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After the adjusting entries are recorded and posted and the financial statements have been prepared, you are ready to record the closing entries. Closing entries zero out the temporary owner’s equity accounts (revenue(s), expenses(s), and Drawing). This process transfers the net income or net loss and the withdrawals to the Capital account. In addition, the closing process prepares the records for the new fiscal period. Required 1. Journalize the dosing entries in the general journal. (If you are using Working Papers to prepare the closing entries, enter your transactions beginning on page 5.) 2. Post the closing entries to the general ledger accounts. (Skip this step if you are using CLGL.) 3. Prepare a post-dosing trial balance as of October 31, 20--. Check Figures 1. Debit to Income Summary second entry, $12,023.25 2. Post-closing trial balance total, $37,420.00

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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 5, Problem 1CP
Textbook Problem

After the adjusting entries are recorded and posted and the financial statements have been prepared, you are ready to record the closing entries. Closing entries zero out the temporary owner’s equity accounts (revenue(s), expenses(s), and Drawing). This process transfers the net income or net loss and the withdrawals to the Capital account. In addition, the closing process prepares the records for the new fiscal period.

Required

  1. 1. Journalize the dosing entries in the general journal.

    (If you are using Working Papers to prepare the closing entries, enter your transactions beginning on page 5.)

  2. 2. Post the closing entries to the general ledger accounts.

    (Skip this step if you are using CLGL.)

  3. 3. Prepare a post-dosing trial balance as of October 31, 20--.

Check Figures

  1. 1. Debit to Income Summary second entry, $12,023.25
  2. 2. Post-closing trial balance total, $37,420.00

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Chapter 5 Solutions

College Accounting (Book Only): A Career Approach
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