After studying Chapter 8, you will be able to:
- Define accounting terms related to adjusting and closing entries for a service business organized as a proprietorship.
- Identify accounting concepts and practices related to adjusting and closing entries for a service business organized as a proprietorship.
- Record adjusting entries for a service business organized as a proprietorship.
- Record closing entries for a service business organized as a proprietorship.
- Prepare a post-closing trial balance for a service business organized as a proprietorship.
Chapter 8 Folder
- Inside of your Part 1 folder, create a new folder titled Chapter 8. All your tasks completed in Chapter 8 should be stored in this folder.
Notes 8-1
- Obtain a Notes 8-1 handout from your instructor and record your notes through the presentation. You can also view the presentation here.
Working Together 8-1
- Make a copy of this spreadsheet.
- Place this file in your Chapter 8 folder.
- Rename the file to Lesson 8-1, 8-2-(Your Initials)
- Complete the spreadsheet according to the directions on page 205 or below. Use this partial work sheet.
On Your Own 8-1
- Use this work sheet to work these problems independently as instructed on page 205 or below.
Self-Assessment 8-1
- Complete this self-assessment for Lesson 8-1. You can use your textbook and notes to complete this assessment.
Application Problem 8-1
- Using your Lesson 8-1-2 spreadsheet, click on the Application Problem 8-1-2-GJ and the Application Problem 8-1-2-GL sheets at the bottom left, and complete the problem as directed on page 221 or below.