ch04 WebCT - Chapter 4 Chapter Completing the Accounting...

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Chapter 4-1 Completing the Accounting Cycle Chapter Chapter 4 4 ACCT 2111– Introductory Financial Accounting
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Chapter 4-2 At the end of the accounting period, the company makes the  accounts ready for the next period. Closing the Books Closing the Books Illustration 4-5
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Chapter 4-3 Asset = Liability + Common stock + Retained Earnings   + Revenues – Expenses - Dividends  Asset = Liability + Stockholders’ Equity  Asset = Liability + Common stock + Retained Earnings  Balance Sheet: permanent account  Income Statement: temporary account
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Chapter 4-4 Closing entries Closing entries formally recognize, in the general ledger, the  transfer of  net income (or net loss) and  dividends  to retained earnings  at the end of the accounting period. Closing the Books Closing the Books
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Chapter 4-5 Revenues 3,170 $ Service revenues Expenses Salaries expense 1,050 $ Supplies expense 960 Depreciation expense 200 Miscellaneous expense 200 Total expenses 2,410 Net income 760 $ Undercover Roofing Income Statement For the Month Ended March 31, 2008 Retained earnings, beginning 6,000 $ Add: Net income 760 Less: Dividends (600) Retained earnings, ending 6,160 $ Undercover Roofing Retained Earnings Statement For the Month Ended March 31, 2008
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This note was uploaded on 11/07/2010 for the course BBA 1023 taught by Professor Dkwidkdksiw during the Spring '10 term at City University of Hong Kong.

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ch04 WebCT - Chapter 4 Chapter Completing the Accounting...

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