Module 3

Week 3- Lecture 3
Transactions, Adjustments, and
Financial Statements
2-1
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Learning Objective 1
Explain the accounting cycle, and
construct the financial statement effects
template.

2-2
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 Flow of information in an accounting system flow of information
in an accounting system

Journal
• Journal Entries and Adjusting Entries

Ledger
• General Ledger and T- Accounts

Trial Balance
• Trial Balance and Adjusted Trial Balance

Financial • Financial Statements

2-3
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Journal v. Balance Sheet Equation

2-4
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 Journal entries

2-5
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 T-accounts

2-6
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 T-accounts

2-7
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 T-accounts

TAXAS

2-8
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 Balance Sheet - Asset

2-9
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 Balance Sheet - Asset

2-10
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 Operating Cycle

2-11
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 Balance Sheet - Asset

2-12
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 Balance Sheet - Asset

2-13
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 Balance Sheet - Liabilities

2-14
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 Balance Sheet - Liabilities

2-15
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 Balance Sheet - Liabilities

2-16
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Balance Sheet - Owners’ Equity

2-17
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Accounting Transactions – Emily’s Bakery

2-18
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Accounting Transactions – Emily’s Bakery

Debit credit

2-19
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Accounting Transactions – Emily’s Bakery

debit Credit

2-20
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Accounting Transactions – Emily’s Bakery

NAO ENTENDI

2-21
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 Accounting Transactions – Emily’s Bakery

2-22
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 Accounting Transactions – Emily’s Bakery

CREDIT

2-23
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 Accounting Transactions – Emily’s Bakery

CREDIT DEBIT increase

2-24
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 Balance Sheet as at December 31, 2021

2-25
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 Income Statement -
For the year ended December 31, 2021

2-26
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 2-27
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Statement of Cash Flows - For the year ended December 31, 2021

2-28
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Statement of Retained Earnings - For the year ended December 31, 2021

2-29
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Concept check -True or False
TRUE