Accountants may perform the closing process monthly or annually. The closing entries are the journal entry form of the Statement of Retained Earnings. The goal is to make the posted balance of the retained earnings account match what we reported on the statement of retained earnings and start the...
(a) Compute the amount of the cost of goods sold in 20X2. (b) PrepareTWOclosing entries as at 31 December 20X2: the first to create a Cost of Goods Sold account with the appropriate balance and the second to bring the Inventory account up-to-date. Part II On 1 December 201Y, Funn...
Chapter9 FinancialStatementsandClosingEntries forAMerchandisingSoleProprietorship TheClassifiedFinancialStatements Inamerchandisingbusinesswithmoreaccounts,classifiedfinancialstatementsareoftenprepared.Intheclassifiedfinancialstatements,accountsaregroupedintodifferentclassificationssoastomaketheaccountinginformationmoremeaningful...
accounts, because their balances continue to exist beyond the current accounting period. Transferring the balances of the temporary accounts into the Retained Earnings account is calledthe closing process. The journal entries made for the purpose of closing the temporary accounts are calledclosing entries...
Recording closing entries is a matter of debiting and crediting temporary accounts, to move balances over to the income summary and then the balance sheet.The process for closing the booksfor a public company is as follows: First, close revenue accounts bydebiting revenueandcrediting income summar...
4.1 The accounting worksheet Accounting worksheet Benefits of using a worksheet Preparing a worksheet Financial statements prepared from the worksheet The purpose of using a worksheet 4.2 Classified balance sheet Classified balance sheet 4.3 Closing entries ...
c. After adjusting entries, but before closing entries have been prepared and posted on December 31, 2007, Retained Earnings will be understated by $70,000. d. After both adjusting and closing entries have been prepared and posted on December 31, 2007, Retained Earnings will be understated ...
调整分录Adjustingentries 结帐Closingentries --- (3)现金与应收帐款现金Cash 银行存款Cashinbank 库存现金Cashinhand 流动资产Currentassets 偿债基金Sinkingfund 定额备用金Imprestpettycash 支票Check(cheque) 银行对帐单Bankstatement 银行存款调节表Bankreconciliation statement 在途存款Outstandingdeposit 在途支票Outstandingc...
(REAL) These accounts are closed These accounts are not closed All revenue accounts All asset accounts All expense accounts All liability accounts Dividends Stockholders’ equity TEMPORARY VERSUS PERMANENT ACCOUNTS 临时性账户与永久性账户 CLOSING ENTRIES 结账分录 Closing entries formally recognize in the ...
The worksheet Contents 3.5 Closing entries 3.6 Post-closing trial balance 3.7 The accounting cycle summary 3.8 Classification of balance sheet items 3.9 Practices in China 3.10 Using the accounting information —— the current ratio 3.1 The need for adjustments The Accounting Period Accrual Basis vs....