ACCOUNTING CYCLE

ACCOUNTING CYCLE
GENERAL JOURNAL
DEBIT
CREDIT
TO RECORD
GENERAL LEDGER
ACCOUNTS TITLE
BALANCE
DEBIT CREDIT DEBIT CREDIT
+ +
- +
STATEMENT OF COST OF GOODS
SOLD
BEGINNING INVENTORY
ADD: PURCHASES
LESS: PURCHASES RETURNS AND ALLOWANCES
PURCHASES DISCOUNTS
TOTAL GOODS AVAILABLE FOR SALE
ADD: FREIGHT IN
COST OF GOODS AVAILABLE FOR SALE
LESS: ENDING INVENTORY
COST OF GOODS SOLD
STATEMENT OF PERFORMANCE
SALES
LESS: SALES RETURNS AND ALLOWANCES
SALES DISCOUNTS
NET SALE
LESS: COST OF GOODS SOLD
GROSS PROFIT
LESS:OPERATING EXPENSES
ADVERTISING
RENT EXPENSE
SALARIES
UTILITIES
FREIGHT OUT
NET PROFIT
STATEMENT OF EQUITY
______, CAPITAL BEGINNING
ADD: INITIAL CAPITAL
LESS: _____, DRAWINGS

ADD: PROFIT
____, CAPITAL END
STATEMENT OF FINANCIAL POSI
TION
ASSETS
CURRENT ASSET
CASH
ACCOUNTS RECEIVABLE
MERCHANDISING INVENTORY
SUPPLIES
TOTAL CURRENT ASSET
NON-CURRENT ASSET
EQUIPMENT
TOTAL ASSETS

LIABILITIES AND EQUITY

CURRENT LIABILITY
ACCOUNTS PAYABLE
NON-CURRENT ASSET
NITES PAYABLE
TOTAL LIABILITIES
OWNER'S EQUITY
____, CAPITAL END
TOTAL LIABILITIES AND EQUITY
STATEMENT OF CASH FLOW
CASH FLOW FROM OPERATING ACTIVITIES
CASH REFUND FROM:
SALES
RECEIVABLE COLLECTIO
REFUND FROM SUPPLIER
CASH PAYMENTS FOR:
OFFICE SUPPLIES BOUGHT
FREIGHTCIN PURCHASE
GOODS BOGHT
FREIGHT ON GOODS BOUGHT
OPERATING EXPENSES
REFUND TO CUSTOMERS
TOTAL CASH FLOW FROM OPERATING ACTIVITIES

CASH FLOW FROM INVESTING ACTIVITIES

EQUIPMENTS BOUGHT

CASH FLOW FROM FINANCING ACTIVITIES

INVESTMENT
LOAN
DRAWINGS
TOTAL CASH FLOW FROM FINANCING ACTIVITIES

CASH IN CREASE
CLOSING ENTRIES
GENERAL JOURNAL
SALES
SALES RETURNS AND ALLOWANCES
SALES DISCOUNTS
INCOME SUMMARY
TO CLOSE SALES ACCOUNT

MERCHANDISING INVENTORY
PURCHASES RETURNS AND ALLOWANCES
SALES DISCOUNTS
INCOME SUMMARY
PURCHASES
FREIGHT IN
TO CLOSE PURCHASES ACCOUNT

INCOME SUMMARY
ADVERTISING
RENT EXPENSE
SALARIES
UTILITIES
FREIGHT OUT
TO CLOSE OPERATING EXPENSE

INCOME SUMMARY
_____, CAPITAL
TO CLOSE INCOME SUMMARY

____, CAPITAL
____, DRAWINGS
TO CLOSE ____DRAWINGSB
CLOSING ENTRY GENERAL LEDGE
R
DEBIT CREDIT DEBIT CREDIT
BALANCE
ACCOUNTS TITLE ACCOUNTS NUMBER
POST CLOSING TRIAL BALANCE
ACCOUNTS TITLE DEBIT CREDIT

CASH 101
ACCOUNTS RECEIVABLE
MERCHANDISING INVENTORY
SUPPLIES
EQUIPMENT
ACCOUNTS PAYABLE
NOTES PAYABLE
_____, CAPITAL