Chapter 16

Scope and Sequence

16-1 Recording Adjusting Entries

• • Adjusting entries recorded from a worksheet

  • Adjusting entries

16-2 Recording Closing Entries for Income Statement Accounts

• • The income summary account

  • Closing entries

16-3 Preparing a Post-Closing Trial Balance

• • Completed general ledger

  • Post-closing trial balance

  • Accounting cycle for a merchandising business organized as a corporation 

Objectives 

• • Define accounting terms related to adjusting and closing entries for a merchandising business organized as a corporation 

  • Record adjusting entries

  • Record closing entries for income statement accounts

  • Record closing entry for dividends

  • Prepare a post-closing trial balance

Vocabulary 

• • No New Vocabulary