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Glencoe Accounting: First Year Course, Student Edition | 1st Edition | ISBN: 9780078688294 | Authors: Glencoe
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Journalizing and Posting Closing Entries The following account balances appeared in the

Chapter 20, Problem 20-5

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QUESTION:

Journalizing and Posting Closing Entries

The following account balances appeared in the Income Statement section of the work sheet of Shutterbug Cameras.

Instructions

1. Journalize the closing entries for the year ended December 31. Start with page 14 of a general journal (in your working papers).

2. Post the closing entries to the general ledger accounts, which are included in your working papers.

             

Analyze Describe what would happen if the accountant for Shutterbug Cameras made a mistake and did not close the Transportation In account.

Questions & Answers

QUESTION:

Journalizing and Posting Closing Entries

The following account balances appeared in the Income Statement section of the work sheet of Shutterbug Cameras.

Instructions

1. Journalize the closing entries for the year ended December 31. Start with page 14 of a general journal (in your working papers).

2. Post the closing entries to the general ledger accounts, which are included in your working papers.

             

Analyze Describe what would happen if the accountant for Shutterbug Cameras made a mistake and did not close the Transportation In account.

ANSWER:

                                                                 Step 1 of 3

Income summary refers to a temporary account used in journalizing closing entries to settle all the revenues and expenses accounts at the end of the accounting period. The balance of the income summary account is finally transferred to the retained earnings in the balance sheet.

                                                                 

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