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Income statement debit column - PowerPoint PPT Presentation

CHAPTER SIX

CHAPTER SIX

CHAPTER SIX. FINANCIAL STATEMENTS AND THE CLOSING PROCESS. WORK SHEET. Used for three major end-of-period activities: journalizing adjusting entries preparing financial statements journalizing closing entries. ACCOUNT TITLE. ADJ. T. B. INCOME STMT. BALANCE SHEET. DR. CR. DR. CR. DR.

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DO NOW

DO NOW

DO NOW. What kind of information would you look for to help you decide which company you want to invest your money in? https://finance.yahoo.com/quote/NKE/financials?p=NKE. Accounting Cycle. Collect and verify source documents Analyze each transaction (debits and credits)

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LESSON 22-1

LESSON 22-1

LESSON 22-1. Preparing a Work Sheet for a Corporation. 1. Debit Interest Receivable. INTEREST INCOME ADJUSTMENT. page 638. 1. 2. 2. Credit Interest Income. SUPPLIES ADJUSTMENT. page 638. 1. 2. 1. Credit Supplies. 2. Debit Supplies Expense. FEDERAL INCOME TAX ADJUSTMENT. page 639.

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Hosted by Ms. Appel

Hosted by Ms. Appel

Hosted by Ms. Appel. Final. True/False 1. True/False 2. Fill In The Blank 1. Make the Adjustment. 100. 100. 100. 100. 200. 200. 200. 200. 300. 300. 300. 300. 400. 400. 400. 400. 500. 500. 500. 500. Row 1, Col 1. What is True?. A work sheet is used to

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LESSON 22-4

LESSON 22-4

LESSON 22-4. Adjusting, Closing, and Reversing Entries for a Corporation. ADJUSTING ENTRIES. page 654. CLOSING ENTRY FOR ACCOUNTS WITH CREDIT BALANCES. page 655. 1. 2. 1. Enter the balance of accounts in the Income Statement credit column as a debit.

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