3. Student Learning Map

  • Topic:Closing Entries
  • Subject(s):Vocations
  • Days:12
  • Grade(s):10, 11, 12
Key Learning: Closing entries are necessary to prepare the financial records for the next accounting period.
Unit Essential Question(s):
 
 

Why is it necessary to close temporary capital accounts at the end of a fiscal period?

   
Concept:

Adjusting and Closing Entries

Concept:

Post-Closing Trial Balance

Concept:
Lesson Essential Question(s):

What is the purpose of the Income Summary account?

(A)

What is the relationship between the Income Summary account and the capital account?

(A)

How are temporary accounts closed?

(A)
Lesson Essential Question(s):

What is the purpose of a post-closing trial balance?

(A)

How is a post-closing trial balance prepared?

(A)
Lesson Essential Question(s):
Additional Information:

 WebQuest, Chapter 10, http://accounting.smartpros.com/x12212.xml ("Managing Stress in the Workplace")

Resources:

Vocabulary Report

  • closing entries - journal entries made to close, or reduce to zero, the balances of temporary capital accounts and transfer the net income or net loss to the capital account
  • post-closing trial balance - prepared to prove that total debits equal total credits after the closing entries are made
  • Income Summary account - an account used to accumulate and summarize the revenue and expenses for a period