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Chapter 8
Recording Adjusting and Closing Entries for a Service Business
6
Accounting
11th Grade
03/30/2011

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Term
Adjusting Entries
Definition
journal entries recorded to update general ledger accounts at the end of a fiscal period
Term
Permanent Accounts
Definition
accounts used to accumulate information from one fiscal period to the next
Term
Temporary Accounts
Definition
accounts used to accumulate informaiton until it is transerred to the owner's capital account
Term
Closing Entries
Definition
journal entries used to prepare tempoary accounts for a new fiscal period
Term
Post-Closing Trial Balance
Definition
a trial balance prepared after the closing entries are posted
Term
Accounting Cycle
Definition
the series of accounting activies included in recording financial information for a fiscal period
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