Trial Balance. Unearned Revenue Accumulated Depreciation.

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Presentation transcript:

Trial Balance

Unearned Revenue

Accumulated Depreciation

Worksheet

Examples temporary accounts that need to be closed at the end of the year

Owner’s Equity

Current Liability

Consistency Principle

Full Disclosure Principle

Ordinary repairs

List of all accounts and their balances

Revenue collected but not yet earned

Expenditures that are periodic and routine

Revenues Expenses Owner’s Withdrawals

Contra Asset account with a normal credit balance

States that businesses should use the same accounting method period to period

Debt that has to be paid within the next year

The account that Income Summary is closed to

States businesses must provide enough information for outsiders to make knowledgeable decisions about the company

Helps accountants: prepare financial statements close accounts make adjusting entries

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