Chapter 4 Completing the Accounting Cycle Using a worksheet Steps in preparing a worksheet Adjusting entries Closing entries Temporary accounts Permanent accounts Income summary Balance sheet classifications Chapter 5 Accounting for Merchandise Operations Flow of costs Inventory systems-perpetual vs. periodic Purchases of merchandise Freight terms Freight costs incurred by the buyer or the seller Purchase returns and discounts Recording sales of merchandise Forms of financial statements-Multi-step income statement, single step Chapter 7 Accounting Information Systems Subsidiary ledgers Special journals Identify special journals Effects of special journals on the general journal