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
- Obtain a copy of the notes handout.
- Read Lesson 16-1 on pages 480-486.
- As you read, utilize this presentation to help you fill in the missing parts on the handout.
Chapter 16 Folder
- 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
- Make a copy of this spreadsheet.
- Place this file in your Chapter 16 folder.
- Rename the file to Lesson 16-1 (Your Initials)
- Complete the spreadsheet according to the directions on page 486 or below.
On Your Own 16-1
- 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.
- Complete this self-assessment for Lesson 16-1. You can use your textbook and notes to complete this assessment.
Application Problem 16-1
- 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.