怀尔德会计学原理第21版课后习题答案SMChap004.doc

答案家 免费找答案 ?2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. PAGE 198 Fundamental Accounting Principles, 21st Edition ?2013 by McGraw-Hill Education. This is proprietary material solely for authorized instructor use. Not authorized for sale or distribution in any manner. This document may not be copied, scanned, duplicated, forwarded, distributed, or posted on a website, in whole or part. PAGE 195 Solutions Manual, Chapter 4 Chapter 4 Completing the Accounting Cycle Questions 1. The four-step closing entry process is: (i) close the revenue (and gain) accounts to the Income Summary account, (ii) close the expense (and loss) accounts to the Income Summary account, (iii) close the Income Summary account to the owner’s capital account, and (iv) close the withdrawals account to the owner’s capital account. 2. Closing entries affect temporary accounts: revenues, expenses, withdrawals, and income summary. Specifically, closing entries at the end of an accounting period prepare the revenues (and gains), expenses (and losses), and withdrawals accounts for the next period by giving them zero balances. Closing entries also update the owner’s capital account for the events of the year just finished. Closing entries do not affect the asset and liability accounts (permanent accounts). 3. (i) Closing entries prepare the temporary accounts—revenue and expense (and gain and loss) accounts and withdrawals—for the next period by giving them zero balances. (ii) Closing entries also update the owner’s capital account for the events of the period just completed. 4. The Income Summary account is used to summarize the period’s revenues and expenses. As a result, it temporarily has a balance equal to the net income (or net loss) for the period. (Instruc