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Chapter 17

Chapter 17. Recording Adjusting and Closing Entries for a Partnership. Adjusting Entries . We adjust accounts that we do not change over a period of time. We bring those accounts up to date or “Adjust” them so that they are correct at the end of the year. Worksheet.

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Chapter 17

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  1. Chapter 17 Recording Adjusting and Closing Entries for a Partnership

  2. Adjusting Entries • We adjust accounts that we do not change over a period of time. • We bring those accounts up to date or “Adjust” them so that they are correct at the end of the year.

  3. Worksheet

  4. Lets do the On Your Own on Page 433 ADJUSTING ENT MERCH. INV 14400 Dec 31 14400 INCOME SUMMARY SUPP EXPENSE - OFF 2130 SUPPLIES - OFFICE 2130 2210 SUPP EXPENSE - STORE 2210 SUPPLIES - STORE INSURANCE EXP 2890 PREPAID INS 2890

  5. Closing Entries • We have done this once before. • Here are the steps that we use • Close all of the accounts in the Credit column of the income statement column.

  6. Please look at page 400 in text book Close all credit balance accounts in the income statement column. Do not forget to Post Reference all of this

  7. Closing Entries • We have done this once before. • Here are the steps that we use • Close all of the accounts in the Credit column of the income statement column. • Close all of the accounts in the Debit column of the income statement column.

  8. Close all of the accounts in the Debit column of the income statement column.

  9. Closing Entries • We have done this once before. • Here are the steps that we use • Close all of the accounts in the Credit column of the income statement column. • Close all of the accounts in the Debit column of the income statement column. • Close the income summary into the capital accounts

  10. We need to take a look at our Distribution of net income and it should match what the balance Of our income summary account is…… From this point on we can not use the worksheet to get our information

  11. Closing Entries • We have done this once before. • Here are the steps that we use • Close all of the accounts in the Credit column of the income statement column. • Close all of the accounts in the Debit column of the income statement column. • Close the income summary into the capital accounts • Close the drawing accounts into the capital accounts

  12. We go back to the worksheet on page 400 and look at the drawing accounts. We need to Make those accounts zero.

  13. Post-closing trial balance • Now that we have closed all of the temporary accounts. • We need to make sure that the rest of our permanent accounts are still in balance.

  14. 17-1,2,3,4,5

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