JOURNALIZING ADJUSTING ENTRIES FOR A DEPARTMENTALIZED BUSINESS

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Presentation transcript:

JOURNALIZING ADJUSTING ENTRIES FOR A DEPARTMENTALIZED BUSINESS 1. Write “Adjusting Entries” in Account Title column. 1 2 2. Enter the adjusting entries without additional explanation. Lesson 4-4, page 119

JOURNALIZING CLOSING ENTRIES FOR A DEPARTMENTALIZED BUSINESS 1. Write “Closing Entries” in the Account Title column. 1 2 2. Record entry to close income statement accounts with credit balances. 3 3. Record entry to close income statement accounts with debit balances. 4 4. Record entry to close Income Summary to Retained Earnings. 5. Record entry for dividends. 5 Lesson 4-4, page 120

SUMMARY OF ACCOUNTING CYCLE 1. Verify source documents for accuracy. 2. Record entries in journals. 3. Post journal entries to ledgers. 4. Prepare interim departmental statement of gross profit. 5. Prepare schedules of accounts receivable and accounts payable from the subsidiary ledgers. 6. Prepare a trial balance work sheet. 7. Prepare financial statements. 8. Journalize and post adjusting and closing entries. 9. Prepare a post-closing trial balance. Lesson 4-4, page 123

TERMS REVIEW adjusting entries closing entries post-closing trial balance accounting cycle Lesson 4-4, page 124