Chapter 4
Understanding The Learning Objectives

Objective 1
Summarize the steps in * Analyze transactions by examining source documents.
the accounting cycle. * Journalize transactions in the journal.
· Post journal entries to the accounts in the ledger.
· Prepare a trial balance of the accounts and complete the
work sheet.
· Prepare financial statements.
· Journalize and post adjusting entries.
· Journalize and post closing entries.
· Prepare a post-closing trial balance.

Objective 2
Prepare a work sheet for * The work sheet is a columnar sheet of paper on which
a service company. * Accountants summarize information needed to make
the adjusting and closing entries and to prepare the
financial statements.
· Worksheets may vary in format. The work sheet
illustrated in the chapter has 12 columns-two each for
trial balance, adjustments, adjusted trial balance,
income statement, statement of retained earnings, and
balance......

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