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Accounting Bellwork

Chapter 8. $. Accounting Bellwork. 3 rd Hour: List FOUR facts that you can remember about the general journal or general ledger. Be specific. Examples: When bringing a balance forward in a ledger account, you write the word balance in the description column.

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Accounting Bellwork

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  1. Chapter 8 $ Accounting Bellwork • 3rd Hour:List FOUR facts that you can remember about the general journal or general ledger. Be specific. Examples: • When bringing a balance forward in a ledger account, you write the word balance in the description column. • When recording entries in the journal you always include the source document for each transaction. $ $ $

  2. Chapter 8 $ The Six-Column Work Sheet $ Making Accounting Relevant The ability to organize information is an important skill. In your work, you’ll be asked to present ideas and data. $ In your classes, what information have you been asked to organize and present to others? What did you do to prepare for these presentations? $

  3. Chapter 8 $ Section 1 Preparing the Work Sheet $ • What You’ll Learn • The purpose of the work sheet. • The kinds of information contained in the heading. • How to prepare a trial balance on a work sheet. • How to rule a section of the work sheet. $ $

  4. Section 1 Preparing the Work Sheet (con’t.) Chapter 8 $ Why It’s Important The work sheet is a tool the accountant uses to collect all the information needed for the end-of-period activities. $ $ • Key Terms • work sheet • ruling $

  5. Section 1 Preparing the Work Sheet (con’t.) Chapter 8 $ The Sixth Step of the Accounting Cycle: The Work Sheet A work sheet is used to collect information from the ledger accounts in one place. $ $ $

  6. Section 1 Preparing the Work Sheet (con’t.) Chapter 8 $ The Work Sheet Heading $ (1) The name of the business(Who?) (2)The name of the accounting form (What?) (3) The period covered by the work sheet (When?) $ $

  7. Section 1 Preparing the Work Sheet (con’t.) Chapter 8 $ The Account Name and Trial Balance Sections $ All of the general ledger accounts are listed in order on the worksheet, even those that have a zero balance. Listing all the accounts avoids accidentally omitting an account and ensures that the worksheet contains all the accounts needed to prepare the financial reports. $ $

  8. Section 1 Preparing the Work Sheet (con’t.) Chapter 8 $ Accounts with debit balances are entered in the Trial Balance debit column. Accounts with credit balances are entered in the Trial Balance credit column. $ $ $

  9. Section 1 Preparing the Work Sheet (con’t.) Chapter 8 $ Ruling and Totaling the Trial Balance Section • Total debits must equal total credits. $ • Ruling means “drawing a line.” • A single rule drawn under a column of amounts means that the entries above the rule are to be added or subtracted. • A double rule means that the amounts just above are totals and that no other entries will be made. $ $

  10. Demonstration Problems Ch8-1 & 8-2

  11. Simmons Garden Shop Worksheet For the Year Ended December 31, 20-- Holt’s Hardware Store Worksheet For the Quarter Ended September 30, 20--

  12. Frei Consultants Inc. Worksheet For the Year Ended December 31, 2004 5945.25 757.--- 2394.--- 9395.50 813.50 2393.40 12227.50 850.--- -------- -------- 7596.48 945.--- 603.45 1800.--- 340.68 23030.88 23030.88

  13. Section 1 Preparing the Work Sheet (con’t.) Chapter 8 $ Check Your Understanding p186 $ Thinking Critically 1 & 2 Problem 8-1 Problem 8-2 $ $

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