Recording Adjusting and Closing Entries for a Service Business. Monday, January 10, :16:01 PM ET
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1 Recording Adjusting and Closing Entries for a Service Business
2 Adjustments are analyzed and planned on a work sheet. These adjustments must be journalized so they can be posted to the general ledger accounts. Adjusting Entries Journal entries recorded to update general ledger accounts at the end of a fiscal period. Adjusting entries are recorded on the next general journal page following the page on which the last daily transaction for the month are recorded.
3 Write the heading. 2. Write the date. 3. Record the debit. 4. Record the credit. 4
4 Write the date. 2. Record the debit. 3. Record the credit. 3
5 p. 196 Audit Your Understanding p. 196 (p. 169, ) Work Together p. 196 (p. 171, ) On Your Own p. 211 (p ) Application Problem 9-1
6 Recording Closing Entries
7 Permanent Accounts Accounts used to accumulate information from one fiscal period to the next. Also known as Real Accounts Assets, Liabilities, and Owner s Capital Accounts The ending balances of permanent accounts for one fiscal period are the beginning account balances for the next fiscal period.
8 Temporary Accounts Accounts used to accumulate information until it is transferred to owner s capital account. Also known as nominal accounts. Revenues, expenses, owner s drawing, and income summary accounts. Temporary accounts show changes in the owner s capital account for a single fiscal period. At the end of the fiscal period, the balances are summarized and transferred to the owner s capital account. Temporary accounts begin a new fiscal period with zero balances
9 Closing Entries Journal entries used to prepare temporary accounts for a new fiscal period. The temporary account balances must be reduced to zero at the end of each fiscal period. To close a temporary account, an amount equal to its balance is recorded in the account on the side opposite to its balance.
10 The Income Summary account is used to summarize the closing entries for the revenue and expense accounts. The Income Summary account does not have a Normal Balance side. The Income Summary account is a temporary account and also must be closed at the end of a fiscal period when the net income or net loss is recorded. Income Summary will be closed to the Owner s Capital Account.
11 Four Closing Entries are recorded: 1. To close income statement accounts with credit balances. 2. To close income statement accounts with debit balances. 3. To record net income or net loss and close Income Summary. 4. To close the owner s drawing account.
12 3 (Debit to close) Write the heading. 2. Write the date. 3. Record the debit. 4. Record the credit. 4
13 1. Write the date. 2. Income Summary. 3. Record the credit. 4. Record the debit (Credit to close) 3
14 (Capital: credit to record net income) 2 (Income Summary: debit to close) 1 1. Write the date. 2. Record the debit. 3. Record the credit. 3
15 2 (Capital: credit to close) Write the date. 2. Record the debit. 3. Record the credit.
16 p. 203 Audit Your Understanding p. 203 (p. 169, ) Work Together p. 203 (p. 171, ) On Your Own p. 211 (p ) Application Problem 9-2
17 Preparing a Post-Closing Trial Balance
18 Post-Closing Trial Balance A trial balance prepared after the closing entries are posted. Used to verify that debits equal credits in the general ledger after closing entries are made. Only general ledger accounts with balances are included in the post-closing trial balance.
19 1. Write the heading. 2. Write titles of all general ledger accounts with balances in the Account Title column. 3. Write each account s balance. 4. Rule a single line. 5. Compare the two column totals. 8. Rule double lines Write Totals. 7. Write the column totals
20 Source documents checked for accuracy, and transactions are analyzed. 2. Transactions are recorded in a general journal Journal entries are posted to the general ledger. 4. Work sheet is prepared Financial statements are prepared Adjusting and closing entries are journalized. 7. Adjusting and closing entries are posted. 8. A post-closing trial balance is prepared.
21 p. 209 Audit Your Understanding p. 209 (p. 179) Work Together p. 209 (p. 180) On Your Own p. 212 (p. 185) Application Problem 9-3 p. 212 (p. 187) Mastery Problem 9-4 p. 213 (p. 193) Challenge Problem 9-5
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