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ADMS 2500 (62)
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MODULE 3.docx

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Department
Administrative Studies
Course
ADMS 2500
Professor
George Georgopoulos
Semester
Fall

Description
MODULE3AnalyzingandRecordingTransactionsAn accounting procedure in business has certain basic steps that are completed in a specific order This is called the accounting cycleIn a computerized system the accounting cycle steps are 1Analyze and record the transactions2Prepare and record the adjusting entriesReconcile to underlying assets and liabilitiesReview information for reasonableness3Prepare the financial statementsWhen books and records are manually kept the accounting cycle steps are 1Analyze transactions and record on source documents2Record transactions in a journal3Post journal entries to a general ledger4Prepare a trial balance to check if debitcredit5Prepare and record adjusting entriesReconcile to underlying assets and liabilitiesReview information for reasonableness6At year end only journalize and post the closing entriesThis will reset the revenues and expenses to zero7Prepare adjusted trial balance8Prepare the financial statementsANALYZETRANSACTIONSDoubleentry bookkeeping comes in handy to analyze transactions The change in owners equity is equal to the sum of all changes in the net assets AssetsLiabilities is the system of doubleentry bookkeeping A separate sheet of paper is used to record the increases and decreases that are presented in each column of the transaction analysis format
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