3 4 5 6 7 8 9 10 MASTER BUDGET PROJECT: ADJUSTING AND CLOSING BOOK ENTRIES TEMPLATE ACCT 5362 | Accounting Principles WEEK 7: To "close the books" for the year, review Principles of Accounting, Volume 1: Financial Accounting, Chapter 4, The Adjustment Process. Specifically, refer to the 10-column worksheet on p. 248 for the conceptual layout. Following is an 8-column format that can serve the same purpose. Use whichever makes more sense to you. Prepare the adjusting and closing entries for 2021 based on the budgeted income statement and Cash budget from prior week. Fixed assets have no salvage value over a 10 year period. Worksheet Cash 11 Savings Account 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 COGS 27 28 29 30 31 Accounts Receivable Inventory Fixed Assets-Mfg Fixed Assets-SG&A Accum Depreciation-Mfg Accum Depreciation-SG&A Accounts Payable Loans Payable Interest Payable Income Tax Payable (Benefit) Capital Stock Additional Paid in Capital Retained Earnings Sales SG&A Expenses Interest Expense Income Tax Expense Totals Beginning Bal. 12.31.20 (Trial Balance) Debit Credit 5,909 2,000 210,000 121,927 2,400,000 200,000 S 2,939,836 S 60,000 5,000 53,545 6,387 300,000 2,500,000 14,904 2,939,836 S Debit 1,784,555 53,545 Adjusting Entries 6,387 7,308,075 $ Credit $2,000 20,000 89,865 19,000 43,905 Closing Entries Debit Credit 206,413 Ending Bal Debit 0 480,000 121,927 Credit Cash budge Cash budge Cash budge Budgeted In Cash budge Week 1 Tria Depreciatio Depreciatio 89,865 Budgeted in Cash budge Q4 Interest 43,905 Budgeted in Week 1 Tria 2,500,000 Week 1 Tria use this am Budgeted i Budgeted in Budgeted in Budgeted in Budgeted in 7,308,075 S 2,580,000 $2,580,000 $3,507,097 $3,507,097

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