Closing the ledger

Presentation

•

Social Studies

•

12th Grade

•

Practice Problem

•

Easy

Olivia Boland

Used 3+ times

FREE Resource

14 Slides • 10 Questions

Closing the ledger

Chapter 10- Reporting for Profit

Today's Outcomes

Learning intention: To understand the purpose of closing ledger accounts in calculating profit
Success Criteria: To record closing entries in the GJ and GL and explain, with reference to QC and AAs the reasons for closing ledger accounts

Open Ended

How is profit calculated?

Type response here

Open Ended

Define a revenue

Type response here

Open Ended

Define an expense

Type response here

Multiple Choice

What balance do revenues sit as?

Debit

Credit

Multiple Choice

Therefore, how would we close a revenue account so that it nets out to zero?

By crediting the revenue

By debiting the revenue

Multiple Choice

The balance of an expense account sits as?

A debit

A credit

Multiple Choice

Therefore how would we close an expense account so that it nets out to zero?

Via a debit to the expense

Via a credit to the expense

Multiple Choice

If a business earns a profit for the period they will make the following entry to transfer that profit to the owner:

Dr Capital

Cr Profit and Loss Summary

Dr Profit and Loss Summary

Cr Capital

Multiple Choice

If a business incurs a loss for the period, which entry will they add to transfer this loss to the owner?

Dr Capital

Cr Profit and Loss Summary

Dr Profit and Loss Summary

Cr Capital

Multiple Choice

The balance of drawings sits as what type of entry?

Debit

Credit

Closing the ledger

Chapter 10- Reporting for Profit

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