
  21. Understated Ending Inventory
    • Cost of Goods Sold Net Income
    • Overstated Understated
  22. Overstated Ending Inventory
    Cost of Goods Sold Net Income

    Understated Overstated
  23. Beginnig Inventory Understated
    Cost of Goods Sold Understated
  24. Purchase Discounts Lost
    an expense account
  25. Purchase discount taken
    Contra expense offset to Cost of Goods Sold
  26. Reversing Entries
    • Adjusting Entry 12/31 Reversing Entry 1/1
    • Interest Rec 66 Interest Rev 66
    • Interest Rev 66 Interest Rec 66
    • 3/1
    • Cash 1419
    • Notes Receivable 1320
    • Interest Revenue 99
    • Interest Revenue period = 33

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