Slide 1Adjusting Entries Slide 2 Definition Journal entries prepared to update the balances of certain accounts and subsequently record unrecognized accounts Prepared to…

Slide 1 12-1 Chapter 12 Skyline College Slide 2 12-2 system of accounting by which all revenues and expenses are matched and reported on financial statements for the applicable…

Slide 1 Slide 2  What is it?  First let’s remember our definition for an expense  Something that we spend money on to make money  Based on this definition shouldn’t…

Slide 1 The Income Statement Slide 2 Up to now...... Learned a variety of accounts – Assets – Liabilities – Owner’s Equity – Revenue – Expenses Learned our first…

Slide 1 ©2009 The McGraw-Hill Companies, Inc. Chapter 3 The Financial Reporting Process Slide 2 ©2009 The McGraw-Hill Companies, Inc. Part A Accrual-Basis Accounting Slide…

Slide 1 Slide 2 Unit 1.3 Adjusting the Accounts Slide 3 The time period (or periodicity) assumption assumes that the economic life of a business can be divided into artificial…