1. 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

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

3. CENTURY 21 ACCOUNTING © Thomson/South-Western 3 LESSON 16-1 ADJUSTING ENTRIES RECORDED FROM A WORK SHEET 3 page 481 214567 1.Heading 2.Date 3.Identify the first adjustment 4.Account debited 5.Debit 6.Account credited 7.Credit 8.Continue down the Adjustments columns

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

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

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

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

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

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

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

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