Liabilities
+
Stock Holder's Equity
Assets
=
Current Assets
Short Term
Long Term
Common Stock
+
Retained Earnings
Long Term Assets
PPE*
A/P*
N/P*
Unearned Fee Debit Credit
Cash
A/R*
Supplies
Acc. Depr.
Net Income Dividends
Revenue - Expenses Debit Credit
+
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
+
+
+
+
+
+
+
+
Debit Credit Debit Credit +
+
+
*A/R= Accounts Receivable
PPE= Property, Plant, and Equipment
Company Name
Income Statement
For the Period Ending Month/Day/Year
$Rev
Revenue(s)
$COGS
COGS
$Rev-$COGS
Gross Profit (GP)
Expenses:
$Ex1
Expense 1
$Ex2
Expense 2
$Ex3
Expense 3
$Ex..
Expense….
$ΣEx
Total Expenses
GP-$ΣEx
Income Before Taxes (IBT)
$IBT * %
Income Tax Expense (ITE)
$IBT - $ITE
Net Income
Company Name
Statement of Stockholder's Equity
For Period Ending Month/Day/Year
Common
Retained
Stock
Earnings
$CS
$RE
Stockholder's Equity
Previous Balance
NI
Net Income
Current Period
($Div)
Dividends
$CS
$RE+NI-Div
Balance, Month/Date/Yea
A/P= Accounts Payable
N/P= Note Payable
Closing Entries
1. Move all revenues to Income Summary
Income Summary=Net Income
2. Move all expenses to Income Summary
3. Move Income Summary to Retained Earnings
4. Move Dividends to Retained Earnings