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MU ACC 221 - Chapter Reviews: The Accounting Cycle
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ACC 221 1st Edition Lecture 12 Outline of Previous Lecture- Chapter 10: Dividends What can you do with your money? o Optionso Dividends o Dividends Processo Retained Earnings Outline of Current Lecture - Chapter Reviews: The Accounting Cycle Accounting Cycle Process All accounts in Cycleo (P) = Permanent Accounts, (T) = Temporary AccountsCurrent Lecture- Chapter Reviews: The Accounting Cycle Accounting Cycle Processo General journalo General ledger o Adjusting Entries – Journalo Adjusting Entries – Ledgero Pre-closing trial balanceo Income Statemento Statement of stockholder equity (getting final retained earnings & closing temps)o Balance Sheeto 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), accumulateddepreciation (P) LiabilitiesThese notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.- 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) Revenues- Service Revenue (T) Expenses- Supplies expense (T), mower repair expense (T), wages expense (T), truck rental expense (T), depreciation expense (T), interest expense


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MU ACC 221 - Chapter Reviews: The Accounting Cycle

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