Accounting 2 – 5/30/08

Posted on by

Objectives:

  • Identify accounting concepts and practices related to closing entries for a merchandising business organized as a partnership.

  • Record closing entries for net income or loss and partners drawing accounts.

 

I.  Bellwork

A.  Pg 442 1-2 Q & A 

II.  17-3 Recording Additional Closing Entries

A.  Pages 439-441

  1. – Closing entry to record net income or loss and close the income summary account

  2. – Closing entries for the partners drawing accounts

  3. -Completed closing entries for a partnership recorded in a journal

III.  Review –  PPT 17-3

 

IV.  Classwork

A.  Pg. 442 #3 & #4 Wb pages 399-402   

B.  Page 450 Application 17-3 Wb page 409

 

Comments are closed.