Day 149-150

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.

Mastery Problem 16-5

  1. Make a copy of this spreadsheet.
  2. Place this file in your Chapter 16 folder.
  3. Rename the file to Mastery Problem 16-5-(Your Initials)
  4. Complete the spreadsheet according to the directions on page 501 or below.

Challenge Problem 16-6

  1. Create a new Google Document titled Challenge Problem 16-6-(Your Initials) and move it into your Chapter 16 folder.
  2. Read the instructions on page 504 of your textbook and use the document to record your findings.

Study Guide 16

  1. Utilize this review to assess your learning from Chapter 16.  You have 10 attempts to get as good of a score as you can.  You are free to use the online textbook above when going through this review.