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Accounting Chapter 8

Recording, Adjusting and Closing Entries for a Service Business

QuestionAnswer
Adjusting Entries Journal entries recorded to update general ledger accounts at the end of a fiscal period.
Permanent Accounts Accounts used to accumulate information from one fiscal period to the next.
Temporary Accounts Accounts used to accumulate information until it is transferred to the owner's capital account.
Closing Entries Journal Entries used to prepare temporary accounts for a new fiscal period.
Post-Closing Trial Balance A trial balance prepared after the closing entries are posted.
Accounting Cycle The series of accounting activities included in recording financial information for a fiscal period.
Created by: CCarrico
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