Professional Documents
Culture Documents
4-1
4-2
owners drawing
to owners capital.
Closing entries are only made at the end of the annual
accounting period.
4-3
4-4
Illustration 4-7
Closing entries
journalized
4-5
Illustration 4-8
4-6
SO 2
4-7
SO 3
4-8
9. Prepare a post-closing
trial balance
2. Journalize the
transactions
7. Prepare financial
statements
Standard Classifications
Assets
Current assets
Long-term investments
Property, plant, and equipment
Intangible assets
4-9
Illustration 4-17
Current liabilities
Long-term liabilities
Owners (Stockholders) equity
4-10
SO 6
4-11
SO 6
4-12
Usually listed in the order they expect to convert them into cash.
4-13
4-14
4-15
4-16
4-17
4-18
4-19
4-20
4-21