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

2. CENTURY 21 ACCOUNTING © Thomson/South-Western 2 LESSON 4-5 2.Enter the adjusting entries without additional explanation. JOURNALIZING ADJUSTING ENTRIES FOR A DEPARTMENTALIZED BUSINESS page 118 1.Write Adjusting Entries in the Account Title column. 1 2

3. CENTURY 21 ACCOUNTING © Thomson/South-Western 3 LESSON 4-5 JOURNALIZING CLOSING ENTRIES FOR A DEPARTMENTALIZED BUSINESS page 119 1 1.Write Closing Entries in Account Title column. 2.Record entry to close income statement accounts with credit balances. 3.Write (continued on general journal page 15) to show that the closing entries are continued. 2 3

4. CENTURY 21 ACCOUNTING © Thomson/South-Western 4 LESSON 4-5 JOURNALIZING CLOSING ENTRIES FOR A DEPARTMENTALIZED BUSINESS page 120 4.Write Closing Entries (continued) in the Account Title column. 5.Record entry to close income statement accounts with debit balances. 6.Record entry to close Income Summary to Retained Earnings. 7.Record entry for Dividends. 4 5 6 7

5. CENTURY 21 ACCOUNTING © Thomson/South-Western 5 LESSON 4-5 POST-CLOSING TRIAL BALANCE FOR A DEPARTMENTALIZED BUSINESS page 122

6. CENTURY 21 ACCOUNTING © Thomson/South-Western 6 LESSON 4-5 2.Record entries in journals. SUMMARY OF ACCOUNTING CYCLE page 123 1 2 3 4 5 6 7 8 9 3.Post journal entries to the ledgers. 9.Prepare a post-closing trial balance. 8.Journalize and post adjusting and closing entries. 7.Prepare financial statements. 6.Prepare a trial balance on the work sheet. 5.Prepare schedules of accounts receivable and accounts payable from the subsidiary ledgers. 4.Prepare interim departmental statement of gross profit. 1.Verify source documents for accuracy.

7. CENTURY 21 ACCOUNTING © Thomson/South-Western 7 LESSON 4-5 TERMS REVIEW adjusting entries closing entries post-closing trial balance accounting cycle page 117