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1、APremieronAccountingOriginallypreparedbyProf.PhillipStockenoftheWhartonSchool,theUniversityofPennsylvania,forhisstudentsNote:Thispremieronaccountingprovidesthosewithoutanyaccountingbackgroundanintroductiontohowaccountingworks.Youshouldconsultanintroductoryaccountingt
2、extbookfordetails,forexample,HarrisonandHorngren“FinancialAccounting”,3rdedition.TheStickneyandWeilbookisalsook.34THEACCOUNTINGPROCESSMajorObjectives:·Understandtheaccountingprocess·Knowhowtopreparea(simple)balancesheetandincomestatement·Understandtherelationsbetween
3、thevariousfinancialstatements·Understandtheconceptsofthekeytermsinaccounting:cash,assets,liability,equity,revenue,expense,income,earnings,profit(loss),dividend,debit,credit,accrualaccounting,etc.34INTRODUCTIONAccountingProcessisthesystemforcapturing,processing,summar
4、izingandreportingeventsinthefinancialstatementsJan.1-Dec.31-AnalyzebusinesstransactionsMakejournalentriestorecordthesetransactionsPostthejournalentriestoT-account,orledgerPrepareunadjustedtrialbalanceofaccountsMakeadjustingjournalentriesPrepareadjustedtrialbalanceofa
5、ccountsMakeclosingentriesDec.31---PreparefinancialstatementsfortheperiodCOMPREHENSIVEEXAMPLE34GeneralEnterpriseswasinvolvedwiththefollowingeventsduringJanuaryandFebruary:1.Companyissues80,000sharesof$1parvaluecommonstockfor$90,000.2.Companypurchases$5,000ofmerchandis
6、einventoryfor$2,500cashand$2,500onaccount.3.OnJanuary31,Companypurchasesanewautomobilefor$12,000cash.Theautomobileisexpectedtohaveausefullifeoffiveyearswithnosalvagevalue.4.OnJanuary31,Companyborrows$20,000at9percent,dueintwoyears.5.Companysignsalong-termagreementtop
7、urchase$20,000ofmerchandise;purchasesaretobeginintwomonths.6.OnFebruary1,Companypays$3,000cashfortwoyearsofinsurance.347.Companysellsmerchandiseinventoryfor$6,000,$2,000forcashand$4,000onaccount.8.Companydeclaresadividendof$1,500,payableinMarch.REQUIRED:Prepareabalan
8、cesheetasof2/28andanincomestatementforthetwomonthsended2/28forGeneralEnterprises.Showthefollowingsteps:·Preparingjournalentries·Pos
