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    Accounting Cycle & Bank Reconciliation

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    May-Ann Enero
    This document discusses the accounting cycle of a service business and bank reconciliation. It covers maintaining accounts, general journal entries, adjusting entries, financial statements including the income statement, statement of owner's equity, and balance sheet. It also discusses generating reports, graphs, bank reconciliation, and closing journal entries to close out temporary accounts at the end of the accounting period.

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    Accounting Cycle & Bank Reconciliation

    Uploaded by

    May-Ann Enero
    208 views29 pages
    This document discusses the accounting cycle of a service business and bank reconciliation. It covers maintaining accounts, general journal entries, adjusting entries, financial statements including the income statement, statement of owner's equity, and balance sheet. It also discusses generating reports, graphs, bank reconciliation, and closing journal entries to close out temporary accounts at the end of the accounting period.

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    All about accounting cycle

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    This document discusses the accounting cycle of a service business and bank reconciliation. It covers maintaining accounts, general journal entries, adjusting entries, financial statements including the income statement, statement of owner's equity, and balance sheet. It also discusses generating reports, graphs, bank reconciliation, and closing journal entries to close out temporary accounts at the end of the accounting period.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    208 views29 pages

    Accounting Cycle & Bank Reconciliation

    Uploaded by

    May-Ann Enero
    This document discusses the accounting cycle of a service business and bank reconciliation. It covers maintaining accounts, general journal entries, adjusting entries, financial statements including the income statement, statement of owner's equity, and balance sheet. It also discusses generating reports, graphs, bank reconciliation, and closing journal entries to close out temporary accounts at the end of the accounting period.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Download as pptx, pdf, or txt
    of 29

    Chapter 2

    Accounting Cycle of a
    Service Business
    and Bank Reconciliation
    It covers the ongoing process of accounting activities.

    1. Computerized accounting system

    2. Manual accounting system


    ACCOUNTING CYCLE
    includes all accounting activities, beginning
    with entering transaction and ending with
    closing.

    MAINTAINING ACCOUNTS
    may involve adding new accounts to the chart of
    accounts.
    Figure 2.1 ACCOUNT MAINTENANCE
    GENERAL JOURNAL

    • Journal
    is a record of debit and credit parts of each
    transaction in date sequence.

    • Posting
    the process of updating the ledger account balances
    with all debits and credits.
    GENERAL JOURNAL TRANSACTION

    • General Journal Tab


    is used to enter and post general journal
    entries and to make corrections or
    delete existing journal entries.
    Figure 2.2 JOURNAL ENTRIES

    • Enter General Journal Entries


    • Changing or Deleting General Journal Transactions
    • Adding Lines to a Transactions
    Finding Journal Entries

    Figure 2.3 FIND JOURNAL ENTRY DIALOG BOX


    ADJUSTING ENTRIES

    changes entered into the computer to update general


    ledger accounts at the end of a fiscal period.
    Figure 2.4 TRIAL BALANCE BEFORE ADJUSTING ENTRIES
    Figure 2.5 GENERAL JOURNAL (Adjusting Entries)
    REPORTS

    Figure 2.6 REPORT SELECTION DIALOG BOX


    Figure 2.8 JOURNAL REPORT SELECTION DIALOG BOX
    Figure 2.9 CUSTOMIZE JOURNAL REPORT DIALOG BOX
    • Printing the Contents of a Report window
    • Copying report information to the clipboard in spreadsheet and word processor formats.

    Figure 2.7 COPY REPORT TO CLIPBOARD


    General Journal Report

    is useful in detecting errors and verifying the equality of debits and


    credits.
    FINANCIAL STATEMENT

    • The Income Statement


    provides information on a business’s net income or net loss over a
    specified period of time.

    • Statement of Owner’s Equity


    shows the changes to owner’s equity that occurred during the fiscal
    period.

    • Balance Sheet
    provides information on the overall financial strength of a business as of a
    specific date.
    Figure 2.10 INCOME STATEMENT BY MONTH OF THE YEAR
    Figure 2.11 Statement of Owner’s Equity
    Figure 2.12 BALANCE SHEET
    GRAPH
    refers to a pictorial representation of data that
    can be depicted on a computer screen or printed.
    Figure 2.13 GRAPH SELECTION DIALOG BOX
    Figure 2.14 EXPENSE DISTRIBUTION GRAPH
    BANK RECONCILIATION

    Figure 2.15 BANK RECONCILIATION


    Figure 2.16 BANK RECONCILIATION REPORT
    CLOSING JOURNAL ENTRIES

    to close all of the temporary income statement accounts


    to the income summary accounts.
    Figure 2.17 GENERATE CLOSING JOURNAL ENTRIES DIALOG BOX
    Figure 2.18 CLOSING ENTRIES

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