Accounting 2 – 5/29/08
Objective:
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Identify accounting concepts and practices related to closing entries for a merchandising business organized as a partnership.
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Record closing entries for income statement accounts
I. Bellwork
A. Page 438 1-2 Q & A
II. 17-2 Recording Closing Entries for Income Statement Accounts
A. Pages 434-437
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The income summary account
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Closing entry for an income statement account with a credit balance
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Closing entry for income statement accounts with debit balances
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Summary of closing entry for income statement accounts with debit balances
III. Review – PPT 17-2
IV. Classwork
A. Page 438 #3-4 Wb pages 399-402
B. Page 449 Application 17-2 Wb page 409