Accounting 1 Public Class

About the Class

Students will learn about adjusting and closing entries for a partnership set up as a merchandising business. Introduction of the adjustments to be made to merchandise inventory. Review of the adjustments to be made to supplies and prepaid insurance. Introduction of how to journalize and post the adjusting entries to their appropriate accounts. Introduction of the permanent accounts and closing accounts and the need for closing out temporary accounts at the end of a fiscal period. Introduction of the closing accounts and their related accounts (Revenue/Sales - Income Summary, Expenses - Income Summary, Share of Net Income/Net Loss - Capital Account, Share of Partners Drawing Accounts Amounts - Capital Account.). Introduction of how to journalize and post the closing entries to their appropriate accounts. Review how to prepare a Post Closing Trial Balance at the end of a fiscal period.

Language of instruction: English

Keywords: revenue/sales - income summary, expenses - income summary