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LESSON 8-1

LESSON 8-1. Recording Adjusting Entries. ADJUSTING ENTRY FOR SUPPLIES. page 202. ADJUSTING ENTRY FOR PREPAID INSURANCE. page 204. LESSON 8-2. Recording Closing Entries. 5. NEED FOR THE INCOME SUMMARY ACCOUNT. page 207. LESSON 8-2. 6.

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LESSON 8-1

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  1. LESSON 8-1 Recording Adjusting Entries

  2. ADJUSTING ENTRY FOR SUPPLIES page 202 LESSON 8-1

  3. ADJUSTING ENTRY FOR PREPAID INSURANCE page 204 LESSON 8-1

  4. LESSON 8-2 Recording Closing Entries

  5. 5 NEED FOR THE INCOME SUMMARY ACCOUNT page 207 LESSON 8-2

  6. 6 CLOSING ENTRY FOR AN INCOME STATEMENT ACCOUNT WITH A CREDIT BALANCE (Debit to close) page 208 LESSON 8-2

  7. 7 CLOSING ENTRY FOR INCOME STATEMENT ACCOUNTS WITH DEBIT BALANCES (Credit to close) page 209 LESSON 8-2

  8. 8 CLOSING ENTRY TO RECORD NET INCOME OR LOSS AND CLOSE THE INCOME SUMMARY ACCOUNT (Capital: credit torecord net income) (Income Summary:debit to close) page 210 LESSON 8-2

  9. 9 CLOSING ENTRY FOR THE OWNER’S DRAWING ACCOUNT (Credit to close) page 211 LESSON 8-2

  10. LESSON 8-3 Preparing a Post-Closing Trial Balance

  11. 11 GENERAL LEDGER ACCOUNTS AFTER ADJUSTING AND CLOSING ENTRIES ARE POSTED page 213 When an account has a zero balance, lines are drawn in both the Balance DEBIT and Balance CREDIT columns. LESSON 8-3

  12. 12 POST-CLOSING TRIAL BALANCE page 216 LESSON 8-3

  13. 13 ACCOUNTING CYCLE FOR A SERVICE BUSINESS page 217 1. Analyzes transactions 1 2. Journalize 2 3. Post 8 4. Prepare work sheet 5. Prepare financial statements 3 6. Journalize adjusting and closing entries 7 4 7. Post adjusting and closing entries 8. Prepare post-closing trial balance 6 5 LESSON 8-3

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