ACC 200 Week 5 Notes
ACC 200 Week 5 Notes ACCT 200-010
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This 3 page Class Notes was uploaded by Loretta Hellmann on Wednesday September 21, 2016. The Class Notes belongs to ACCT 200-010 at Western Kentucky University taught by Stacy Wade (Bibelhauser) in Fall 2016. Since its upload, it has received 15 views. For similar materials see Intro Accounting-Financial in Accounting at Western Kentucky University.
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Date Created: 09/21/16
Week 5 Notes Tuesday, September 20, 2011:19 AM Accounting Cycle 1. Analyze a transaction 2. Enter transaction into Journal 3. Post to the ledger (t accounts) At the end of the period: 4. Journalize adjusting entries 5. Post adjusted entries to ledger 6. Prepare adjusted trial balance 7. Journalize the "Closing Entries" 8. Post closing entries to ledger 9. Prepare post-closing Trial balance Closing Entries Purpose: Reset all Revenue, Expense and Dividend accounts to $0 to start the new period • Transfer the net income or net loss to the retained earnings account Example ABC company has the following ledger Test Next class