8 – Record closing entries and prep. post-close TB

Competencies:

6320: Accounting

  • 46:  Prepare entries to close temporary accounts.
  • 47:  Journalize adjusting and closing entries for a service business.
  • 68:   Prepare to close temporary accounts for a merchandising business.
  • 69:   Journalize adjusting and closing entries for a merchandising business.

Understanding the Accounting Cycle for a Service Business

  • 46:  Prepare entries to close temporary accounts.
  • 47:  Journalize adjusting and closing entries for a service business.
  • 49:  Prepare post-closing trial balance for a service business.
  • 53:  Maintain financial records for a service business, using accounting software.
  • 54:  Maintain financial records for a service business, using spreadsheet software.70:  Prepare post-closing trial balance for a merchandising business.

Learning Objectives

After studying Chapter 8, in addition to defining key terms, you will be able to:

  • LO1 Journalize and post closing entries for a service business organized as a proprietorship.
  • LO2 Prepare a post-closing trial balance.

Chapter  8 Accounting Text

Chapter 8 Vocabulary Acct

Chapter 8 Coversheet

Chapter 8 mastery etc wkprs

Chapter 8 study guide

Section 1:

Section 2: