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Chapter 8
Recording Adjusting and Closing Entries for a Service Business
6
Accounting
11th Grade
12/12/2011

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Term
adjusting entries
Definition
Journal entries recorded to update general ledger accounts at the end ofa fiscal period.
Term
permanent accounts
Definition
Accounts used to accumulate information from one fiscal period to the next.
Term
closing entries
Definition
Journal entries used to prepare temporary accounts for a new fiscal period.
Term
temporary accounts
Definition
Accounts used to accumulate information until it is transferred to the owner's capital account.
Term
post-closing trial balance
Definition
A trial balance prepared AFTER the closing entries are posted.
Term
accounting cycle
Definition
The series of accounting activities included in recording financial information for a fiscal period.
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