Kế toán doanh nghiệp - Chapter 3: Adjusting accounts for financial statements

An adjusting entry is recorded to bring an asset or liability account balance to its proper amount as well as update any related revenue or expense account. Framework for Adjustments Paid (or received) cash before expense (or revenue) recognized Paid (or received) cash after expense (or revenue) recognized

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Financial AccountingJohn J. WildSeventh Edition Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.Chapter 3Adjusting Accounts for Financial StatementsAdjustments An adjusting entry is recorded to bring an asset or liability account balance to its proper amount as well as update any related revenue or expense account.Adjusting AccountsPaid (or received) cash before expense (or revenue) recognizedPaid (or received) cash after expense (or revenue) recognizedPrepaid (Deferred) expenses*Unearned (Deferred) revenuesAccrued expensesAccrued revenuesFramework for Adjustments*including depreciationC2, P13-*Links to Financial StatementsA13-*The adjusted trial balance combines the unadjusted trial balance account balances with the adjustments we make.FastForward – Computing the Adjusted Trial Balance - December 31, 2013P23-*Prepare Income StatementP33-*Prepare Statement of Retained EarningsNote that net income from the Income Statement carries to the Statement of Retained Earnings.P33-*Prepare Balance SheetP33-*Recording Closing EntriesClose revenue accounts.Close expense accounts.Close income summary account. Close dividends account.P43-*The Accounting CycleStart1. Analyze transactions2. Journalize3. Post4. Prepare unadjusted trial balance5. Adjust6. Prepare adjusted trial balance7. Prepare statements8. Close9. Prepare post-closing trial balanceC310. Reverse (optional)3-*End of Chapter 33-*
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