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
- Permanent and Termporary Accounts
- Need for Closing Accounts
- Need for Income Summary
- Closing Income Summary
- Entry to Record a Net Loss/Income
- 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