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1、为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能Presented by Annie ChenThe Department of AccountingGDUFChapter 3Chapter 3The Accounting Cycle-Capturing Economic Events为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能This chapter demonstrates how accounting systems record economic events
2、 related to a variety of business transactions.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能The Role of Accounting RecordsEstablishes accountability for assets and transactions.Keeps track of routine business activities.Obtains detailed information about a particular transaction.Evaluates
3、efficiency and performance within company.Maintains evidence of a companys business activities.P86为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能STILL REMEMBER?LEGDER ACCOUNTLEGDER ACCOUNTLEGDERLEGDERJOURNALJOURNALPOSTINGPOSTING为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能ABJOURNAL
4、JOURNALLEDGER LEDGER ACCOUNTACCOUNT为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能The Ledger Accountand The LedgerThe entire group of accounts is kept together in an accounting record called a ledger.Accounts are individual records showing increases and decreases.为深入学习习近平新时代中国特色社会主义思想和党的十九大精
5、神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能Transactions are initially recorded in the journal rather than the ledger account.The journal records transactions in chronological(day by day)order.The ledger groups together all transactions that impact a particular account.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小
6、学图书室育人功能You can refer all these important terms to your textbook easily with the glossary after chapter.(Chapter 3 glossary:p113)为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能Debit/Credit Skill TestsP117 Q4P118 BE3.4为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能ASSETSASSETSDebit fo
7、r IncreaseCredit for DecreaseEQUITIESEQUITIESDebit for DecreaseCredit for IncreaseLIABILITIESLIABILITIESDebit for DecreaseCredit for IncreaseDebits and credits affect accounts as follows:Debit and Credit RulesIn the double-entry accounting system,every transaction is recorded by equal dollar amounts
8、 of debits and credits.A =L +OE为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能Lets record selected transactions for Overnight Auto Service in the accounts.Jan 20:Michael McBryan and family invested$80,000 in exchange for capital stock.Will Cash increase or decrease?Will Capital Stock increas
9、e or decrease?Jan 20:Michael McBryan and family invested$80,000 in exchange for capital stock.Cash increases$80,000 with a debit.Capital Stock increases$80,000 with a credit.Representing Overnight,McBryan negotiated with both the City of Santa Teresa and Metropolitan Transit Authority to purchase an
10、 abandoned bus garage.(The city owned the land but the MTA owned the building.)On January 21,Overnight Auto Service purchased the land from the city for$52,000 cash.Will Cash increase or decrease?Will Land increase or decrease?Representing Overnight,McBryan negotiated with both the City of Santa Ter
11、esa and Metropolitan Transit Authority to purchase an abandoned bus garage.(The city owned the land but the MTA owned the building.)On January 21,Overnight Auto Service purchased the land from the city for$52,000 cash.Cash decreases$2,500 with a credit.Land increases$2,500 with a debit.Jan 22:Overni
12、ght completed the acquisition of its business location by purchasing the abandoned building from the MTA.The purchase price was$36,000;Overnight made a$6,000 cash down payment and issued a 90-day,non-interest-bearing note payable for the remaining$30,000.Will Building increase or decrease?Will Cash
13、and Notes Payable increase or decrease?为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能 Jan 22:Overnight completed the acquisition of its business location by purchasing the abandoned building from the MTA.The purchase price was$36,000;Overnight made a$6,000 cash down payment and issued a 90-
14、day,non-interest-bearing note payable for the remaining$30,000.Building increases$36,000 with a debit.Cash decreases$6,000 with a credit.Notes Payable increases$30,000 with a credit.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能 Jan 23:Overnight purchased tools and equipment on account from
15、 Snappy Tools.The purchase price was$13,800,due in 60 days.Will Tools&Equipment increase or decrease?Will Accounts Payable increase or decrease?为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能 Jan 23:Overnight purchased tools and equipment on account from Snappy Tools.The purchase price was$1
16、3,800,due in 60 days.Tools&Equipment increases$13,800 with a debit.Accounts Payable increases$13,800 with a credit.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能 Jan 24:Overnight sold the excess tools on account to Ace Towing at a price of$1,800,a price equal to Overnights cost.Will Tools&E
17、quipment increase or decrease?Will Accounts Receivable increase or decrease?为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能 Jan 24:Overnight sold the excess tools on account to Ace Towing at a price of$1,800,a price equal to Overnights cost.Tools&Equipment decreases$1,800 with a credit.Accou
18、nts Receivable increases$1,800 with a debit.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能 Jan 26:Overnight received$600 in partial collection of the account receivable from Ace Towing.Will Cash increase or decrease?Will Accounts Receivable increase or decrease?为深入学习习近平新时代中国特色社会主义思想和党的十九大精神
19、,贯彻全国教育大会精神,充分发挥中小学图书室育人功能 Jan 26:Overnight received$600 in partial collection of the account receivable from Ace Towing.Cash increases$600 with a debit.Accounts Receivable decreases$600 with a credit.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能 Jan 27:Overnight made a$6,800 partial payme
20、nt of its accounts payable to Snappy Tools.Will Cash increase or decrease?Will Accounts Payable increase or decrease?为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能 Jan 27:Overnight made a$6,800 partial payment of its accounts payable to Snappy Tools.Cash decreases$6,800 with a creditAccount
21、s payable decreases$6,800 with a debit为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能In an actual accounting system,transactions are initially recorded in the journal.The Journal为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能 Posting involves copying information from the journal to t
22、he ledger accounts.Posting Journal Entries to the Ledger Accounts为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能Posting Journal Entries to the Ledger Accounts为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能Posting Journal Entries to the Ledger Accounts为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全
23、国教育大会精神,充分发挥中小学图书室育人功能Lets see what the cash account looks like after posting the cash portion of this transaction for Overnight Auto Service.Posting Journal Entries to the Ledger Accounts为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能This ledger format is referred to as a running balance.Le
24、dger Accounts After Posting为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能Ledger Accounts After PostingT accounts are simplified versions of the ledger account that only show the debit and credit columns.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能Net IncomeNet income an increase
25、in owners equity from profits of the business.A =L +OEIncreaseDecreaseEither(or both)of these effects occur as net income is earned.Increase.but this is what“net income”really means.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能Retained EarningsA =L +OECapital StockRetained EarningsThe bala
26、nce in the Retained Earnings account represents the total net income of the corporation over the entire lifetime of the business,less all amounts which have been distributed to the stockholders as dividends.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能Revenues and Expenses为深入学习习近平新时代中国特色社会
27、主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能Revenues and ExpensesThe price for goods sold and services rendered during a given accounting period.Increases owners equity.The costs of goods and services used up in the process of earning revenue.Decreases owners equity.REVENUESEXPENSES为深入学习习近平新时代中国特色社会主义思想和党
28、的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能The Realization Principle:When To Record RevenueRealization PrincipleRevenue should be recognized at the time goods are sold and services are rendered.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能Matching Principle:When To Record ExpensesMatching PrincipleEx
29、penses should be recorded in the period in which they are used up.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能WHISTLE-BLOWINGWhistle Blower:One who reveals wrongdoing within an organization to the public or to those in positions of authority.为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小
30、学图书室育人功能WHISTLE-BLOWINGFederal government of the United Statess whistleblower awareness poster为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能TIME 2019 PERSONS OF THE YEAR为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能Journalize t
31、ransactions.Post entries to the ledger accounts.Prepare trial balance.Make end-of-year adjustments.Prepare adjusted trial balance.Prepare financial statements.Prepare after-closing trial balance.Journalize and post closing entries.The Accounting Cycle为深入学习习近平新时代中国特色社会主义思想和党的十九大精神,贯彻全国教育大会精神,充分发挥中小学图书室育人功能End of Chapter 3Thank You!