Recording Transactions参考.ppt

? 2012 Pearson Education Introduction to Financial Accounting, 10/e ? 2010 Pearson Education Inc. Publishing as Prentice Hall Introduction to Financial Accounting, 10/e ? 2010 Pearson Education Inc. Publishing as Prentice Hall Introduction to Financial Accounting, 10/e ? 2012 Pearson Education Introduction to Financial Accounting, 10/e ? 2010 Pearson Education Inc. Publishing as Prentice Hall Introduction to Financial Accounting, 10/e ? 2010 Pearson Education Inc. Publishing as Prentice Hall Introduction to Financial Accounting, 10/e Recording Transactions Lecture 4 Learning Objectives (LO) After studying this chapter, you should be able to Use double-entry accounting Describe the five steps in the recording process Analyze and journalize transactions and post journal entries to the ledgers Prepare and use a trial balance Close revenue and expense accounts and update retained earnings Correct erroneous journal entries and describe how errors affect accounts Explain how computers have transformed the processing of accounting data * of 37 LO 4 – Trial Balance * of 37 Trial Balance – list of all general ledger accounts and their balances LO 4 – Trial Balance (TB) Taken anytime – but three times are important Unadjusted TB - before making adjustments (Ch. 3) Adjusted TB - after making adjustments (Ch. 4) Could use TBs to prepare the financial statements Post-closing TB – after closing entries (Ch. 3) Accounts’ debit balances equal credit balances? Yes – proceed but errors can still exist – see Learning Objective 6 No – go back and find/fix the error * of 37 LO 5 – Closing Accounts Closing the accounts - background Adjustments (Ch. 4) must be made before closing Balance sheet accounts are “permanent” So long as a balance exists, they will be used from year to year, i.e. have a running balance so they ar