Chapter Reviews: The Accounting Cycle

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Chapter Reviews: The Accounting Cycle


Lecture number:
12
Pages:
2
Type:
Lecture Note
School:
Miami University, Oxford
Course:
Acc 221 - Intro to Financial Accounting
Edition:
1
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Lecture 12 Outline of Previous Lecture  Chapter 10: Dividends  What can you do with your money? o Options o Dividends o Dividends Process o Retained Earnings Outline of Current Lecture  Chapter Reviews: The Accounting Cycle  Accounting Cycle Process  All accounts in Cycle o (P) = Permanent Accounts, (T) = Temporary Accounts Current Lecture  Chapter Reviews: The Accounting Cycle  Accounting Cycle Process o General journal o General ledger o Adjusting Entries – Journal o Adjusting Entries – Ledger o Pre-closing trial balance o Income Statement o Statement of stockholder equity (getting final retained earnings & closing temps) o Balance Sheet o Post-closing trial balance  All accounts in cycle o (P) = Permenant Accounts, (T) = Temporary Accounts  Assets  Cash (P), accounts receivable (P), supplies (P), equipment (P), accumulated depreciation (P)  Liabilities  Accounts payable (P), wages payable (P), interest payable (P), unearned revenue (P), dividends payable (P), and note payable (P)  Equity  Common stock (P), retained earnings (P) ACC 221 1st Edition



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