ACC 311 Class 6

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Unformatted text preview: oss) to Retained oss) to Retained balances carry forward Earnings. Earnings. from period to period, Earnings. Earnings. the income statement 2. Establish a zero balance 2. Establish a zero balance Establish Establish accounts do not. iin each of the temporary n each of the ttemporary emporary temporary accounts to start the next accounts to start the next accounting period. accounting period. accounting accounting 4-17 Closing the Books The following accounts are called temporary or nominal accounts and are closed at the end of the period . . . • Revenues. • Revenues. Revenues. Revenues. • Expenses. • Expenses. Expenses. Expenses. • Gains. • Gains. Gains. Gains. • Losses. • Losses. Losses. Losses. • Dividends declared. • Dividends declared. Dividends Dividends 4-18 Closing the Books Two steps are used in the Two closing process . . . closing 1. Close revenues and gains Close to Retained Earnings. to 2. Close expenses and losses Close to Retained Earnings. to 4-19 Closing Entries 4-20 Post-Closing Trial Balance 4-21...
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This note was uploaded on 01/30/2014 for the course ACC 311 taught by Professor Charrier during the Fall '08 term at University of Texas at Austin.

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