Day 146

After studying Chapter 16, you will be able to:

• Identify accounting concepts and practices related to adjusting and closing entries for a merchandising business organized as a corporation.
• Record adjusting entries.
• Record closing entries for income statement accounts.
• Record closing entry for dividends.
• Prepare a post-closing trial balance.

Lesson 16-1 Notes

1. Obtain a copy of the notes handout.
2. Read Lesson 16-1 on pages 480-486.
3. As you read, utilize this presentation to help you fill in the missing parts on the handout.

Chapter 16 Folder

1. Inside of your Part 2 folder, create a new folder titled Chapter 16.  All your tasks completed in Chapter 16 should be stored in this folder.

Working Together 16-1

1. Make a copy of this spreadsheet.
2. Place this file in your Chapter 16 folder.
3. Rename the file to Lesson 16-1 (Your Initials)
4. Complete the spreadsheet according to the directions on page 486 or below.

On Your Own 16-1

1. Using your Lesson 16-1 spreadsheet, use the OYO worksheets at the bottom left, and complete the problem as directed on page 486 or below.

Self-Assessment 16-1

1. Complete this self-assessment for Lesson 16-1.  You can use your textbook and notes to complete this assessment. 

Application Problem 16-1

1. Using your Lesson 16-1 spreadsheet, use the AP worksheets at the bottom left, and complete the problem as directed on page 500 or below.