Explain and prepare closing entries, using the T-account approach. Prepare a post-closing trial balance. Large group discussion of completing the accounting cycle. Small group activity on adjusting entries. Small group activity on closing entries.
Students turn in name of company to be used for research.
Distinguish between the periodic and perpetual inventory systems. Contrast and record transactions related to sales and purchases under the periodic and perpetual inventory systems. Apply sales and purchases discounts to merchandising transactions. Distinguish between goods flow and cost flow for inventory. Calculate the pricing of inventory, using perpetual and periodic systems for FIFO LIFO and Average methods State the effects of inventory methods on income determination.