TAILIEUCHUNG - Lecture College accounting (13/e): Chapter 6 - Price, Haddock, Farina

Chapter 6: Closing entries and the postclosing trial balance. After reading this chapter, you should be able to: Journalize and post closing entries, prepare a postclosing trial balance, interpret financial statements, review the steps in the accounting cycle, define the accounting terms new to this chapter. | 1- McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Closing Entries and the Postclosing Trial Balance Section 1: Closing Entries Chapter 6 Section Objectives Journalize and post closing entries. The Accounting Cycle Step 7 Journalize and post closing entries Step 1 Analyze transactions Step 2 Journalize the data about transactions Step 4 Prepare a worksheet Step 5 Prepare financial statements Step 6 Journalize and post adjusting entries Step 8 Prepare a postclosing trial balance Step 9 Interpret the financial information Step 3 Post the data about transactions The seventh step in the accounting cycle is to journalize and post closing entries Step 7 Journalize and post closing entries Income Summary Account Classified as a temporary owner’s equity account. Does not have a normal balance. Has a zero balance after the closing process and remains with a zero balance until after the closing procedure for the next period. 2. Transfer the

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• College accounting
• Lecture College accounting
• Financial statement
• Cost accounting
• Closing entries
• Postclosing trial balance
• Job order cost accounting
• Accounting for sales
• Accounts receivable
• Accounting for purchases
• Accounts payable
• Closing procedures
• Accounting cycle
• Accounting principles
• Reporting standards
• Accounting for partnerships
• Allocating income
• Process cost accounting
• Process inventory
• Language of business
• Financial information
• Analyzing business transactions
• Financial interest
• T accounts
• General ledger
• General journal
• The worksheet
• Trial balance
• Cash receipts
• Cash payments
• Payroll computations
• Payroll laws
• Payroll taxes
• Employee income tax
• Recording adjustments
• Uncollectible accounts
• Notes payable
• Notes receivable
• Merchandise inventory
• Inventory costing methods
• Disposition of assets
• Depreciation methods
• Capital stock transactions
• Capital stock
• Corporate earnings
• Capital transactions