Accounting – 1/08/2020

 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 MindTap
  • 8-1 Application Problem- Mindtap


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