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Week 5 notes

by: Taylor Knecht

Week 5 notes ACTG 201-04

Taylor Knecht

ACTG 201 Intro to Financial Accounting
Loretta Backstrom

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About this Document

Notes for closing entries and correcting entries.
ACTG 201 Intro to Financial Accounting
Loretta Backstrom
Class Notes
correcting entries loretta backstrom accounting 201 intro to financial accounting correcting entries closing entries chapter 4 finishing the accounting cycle
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This 3 page Class Notes was uploaded by Taylor Knecht on Sunday September 27, 2015. The Class Notes belongs to ACTG 201-04 at Montana State University - Bozeman taught by Loretta Backstrom in Summer 2015. Since its upload, it has received 26 views. For similar materials see ACTG 201 Intro to Financial Accounting in Business at Montana State University - Bozeman.


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Date Created: 09/27/15
Accounting 201 Week 5 Chapter 4 Completing the Accounting Cycle 1 Prepare worksheet 2 Prepare closing entries post closing trial balance 3 Explain steps in accounting cycle and how to prepare correcting entries 4 Identify sections of a classi ed balance sheet Ignoring statement of cash ow Worksheet muti column form to prepare nancial statements NOT an of cial or permanent accounting record may be computerized not required 5 steps End of accounting period company makes accounts ready for the next pedod Permanent accounting records accounts that hold a balance into the next period assets liabilities owners equity Temporary accounting records accounts who s balance must be adjusted at the end of the pedod revenues expenses and owners draw s Closing accounts ncome summary debit revenues and credit income summary for closing entries credit expenses and debit income summaries Owners capital credit owners draw and debit owners capital Correcting entries with or without reversing entries reversing entries reverse the entire incorrect journalization without reversing entries corrections in the accounts and the differences must be made correcting entries must be made on the nancial statements must be made throughout the period differences between adjusting and correcting entries correcting entries can be avoided correcting entries are made whenever an error is discovered adjusting entries only at end of period correcting entries must be made before closing entries


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