Day 54

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

  1. 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

  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

  1. Make a copy of this spreadsheet.
  2. Place this file in your Chapter 8 folder.
  3. Rename the file to Lesson 8-1, 8-2-(Your Initials)
  4. Complete the spreadsheet according to the directions on page 205 or below.  Use this partial work sheet.

On Your Own 8-1

  1. Use this work sheet to work these problems independently as instructed on page 205 or below.

Self-Assessment 8-1

  1. Complete this self-assessment for Lesson 8-1.  You can use your textbook and notes to complete this assessment.

Application Problem 8-1

  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.