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Income statement-Owner's equity statement-Balance sheet-Statement of cash flows

Owner's equity statement-Income statement-Balance sheet-Statement of cash flows

Income statement-Balance sheet-Owner's equity statement-Statement of cash flows

Statement of cash flows-Income statement-Owner's equity statement-Balance sheet

Debit

Credit

Notes receivable

Expenses

Cash

Analyzing, posting and journalizing

Analyzing and journalizing

Journalizing and posting

Analyzing, journalizing and posting

Analyzing and posting

Depreciable amount

Useful life

Residual value

Present value

Book amount

Accrued Liabilities

Notes Payable

Owner, Withdrawals

Unearned Revenue

Accounts Receivable

the cost of an asset, or other amount substituted for cost, less than its residual value

the systematic allocation of the depreciable amount of an asset over its useful life.

the estimated lifespan of a plant asset.

indefinite useful life of the production.

a contra asset account during the useful life of depreciable asset.

Revenue is the gross decrease in owner’s equity from delivering goods or services.

financial statements will not be prepared for specific periods such as a month, quarter.

unlimited economic life of a company will be divided into regular intervals.

The basic accounting period is not assumed to be one year.

virtually all businesses are supposed to have an already prepared montly financial statements.

Managers

İnvestors

Creditors

Government

Customers

I & II

II & III

I, II & IV

I, III & IV

II, III & IV

Ledger

Debiting 

Posting

Trial balance 

Liabilities 

Book Value

Straight-Line Depreciation Method

Double Declining Balance Depreciation Method

Units of Production Depreciation Method

Sum-of-the-Years-Digits Depreciation Method

Single Declining Balance Depreciation Method

Every adjusting entry for accrued expenses debits an expense account, increasing expenses on the income statement and reducing net income, and credits a payable account, decreasing liabilities on the balance sheet.

Because of adjustingentry for accrued expenses debits an expense account, decreasing expenses on the income statement.

So, in adjusting entry, asset will be created as a debit and revenue as a credit. companies not increase both assets and revenues by making adjusting entries.

The amount of such an accrued but unpaid item at the end of the accounting period is both an expense and a liability.

The term 'accrued' means to increase or accumulate. When a company accrues expenses, this means that its portion of paid bills is increasing.

The difference between a company's revenues and expenses is  called debts of the company during an accounting period.

Net income or loss represents the difference between a company's revenues and expenses during an accounting period.

The difference between a company's revenues and expenses is owner capital of the company during an accounting period.

The difference between a company's revenues and expenses is profit of the company during an accounting period.

The difference between a company's revenues and expenses is Accounts Payable of the company during an accounting period.

Income summary

Accounts receivable

Cash

Supplies

Profit/Loss

assets

liabilities

owner's equity

cash

transaction

Preparing balance sheet

Preparing income statement

Opening entries based on opening balance sheet

Making closing entries

Preparing post-closing trial balance

Posting opening entries to ledger accounts

Opening entries based on opening balance sheet

Analyzing and journalizing daily transactions

Adjusting entries

Posting daily transactions to accounts

Buildings

Equipment

Banks

Suppliers

Accounts Payable