Chapter 4 Completing the Accounting Cycle

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Table of Contents Chapter 4 Completing the Accounting Cycle LEARNING OBJECTIVES Overview of the Accounting Cycle Overview of the Accounting Cycle Steps in the Accounting Cycle Discussion Closing Entries Overview of the Closing Process Types of Accounts and Closing Entries Purposes of Closing Entries Discussion Required Closing Entries The Four Steps to Close the Accounts PPT Slide PPT Slide The Accounts After Closing Discussion The Post-Closing Trial Balance The Post-Closing Trial Balance Discussion Reversing Entries: The Optional First Step in the Next Accounting Period About Reversing Entries Example of an Accrual Without Reversing Entry Example of an Accrual With Reversing Entry Discussion The Work Sheet: An Accountantís Tool Working Papers The Work Sheet Preparing the Work Sheet PPT Slide PPT Slide Discussion Using the Work Sheet Using the Work Sheet Preparing Closing Entries from the Adjusted Trial Balance Preparing Closing Entries from the Adjusted Trial Balance Preparing Closing Entries from the Adjusted Trial Balance Preparing Closing Entries from the Adjusted Trial Balance Posting the Closing Entry of the Credit Balances from the Income Statement Accounts to the Income Summary Account Posting the Closing Entry of the Debit Balances from the Income Statement Accounts to the Income Summary Posting the Closing Entry of the Income Summary Account Balance to the Retained Earnings Account Posting the Closing Entry of the Dividends Account Balance to the Retained Earnings Account Discussion PPT Slide PPT Slide

Author: Needles & Powers