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Vũ Quốc Thông (PhD.)
10/10/2020
Vũ Quốc Thông (PhD.)
Completing the
Accounting Cycle
Chapter 4:
Objectives
Prepare
a work sheet
Prepare
financial statements from
a work sheet
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Vũ Quốc Thông (PhD.)
10/10/2020
Contents
Work sheets
Steps in completing a work sheet
Financial statements
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Work sheets
Collecting and summarising data (adjusting entries
and account balances)
Not a formal accounting record
Prepared by using a spread-sheet program on a
computer
Helpful tool in preparing financial statements
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Vũ Quốc Thông (PhD.)
10/10/2020
Work sheets
6 parts:
1st : Account title
2nd : Unadjusted Trial balance
3rd : Adjustments
4th : Adjusted Trial balance
5th :Profit and loss Statement
6th: Balance sheet
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Steps in completing a work sheet
Step 1: Enter unadjusted Trial balance
Step 2: Enter adjustments (accounts are added – as
needed)
Step 3: Determine adjusted Trial balance
Step 4: Place adjusted amount to PL or BS
Step 5: Determine profit or loss (the difference
between Dr and Cr of PL)
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Vũ Quốc Thông (PhD.)
10/10/2020
Financial statements
Profit and loss statement
Statement of Owner’s Equity
Balance Sheet
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Profit and loss statement
Revenues
Expenses
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Vũ Quốc Thông (PhD.)
10/10/2020
Statement of Owner’s Equity
Opening Balance of OE
Additional Investment (if any)
Net profit/(loss)
Withdrawals
Closing Balance of OE
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Balance Sheet
Assets
Liabilities
Current Assets
Fixed Assets
Current Liabilities
Long-term Liabilities
Owner’s Equity
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Vũ Quốc Thông (PhD.)
10/10/2020
Closing Entries
Accounts in P&L should have no balances
Closing these balances by transferring them to Profit
and Loss Summary
This is called the Closing Process. Transferring
entries are called Closing Entries
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