Recording Adjusting Entries. LESSON 16-1 2 3 page 480 214567 1.Heading 2.Date 3.Identify the first adjustment 4.Account debited 5.Debit 6.Account credited.

Slides:

Advertisements

Similar presentations

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

Advertisements

Chapter 17 – Recording Adjusting & Closing Entries for a Partnership

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 8-1 Recording Adjusting Entries Accounting Period Cycle: When a company prepares a.

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

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-2 Recording Closing Entries for Income Statement Accounts.

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.

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

© 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.

Recording Adjusting and Closing Entries for a Partnership

Closing the Accounting Cycle

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.

CHAPTER 8 Recording Adjusting Entries and Closing Entries for a Service Business.

LESSON 11-1 Posting to an Accounts Payable Ledger.

LESSON 16-3 Preparing a Post-Closing Trial Balance

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.

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

LESSON 16-1 Recording Adjusting and Closing Entries for a Corporation

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.

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

Recording adjusting and closing entries for a corporation

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

© 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.

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 16-2 Recording Closing Entries for Income Statement Accounts.

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

Chapter 16 Recording Adjusting and Closing Entries for a Corporation.

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

© 2014 Cengage Learning. All Rights Reserved. Learning Objective © 2014 Cengage Learning. All Rights Reserved. LO4 Prepare closing entries for a corporation.

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 Original created by M.C. McLaughlin, Thomson/South-Western.

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

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 16-2 Recording Closing Entries for Temporary Accounts.

© 2014 Cengage Learning. All Rights Reserved.

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

Recording Adjusting and Closing Entries for a Service Business

Adjusting, Closing, and Reversing Entries for a Corporation

Recording Adjusting and Closing Entries

Post-Closing Trial Balance

© 2014 Cengage Learning. All Rights Reserved.

© 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

Recording Adjusting and Closing Entries

LESSON 8-3 Preparing a Post-Closing Trial Balance

LESSON 8-2 Preparing a Post-Closing Trial Balance

LESSON 16-1 Recording Adjusting Entries

LESSON 8-1 5/22/2019 CHAPTER 8 Recording Adjusting Entries and Closing Entries for a Service Business.

LESSON 8-3 Preparing a Post-Closing Trial Balance

LESSON 8-1 Recording Adjusting Entries

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

© 2014 Cengage Learning. All Rights Reserved.

LESSON 16-4 Recording Closing Entries for Income Statement Accounts

LESSON 16-5 Preparing a Post-Closing Trial Balance

LESSON 8-3 Preparing a Post-Closing Trial Balance

Presentation transcript:

Recording Adjusting Entries

LESSON page Heading 2.Date 3.Identify the first adjustment 4.Account debited 5.Debit 6.Account credited 7.Credit 8.Continue down the Adjustments columns

LESSON

4

5 page 483

LESSON page 483

LESSON page 484

LESSON

9

10 page 485

Recording Closing Entries for Income Statement Accounts

LESSON page 487

LESSON page Debits to close 4 1.Heading 2.Date4.Credit to Income Summary 33

LESSON page Credits to close 1.Date 2.Account debited 4.Debit amount 3 3

LESSON page 490 Bal.209,960.00Closing 209, (New Bal. zero) Purchases Adj. (mdse. inv.)15,840.00Closing (credit amounts)500, Closing (debit accounts)404,099.15(New Bal.80,313.95) Income Summary

LESSON page Credit Retained Earnings 1.Date 2.Debit Income Summary

LESSON page Credit Dividends 1.Date 2.Debit Retained Earnings 1 2 3

LESSON page 492

Preparing a Post-Closing Trial Balance

LESSON Balances of asset accounts 4.Balances contra asset, liability, and capital accounts 1 6 page Double lines 6.Totals 5.Word Totals 2.Accounts that have balances 1.Heading

LESSON page 497 (continued on next slide) 1.Source documents are checked, and transactions are analyzed. 2.Transactions are recorded in journals. 3.Journal entries are posted to the accounts payable ledger, the accounts receivable ledger, and the general ledger. 4.Schedules of accounts payable and account receivable are prepared from the subsidiary ledgers. 5.A work sheet is prepared from the general ledger.

LESSON Financial statements are prepared. page 497 (continued from previous slide) A post-closing trial balance of the general ledger is prepared. 8.Adjusting and closing entries are posted to the general ledger. 7.Adjusting and closing entries are journalized from the work sheet.