1. LESSON 8-2 Recording Closing Entries
5/20/2019
LESSON 8-2
Recording Closing Entries
GREEN

2. LESSON 8-2

3. TERMS REVIEW Permanent Accounts
Accounts used to accumulate information from one fiscal period to the next.
Assets
Liabilities
Owner’s Equity (capital)
Lesson 9-2, page 203
LESSON 8-2

4. TERMS REVIEW Temporary Accounts
Accounts used to accumulate information until it is transferred to the owner’s capital account.
Revenue (Sales)
Expenses
Owner’s drawing
Income Summary
Lesson 9-2, page 203
LESSON 8-2

5. CLOSING ENTRY FOR AN INCOME STATEMENT ACCOUNT WITH A CREDIT BALANCE
page 208
(Debit to close)
LESSON 8-2

6. LESSON 8-2

7. CLOSING ENTRY FOR INCOME STATEMENT ACCOUNTS WITH DEBIT BALANCES
page 209
(Credit to close)
1. Date
2. Income Summary
3. Credit
4. Debit amount
LESSON 8-2

8. LESSON 8-2

9. CLOSING ENTRY TO RECORD NET INCOME OR LOSS AND CLOSE THE INCOME SUMMARY ACCOUNT
page 210
1. Date
2. Debit
(Income Summary: debit to close)
(Capital: credit to record net income)
3. Credit
LESSON 8-2

10. LESSON 8-2

11. CLOSING ENTRY FOR THE OWNER’S DRAWING ACCOUNT
LESSON 8-2
5/20/2019
CLOSING ENTRY FOR THE OWNER’S DRAWING ACCOUNT
page 211
1. Date
(Credit to close)
2. Debit
3. Credit
LESSON 8-2
GREEN

12. LESSON 8-2

13. LESSON 8-2

14. END HERE TODAY
LESSON 8-2

15. LESSON 8-2

16. TERMS REVIEW Permanent Accounts
Accounts used to accumulate information from one fiscal period to the next.
Assets
Liabilities
Owner’s Equity (capital)
Lesson 9-2, page 203
LESSON 8-2

17. TERMS REVIEW Temporary Accounts
Accounts used to accumulate information until it is transferred to the owner’s capital account.
Revenue (Sales)
Expenses
Owner’s drawing
Income Summary
Lesson 9-2, page 203
LESSON 8-2

18. LESSON 8-2

19. LESSON 8-2

20. LESSON 8-2

21. LESSON 8-2

22. LESSON 8-2

23. LESSON 8-2

24. LESSON 8-2