Accounting 1/14/08

 Objectives:

  • Define accounting terms related to closing entries for a service business organized as a proprietorship.
  • Identify accounting concepts and practices related to closing entries for a service business organized as a proprietorship.
  • Record closing entries for a service business organized as a proprietorship.

I.) Bellwork pg 203

A) 3 TERMS & 1-3 Q + A

II) 9-2 Recording Closing Entries

A) Read and Discuss pgs 199-202

  1. Permanent and Termporary Accounts
  2. Need for Closing Accounts
  3. Need for Income Summary
  4. Closing Income Summary
  5. Entry to Record a Net Loss/Income
  6. Closing Entry for Drawing

III) CLASSWORK

A) Pg 203 #4 & #5 WB pgs 169-178

B) Pg 211 Application Problem 9-2 WB pgs 181-184


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