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Chapter 8

TermDefinition
Permanent (Real) Accounts Accounts used to accumulate info from one fiscal period to the next.
FYI – Accounts included in Permanent Include Asset and Liability and owner's capital accounts.
Temporary (Nominal) Accounts Accounts used to accumulate info until it is transferred to the owner's capital account.
FYI – Accounts included in Temporary Revenue, expense, and owner's drawing accounts plus income summary account.
Closing Entries Journal entries used to prepare temporary accounts for a new fiscal period.
FYI – Temporary Accounts start fiscal period Start with with zero balances.
FYI -- Income Summary summarizes The closing entries for the revenue and expense accounts.
FYI – 4 Closing Entries 1.entry to close income statement accounts with credit balance. 2.Entry to close income statement accounts with debit balances. 3.Entry to record net income/net loss and close Income Summary. 4.Entry to close the owner's drawing account.
FYI – Closing Entries come from found in the Income Statement and Balance Sheet columns of the worksheet.
FYI – Drawing Account is neither A revenue nor an expense account.
FYI – Closing Entry for Drawing Account The drawing account is closed directly to the owner's capital account.
FYI – Verify Capital Account’s new balance by comparing the balance to the amount of capital shown on the balance sheet prepared at the of the fiscal period.
Post-Closing Trail Balance A trial balance prepared after the closing entries are posted.
Accounting Cycle The series of accounting activities included in recording financial info for a fiscal period.
FYI – 8 steps Accounting Cycle 1Chk sourc doc in2 db and crd part.2record tran. in jrnl.3post 2the gen.ledgr.4prepar a wksht, from gen.ledgr.5jrnliz adjust entries and post .6prepar fin.statmnts from wksht.7jrnliz & post close entrie.8prepar a postclos trial bal. of the gen.ledgr
Created by: andrew.v