17 Jun Assignment Topic 2
Assignment Instructions:
Please complete the problem set listed below from the textbook.
1. P2-29A
2. CP2-41
Submit your assignment as an Excel file with one problem or exercise per worksheet.
Text Book Link:
http://www.gcumedia.com/digital-resources/pearson/2015/horngrens-accounting-the-financial-chapters_ebook_11e.php
Login:
TBUTLER27
Tmb242274
Electronic Resource:
1. Adjusting Entries
View “Adjusting Entries.”
http://lc.gcumedia.com/zwebassets/courseMaterialPages/acc502_adjustingEntries.php
Lecture 2:
The Accounting Cycle
Introduction
In the previous module, you read an overview of how the accounting equation is applied to the recording of business transactions and how the recording of business transactions ultimately leads to the preparation of financial statements. In this module, you will dig deeper into the process of journalizing transactions into “T-accounts” and how these journal entries lead to the development of a trial balance, which is used as the basis for preparing financial statements.
Journalizing Transactions
When a business transaction occurs, the transaction is first recorded in a journal, a process that is referred to as journalizing transactions. Journalizing transactions is different from posting transactions, which was discussed in Module 1.
1. Journalizing: Recording transactions into the journal.
2. Posting:The process of entering the transaction data found in the general journal into the general ledger.
3. Prepare Trial Balance:A list of all the ledger accounts and their balances.
The general ledger is also referred to as a “T-account” because it takes the form of a “T.”
After transactions are posted into the ledger and the balances in each account are tallied, the balances are presented in a trial balance. A trial balance is a list of all accounts for an organization with their balances at a given point in time. The trial balance shows that the total debits and total credits are equal, or in balance. A demonstration of preparing journal entries, posting them to the ledger, and summarizing the balances into a trial balance follows.
After the trial balance is prepared, the accounting records are adjusted and used as a basis for preparing financial statements. The adjusting process is explained in the next module.
Conclusion
The accounting cycle may initially seem complex, but it is quite simple. The accounting equation is like a puzzle, and once you understand how pieces (transactions) fit into the puzzle (debits and credits), you can play the game. In Module 2, we have explored the basic rules of journalizing so that we can enter accounting events into the accounting system and begin processing them into financial statements. In Module 3, we will complete the accounting cycle so that you can prepare financial statements in accordance with GAAP.
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