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Chappter 4: COMPLETING THE ACCOUNTING CYCLE - Coggle Diagram
Chappter 4: COMPLETING THE
ACCOUNTING CYCLE
WORK SHEET AS A TOOL
Useful for preparers working with accounting info.
Made before adjustments.
Lists accounts, balances, adjustments.
Two columns for each: trial balances, adjustments, income statement, balance sheet.
CLOSING PROCESS
Resets
revenue, expense, and withdrawal
account
= 0
at the end of the period.
Helps summarize a period’s revenues and expenses in the
Income Summary
account.
4 step closing
Close Revenue
Dr revenue account...
Cr income summary
Close Expense
Dr income summary
Cr expense account...
close Income Summary
Dr Income Summary
Cr retained earning
close withdrawals
Dr owner, capital
Cr owner, withdrawals
3 step end period
vẽ chữ T
xem dư bên nào
closing: lấy bên còn lại