Your SlideShare is downloading. ×
0
Lesson08 2g
Lesson08 2g
Lesson08 2g
Lesson08 2g
Lesson08 2g
Lesson08 2g
Lesson08 2g
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Lesson08 2g

255

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
255
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. LESSON 8-2 Recording Closing Entries
  • 2. NEED FOR THE INCOME SUMMARY ACCOUNT page 207
  • 3. CLOSING ENTRY FOR AN INCOME STATEMENT ACCOUNT WITH A CREDIT BALANCE page 208 1 2 1. Write the heading. 2. Write the date. 3. Write the title of the account debited. Record the debit amount. 4. Write the title of the account credited. Record the credit amount. (Debit to close) 3 4
  • 4. CLOSING ENTRY FOR INCOME STATEMENT ACCOUNTS WITH DEBIT BALANCES page 209 1 2 4 4. Debit amount 3. Credit 2. Income Summary 1. Date (Credit to close) 3
  • 5. CLOSING ENTRY TO RECORD NET INCOME OR LOSS AND CLOSE THE INCOME SUMMARY ACCOUNT page 210 3. Credit 2. Debit 1. Date 1 (Income Summary: debit to close) (Capital: credit to record net income) 2 3
  • 6. CLOSING ENTRY FOR THE OWNER’S DRAWING ACCOUNT page 211 3. Credit 2. Debit 1. Date 1 (Credit to close) 2 3
  • 7. TERMS REVIEW <ul><li>permanent accounts </li></ul><ul><li>temporary accounts </li></ul><ul><li>closing entries </li></ul>page 212

×