BUSINESS HIGH SCHOOL-ACCOUNTING I

1
BUSINESSHIGH SCHOOL-ACCOUNTING I
Close Revenue Accounts
Preparing the Post-Closing Trial Balance
Preparing Closing Entries
Close Expense Accounts
Completing the Accounting Cycle for a Sole
Proprietorship Chapter 10
Close Withdrawal Account
Close Income Summary Account
Content Vocabulary Compound Entry Income Summary
Posting the Closing Entries

• Accounting 1 Essential Learning
  Expectations-Chapter 10
• Closing entries are made to close the balances of
  temporary accounts.
• The process of posting the closing entries
  transfers the net income or loss for the period
  to the Capital account.
• The Post-Closing Trial Balance is prepared to
  make sure the total debits equal the total
  credits after the closing entries are posted.