Recording Adjusting and Closing Entries for a Service Business
This chapter objectives are:
Define accounting terms related to adjusting entries and closing entries for a service business organized as a proprietorship
Identify accounting concepts and practices related to adjusting entries and closing entries for a service business organized as a proprietorship
Record adjusting entries for a service business organized as a proprietorship
Record closing entries for a service business organized as a proprietorship
Prepare a post-closing trial balance for a service business organized as a proprietorship
Chapter 8 Vocabulary
8.1 Recording Adjusting Entries
Adjusting Entries
8.2 Recording Closing Entries
Permanent Accounts
Temporary Accounts
Closing Entries
8.3 Preparing a Post-Closing Trial Balance
Post-Closing Trial Balance
Accounting Cycle