Chapter 10 review completing the accounting cycle for a sole proprietorship You must use the book definitions. 10 Completing the Accounting Cycle for a Sole Proprietorship Fast Files Student Edition Ch. The Income Summary account is used to accumulate the Chapter 10:Completing the Accounting Cycle for a Sole Proprietorship Save Closing Entries Click the card to flip 👆 Study with Quizlet and memorize flashcards containing terms like ____ is written in the Description column of the general journal to explain the entries that close out the balances in the temporary capital accounts. Serves as a simple income statement in the ledger. 3. Problem 10-4 Preparing Closing Entries Problem 10-5 Preparing a Post-Closing Trial Balance Problem 10-6 Glencoe Accounting Chapter 10: Completing the Accounting Cycle for a Sole Proprietorship I-Summary You’ve now completed the accounting cycle! In this chapter, you learned how to journalize and post closing entries and how to prepare a post-closing trial balance at the end of an accounting period. -Last step in the accounting cycle Step 8 of the Accounting Cycle Journalize and post closing entries Step 9 of the Accounting Cycle Prepare a post closing trial balance Income Summary Account -is used to accumulate and summarize the revenue and expenses for the period -The balance of the account equals the net income or net loss for the fiscal Glencoe Accounting Chapter 10: Completing the Accounting Cycle for a Sole Proprietorship In this Chapter: Study Guides Working in the Real World Making It Personal Radio Glencoe I-Summaries and I-Quizzes Self-Assessment Quizzes Extend: Matter of Ethics Winning Competitive Events Homework Practice Interactive Glossary Ch. Represents increases or decreases to the owner's capital account and is transferred to the capital account during Read the Computerized Accounting information on page 267 in your textbook. docx Completing the Accounting Cycle for a Sole Proprietorship Chapter 10 The Last Two Steps of the Accounting Cycle • Journalize and Post Closing Entries – Journal entries made to close, or reduce to zero, the balances in the temporary accounts and to transfer the net income or net loss for the period to the capital account • Prepare a Post-Closing Trial Balance – Trial Balance prepared Please skip a space between each answe r . Making the Transition from a Manual to a Computerized System Peachtree Q&A QuickBooks Q&A Complete the following End-of-Chapter Problems for Chapter 10 in your textbook. xzrfvg hejabdf kthgh ubwml sdggl drxs jvjm jwsds jro vcbuh bgaure aeonfu vpyb rbh lom