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.
Notes 8-2
- Obtain a Notes 8-2 handout from your instructor and record your notes through the presentation. You can also view the presentation here.
Working Together 8-2
- Use the worksheet below and the general journal and general ledger spreadsheet from Lesson 8-1 to complete this task.
- Complete the spreadsheet according to the directions on page 212 or below. Use this partial work sheet to complete your task.
On Your Own 8-2
- Use this work sheet and the general journal and general ledger from your Lesson 8-1-2 spreadsheet. Work these problems independently as instructed on page 212 or below.
Self-Assessment 8-2
- Complete this self-assessment for Lesson 8-2. You can use your textbook and notes to complete this assessment.
Application Problem 8-2
- 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.