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Verifies that the sum of the supplier balances recorded in the accounts payable subsidiary ledger is equal to the balance of the Accounts Payable control account in the general ledger.

33 trang | Chia sẻ: thuychi20 | Ngày: 04/04/2020 | Lượt xem: 1246 | Lượt tải: 1

Assigns an average cost of inventory available for sale to both: – COGS – Ending inventory ▪The average cost method is called the moving average method under perpetual inventory because a new average cost of goods available for sale is calculated after each purchase

68 trang | Chia sẻ: thuychi20 | Ngày: 04/04/2020 | Lượt xem: 1163 | Lượt tải: 1

Closing entries are entries recorded at the end of the accounting period to transfer the balance of the temporary accounts (including revenues, expenses and withdrawals) to an owner's equity account ▪Closing the temporary accounts involves resetting their balances to zero so they are ready to record the information for the following accountin...

71 trang | Chia sẻ: thuychi20 | Ngày: 04/04/2020 | Lượt xem: 1328 | Lượt tải: 1

The Accumulated Depreciation account is classified as a contra asset account ▪A contra asset account is an account linked to a related asset account ▪It is reported as a deduction from that related account in the financial statements ▪The normal balance of a contra account is the opposite to its related account ▪The Accumulated Depreciation...

63 trang | Chia sẻ: thuychi20 | Ngày: 04/04/2020 | Lượt xem: 1653 | Lượt tải: 1

Now we know how to journalize transactions in the general journal and post them to the ledger, we can look at how to record specific transactions ▪The general steps for recording all transactions are: – Recognize the transaction to be recorded – Analyze the transaction using the accounting equation – Determine which accounts are to be debited...

62 trang | Chia sẻ: thuychi20 | Ngày: 04/04/2020 | Lượt xem: 1181 | Lượt tải: 1

Inflows or enhancements of assets or settlements of liabilities (or both) that result from activities that make up the ongoing central operations of the entity ▪Revenues increase equity Examples: – Sales – Sales Revenues • amounts earned by a firm by providing goods to customers – Service Revenues • amounts earned by a firm by providing se...

62 trang | Chia sẻ: thuychi20 | Ngày: 04/04/2020 | Lượt xem: 1030 | Lượt tải: 1

An inventory count revealed 80 units remaining on hand at the end of the accounting period ▪Therefore 140 – 80 = 60 units must have been sold during the accounting period ▪But what are the costs assigned to the 80 units of ending inventory and 60 units sold? ▪We now calculate ending inventory and cot of goods sold under each inventory costin...

17 trang | Chia sẻ: thuychi20 | Ngày: 04/04/2020 | Lượt xem: 1015 | Lượt tải: 1

Under the perpetual inventory system: ▪The income statement column reports: – Credit balance for Sales Revenues – Debit balance for Sales Returns and Allowances – Debit balance for Sales Discounts – Debit balance for Cost of Goods Sold ▪The balance sheet reports the debit balance of Merchandise Inventory after the adjustment for inventory s...

14 trang | Chia sẻ: thuychi20 | Ngày: 04/04/2020 | Lượt xem: 1300 | Lượt tải: 1

Periodic inventory system requires only one journal entry to record reduction in the selling price for both a sales return or a sales allowance ▪No journal entry is recorded to update the Merchandise Inventory account regardless whether the goods are returned or not ▪The value of the returned inventory (including the value of damaged goods) ...

36 trang | Chia sẻ: thuychi20 | Ngày: 04/04/2020 | Lượt xem: 1177 | Lượt tải: 1

Without reversing entry ▪Where no reversing entries are recorded, the $1,100 payment needs to be allocated between the wages expense incurred this period and the wages payable accrued at the end of the last period ▪The accounting records are searched to find the amount of wages expense accrued at the end of the prior accounting period ($330)...

26 trang | Chia sẻ: thuychi20 | Ngày: 04/04/2020 | Lượt xem: 1179 | Lượt tải: 1