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Lecture Accounting fundamentas (7e): Chapter 23 - Curran

Chapter 23 - Adjusting and closing the general ledger. After completing this chapter, students will be able to: Journalize adjusting and closing entries, post the adjusting and closing entries, prepare a postclosing trial balance. | CHAPTER TWENTY THREE ADJUSTING AND CLOSING THE GENERAL LEDGER 1. Journalize adjusting and closing entries. 2. Post the adjusting and closing entries. 3. Prepare a postclosing trial balance. ADJUSTING AND CLOSING THE GENERAL LEDGER Objectives: 23- Recording the Adjusting Entries Adjusting entries are recorded in the general journal. The amounts are obtained from the Adjustments section of the worksheet. 23- Recording the Adjusting Entries (continued) 23- Recording the Adjusting Entries (continued) 23- Recording the Adjusting Entries (continued) 23- Recording the Adjusting Entries (continued) 23- Recording the Closing Entries After the adjusting entries are posted, closing entries must be recorded. These entries reduce the balances of the temporary accounts to zero and transfer the results of operations to the capital account. 23- Recording the Closing Entries (continued) The first step is to close the revenue and other temporary accounts with credit . | CHAPTER TWENTY THREE ADJUSTING AND CLOSING THE GENERAL LEDGER 1. Journalize adjusting and closing entries. 2. Post the adjusting and closing entries. 3. Prepare a postclosing trial balance. ADJUSTING AND CLOSING THE GENERAL LEDGER Objectives: 23- Recording the Adjusting Entries Adjusting entries are recorded in the general journal. The amounts are obtained from the Adjustments section of the worksheet. 23- Recording the Adjusting Entries (continued) 23- Recording the Adjusting Entries (continued) 23- Recording the Adjusting Entries (continued) 23- Recording the Adjusting Entries (continued) 23- Recording the Closing Entries After the adjusting entries are posted, closing entries must be recorded. These entries reduce the balances of the temporary accounts to zero and transfer the results of operations to the capital account. 23- Recording the Closing Entries (continued) The first step is to close the revenue and other temporary accounts with credit balances. The worksheet provides the necessary information. 23- Recording the Closing Entries (continued) 23- Recording the Closing Entries (continued) The second step is to close the cost, expense, and other temporary accounts with debit balances. The worksheet provides the necessary information. 23- Recording the Closing Entries (continued) 23- Recording the Closing Entries (continued) The third step is to close the Income Summary account and transfer the net income to the capital account. The worksheet shows the net income for the period. 23- Recording the Closing Entries (continued) 23- Recording the Closing Entries (continued) The fourth step is to close the drawing account and transfer its balance to the capital account. 23- Recording the Closing Entries (continued) 23- Preparing the Postclosing Trial Balance The accounts that appear on the postclosing trial balance are the asset, liability, and owner’s capital accounts. Debits must equal credits to .