Year 1 in ReviewYear 1 in Review

Ch. 1Ch. 1

Accounting EquationAccounting Equation– A = L + OEA = L + OE

T – AccountsT – Accounts– AssetsAssets– LiabilitiesLiabilities– O.E.O.E.

Ch. 2Ch. 2

T – AccountsT – Accounts– Normal Balance (what is it?)Normal Balance (what is it?)

Ch. 3Ch. 3

JournalsJournals– GeneralGeneral

What columns HAVE to be filled in?What columns HAVE to be filled in?

Source DocumentsSource Documents– What are they?What are they?– Why do we have them?Why do we have them?

Ch. 4Ch. 4

General LedgerGeneral Ledger– What is it and what’s it for?What is it and what’s it for?

Chart of AccountsChart of Accounts– 100, 200, 300, 400, 500100, 200, 300, 400, 500

Where does the General Ledger get it’s Where does the General Ledger get it’s balance from?balance from?

What columns should be filled in?What columns should be filled in?

Ch. 5Ch. 5

Cash ControlCash Control– Checking AccountsChecking Accounts

Check StubsCheck Stubs

– Bank Reconciliation StatementsBank Reconciliation StatementsServ. ChargeServ. Charge

– How do I record it in the journal??????How do I record it in the journal??????

Outstanding Deposits / ChecksOutstanding Deposits / Checks

– Dishonored checksDishonored checks– Petty CashPetty Cash

Ch. 6Ch. 6

WorksheetsWorksheets– Why have them?Why have them?

Where do their balances come from?Where do their balances come from?

– Adjusting entriesAdjusting entriesWhere do these come from?Where do these come from?

– Income StatementIncome Statement– Balance SheetBalance Sheet– Net Income / LossNet Income / Loss

Ch. 7Ch. 7

Financial StatementsFinancial Statements– Income StatementIncome Statement

What’s on it?What’s on it?

– Balance SheetBalance SheetWhat’s on it?What’s on it?

Ch. 8Ch. 8

Recording Adjusting / Closing EntriesRecording Adjusting / Closing Entries– Where do you get them from?Where do you get them from?– Where do you record them?Where do you record them?

Post-Closing Trial BalancePost-Closing Trial Balance– Why do it?Why do it?

Accounting Cycle for Service Bus.Accounting Cycle for Service Bus.

2) Journalize

8) Prepare Post-Cl.Trial Balance

1) AnalyzeTransactions

3) Post

4) Prepare Worksheet

5) PrepareFinancial

Statements

6) JournalizeAdj. & Cl.Entries

7) Post Adj. & Cl.Entries

Ch. 9Ch. 9

Purchases JournalPurchases Journal– What types of transactions go into this What types of transactions go into this

journal?journal?– How do you determine what types of How do you determine what types of

transactions go into this journal?transactions go into this journal?– Posting entries from the Purch. JournalPosting entries from the Purch. Journal

Cash Payments JournalCash Payments Journal– Purchase Discounts (p.244)Purchase Discounts (p.244)

2/10 net 30 or 2/10 n/30??????2/10 net 30 or 2/10 n/30??????

Ch. 9 (cont.)Ch. 9 (cont.)

Cash Payments Journal (cont.)Cash Payments Journal (cont.)– How do you know if you journalized How do you know if you journalized

everything correctly in the C.P. Journal????everything correctly in the C.P. Journal????– Replenishing Petty CashReplenishing Petty Cash (p.248) (p.248)

Cash Short & OverCash Short & Over– Short = DebitShort = Debit– Over = CreditOver = Credit

General JournalGeneral Journal– What goes in this journal?What goes in this journal?– How can you tell w/o reading the transaction?How can you tell w/o reading the transaction?

Ch. 9 (cont.)Ch. 9 (cont.)

General Journal (cont.)General Journal (cont.)– When YOU return merchandise, what 2 (or 3) When YOU return merchandise, what 2 (or 3)

accounts are affected and how?accounts are affected and how?

Ch. 10Ch. 10

Sales JournalSales Journal– What types or transactions go in this journal?What types or transactions go in this journal?– Source documentsSource documents– Which account should be larger in this journal:Which account should be larger in this journal:

Sales or Acct. Rec.??????Sales or Acct. Rec.??????

– How do you know if you’ve journalized How do you know if you’ve journalized everything correctly in this journal?everything correctly in this journal?

Ch. 10 (cont.)Ch. 10 (cont.)

Cash Receipts JournalCash Receipts Journal– Source documentsSource documents– Which of these 2 columns should have the Which of these 2 columns should have the

larger balance when recording a TS:larger balance when recording a TS:Sales or Cash?Sales or Cash?

– How do you know if you’ve recorded How do you know if you’ve recorded everything correctly in this journal?everything correctly in this journal?

General JournalGeneral Journal– When a CUSTOMER returns merchandise, When a CUSTOMER returns merchandise,

what 2 (or 3) accounts are affected and how?what 2 (or 3) accounts are affected and how?

Ch. 11Ch. 11

Posting to special LedgersPosting to special Ledgers– Special ledgersSpecial ledgers

Accounts PayableAccounts PayableAccounts ReceivableAccounts Receivable

– Post from Post from EVERYEVERY Journal Journal– Schedule of AccountsSchedule of Accounts– What is special about accounts in the General What is special about accounts in the General

Journal?Journal?– Are column totals posted?Are column totals posted?

If so, which ones?If so, which ones?

Ch. 12Ch. 12

Payroll RecordsPayroll Records– Time cards / sheetsTime cards / sheets– Tax withholdingsTax withholdings– Calculating Social Security & Medicare TaxCalculating Social Security & Medicare Tax– Payroll Records Payroll Records vs.vs. Payroll Registers (p.353) Payroll Registers (p.353)– Writing checksWriting checks

2 checks are written (payroll bank acct. & personal)2 checks are written (payroll bank acct. & personal)

Net pay vs. gross payNet pay vs. gross pay

Ch. 13Ch. 13

Recording PayrollRecording Payroll– Where do we pull #s from when recording?Where do we pull #s from when recording?

Payroll Register Payroll Register oror Payroll Records Payroll Records

– Which Journal do we record to?Which Journal do we record to?– Semi-monthly payroll vs. employer payroll Semi-monthly payroll vs. employer payroll

taxes (p. 371)taxes (p. 371)

Ch. 14Ch. 14

Ch. 15Ch. 15

Financial StatementsFinancial Statements– Income StatementIncome Statement

What types of accounts go on this statement?What types of accounts go on this statement?

– Statement of Stockholders’ EquityStatement of Stockholders’ EquityWhat types of accounts go on this statement?What types of accounts go on this statement?

– Balance SheetBalance SheetWhat types of accounts go on this statement?What types of accounts go on this statement?

– Why must these statements be created in this Why must these statements be created in this order?order?