Name Date Class
QuickBooks Guide
Step-by-Step Instructions
What You’ll Learn Using QuickBooks
When you have completed this chapter, you will be able to use QuickBooks to:
1. Perform the year-end closing for a corporation.
2. Print a post-closing trial balance.
Problem 20-5 Journalizing and Posting Closing Entries
INSTRUCTIONS
Begin a Session
$/ 9/5 (!6%
Step 1 Restore the Problem [Link] file. ! 15%34)/.
Work the Accounting Problem
Q. Are the steps to close a
sole proprietorship any dif-
QuickBooks Guide
Step 2 Review the information in your textbook. ferent from those to close a
Step 3 Perform the year-end procedures. merchandising corporation?
• Choose Preferences from the Edit menu. A. The steps to close a mer-
• Click on the Accounting Preference and then select the chandising corporation are the
same as those to close a sole
Company Preferences tab.
proprietorship. QuickBooks
• Click the Set Date/Password button. gives the appearance of clos-
• In the Closing Date section enter 12/31/2015 in the Closing ing the temporary accounts
Date. into the Retained Earnings
• Type 2015 in the Closing Date Password field. account when in reality the
• Press Tab and type 2015 in the Confirm Password field. accounts are still open.
• Click OK.
• Click NO in the NoPassword Entered window.
• Click OK in the Preferences window. .OTES
Prepare a Report and Proof Your Work It is recommended
Step 4 Print a Post-Closing Trial Balance. Type 01/01/2016 in both that you back up your data
the To and From fields. before performing the year-
end closing.
Analyze Your Work
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Step 5 Complete the Analyze activity.
End the Session
.OTES
Step 6 It is recommended that you back up your work for this session. Print the Trial
Balance whenever you are
instructed to print a post-
closing trial balance. You
Once your books have been closed, can you can change the name of
the report if you want to.
reopen them, and if so, how? Explain your
answer on a separate sheet of paper.
Chapter 20 ■ 1
TE Answers
34_Problem 20-5 QuickBooks [Link] 1 7/24/15 9:42 AM