Computer Applications I

Accounting I

Date:

April 9, 2008

Topic:

Recording Adjusting and Closing Entries for a Partnership

Objective:

= Identify accounting concepts and practices related to adjusting and closing entries for a merchandising business organized as a partnership

= Record adjusting entries

= Record closing entries for an income statement accounts

= Record closing entries for net income or loss and partner’s drawing account

= Prepare a post-closing trial balance

Entry Task

No Entry task today.

Instruction: - Discussed in Class

Today we will be covering pages 428-438, in addition to do in the work together problems on pages 433, and 438. Be prepared to take notes.

Assignments - Assignment List

Page 433 Audit questions 1-3, 5.

Page 438 Audit questions 1-2, 4.