Randi Leonard Before

1. There are 4 steps to closing the ledger Closing entries transfer the balances of all temporary accounts to a permanent account and leave them zeroed out and ready for the next fiscal period. Step 1: Close temporary accounts with credit balances to the Income Summary. You must debit the revenue accounts and credit the income summary to close them. Step 2: Close the temporary accounts with debit balances to the Income Summary. You must credit the expense accounts and debit the income summary to close them. Step 3: Close the balance of the Income Summary to Retained Earnings. You debit the Income Summary and credit the Retained Earnings to reflect an increase in Retained Earnings. To calculate the amount to debit and credit, you subtract revenues from expenses. The difference is the net income or net loss. Step 4: Close withdrawals, if any, to Retained Earnings Since Withdrawals has a credit balance, you would debit Retained Earnings and credit Withdrawals to close it out. Step 1 Step 2 Step 3 Retained Earnings 2140 Step 4 2140 Withdrawals Randi Leonard Before

2. Steps for Closing the Ledger Vocabulary that you need to know: Closing Entries Temporary Accounts Permanent Accounts Temporary Accounts are in the Income Statement Permanent Accounts are in the Balance Sheet

3. Chapter 6: Segmenting and Pretraining Principles • This is a principle not only of eLearning, but also in teaching of any complex concepts. I am surprised that there is not more research on this subject. It’s hard to model thison one slide only, as we need to for class, since it requires breaking down the lesson into smaller pieces. • Is there any research as to how many concepts per slide or lesson should be included before learners reach their processing capacity or to maximize learning? Randi Leonard Question/Comment