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LESSON 16-1

LESSON 16-1. Recording Adjusting Entries. ADJUSTING ENTRIES RECORDED FROM A WORK SHEET. 1. 2. 3. page 481. 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.

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LESSON 16-1

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  1. LESSON 16-1 Recording Adjusting Entries

  2. ADJUSTING ENTRIES RECORDED FROM A WORK SHEET 1 2 3 page 481

  3. ADJUSTING ENTRY FOR MERCHANDISE INVENTORY—Unique entry for a merchandising business page 482

  4. ADJUSTING ENTRY FOR SUPPLIES—OFFICE page 483

  5. ADJUSTING ENTRY FOR SUPPLIES—STORE page 483

  6. ADJUSTING ENTRY FOR PREPAID INSURANCE page 484

  7. ADJUSTING ENTRY FOR DEPRECIATION—OFFICE EQUIPMENT page 484

  8. ADJUSTING ENTRY FOR DEPRECIATION—STORE EQUIPMENT page 485

  9. ADJUSTING ENTRY FOR FEDERAL INCOME TAXES page 485

  10. 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

  11. Worked Together • Aplia.com

  12. LESSON 16-2 Recording Closing Entries for Income Statement Accounts

  13. CLOSING ENTRY FOR ACCOUNTS WITH CREDIT BALANCES 3 3 page 488 1 2 4

  14. CLOSING ENTRY FOR INCOME STATEMENT ACCOUNTS WITH DEBIT BALANCES 3 3 page 489 1 2 4

  15. CLOSING ENTRY TO RECORD NET INCOME page 491

  16. CLOSING ENTRY FOR DIVIDENDS page 491

  17. COMPLETED CLOSING ENTRIES FOR A CORPORATION page 492

  18. 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

  19. Work Together • Aplia.com

  20. 16-3 POST-CLOSING TRIAL BALANCE page 496

  21. 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

  22. Work Together • Aplia.com

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