CHAPTER 16 Recording Adjusting and Closing Entries for a Corporation.
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Transcript of CHAPTER 16 Recording Adjusting and Closing Entries for a Corporation.
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CHAPTER 16
Recording Adjusting and Closing Entries for a Corporation
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ADJUSTING ENTRIES RECORDED FROM A WORK SHEET
33
page 480
22 11 44 5566 77
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
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ADJUSTING ENTRY FOR ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS page 482
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ADJUSTING ENTRY FOR MERCHANDISE INVENTORY page 482
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ADJUSTING ENTRY FOR SUPPLIES—OFFICE page 483
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ADJUSTING ENTRY FOR SUPPLIES—STORE page 483
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ADJUSTING ENTRY FOR PREPAID INSURANCE page 484
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ADJUSTING ENTRY FOR DEPRECIATION—OFFICE EQUIPMENT page 484
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ADJUSTING ENTRY FOR DEPRECIATION—STORE EQUIPMENT page 485
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ADJUSTING ENTRY FOR FEDERAL INCOME TAXES page 485
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LESSON 16-2
Recording Closing Entries for Income Statement Accounts
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THE INCOME SUMMARY ACCOUNT page 487
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CLOSING ENTRY FOR ACCOUNTS WITH CREDIT BALANCES
1122
page 488
3. Debits to close
44
1. Heading
2. Date 4. Credit to Income Summary
3333
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CLOSING ENTRY FOR INCOME STATEMENT ACCOUNTS WITH DEBIT BALANCES
1122 44
page 489
3. Credits to close
1. Date
2. Account debited
4. Debit amount
33
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15SUMMARY OF CLOSING ENTRY FOR INCOME STATEMENT ACCOUNTS WITH DEBIT BALANCES page 490
Bal. 209,960.00 Closing 209,960.00
(New Bal. zero)
Purchases
Adj. (mdse. inv.) 15,840.00 Closing (credit amounts) 500,253.10
Closing (debit accounts) 404,099.15 (New Bal. 80,313.95)
Income Summary
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CLOSING ENTRY TO RECORD NET INCOME page 491
1122
33
3. Credit Retained Earnings
1. Date
2. Debit Income Summary
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CLOSING ENTRY FOR DIVIDENDS page 491
3. Credit Dividends
1. Date
2. Debit Retained Earnings
1122
33
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COMPLETED CLOSING ENTRIES FOR A CORPORATION RECORDED IN A JOURNAL page 492