1. LESSON 16-1 Recording Adjusting and Closing Entries for a Corporation
CHAPTER 16
4/25/2017
Recording Adjusting and Closing Entries for a Corporation
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2. ADJUSTING ENTRIES RECORDED FROM A WORK SHEET
page 480
1. Heading
2. Date 3
3. Identify the first adjustment
4. Account debited
5. Debit
6. Account credited
7. Credit
8. Continue down the Adjustments columns 2 1 4 6 5 7

3. ADJUSTING ENTRY FOR ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS
page 482

4. ADJUSTING ENTRY FOR MERCHANDISE INVENTORY
page 482

5. ADJUSTING ENTRY FOR SUPPLIES—OFFICE
page 483

6. ADJUSTING ENTRY FOR SUPPLIES—STORE
page 483

7. ADJUSTING ENTRY FOR PREPAID INSURANCE
page 484

8. ADJUSTING ENTRY FOR DEPRECIATION—OFFICE EQUIPMENT
page 484

9. ADJUSTING ENTRY FOR DEPRECIATION—STORE EQUIPMENT
page 485

10. ADJUSTING ENTRY FOR FEDERAL INCOME TAXES
page 485

11. LESSON 16-1 Recording Closing Entries for Income Statement Accounts
4/25/2017
Recording Closing Entries for Income Statement Accounts
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12. THE INCOME SUMMARY ACCOUNT
page 487

13. CLOSING ENTRY FOR ACCOUNTS WITH CREDIT BALANCES
page 488 3 1 2 4
1. Heading
3. Debits to close
2. Date
4. Credit to Income Summary

14. CLOSING ENTRY FOR INCOME STATEMENT ACCOUNTS WITH DEBIT BALANCES
page 489
1. Date
2. Account debited 3
3. Credits to close
4. Debit amount 1 2 4

15. SUMMARY OF CLOSING ENTRY FOR INCOME STATEMENT ACCOUNTS WITH DEBIT BALANCES
page 490
Bal. 209, Closing 209,960.00
(New Bal. zero)
Purchases
Adj. (mdse. inv.) 15, Closing (credit amounts) 500,253.10
Closing (debit accounts) 404, (New Bal. 80,313.95)
Income Summary

16. CLOSING ENTRY TO RECORD NET INCOME
page 491 1 2 3
1. Date
2. Debit Income Summary
3. Credit Retained Earnings

17. CLOSING ENTRY FOR DIVIDENDS
page 491 1 2 3
1. Date
2. Debit Retained Earnings
3. Credit Dividends

18. COMPLETED CLOSING ENTRIES FOR A CORPORATION RECORDED IN A JOURNAL
page 492