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Accounting Bellwork

Chapter 8. $. Accounting Bellwork. 3 rd Hour: What information do you find in the heading of an accounting document. $. $. $. Chapter 8. $. Section 2 Extending Amounts Across the Work Sheet. $. What You’ll Learn How to extend amounts to the Balance Sheet and Income Statement sections.

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Accounting Bellwork

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  1. Chapter 8 $ Accounting Bellwork 3rd Hour:What information do you find in the heading of an accounting document. $ $ $

  2. Chapter 8 $ Section 2 Extending Amounts Across the Work Sheet $ • What You’ll Learn • How to extend amounts to the Balance Sheet and Income Statement sections. • The importance of the matching principle. • How to calculate and show the net income or net loss on the work sheet. $ $

  3. Section 2 Extending Amounts Across the Work Sheet (con’t.) Chapter 8 $ Why It’s Important Preparing the work sheet helps you understand the relationship of all ledger accounts and where they are reported. $ $ • Key Terms • matching principle • net income • net loss $

  4. Section 2 Extending Amounts Across the Work Sheet (con’t.) Chapter 8 $ • The Balance Sheet Section • Balancing the ALOE $ $ $

  5. Section 2 Extending Amounts Across the Work Sheet (con’t.) Chapter 8 $ The Income Statement Section Income --- Revenue and Expenses $ $ $

  6. Section 2 Extending Amounts Across the Work Sheet (con’t.) Chapter 8 $ Totaling the Income Statement and Balance Sheet Sections $ $ $

  7. Section 2 Extending Amounts Across the Work Sheet (con’t.) Chapter 8 $ Showing Net Income on the Work Sheet $ $ $ Net income is when revenue is greater than expenses

  8. Section 2 Extending Amounts Across the Work Sheet (con’t.) Chapter 8 $ Matching Principle is when expenses incurred in an accounting period are matched with revenue earned during the same period in order to provide a reliable measure of profit. $ $ $

  9. Section 2 Extending Amounts Across the Work Sheet (con’t.) Chapter 8 $ Net income is the amount of revenue that remains after expenses for the period are subtracted. $ $ $ Totals should be equal.

  10. Section 2 Extending Amounts Across the Work Sheet (con’t.) Chapter 8 $ Completing the Work Sheet $ $ $

  11. Section 2 Extending Amounts Across the Work Sheet (con’t.) Chapter 8 $ Completing the Work Sheet A net loss occurs when the expenses are greater than the revenue. $ $ $

  12. Demonstration Problems Ch8 Problems 8-4 through 8-6

  13. Be sure that your numbers fit in the space provided. I have mine bigger so that you can see them easier. 5945.25 757.-- 2394.-- 9395.50 813.50 2393.40 12227.50 850.-- -------- -------- 7596.48 945.-- 603.45 1800.-- 340.68 7596.48 15434.40 3689.13 19341.75 NET INCOME 3907.35 3907.35 7596.48 7596.48 19341.75 19341.75

  14. 2927.40 9159.90 3204.10 9436.60 NET LOSS 276.70 276.70 3204.10 3204.10 9436.60 9436.60

  15. Section 2 Extending Amounts Across the Work Sheet (con’t.) Chapter 8 $ Check Your Understanding p194 $ Thinking Critically 1 & 2 Computing in the Business World Problem 8-3 $ $

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