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Adjusted Trial Balance Horngren’s Accounting Lecture Eight Lisa, Li 1 Accounting

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Learning Objectives – Chapter 3Cash Basis vs Accrual Basis AccountingApply the time period concept, revenue recognition, and matching principlesExplain the purpose of and journalize and post adjusting entriesPrepare an adjusted trial

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Слайд 1Adjusted Trial Balance
Horngren’s Accounting

Lecture Eight
Lisa, Li
Accounting

Adjusted Trial BalanceHorngren’s Accounting Lecture EightLisa, LiAccounting

Слайд 2Learning Objectives – Chapter 3
Cash Basis vs Accrual Basis Accounting
Apply

the time period concept, revenue recognition, and matching principles
Explain the

purpose of and journalize and post adjusting entries
Prepare an adjusted trial balance
Identify the impact of adjusting entries on the financial statements
use a worksheet to prepare the adjusted trial balance


Accounting

Accounting

Learning Objectives – Chapter 3Cash Basis vs Accrual Basis AccountingApply the time period concept, revenue recognition, and

Слайд 3Adjusting Journal Entries
Adjusting Journal Entries (AJE’s) can be divided into


two basic categories:
Prepaids
Prepaid Expenses
Unearned Revenues
Accruals
Accrued revenues
Accrued expenses
Accounting

Adjusting Journal EntriesAdjusting Journal Entries (AJE’s) can be divided into two basic categories:PrepaidsPrepaid ExpensesUnearned Revenues AccrualsAccrued revenuesAccrued

Слайд 4Accrual: Accrued Expenses
1. Prepaid Expenses – A
Prepaid expenses are assets

until used
2. Unearned Revenue – L
received cash before it does

the work
3. Accrued Expenses – L
Incurred expenses before paying for them. It always create a related liability.
Eg. Employee’s salaries, interest expense on note payable.
4. Accrued Revenues – A
Earned revenue for which cash hasn't been collected for yet

Accounting

Accrual: Accrued Expenses1. Prepaid Expenses – APrepaid expenses are assets until used2. Unearned Revenue – Lreceived cash

Слайд 53. Accrued Interest Expenses- Example
On December 1, the company purchased

of $60,000 building for a note payable with the bank.

In contract, interest on this note,$1200, is payable one year later, on December 1,2020.
The company must record the amount of interest expense that has been incurred by December 31,2019.

Accounting

3. Accrued Interest Expenses- ExampleOn December 1, the company purchased of $60,000 building for a note payable

Слайд 63. Accrued Interest Expenses- Example
Accounting

3. Accrued Interest Expenses- ExampleAccounting

Слайд 73. Accrued Expenses
Accounting

3. Accrued Expenses Accounting

Слайд 83. Accrued Expenses
Accounting

3. Accrued Expenses Accounting

Слайд 9Accrual: Accrued Revenue
1. Prepaid Expenses – A
Prepaid expenses are assets

until used
2. Unearned Revenue – L
received cash before it does

the work
3. Accrued Expenses – L
Incurred expenses before paying for them. It always create a related liability.
4. Accrued Revenues – A
Earned revenue before we receive the cash.
Recognize R and A

Accounting

Accrual: Accrued Revenue1. Prepaid Expenses – APrepaid expenses are assets until used2. Unearned Revenue – Lreceived cash

Слайд 10Yes, I’ve completed your consulting job, but have not
had time to

bill you yet.
4. Accrued Revenue
Revenues earned in a period that

are both unrecorded and not yet received.

Asset

Revenue

Accounting

Yes, I’ve completed your consulting job, but have nothad time to bill you yet.4. Accrued RevenueRevenues earned

Слайд 114. Accrued Revenue
On December 15, 2019, Smart Touch Learning agrees

to perform e-learning services for $1,600 per month (Jan 15).

Under the agreement, the business will receive payment on Jan15, 2020.
By the end of December, they have earned ½ of the monthly fee for Dec.

Accounting

4. Accrued RevenueOn December 15, 2019, Smart Touch Learning agrees to perform e-learning services for $1,600 per

Слайд 124. Future Receipt of Accrued Revenue
When the company received the

payment from client on January 15,2020.
The business will record

the following entry:

Accounting

4. Future Receipt of Accrued RevenueWhen the company received the payment from client on January 15,2020. The

Слайд 13 Exhibit 3-3 Summarize Prepaid and Accrual Adjustments

p173

Accounting

Exhibit 3-3 Summarize Prepaid and Accrual Adjustments

Слайд 14Try it Question

p176

SS Services had the following adjustments as of the end of the year.
Equipment depreciation was $1,500.
$700 of advertising expense was incurred but not paid.( use advertising payable)
Office supplies on hand at the end of the year totaled $250. the beginning balance of office supplies was $600.
$1,200 of rent revenue was earned but not recorded or received.
Unearned revenue of $3,000 has been earned.

1. For each situation, indicate which category of adjustment is described.
2. Journalize the adjustment entry needed.

Accounting

Try it Question

Слайд 15Try it Question Answers
a. prepaid expense
b. accrual expense
c. prepaid expense
d.

accrual revenue
e. unearned revenue
Accounting

Try it Question Answersa. prepaid expenseb. accrual expensec. prepaid expensed. accrual revenue e. unearned revenueAccounting

Слайд 16Accounting

Accounting

Слайд 17Accounting

Accounting

Слайд 18截图p175C
Accounting

截图p175CAccounting

Слайд 19Learning Objective 4
Explain the purpose of and prepare an adjusted

trial balance
Accounting
19

Learning Objective 4Explain the purpose of and prepare an adjusted trial balanceAccounting19

Слайд 20Summary of the Accounting Cycle
Analyze & journalize transactions
Post journal entries

to ledger accounts
Prepare unadjusted trial balance
Journalize and post adjusting entries
Prepare

adjusted trial balance

Prepare financial statements

Start with beginning account balances

Prepare the worksheet (optional)

Accounting

20

Summary of the Accounting CycleAnalyze & journalize transactionsPost journal entries to ledger accountsPrepare unadjusted trial balanceJournalize and

Слайд 21The Adjusted Trial Balance
After journalizing and posting all the adjusting

journal entries at the end of the fiscal period, a

new adjusted trial balance is prepared.
List all accounts
List debit balances in the debit column
List credit balance in the credit column
If it balances, financial statements can be prepared.

Accounting

21

The Adjusted Trial BalanceAfter journalizing and posting all the adjusting journal entries at the end of the

Слайд 22There are so many differences between two of the statements.





Can you find them all?

Accounting

There are so many differences between two of the statements. Can you find them all? Accounting

Слайд 23Learning Objective 5
Identify the impact of adjusting entries on the

financial statements
Accounting

Learning Objective 5Identify the impact of adjusting entries on the financial statementsAccounting

Слайд 24Accounting

Accounting

Слайд 25Try it Question

p179
Identify the impact on the income statement and

balance sheet if following adjusting entries were not recorded.
Office supplies used , $800.
Accrued service revenue,$4,000
Depreciation on building,$3,500.
Prepaid insurance expired,$650.
Accrued salaries expense,$2,750
Service revenue that was collected in advance has now been earned,$130.

Accounting

Try it Question p179Identify the impact on the

Слайд 26Try it Question Answers
Accounting

Try it Question AnswersAccounting

Слайд 27Multiple Choices (more than one correct answers)

4 mins
$1200 of rent revenue was earned but not recorded

or received. Identify the impact on the financial statement if adjusting entries for this situation were not record.
A. Net income understated
B. Revenue overstated
C. Assets understated
D. Equity overstated

Accounting

Multiple Choices (more than one correct answers) 4 mins$1200 of rent revenue was earned

Слайд 28Learning Objective 6
Explain the worksheet and use it to prepare

adjusting entries and the adjusted trial balance
28

Accounting
P179-181

Learning Objective 6Explain the worksheet and use it to prepare adjusting entries and the adjusted trial balance28AccountingP179-181

Слайд 293-
Accounting
First, enter the information from the unadjusted trial balance into

the first two columns of the worksheet.
29

3-AccountingFirst, enter the information from the unadjusted trial balance into the first two columns of the worksheet.29

Слайд 30Accounting
Second, enter the information for the adjusting journal entries into

the Adjustments columns.

AccountingSecond, enter the information for the adjusting journal entries into the Adjustments columns.

Слайд 31Accounting
Third, cross-foot the numbers across the spreadsheet to the Adjusted

Trial Balance columns.

AccountingThird, cross-foot the numbers across the spreadsheet to the Adjusted Trial Balance columns.

Слайд 32Practice: adjusted trial balance
Accounting

Practice: adjusted trial balanceAccounting

Слайд 33Q 10 solution

page 224
Accounting

Q 10 solution page 224Accounting

Слайд 34 An internal document that helps summarize data for the

preparation of financial statements is called a:

ledger.
journal.
worksheet.
chart of accounts.
Multiple Choices

2mins
An internal document that helps summarize data for the preparation of financial statements is called a:ledger.journal.worksheet.chart

Слайд 35 An internal document that helps summarize data for the

preparation of financial statements is called a:

ledger.
journal.
worksheet.
chart of accounts.
Multiple Choices

2mins
An internal document that helps summarize data for the preparation of financial statements is called a:ledger.journal.worksheet.chart

Слайд 36The adjusted trial balance shows:

amounts that are out of balance

and ways to rectify them.
amounts that are to be used

to prepare the financial statements.
amounts of assets and liabilities only.
amounts of revenues and expenses only.

Multiple Choices 2mins

The adjusted trial balance shows:amounts that are out of balance and ways to rectify them.amounts that are

Слайд 37The adjusted trial balance shows:

amounts that are out of balance

and ways to rectify them.
amounts that are to be used

to prepare the financial statements.
amounts of assets and liabilities only.
amounts of revenues and expenses only.

Multiple Choices 2mins

The adjusted trial balance shows:amounts that are out of balance and ways to rectify them.amounts that are

Слайд 38S 3-14 Q

p196

Accounting

S 3-14 Q

Слайд 39S 3-14 Q

p196

Accounting

S 3-14 Q

Слайд 40 Unit Assessment Task
Homework

30%
- three times, each time account for 10%

Final Individual Assignment 70%
- accounting cases


More than 60% of total marks will pass

Accounting

Unit Assessment TaskHomework

Слайд 41Marked Homework : Summary Problem Q
Accounting

Marked Homework : Summary Problem QAccounting

Слайд 42Enjoy your
Spring Break !
See you
on May 12th !
Accounting

Enjoy yourSpring Break !See you on May 12th !Accounting

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