实用会计英语Chapter 10 Closing Entries
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Post. Debit Credit Ref.
Balance Debit Credit
$500
$500
$500 ____
10-14
Closing Entries
The posting is shown as following:
Office Wages Expense
Account No. 511
Date
Item
Post. Debit Credit Ref.
Balance Debit
2004 March 25
$1,100
$1,100
31 Closing
$1,100 _____
10-4
ቤተ መጻሕፍቲ ባይዱClosing Entries
STEP 1
10-5
Closing Entries
Step 1. Closing the credit balances from income statement accounts to the income summary.
Jan. 31 Photocopy Fees Earned $9,900
Post. Ref.
Account No. 313
Debit Credit Balance Debit
Credit
$9,900
$9,900
10-8
Closing Entries
STEP 2
10-9
Closing Entries
Step 2. Closing the debit balances from income statement accounts to the income summary.
10-3
Closing Entries
The closing entries consist of the four steps:
First, the revenue accounts are closed by transferring their balances to the income summary account. Second, the expense accounts are closed by transferring their balances to the income summary account. Third, the income summary is closed by transferring the net balance to capital account. Last, the withdrawals accounts are closed by transferring the balance to capital account.
Date
Item
2004 March 31
31
Closing
Post. Ref.
Account No. 513
Debit Credit Balance Debit
Credit
$120
$120
$120 ____
Photocopy Supplies Expense
Date
Item
Post. Ref.
2004 March 31
Photocopy Supplies Expense 500
Office Supplies Expense
300
Depreciation Expense,
Photocopy Equipment
33
Depreciation Expense,
Office Equipment
88
10-11
Closing Entries
31
Adjusting Closing
Debit
Account No. 516
Credit Balance Debit Credit
$400
$400
$400 ____
10-13
Closing Entries
Office Supplies Expense
Date
Item
2004 March 31
31
Income Summary
$9,900
10-6
Closing Entries
The posting is shown as following:
Photocopy Fees Earned
Date
Item
2004 March 10
19 31 31
Adjusting Closing
Post. Ref.
Credit
Utility Expense
Date
Item
2004 March 29
31
Closing
Account No. 512
Post. Debit Credit Ref.
Balance Debit
Credit
$230
$230
$230 _____
10-12
Closing Entries
Telephone Expense
Jan. 31 Income Summary
$2,821
Office Wages Expense Utility Expense Telephone Expense Rent Expense
1,100 230 120 400
Insurance Expense
50
10-10
Closing Entries
Account No. 411
Debit Credit Balance Debit
Credit
$9,900
$6,000 3,400 500
$6,000 9,400 9,900 ___
10-7
Closing Entries
Income Summary
Date
Item
2004 March 31 Closing
10-1
CHAPTER 10
CLOSING ENTRIES
10-2
Closing Entries
Definition
The final bookkeeping entries made at the end of an accounting period to transfer income and expense items to the balance sheet accounts.
Adjusting Closing
Post. Ref.
Account No. 517
Debit Credit Balance Debit
Credit
$300
$300
$300 ____
Rent Expense
Date
Item
2004 March 31
31
Adjusting Closing
Account No. 514
Balance Debit Credit
$500
$500
$500 ____
10-14
Closing Entries
The posting is shown as following:
Office Wages Expense
Account No. 511
Date
Item
Post. Debit Credit Ref.
Balance Debit
2004 March 25
$1,100
$1,100
31 Closing
$1,100 _____
10-4
ቤተ መጻሕፍቲ ባይዱClosing Entries
STEP 1
10-5
Closing Entries
Step 1. Closing the credit balances from income statement accounts to the income summary.
Jan. 31 Photocopy Fees Earned $9,900
Post. Ref.
Account No. 313
Debit Credit Balance Debit
Credit
$9,900
$9,900
10-8
Closing Entries
STEP 2
10-9
Closing Entries
Step 2. Closing the debit balances from income statement accounts to the income summary.
10-3
Closing Entries
The closing entries consist of the four steps:
First, the revenue accounts are closed by transferring their balances to the income summary account. Second, the expense accounts are closed by transferring their balances to the income summary account. Third, the income summary is closed by transferring the net balance to capital account. Last, the withdrawals accounts are closed by transferring the balance to capital account.
Date
Item
2004 March 31
31
Closing
Post. Ref.
Account No. 513
Debit Credit Balance Debit
Credit
$120
$120
$120 ____
Photocopy Supplies Expense
Date
Item
Post. Ref.
2004 March 31
Photocopy Supplies Expense 500
Office Supplies Expense
300
Depreciation Expense,
Photocopy Equipment
33
Depreciation Expense,
Office Equipment
88
10-11
Closing Entries
31
Adjusting Closing
Debit
Account No. 516
Credit Balance Debit Credit
$400
$400
$400 ____
10-13
Closing Entries
Office Supplies Expense
Date
Item
2004 March 31
31
Income Summary
$9,900
10-6
Closing Entries
The posting is shown as following:
Photocopy Fees Earned
Date
Item
2004 March 10
19 31 31
Adjusting Closing
Post. Ref.
Credit
Utility Expense
Date
Item
2004 March 29
31
Closing
Account No. 512
Post. Debit Credit Ref.
Balance Debit
Credit
$230
$230
$230 _____
10-12
Closing Entries
Telephone Expense
Jan. 31 Income Summary
$2,821
Office Wages Expense Utility Expense Telephone Expense Rent Expense
1,100 230 120 400
Insurance Expense
50
10-10
Closing Entries
Account No. 411
Debit Credit Balance Debit
Credit
$9,900
$6,000 3,400 500
$6,000 9,400 9,900 ___
10-7
Closing Entries
Income Summary
Date
Item
2004 March 31 Closing
10-1
CHAPTER 10
CLOSING ENTRIES
10-2
Closing Entries
Definition
The final bookkeeping entries made at the end of an accounting period to transfer income and expense items to the balance sheet accounts.
Adjusting Closing
Post. Ref.
Account No. 517
Debit Credit Balance Debit
Credit
$300
$300
$300 ____
Rent Expense
Date
Item
2004 March 31
31
Adjusting Closing
Account No. 514