accounting i review the accounting cycle: steps 1 through 5

Accounting I Review The Accounting Cycle: Steps 1 through 5

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Accounting I ReviewThe Accounting Cycle: Steps 1 through 5

Pages 6-11

Page 3: Accounting I Review The Accounting Cycle: Steps 1 through 5

VocabularyAssets

Items of value owned or controlled by a business.

Liabilities Creditors’ claims to the assets of a business. Debts of a business

Equity Owner’s claims to assets

Sole Proprietorship – owner’s equityCorporation – stockholder’s equity

Page 4: Accounting I Review The Accounting Cycle: Steps 1 through 5

Vocabulary Account

Record of increases and decreases and the balance for a specific item (ex: supplies)

Double-entry Business transactions affecting two

accounts Debit, left Credit, right

Page 5: Accounting I Review The Accounting Cycle: Steps 1 through 5

Permanent Accounts

Assets Liabilities Owners Equity

Balances are carried forward from one accounting period to the next.

Page 6: Accounting I Review The Accounting Cycle: Steps 1 through 5

Temporary Accounts Used for one year

End of year, balances are transferred to the stockholder’s equity account Retained Earnings.

Revenue, cost of merchandise, and expenses

Page 7: Accounting I Review The Accounting Cycle: Steps 1 through 5

Write the increase and decrease side (t-account) for each of the following in your notes…

Assets

Liabilities

Stockholder’s Equity

Revenue

Cost of Merchandise

Expenses

Page 8: Accounting I Review The Accounting Cycle: Steps 1 through 5

Chart of Accounts Open your textbook to page 8

Backcountry Outfitters Chart of Accounts

Take a photo with your iPad if needed

Page 9: Accounting I Review The Accounting Cycle: Steps 1 through 5

The Steps in the Accounting CycleStep #1 – Collecting and Verifying Source Documents (receipts, memos, check stubs, sales slips)

Step #2 – Analyzing Business Transactions(determine the debit and credit parts of the transaction – use the seven-step method p.10)

Demonstration Problem 1-1 (On Your Own)Purple Handout

Page 10: Accounting I Review The Accounting Cycle: Steps 1 through 5

Accounting Cycle ReviewCh. 1.2 ReviewPages 12-15

Page 11: Accounting I Review The Accounting Cycle: Steps 1 through 5

Step 3: Preparing General Journal Entries Journal

A chronological record of the transactions of a business

General Journal Two-column journal where all types of business

transactions are recorded

Page 12: Accounting I Review The Accounting Cycle: Steps 1 through 5

Example On December 1, Backcountry Outfitters sold

merchandise on account to Alex Post for $187 plus $7.48 sales tax, Sales Slip 92.

Record in your notes…1. Identify the affected accounts.2. Classify each of the accounts.3. Determine the amount that is increased or

decreased for the accounts.4. Debit or Credit?5. Draw the T-Accounts6. Complete the General Journal.

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