1. 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.