BUSINESS HIGH SCHOOL-ACCOUNTING I

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Recording Adjusting and Closing Entries for a Service Business

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Presentation transcript:

BUSINESS HIGH SCHOOL-ACCOUNTING I Close Revenue Accounts Preparing the Post-Closing Trial Balance Preparing Closing Entries Close Expense Accounts Completing the Accounting Cycle for a Sole Proprietorship Chapter 10 Close Withdrawal Account Close Income Summary Account Content Vocabulary: Compound Entry Income Summary Posting the Closing Entries Accounting 1 Essential Learning Expectations-Chapter 10: Closing entries are made to close the balances of temporary accounts. The process of posting the closing entries transfers the net income or loss for the period to the Capital account. The Post-Closing Trial Balance is prepared to make sure the total debits equal the total credits after the closing entries are posted.