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CENTURY 21 ACCOUNTING © Thomson/South-Western 3 LESSON 4-5 JOURNALIZING CLOSING ENTRIES FOR A DEPARTMENTALIZED BUSINESS page Write Closing Entries in Account Title column. 2.Record entry to close income statement accounts with credit balances. 3.Write (continued on general journal page 15) to show that the closing entries are continued. 2 3
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CENTURY 21 ACCOUNTING © Thomson/South-Western
LESSON 4-5LESSON 4-5
End-of-Period Work for a Departmentalized Business
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 4-5
2. Enter the adjusting entries without additional explanation.
JOURNALIZING ADJUSTING ENTRIES JOURNALIZING ADJUSTING ENTRIES FOR A DEPARTMENTALIZED BUSINESSFOR A DEPARTMENTALIZED BUSINESS page 118
1. Write Adjusting Entries in the Account Title column.
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 4-5
JOURNALIZING CLOSING ENTRIES FOR JOURNALIZING CLOSING ENTRIES FOR A DEPARTMENTALIZED BUSINESSA DEPARTMENTALIZED BUSINESS page 119
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1. Write Closing Entries in Account Title column.
2. Record entry to close income statement accounts with credit balances.
3. Write (continued on general journal page 15) to show that the closing entries are continued.
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33
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 4-5
JOURNALIZING CLOSING ENTRIES FOR JOURNALIZING CLOSING ENTRIES FOR A DEPARTMENTALIZED BUSINESSA DEPARTMENTALIZED BUSINESS page 120
4. Write Closing Entries (continued) in the Account Title column.
5. Record entry to close income statement accounts with debit balances.
6. Record entry to close Income Summary to Retained Earnings.
7. Record entry for Dividends.
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55
6677
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 4-5
POST-CLOSING TRIAL BALANCE FOR POST-CLOSING TRIAL BALANCE FOR A DEPARTMENTALIZED BUSINESSA DEPARTMENTALIZED BUSINESS page 122
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 4-5
2. Record entries in journals.
SUMMARY OF ACCOUNTING CYCLESUMMARY OF ACCOUNTING CYCLE page 123
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4455
6677
88
993. Post journal entries to the ledgers.
9. Prepare a post-closing trial balance.
8. Journalize and post adjusting and closing entries.
7. Prepare financial statements.
6. Prepare a trial balance on the work sheet.
5. Prepare schedules of accounts receivable and accounts payable from the subsidiary ledgers.
4. Prepare interim departmental statement of gross profit.
1. Verify source documents for accuracy.
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CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 4-5
TERMS REVIEWTERMS REVIEW
adjusting entries closing entries post-closing trial balance accounting cycle
page 117
