TAILIEUCHUNG - Lecture Accounting fundamentas (7e): Chapter 10 - Curran

Chapter 10 - Closing the ledger. After completing this chapter, students will be able to: Record closing entries, post the closing entries to the general ledger accounts, open new ledger accounts, prepare a postclosing trial balance, describe the accounting cycle. | CHAPTER TEN Closing the Ledger 1. Record closing entries. 2. Post the closing entries to the general ledger accounts. 3. Open new ledger accounts. 4. Prepare a postclosing trial balance. 5. Describe the accounting cycle. CLOSING THE LEDGER Objectives: 10- Recording the Closing Entries The procedure used at the end of each accounting period to make the ledger ready for the next period’s transactions is known as closing the ledger. This procedure begins with a series of closing entries, which are journalized and posted. 10- Recording the Closing Entries (continued) Closing entries: Summarize the balances of the revenue and expense accounts so that the net income or net loss can be recorded. 10- Recording the Closing Entries (continued) Closing entries: Transfer to the capital account the net increase or net decrease in owner’s equity resulting from the current period’s operations. 10- Recording the Closing Entries (continued) Closing entries: Reduce the balances of .

• Kế toán - Kiểm toán
• Accounting fundamentas
• Lecture Accounting fundamentas
• Nguyên lý kế toán
• Closing the ledger
• Closing entries
• Postclosing trial balance
• Accounting cycle
• Trial balance
• Accounting errors
• Accounting terminology
• Accounting for purchases
• Purchases discounts
• Freight in
• Accounting equation
• Balance sheet
• Principles of accounting
• Analyze business transactions
• Net income
• The worksheet
• Financial statements
• Business transactions
• Accounting for sales
• Sales discounts
• Sales returns
• Purchases journal
• Recording transactions
• Worksheet adjustments
• Uncollectible accounts
• Owner’s equity accounts
• Form of accounts
• Account balances
• Expense accounts
• Recording revenue
• Transaction analysis
• Income statement
• General journal
• Chart of accounts
• Business’s transactions
• General ledger
• Posting reference
• Correcting errors
• Merchandising businesses
• Charge account
• Cash discount
• Unpaid invoice file
• Purchases returns
• The sales journal
• Special journal
• Cash receipts journal
• Memorandum entry
• Cash payments journal
• Cash purchases
• Accounts receivable ledger
• Accounts receivable
• Statement of account
• Accounts payable ledger
• Schedule of accounts payable
• Notes payable
• Goods sold
• Cost of goods sold
• Ten column worksheet
• Classified balance sheet
• Adjusting entries
• Banking procedures
• Deposit slips
• Check stubs