CENTURY 21 ACCOUNTING © Thomson/South-Western 1 LESSON 16-1 CHAPTER 16-RECORDING ADJUSTING AND CLOSING ENTRIES FOR A CORPORATION OBJECTIVES OBJECTIVES : IDENTIFY ACCOUNTING CONCEPTS RECORD ADJUSTING ENTRIES RECORD CLOSING ENTRIES FOR INCOME STATEMENT ACCOUNTS RECORD CLOSING ENTRY FOR DIVIDENDS PREPARE A POST-CLOSING TRIAL BALANCE

CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 16-1 Recording Adjusting Entries

CENTURY 21 ACCOUNTING © Thomson/South-Western 3 LESSON 16-1 ADJUSTING ENTRIES RECORDED FROM A WORK SHEET 3 page Heading 2.Date 3.Identify the first adjustment 4.Account debited 5.Debit 6.Account credited 7.Credit 8.Continue down the Adjustments columns

CENTURY 21 ACCOUNTING © Thomson/South-Western 4 LESSON 16-1 ADJUSTING ENTRY FOR ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS page 482

CENTURY 21 ACCOUNTING © Thomson/South-Western 5 LESSON 16-1 ADJUSTING ENTRY FOR MERCHANDISE INVENTORY page 482

CENTURY 21 ACCOUNTING © Thomson/South-Western 6 LESSON 16-1 ADJUSTING ENTRY FOR SUPPLIES— OFFICE page 483

CENTURY 21 ACCOUNTING © Thomson/South-Western 7 LESSON 16-1 ADJUSTING ENTRY FOR SUPPLIES— STORE page 483

CENTURY 21 ACCOUNTING © Thomson/South-Western 8 LESSON 16-1 ADJUSTING ENTRY FOR PREPAID INSURANCE page 484

CENTURY 21 ACCOUNTING © Thomson/South-Western 9 LESSON 16-1 ADJUSTING ENTRY FOR DEPRECIATION—OFFICE EQUIPMENT page 484

CENTURY 21 ACCOUNTING © Thomson/South-Western 10 LESSON 16-1 ADJUSTING ENTRY FOR DEPRECIATION—STORE EQUIPMENT page 485

CENTURY 21 ACCOUNTING © Thomson/South-Western 11 LESSON 16-1 ADJUSTING ENTRY FOR FEDERAL INCOME TAXES page 485