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Accounting Ch 10

Adjusting & Closing Entries

TermDefinition
adjusting entries Journal entries recorded to update general ledger accounts at end of fiscal period
1st Adjusting Entry Entry that uses accounts Supplies Expense and Supplies
2nd Adjusting Entry Entry that uses accounts Insurance Expense and Prepaid Insurance
Permanent accounts accounts used to accumulate information from one fiscal period to the next one.
Temporary accounts Accounts used to accumulate information until it is transferred to owner's capital account
Closing Entries Journal entries used to prepare temporary accounts for a new fiscal period
A temporary account Income Summary
Word to remember Closing Entries SEND
Post-closing Trial Balance A trial balance prepared after the closing entries are posted
Accounting cycle` series of accounting activities included in recording financial information for a fiscal period
Created by: apeake
Popular Accounting sets

 

 



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