Learning Objectives. LO1 Journalize and post closing entries for a service business organized as a proprietorship.
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1 Learning Objectives LO1 Journalize and post closing entries for a service business organized as a proprietorship.
2 Lesson 8-1 Need for Permanent and Temporary Accounts Accounts used to accumulate information from one fiscal period to the next are called permanent accounts. Permanent accounts are also referred to as real accounts. Accounts used to accumulate information until it is transferred to the owner s capital account are called temporary accounts. Temporary accounts are also referred to as nominal accounts. LO1 SLIDE 2
3 Lesson 8-1 Need for Closing Temporary Accounts LO1 Journal entries used to prepare temporary accounts for a new fiscal period are called closing entries. The temporary account balances must be reduced to zero at the end of each fiscal period. SLIDE 3
4 Lesson 8-1 Need for the Income Summary Account LO1 When revenue is greater than total expenses, resulting in a net income, the Income Summary account has a credit balance, as shown in the T account. Debit Total expenses Income Summary Credit Revenue (greater than expenses) (Credit balance is the net income.) When total expenses are greater than revenue, resulting in a net loss, the Income Summary account has a debit balance, as shown in the T account. Debit Total expenses (greater than revenue) (Debit balance is the net loss.) Income Summary Credit Revenue SLIDE 4
5 Closing Entry for an Income Statement Account with a Credit Balance Sales Closing 5, Bal. 5, (New Bal. 0.00) Income Summary Closing (revenue) 5, Lesson 8-1 LO1 (Debit to close) Heading 1 3 Debit Date 2 4 Credit SLIDE 5
6 Closing Entry for Income Statement Accounts with Debit Balances Lesson 8-1 LO1 (Credit to close) Debit Amount Income Summary Date Credit SLIDE 6
7 Closing Entry to Record Net Income or Loss and Close the Income Summary Account Lesson 8-1 LO1 (Capital: credit to record net income) Date 1 2 Debit (Income Summary: debit to close) 3 Credit SLIDE 7
8 Closing Entry for the Owner s Drawing Account Lesson 8-1 LO1 (Credit to close) Date 1 2 Debit 3 Credit SLIDE 8
9 Lesson 8-1 Lesson 8-1 Audit Your Understanding 1. What do the ending balances of permanent accounts for one fiscal period represent at the beginning of the next fiscal period? ANSWER Beginning balances SLIDE 9
10 Lesson 8-1 Lesson 8-1 Audit Your Understanding 2. What do the balances of temporary accounts show? ANSWER Changes in the owner s capital account for a single fiscal period. SLIDE 10
11 Lesson 8-1 Lesson 8-1 Audit Your Understanding 3. List the four closing entries. ANSWER 1. An entry to close income statement accounts with credit balances. 2. An entry to close income statement accounts with debit balances. 3. An entry to record net income or net loss and close the Income Summary account. 4. An entry to close the owner s drawing account. SLIDE 11
12 Learning Objectives LO2 Prepare a post-closing trial balance.
13 General Ledger Accounts after Closing Entries Are Posted Lesson 8-2 LO2 SLIDE 13
14 General Ledger Accounts after Closing Entries Are Posted Lesson 8-2 LO2 SLIDE 14
15 Lesson 8-2 Post-Closing Trial Balance A trial balance prepared after the closing entries are posted is called a post-closing trial balance. LO2 SLIDE 15
16 Lesson 8-2 Post-Closing Trial Balance Heading 1 LO2 Account Titles 2 Account Balances 3 Totals 6 4 Single Rule Compare Totals 5 Double Rule 8 7 Record Totals SLIDE 16
17 Lesson 8-2 Accounting Cycle for a Service Business The series of accounting activities included in recording financial information for a fiscal period is called an accounting cycle. LO2 SLIDE 17
18 Lesson 8-2 Accounting Cycle for a Service Business LO Analyze transactions 2. Journalize 3. Post Prepare work sheet 5. Journalize and post adjusting entries 6. Prepare financial statements 7. Journalize and post closing entries 5 8. Prepare post-closing trial balance SLIDE 18
19 Lesson 8-2 Lesson 8-2 Audit Your Understanding 1. Why are lines drawn in both the Balance Debit and Balance Credit columns when an account has a zero balance? ANSWER To assure a reader that a balance has not been omitted SLIDE 19
20 Lesson 8-2 Lesson 8-2 Audit Your Understanding 2. Which accounts go on the post-closing trial balance? ANSWER Only those with balances (permanent accounts) SLIDE 20
21 Lesson 8-2 Lesson 8-2 Audit Your Understanding 3. Why are temporary accounts omitted from a post-closing trial balance? ANSWER Because they are closed and have zero balances SLIDE 21
22 Lesson 8-2 Lesson 8-2 Audit Your Understanding 4. What are the steps in the accounting cycle? ANSWER 1. Analyze transactions. 2. Journalize. 3. Post. 4. Prepare work sheet. 5. Journalize and post adjusting entries. 6. Prepare financial statements. 7. Journalize and post closing entries. 8. Prepare post-closing trial balance. SLIDE 22
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