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Principles of Accounting I

Principles of Accounting I. Asst.Prof.Dr. Panchat Akarak p.thipnew1@hotmail.com School of Accounting Chiang Rai Rajabhat University. Accounting Cycle. Posted Entries to Ledger Accounts. Prepare Unadjusted Trial Balance. Adjusting Journal Entries. Prepare Adjusted Trial Balance. 1.

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Principles of Accounting I

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  1. Principles of Accounting I Asst.Prof.Dr. Panchat Akarak p.thipnew1@hotmail.com School of Accounting Chiang Rai Rajabhat University Principles of Accounting I

  2. Accounting Cycle Posted Entries to Ledger Accounts Prepare Unadjusted Trial Balance Adjusting Journal Entries Prepare Adjusted Trial Balance 1 Recorded Journal Entries Prepare Financial Statement Recorded Reversing Entries/ Opening Entries Prepare Post. Closing Trial Balance Recorded Closing Entries Principles of Accounting I

  3. Step of bookkeeping Step 1 Recorded 1. General Journal Step 2 Posted 2. Ledger/ GL Step 3 Balance Accounts 3. Trial Balance Step 4 Recorded Adjusted 4. General Journal Step 5 Prepare worksheet 5. Working Paper Step 6 Prepare F/S 6. Financial Statement Step 7 Prepare Closing 7. General Journal Step 8 Recorded Opening/ 8. General Journal Reversing entries Principles of Accounting I

  4. Working Paper • Work sheet such as: • 6 columns • 8 columns • 10 columns • 12 columns Principles of Accounting I

  5. Trial Balance Principles of Accounting I

  6. Work sheet 6 columns Principles of Accounting I

  7. Work sheet 8 columns Principles of Accounting I

  8. Working paper 10 Columns Principles of Accounting I

  9. Principles of Accounting I

  10. Principles of Accounting I

  11. Principles of Accounting I

  12. Principles of Accounting I

  13. Working paper 6 Column Principles of Accounting I

  14. Financial Statement • Income Statement:- -Revenues -Expenses -Profit/Loss Principles of Accounting I

  15. Income Statement Account Form Baht Principles of Accounting I

  16. Income Statement Company Name Income statement For ………, Ended ………………. Report Form Baht Principles of Accounting I

  17. Financial Statement • Financial Position Statement -Assets -Liabilities -Owner’s Equity Principles of Accounting I

  18. Financial Position Statement • Assets Current Assets Non current Assets • Liabilities Current Liabilities Non current Liabilities Principles of Accounting I

  19. The classified Financial Position Statement • Current Assets such as; -Cash and Cash Equivalent -Accounts Receivable, -Note Receivable, -Prepaid Expenses -Accrued Revenue -Supplies on hand Principles of Accounting I

  20. The classified Financial Position Statement • Noncurrent Assets such as; -Long term Investment -Land -Buildings -Machinery -Equipment -Accumulated Depreciation Principles of Accounting I

  21. The classified Financial Position Statement • Current Liabilities such as; -Bank Overdraft -Accounts Payable, -Note Payable, -Accrued Expenses -Deferred Revenue -Shot term loan -Short term other liabilities Principles of Accounting I

  22. The classified Financial Position Statement • Noncurrent Liabilities such as; -Long term Loan -Note Payable-long term -Bond Principles of Accounting I

  23. Financial Position Statement • Owners’ equity as; 1) Proprietorship -Capital -Drawing -Net Income Principles of Accounting I

  24. Financial Position Statement • Owners’ equity 2) Partnership -Capital-A -Capital-B -Retained Earning Principles of Accounting I

  25. Financial Position Statement • Owners’ equity 3) Corporation -Capital share -Surplus-Capital -Surplus-other -Retained Earning Principles of Accounting I

  26. Financial Position Statement Account Form Principles of Accounting I

  27. Financial Position Statement Company Name Financial Position Statement Report Form Baht Principles of Accounting I

  28. Income Statement Account Form The Dark Company Income statement For year, Ended December 31, 2016 Baht Principles of Accounting I

  29. Income Statement Report Form The Dark Company Income statement For year, Ended December 31, 2016 Baht Principles of Accounting I

  30. Financial Position Statement The Dark Company Financial Position Statement December 31, 2016 Account Form Baht Principles of Accounting I

  31. Financial Position Statement The Dark Company Financial Position Statement December 31, 2016 Report Form Baht Principles of Accounting I

  32. The Accounting Cycle Summarized Journalizing Adjusting Entries the Closing Process 1) Closing the Revenue Account(s) 2) Closing the Expense Account(s) 3) Closing the Profit and Loss Summary Account 4) Closing the Owner’s Drawing Account 5) Closing Process Summarized 6) Post-Closing Trial Balance Principles of Accounting I

  33. Closing entries 1) Dec. 31 Dr. Service Revenue xx Other Revenue xx Cr. Profit and Loss Summary Account xx (Income Summary) To close revenue accounts Principles of Accounting I

  34. Closing entries 2) Dec. 31 Dr. Profit and Loss Summary Account xx (Income Summary) Cr. Payroll Expense xx Utilities Expense xx Supplies Expense xx Insurance Expense xx Depreciation Expense-Building xx Depreciation expense-Equipment xx To close expense accounts Principles of Accounting I

  35. Closing entries 3) Dec. 31 (Profit or net income) Dr. Profit and Loss Summary Account xx (Income Summary) Cr. Capital-John xx To close net income to capital Principles of Accounting I

  36. Closing entries 3) Dec. 31 (Loss or net income) Dr. Capital-John/Retained Earning xx Cr. Profit and Loss Summary Account xx (Income Summary) To close net income to capital Principles of Accounting I

  37. Closing entries 4) Dec. 31 Dr. Capital- John xx Cr. Drawing -John xx To close the owner’s drawing account Principles of Accounting I

  38. Recorded Journal Entries General Journal P.…1… 1 Principles of Accounting I

  39. Recorded Journal Entries General Journal P.…1… 2 Principles of Accounting I

  40. Recorded Journal Entries General Journal P.…1… 3 Principles of Accounting I

  41. Recorded Journal Entries General Journal P.…1… 4 Principles of Accounting I

  42. Recorded Journal Entries General Journal P.…1… 1+2 Principles of Accounting I

  43. General Ledger-T Account A/C...Commissions revenueNo....41.... Principles of Accounting I

  44. General Ledger-T Account A/C.Payroll expenseNo..51..... Principles of Accounting I

  45. General Ledger-T Account A/C…Depreciation building expenseNo..52... Principles of Accounting I

  46. General Ledger-T Account A/C.Depreciation equipment expenseNo...53.. Principles of Accounting I

  47. General Ledger-T Account A/C..Utilities expenseNo...54.. Principles of Accounting I

  48. General Ledger-T Account • A/C.. Income Summary No..33 Principles of Accounting I

  49. General Ledger-T Account A/C.. Drawing-BrownNo..32.... Principles of Accounting I

  50. General Ledger-T Account A/C. Capital-BrownNo..31.. Principles of Accounting I

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