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  • 4.8 Worksheet

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    John Arlo Sanchez
    5 views6 pages
    The worksheet summarizes the 9 steps of the accounting cycle: 1) Analyze transactions, 2) Journalize transactions, 3) Post to ledgers, 4) Prepare a worksheet, 5) Prepare financial statements, 6) Journalize adjusting entries, 7) Journalize closing entries, 8) Prepare a post-closing trial balance, and 9) Evaluate and communicate financial information. The document also provides additional information regarding accrued revenues and expenses, expired insurance, depreciation expense, and inventory amounts that are needed to complete adjusting entries and the adjusted trial balance worksheet.

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    The worksheet summarizes the 9 steps of the accounting cycle: 1) Analyze transactions, 2) Journalize transactions, 3) Post to ledgers, 4) Prepare a worksheet, 5) Prepare financial statements, 6) Journalize adjusting entries, 7) Journalize closing entries, 8) Prepare a post-closing trial balance, and 9) Evaluate and communicate financial information. The document also provides additional information regarding accrued revenues and expenses, expired insurance, depreciation expense, and inventory amounts that are needed to complete adjusting entries and the adjusted trial balance worksheet.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    5 views6 pages

    4.8 Worksheet

    Uploaded by

    John Arlo Sanchez
    The worksheet summarizes the 9 steps of the accounting cycle: 1) Analyze transactions, 2) Journalize transactions, 3) Post to ledgers, 4) Prepare a worksheet, 5) Prepare financial statements, 6) Journalize adjusting entries, 7) Journalize closing entries, 8) Prepare a post-closing trial balance, and 9) Evaluate and communicate financial information. The document also provides additional information regarding accrued revenues and expenses, expired insurance, depreciation expense, and inventory amounts that are needed to complete adjusting entries and the adjusted trial balance worksheet.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 6

    WORKSHEET

    The Accounting Cycle

    Step 2 Step 3
    Journalize
    Journalize
    the Post
    Step 1 transactions
    data about transactions Step 4
    Analyze
    Analyzeand transactions to the ledger Prepare
    transactions
    classify a
    transactions worksheet

    Step 5
    Prepare
    financial
    statements

    Step 9 Step 6
    Evaluate and Journalize
    communicate Step 7 adjusting
    financial Step 8 Journalize entries
    information Prepare a closing
    postclosing entries
    trial balance
    Additional Information

    1. Accrued interest income P1,625


    2. Accrued salaries expense, P14,000
    3. Accrued interest expense, P3,540
    4. Expired insurance for the year, P12,000
    5. Depreciation expense for the year: Building- P7,500;
    Furniture-P9,250; Equipment P800
    6. Inventory actually on hand, P189,000

    Required:
    1. Prepare adjusting entries.
    2. Prepare a worksheet containing Unadjusted Trial
    Balance, Adjustments and Adjusted Trial Balance columns

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