Question
1.Complete general journal entries 2.Make adjustments to the general ledger 3.Post revenue and expense account balances to final general ledger accounts 4.Enter gross and net
1.Complete general journal entries
2.Make adjustments to the general ledger
3.Post revenue and expense account balances to final general ledger accounts
4.Enter gross and net profits for reporting period in the general ledger
EXAMPLES
General Journal - Example
The first adjusting entry clears the inventory account's beginning balance.....
GJ21
Date
Account description
Ref
Dr
Cr
2014
Income summary
600
$37,000
Inventory
125
$37,000
Adjust beginning inventory
Date
Account title
Ref
Dr
Cr
2013
Mth
Income summary
600
$37,000
inventory
125
$37,000
Adjust beginning inventory
Mth
Inventory
125
$39,000
Income Summary
600
$39,000
Adjust ending inventory
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Fundamental Accounting Principles Volume I
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
16th Canadian edition
978-1260305821
