Lecture 5 Week 6

Fromworksheetformaladjustingentriesmay

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Unformatted text preview: rim statements Adjusting entries easily reflected Facilitates closing journal preparation 5 6 THE CLOSING PROCESS RECORDING ADJUSTING ENTRIES • From worksheet formal adjusting entries may be entered in general journal • Entries are dated the last day of the accounting period • Data for determining the entity’s closing entries for the period are found in income statement columns of worksheet which contain temporary income and expense accounts 7 1. Income accounts closed to P or L summary – Debit income – Credit P or L summary 2. Expense accou...
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