Lesson 26-4 (GJ) ADJUSTING ENTRIES Lesson 26-4, page 677.

Slides:

Advertisements

Similar presentations

Advertisements

Journalizing Closing Entries

Chapter 17 – Recording Adjusting & Closing Entries for a Partnership

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 22-1 Preparing a Work Sheet for a Corporation.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 22-4 Adjusting, Closing, and Reversing Entries for a Corporation.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-1 Recording Adjusting Entries.

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO6 Record closing entries for a merchandising.

© 2014 Cengage Learning. All Rights Reserved. Learning Objective © 2014 Cengage Learning. All Rights Reserved. LO5 Prepare a post-closing trial balance.

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO2 Prepare a post-closing trial balance.

Recording Adjusting and Closing Entries for a Service Business Chapter 8, Section 3.

Closing the Accounting Cycle

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-5 End-of-Period Work for a Departmentalized Business.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Responsibility Accounting for a Merchandising Business.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 4-1 Responsibility Accounting for a Merchandising Business.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 16-3 Preparing a Post-Closing Trial Balance.

CENTURY 21 ACCOUNTING © Thomson/South-Western 1 LESSON 16-1 CHAPTER 16-RECORDING ADJUSTING AND CLOSING ENTRIES FOR A CORPORATION OBJECTIVES OBJECTIVES.

LESSON 16-3 Preparing a Post-Closing Trial Balance

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-3 Preparing a Post-Closing Trial Balance  General ledger accounts after posting.

LESSON 8-3 Preparing a Post-Closing Trial Balance

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-3 Preparing a Post-Closing Trial Balance.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-2 Recording Closing Entries  Need for permanent and temporary accounts  Need for.

Recording and Adjusting Closing Entries. 2LESSON 8-1 ADJUSTING ENTRY FOR SUPPLIES 1 2 page Write the title of the account credited. Record the.

Accounting Theory.  Accounting Period Cycle ◦ Preparing financial statements at the end of each fiscal period  Adjusting Entries ◦ Journal entries recorded.

Chapter 16 Objectives: Identify accounting concepts & practices related to adjusting and closing entries for a merchandising business organized as a corporation.

COMPLETING AN 8-COLUMN WORK SHEET

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-3 Preparing a Post-Closing Trial Balance.

Recording Adjusting Entries. LESSON page Heading 2.Date 3.Identify the first adjustment 4.Account debited 5.Debit 6.Account credited.

Recording adjusting and closing entries for a corporation

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-3 Preparing a Post-Closing Trial Balance.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 4-5 End-of-Period Work for a Departmentalized Business.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1 Recording Adjusting Entries.

© 2000 South-Western Educational Publishing POST-CLOSING TRIAL BALANCE Write the heading. 2.Write titles of all general ledger accounts with balances.

CENTURY 21 ACCOUNTING © Thomson/South-Western 3.03 Adjusting & Closing Entries End-of-Period Work for a Departmentalized Business Modified by D. Burns.

Chapter 17 – Recording Adjusting and Closing Entries for a Partnership n Objectives –Identify accounting concepts and practices related to adjusting and.

0 Glencoe Accounting Unit 4 Chapter 20 Copyright © by The McGraw-Hill Companies, Inc. All rights reserved. Unit 4 The Accounting Cycle for a Merchandising.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 16-3 Preparing a Post-Closing Trial Balance  Completed general ledger  Post-closing.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-3 Preparing a Post-Closing Trial Balance.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 11-1 Posting to an Accounts Payable Ledger  Ledgers and controlling accounts  Accounts.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 14-6 Calculating Federal Income Tax and Completing a Work Sheet  Federal income tax.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 22-1 Preparing a Work Sheet for a Corporation.

Chapter 16 Recording Adjusting and Closing Entries for a Corporation.

Accounting Cycle.

© 2015 Cengage Learning. All Rights Reserved. Learning Objectives © 2015 Cengage Learning. All Rights Reserved. LO9Complete end-of-period work for a departmentalized.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 8-3 Preparing a Post-Closing Trial Balance.

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 8-3 Preparing a Post-Closing Trial Balance.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 16-1 Recording Adjusting Entries.

LESSON 8-1 Recording Adjusting Entries

LESSON 8-1 Recording Adjusting Entries

Accounting I Chapter 9 – Recording Adjusting & Closing Entries for a Service Business.

Adjusting, Closing, and Reversing Entries for a Corporation

Adjusting, Closing, and Reversing Entries for a Corporation

Post-Closing Trial Balance

© 2014 Cengage Learning. All Rights Reserved.

JOURNALIZING ADJUSTING ENTRIES FOR A DEPARTMENTALIZED BUSINESS

POST-CLOSING TRIAL BALANCE

Financial Statements Review

Lesson 26-4 ADJUSTING ENTRIES Lesson 26-4, page 675.

LESSON 8-3 Preparing a Post-Closing Trial Balance

LESSON 8-1 Recording Adjusting Entries

LESSON 8-3 Preparing a Post-Closing Trial Balance

LESSON 8-3 Preparing a Post-Closing Trial Balance

A corporation’s net income or net loss is closed to Retained Earnings

LESSON 16-1 Recording Adjusting Entries

LESSON 8-3 Preparing a Post-Closing Trial Balance

LESSON 8-1 Recording Adjusting Entries

LESSON 14-6 Calculating Federal Income Tax and Completing a Work Sheet

LESSON 4-5 End-of-Period Work for a Departmentalized Business

© 2014 Cengage Learning. All Rights Reserved.

LESSON 16-5 Preparing a Post-Closing Trial Balance

LESSON 8-3 Preparing a Post-Closing Trial Balance

Presentation transcript:

Lesson 26-4 (GJ) ADJUSTING ENTRIES Lesson 26-4, page 677

CLOSING ENTRY FOR ACCOUNTS WITH CREDIT BALANCES 1 2 1. Enter the balance of accounts in the Income Statement credit column as a debit. 2. Enter the total of debit entries as a credit to to Income Summary. Lesson 26-4, page 678

CLOSING ENTRY FOR ACCOUNTS WITH DEBIT BALANCES 1. Enter Income Summary. 2. Enter the balance of every account in the Income Statement debit column as a credit. 1 2 3 3. Enter the total as a debit to Income Summary. Lesson 26-4, page 679

CLOSING ENTRY TO RECORD NET INCOME 1 2 1. Debit Income Summary 2. Credit Retained Earnings Lesson 26-4, page 680

CLOSING ENTRY FOR DIVIDENDS 1 2 1. Debit Retained Earnings 2. Credit Dividends Lesson 26-4, page 680

REVERSING ENTRIES 1. Reverse the entry that created a balance in Interest Receivable. 1 2. Reverse the entry that created a balance in Interest Payable. 2 3 3. Reverse the entry that created a balance in Federal Income Tax Payable. Lesson 26-4, page 681

Lesson 26-4 (GJ) ACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATION 1. Source documents checked for accuracy, and transactions are analyzed. 2. Transactions are recorded in a journal. 2 1 3. Journal entries are posted to ledgers. 9 4. Schedules of accounts payable and accounts receivable are prepared from subsidiary ledgers. 3 8 4 5 5. Work sheet is prepared. 6. Financial statements are prepared. 7 7. Adjusting and closing entries are journalized. 8. A post-closing trial balance is prepared. 6 9. Reversing entries are journalized and posted to the general ledger. Lesson 26-4, page 682