Recording Adjusting Entries

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LESSON 16-1
Recording Adjusting Entries
ADJUSTING ENTRIES RECORDED FROM A WORK SHEET
page 481
1
2
3
ADJUSTING ENTRY FOR MERCHANDISE INVENTORY—
Unique entry for a merchandising business page 482
ADJUSTING ENTRY FOR SUPPLIES—OFFICE
page 483
ADJUSTING ENTRY FOR SUPPLIES—STORE
page 483
ADJUSTING ENTRY FOR
PREPAID INSURANCE
page 484
ADJUSTING ENTRY FOR DEPRECIATION—
page 484
OFFICE EQUIPMENT
ADJUSTING ENTRY FOR DEPRECIATION—
page 485
STORE EQUIPMENT
ADJUSTING ENTRY FOR FEDERAL INCOME
page 485
TAXES
Audit Your Understanding
• When adjusting entries are journalized,
why is no source document recorded?
• Because the heading Adjusting Entries is
recorded in the account title column to
explain all of the adjusting entries that
follow
Worked Together
• Aplia.com
LESSON 16-2
Recording Closing Entries for
Income Statement Accounts
CLOSING ENTRY FOR ACCOUNTS WITH CREDIT
page 488
BALANCES
3
3
1
2
4
CLOSING ENTRY FOR INCOME STATEMENT ACCOUNTS
page 489
WITH DEBIT BALANCES
3
3
1
2
4
CLOSING ENTRY TO RECORD NET INCOME
page 491
CLOSING ENTRY FOR DIVIDENDS
page 491
COMPLETED CLOSING ENTRIES FOR A CORPORATION
page 492
Audit Your Understanding
Where is the information obtained
from for journalizing closing entries
for revenue, cost, and expenses?
• (1) Income statement and balance sheet
columns of the worksheet
What is the name of the temporary
account that is used to summarize
the closing entries for revenue,
cost, and expenses?
• Income Summary
Work Together
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16-3 POST-CLOSING TRIAL BALANCE
page 496
Audit Your Understanding
Which accounts are listed on a
post-closing trial balance?
• Only the general ledger accounts
with balances
What is the purpose of preparing
a post-closing trial balance?
• To prove the equality of debits and
credits in the general ledger after
posting the adjusting and closing
entries
Work Together
• Aplia.com
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