LESSON 16-1 Recording Adjusting Entries

ADJUSTING ENTRIES RECORDED FROM A WORK SHEET page

ADJUSTING ENTRY FOR MERCHANDISE INVENTORY— Unique entry for a merchandising business page 482

ADJUSTING ENTRY FOR SUPPLIES—OFFICE page 483

ADJUSTING ENTRY FOR SUPPLIES—STORE page 483

ADJUSTING ENTRY FOR PREPAID INSURANCE page 484

ADJUSTING ENTRY FOR DEPRECIATION— OFFICE EQUIPMENT page 484

ADJUSTING ENTRY FOR DEPRECIATION— STORE EQUIPMENT page 485

ADJUSTING ENTRY FOR FEDERAL INCOME TAXES page 485

Audit Your Understanding When adjusting entries are journalized, why is no source document recorded? Because the heading Adjusting Entries is recorded in the account title column to explain all of the adjusting entries that follow

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LESSON 16-2 Recording Closing Entries for Income Statement Accounts

CLOSING ENTRY FOR ACCOUNTS WITH CREDIT BALANCES 1 2 page

CLOSING ENTRY FOR INCOME STATEMENT ACCOUNTS WITH DEBIT BALANCES 1 24 page

CLOSING ENTRY TO RECORD NET INCOME page 491

CLOSING ENTRY FOR DIVIDENDS page 491

COMPLETED CLOSING ENTRIES FOR A CORPORATION page 492

Audit Your Understanding Where is the information obtained from for journalizing closing entries for revenue, cost, and expenses? (1) Income statement and balance sheet columns of the worksheet What is the name of the temporary account that is used to summarize the closing entries for revenue, cost, and expenses? Income Summary

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16-3 POST-CLOSING TRIAL BALANCE page 496

Audit Your Understanding Which accounts are listed on a post-closing trial balance? Only the general ledger accounts with balances What is the purpose of preparing a post-closing trial balance? To prove the equality of debits and credits in the general ledger after posting the adjusting and closing entries

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