Unit 4 The Accounting Cycle for a Merchandising
![Unit 4 The Accounting Cycle for a Merchandising Corporation Chapter 14 Accounting for Sales Unit 4 The Accounting Cycle for a Merchandising Corporation Chapter 14 Accounting for Sales](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-1.jpg)
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![Chapter 20, Section 1 Journalizing Closing Entries What Do You Think? Why is net Chapter 20, Section 1 Journalizing Closing Entries What Do You Think? Why is net](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-3.jpg)
![SECTION 20. 1 Journalizing Closing Entries Main Idea A corporation’s net income (or net SECTION 20. 1 Journalizing Closing Entries Main Idea A corporation’s net income (or net](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-4.jpg)
![SECTION 20. 1 Journalizing Closing Entries Steps for Closing the Ledger A corporation does SECTION 20. 1 Journalizing Closing Entries Steps for Closing the Ledger A corporation does](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-5.jpg)
![SECTION 20. 1 Journalizing Closing Entries Glencoe Accounting Unit 4 Chapter 20 Copyright © SECTION 20. 1 Journalizing Closing Entries Glencoe Accounting Unit 4 Chapter 20 Copyright ©](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-6.jpg)
![SECTION 20. 1 Journalizing Closing Entries Glencoe Accounting Unit 4 Chapter 20 Copyright © SECTION 20. 1 Journalizing Closing Entries Glencoe Accounting Unit 4 Chapter 20 Copyright ©](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-7.jpg)
![SECTION 20. 1 Journalizing Closing Entries Closing Entry to Transfer a Net Loss If SECTION 20. 1 Journalizing Closing Entries Closing Entry to Transfer a Net Loss If](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-8.jpg)
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![SECTION 20. 2 Posting Closing Entries Closing the General Ledger When closing the general SECTION 20. 2 Posting Closing Entries Closing the General Ledger When closing the general](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-11.jpg)
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![SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-15.jpg)
![SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-16.jpg)
![SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-17.jpg)
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![SECTION 20. 2 Posting Closing Entries Preparing a Post-Closing Trial Balance A post-closing trial SECTION 20. 2 Posting Closing Entries Preparing a Post-Closing Trial Balance A post-closing trial](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-19.jpg)
![SECTION 20. 2 Posting Closing Entries Post-closing trial balance. Glencoe Accounting Unit 4 Chapter SECTION 20. 2 Posting Closing Entries Post-closing trial balance. Glencoe Accounting Unit 4 Chapter](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-20.jpg)
![SECTION 20. 2 Posting Closing Entries Completing the Accounting Cycle for a Merchandising Business SECTION 20. 2 Posting Closing Entries Completing the Accounting Cycle for a Merchandising Business](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-21.jpg)
![SECTION 20. 2 Posting Closing Entries Completing the Accounting Cycle for a Merchandising Business SECTION 20. 2 Posting Closing Entries Completing the Accounting Cycle for a Merchandising Business](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-22.jpg)
![SECTION 20. 2 Posting Closing Entries Glencoe Accounting Unit 4 Chapter 20 Copyright © SECTION 20. 2 Posting Closing Entries Glencoe Accounting Unit 4 Chapter 20 Copyright ©](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-23.jpg)
![CHAPTER 20 Chapter 20 Review Question 1 To journalize the closing entries, put the CHAPTER 20 Chapter 20 Review Question 1 To journalize the closing entries, put the](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-24.jpg)
![CHAPTER 20 Chapter 20 Review Answer 1 Close temporary accounts with debit balances: 2 CHAPTER 20 Chapter 20 Review Answer 1 Close temporary accounts with debit balances: 2](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-25.jpg)
![CHAPTER 20 Chapter 20 Review Question 2 How is a post-closing trial balance different CHAPTER 20 Chapter 20 Review Question 2 How is a post-closing trial balance different](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-26.jpg)
![CHAPTER 20 Chapter 20 Review Answer 2 The post-closing trial balance is prepared after CHAPTER 20 Chapter 20 Review Answer 2 The post-closing trial balance is prepared after](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-27.jpg)
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- Slides: 28
![Unit 4 The Accounting Cycle for a Merchandising Corporation Chapter 14 Accounting for Sales Unit 4 The Accounting Cycle for a Merchandising Corporation Chapter 14 Accounting for Sales](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-1.jpg)
Unit 4 The Accounting Cycle for a Merchandising Corporation Chapter 14 Accounting for Sales and Cash Receipts Chapter 15 Accounting for Purchases and Cash Payments Chapter 16 Special Journals: Sales and Cash Receipts Chapter 17 Special Journals: Purchases and Cash Payments Chapter 18 Adjustments and the Ten-Column Work Sheet Chapter 19 Financial Statements for a Corporation Chapter 20 Completing the Accounting Cycle for a Merchandising Corporation Chapter 21 Accounting for Publicly Held Corporations Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 0
![Chapter 20 Completing the Accounting Cycle for a Merchandising Corporation What Youll Learn Chapter 20 Completing the Accounting Cycle for a Merchandising Corporation What You’ll Learn §](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-2.jpg)
Chapter 20 Completing the Accounting Cycle for a Merchandising Corporation What You’ll Learn § Journalize closing entries for a merchandising corporation. § Post closing entries to the general ledger accounts. § Prepare a post-closing trial balance. § Describe the steps in the accounting cycle. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 1
![Chapter 20 Section 1 Journalizing Closing Entries What Do You Think Why is net Chapter 20, Section 1 Journalizing Closing Entries What Do You Think? Why is net](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-3.jpg)
Chapter 20, Section 1 Journalizing Closing Entries What Do You Think? Why is net income/loss closed to Retained Earnings and not to owner’s equity? Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 2
![SECTION 20 1 Journalizing Closing Entries Main Idea A corporations net income or net SECTION 20. 1 Journalizing Closing Entries Main Idea A corporation’s net income (or net](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-4.jpg)
SECTION 20. 1 Journalizing Closing Entries Main Idea A corporation’s net income (or net loss) is closed to Retained Earnings. You Will Learn § how to journalize closing entries for a merchandising corporation. § how to journalize a net loss. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 3
![SECTION 20 1 Journalizing Closing Entries Steps for Closing the Ledger A corporation does SECTION 20. 1 Journalizing Closing Entries Steps for Closing the Ledger A corporation does](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-5.jpg)
SECTION 20. 1 Journalizing Closing Entries Steps for Closing the Ledger A corporation does not have a withdrawals account, so there are only three steps to closing the ledger for a merchandising business organized as a corporation: § Close accounts with balances in the Income Statement Credit column to Income Summary. § Close accounts with balances in the Income Statement Debit column to Income Summary. § Close Income Summary to Retained Earnings. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 4
![SECTION 20 1 Journalizing Closing Entries Glencoe Accounting Unit 4 Chapter 20 Copyright SECTION 20. 1 Journalizing Closing Entries Glencoe Accounting Unit 4 Chapter 20 Copyright ©](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-6.jpg)
SECTION 20. 1 Journalizing Closing Entries Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 5
![SECTION 20 1 Journalizing Closing Entries Glencoe Accounting Unit 4 Chapter 20 Copyright SECTION 20. 1 Journalizing Closing Entries Glencoe Accounting Unit 4 Chapter 20 Copyright ©](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-7.jpg)
SECTION 20. 1 Journalizing Closing Entries Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 6
![SECTION 20 1 Journalizing Closing Entries Closing Entry to Transfer a Net Loss If SECTION 20. 1 Journalizing Closing Entries Closing Entry to Transfer a Net Loss If](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-8.jpg)
SECTION 20. 1 Journalizing Closing Entries Closing Entry to Transfer a Net Loss If there is a net loss, credit Income Summary for the amount and debit Retained Earnings for the amount. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 7
![Chapter 20 Section 2 Posting Closing Entries What Do You Think Why is the Chapter 20, Section 2 Posting Closing Entries What Do You Think? Why is the](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-9.jpg)
Chapter 20, Section 2 Posting Closing Entries What Do You Think? Why is the post-closing trial balance so important? Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 8
![SECTION 20 2 Posting Closing Entries Main Idea After posting the closing entries prepare SECTION 20. 2 Posting Closing Entries Main Idea After posting the closing entries, prepare](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-10.jpg)
SECTION 20. 2 Posting Closing Entries Main Idea After posting the closing entries, prepare a post-closing trial balance. You Will Learn § how to post the closing entries for a merchandising corporation. § how to prepare a post-closing trial balance for a merchandising corporation. § about a review of the accounting cycle for a merchandising business. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 9
![SECTION 20 2 Posting Closing Entries Closing the General Ledger When closing the general SECTION 20. 2 Posting Closing Entries Closing the General Ledger When closing the general](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-11.jpg)
SECTION 20. 2 Posting Closing Entries Closing the General Ledger When closing the general ledger, write Closing Entry for each posting in the Description column of the general ledger account. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 10
![SECTION 20 2 Posting Closing Entries Partial general ledger at the end of the SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-12.jpg)
SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the fiscal period. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 11
![SECTION 20 2 Posting Closing Entries Partial general ledger at the end of the SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-13.jpg)
SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the fiscal period. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 12
![SECTION 20 2 Posting Closing Entries Partial general ledger at the end of the SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-14.jpg)
SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the fiscal period. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 13
![SECTION 20 2 Posting Closing Entries Partial general ledger at the end of the SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-15.jpg)
SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the fiscal period. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 14
![SECTION 20 2 Posting Closing Entries Partial general ledger at the end of the SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-16.jpg)
SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the fiscal period. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 15
![SECTION 20 2 Posting Closing Entries Partial general ledger at the end of the SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-17.jpg)
SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the fiscal period. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 16
![SECTION 20 2 Posting Closing Entries Partial general ledger at the end of the SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-18.jpg)
SECTION 20. 2 Posting Closing Entries Partial general ledger at the end of the fiscal period. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 17
![SECTION 20 2 Posting Closing Entries Preparing a PostClosing Trial Balance A postclosing trial SECTION 20. 2 Posting Closing Entries Preparing a Post-Closing Trial Balance A post-closing trial](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-19.jpg)
SECTION 20. 2 Posting Closing Entries Preparing a Post-Closing Trial Balance A post-closing trial balance is prepared at the end of the accounting period to prove the general ledger accounts are in balance. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 18
![SECTION 20 2 Posting Closing Entries Postclosing trial balance Glencoe Accounting Unit 4 Chapter SECTION 20. 2 Posting Closing Entries Post-closing trial balance. Glencoe Accounting Unit 4 Chapter](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-20.jpg)
SECTION 20. 2 Posting Closing Entries Post-closing trial balance. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 19
![SECTION 20 2 Posting Closing Entries Completing the Accounting Cycle for a Merchandising Business SECTION 20. 2 Posting Closing Entries Completing the Accounting Cycle for a Merchandising Business](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-21.jpg)
SECTION 20. 2 Posting Closing Entries Completing the Accounting Cycle for a Merchandising Business As you have learned, the accounting cycle for a merchandising business organized as a corporation consists of the following steps: § Collect and verify source documents. § Analyze each business transaction. § Journalize each transaction. § Post to the general and subsidiary ledgers. § Prepare a trial balance. § Complete a work sheet. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 20
![SECTION 20 2 Posting Closing Entries Completing the Accounting Cycle for a Merchandising Business SECTION 20. 2 Posting Closing Entries Completing the Accounting Cycle for a Merchandising Business](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-22.jpg)
SECTION 20. 2 Posting Closing Entries Completing the Accounting Cycle for a Merchandising Business § Prepare the financial statements–income statement, statement of retained earnings, balance sheet, and statement of cash flows. § Journalize and post the adjusting entries. § Journalize and post the closing entries. § Prepare a post-closing trial balance. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 21
![SECTION 20 2 Posting Closing Entries Glencoe Accounting Unit 4 Chapter 20 Copyright SECTION 20. 2 Posting Closing Entries Glencoe Accounting Unit 4 Chapter 20 Copyright ©](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-23.jpg)
SECTION 20. 2 Posting Closing Entries Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 22
![CHAPTER 20 Chapter 20 Review Question 1 To journalize the closing entries put the CHAPTER 20 Chapter 20 Review Question 1 To journalize the closing entries, put the](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-24.jpg)
CHAPTER 20 Chapter 20 Review Question 1 To journalize the closing entries, put the following in order: Close temporary accounts with debit balances. ____ Close temporary accounts with credit balances. ____ Close the Income Summary account to Capital. ____ Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 23
![CHAPTER 20 Chapter 20 Review Answer 1 Close temporary accounts with debit balances 2 CHAPTER 20 Chapter 20 Review Answer 1 Close temporary accounts with debit balances: 2](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-25.jpg)
CHAPTER 20 Chapter 20 Review Answer 1 Close temporary accounts with debit balances: 2 Close temporary accounts with credit balances: 1 Close the Income Summary account to Capital: 3 Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 24
![CHAPTER 20 Chapter 20 Review Question 2 How is a postclosing trial balance different CHAPTER 20 Chapter 20 Review Question 2 How is a post-closing trial balance different](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-26.jpg)
CHAPTER 20 Chapter 20 Review Question 2 How is a post-closing trial balance different from other trial balances? Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 25
![CHAPTER 20 Chapter 20 Review Answer 2 The postclosing trial balance is prepared after CHAPTER 20 Chapter 20 Review Answer 2 The post-closing trial balance is prepared after](https://slidetodoc.com/presentation_image_h/c8dc677edd92b3a92feaf07f9356370e/image-27.jpg)
CHAPTER 20 Chapter 20 Review Answer 2 The post-closing trial balance is prepared after closing entries in which temporary account balances have been transferred to the capital account. The post-closing trial balance has only permanent or balance sheet accounts. Other trial balances include both temporary and permanent accounts. Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 26
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Resources Glencoe Accounting Online Learning Center English Glossary Spanish Glossary Glencoe Accounting Unit 4 Chapter 20 Copyright © by The Mc. Graw-Hill Companies, Inc. All rights reserved. 27
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