Chapter 5
Accounting Cycle and Year End
Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Objectives, page 175
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Restore data from the Exercise 4-2 backup.
Record a compound journal entry.
Write checks for expenses.
Make deposits.
Complete account reconciliation.
Print a trial balance (unadjusted).
Record and post quarterly adjusting entries in the General Journal.
Print adjusted trial balance and financial statements.
Close the fiscal year.
Print a Postclosing Trial Balance.
Make backups of Chapter 5 data.
 The chart in the Preface, page xii, shows the file name and size of each backup file. Refer to this
chart for backing up data. Remember, you can back up to a hard drive location or external media.
5-2
Compound Transactions
pages 176-177
A compound transaction is an entry that affects three or more accounts.
5-3
Write Checks and Check Register
pages 177-179
5-4
Accounting Cycle, page 182
QuickBooks Accounting Cycle
1. Set up a company.
2. Record transactions.
3. Post entries automatically.
4. Account Reconciliation.
5. Print the Trial Balance (unadjusted).
6. Record and post adjusting entries.
7. Print the Trial Balance (adjusted).
8. Print the financial statements: balance sheet,
profit and loss, cash flow statement.
9. Close the fiscal year.
10. Interpret accounting information.
5-5
End-of-Quarter Adjusting Entries
pages 184-187
5-6
Closing the Fiscal Year and Postclosing
Trial Balance, pages 193-194
The postclosing trial balance is shown on page 194.
5-7
Summary and Review
pages 196-202
• Each chapter ends with the following summary and review
material:
o Resourceful QuickBooks includes using the QuickBooks Learning
Center. (From the Help menu, select Learning Center Tutorials.)
o Multiple choice questions, True/Make True or Short Answer, and
the Analysis questions are online at
www.mhhe.com/QBessentials2014. Your instructor may want
you to take these online tests or email the QA Templates.
o End-of-chapter exercises must be completed. The company data
accumulates in Chapters 1 through 6.
5-8