Accounting – 1/07/19
I. Bellwork
- Page 217 Critical Thinking 1-2 Q&A
II. Objectives
- Journalize and post closing entries for a service business organized as a proprietorship
- Explain the need for post-closing entries and demonstrate the process.
III. Discussion/Notebook
A Recording Closing Entries p. 214
- Accounting Cycle
- Permanent & Temporary Accounts
- Matching Expenses with Revenue – Closing Entries
- Income Summary Account – Closing Revenue & Expenses
- Capital Account – Closing Income Summary & Drawing
IV. Classwork
- Page 222 Working Together 8-1 & On Your Own – manually & on Aplia
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