CHAPTER

Settin
g the General Motors’ global market share has
declined in recent years with stiff
Stage competition from Japanese (Toyota,
Honda, etc.), European (Daimler), and
domestic (Ford) competitors.
As the General Motors scenario illustrates,
adjustments (to the original transaction data
recorded in the accounts) usually are
needed so that the financial statements will
accurately reflect a company’s economic
performance during the period and its
economic condition as of the end of the
period.
CHAPTER Completing the Accounting
4 Cycle

LO1 LO2 LO3

Accrual Adjusting Preparing
Accounting Entries Financial
Statements

LO4 LO5
A Summary
Closing the of the
Books Accounting
Cycle
 Accrual Accounting
LO1
LO1 Accrual Accounting 應計基礎會計

Example
In 2022, two brothers sign a contract. The total contract
price is $20,000.
The brothers do most of the consulting work in 2022 and
finish the job in 2023. They receive a $2,000 cash
payment from the contract in 2022 and receive the
remaining $18,000 cash in 2023.
On December 31, 2022, the brothers prepare a 2022
statement of comprehensive income to use in applying
for a bank loan. What amount of revenue should the
brothers report for 2022?
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LO1
LO1 Accrual Accounting 應計基礎會計
Example
 To report 2022 revenue as only the $2,000 cash received
► It understates the actual economic output produced
during the year.
 The brothers can’t wait until after the final contract
payment is received before preparing a summary of their
activities.
► The bank wants the statement of comprehensive
income now.

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LO1
LO1 Accrual Accounting 應計基礎會計
Accrual accounting 應計基礎會計
► The process of recording revenues and expenses when
incurred and recognized, regardless of when cash is
received.
► It is necessary because firms requires periodic, timely
financial reports .
► Accrual information can better measure a firm’s
performance than do cash flow data.

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LO1
LO1 Accrual Accounting 應計基礎會計

 The difficulty in using accrual accounting to generate

performance measure is in Exhibit 4.1.
• The beginning and the end of the year are arbitrary
breaks in the life of an ongoing business.
• Estimate the amount of the work completed in 2022, and
measure revenue, expense and profit associated with
those work.

Exhibit 4.1
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LO1
LO1 Periodic Reporting

Time-period Assumption 會計期間假設

► The idea that the life of a business is divided into distinct and
relatively short time periods so that accounting information can
be timely.
• Prospective investors, bankers, owners need to know the
following information on a continuous, timely basis:
• The financial position of a company (from balance sheet)
• The relative success or failure of current operation (from
the statement of comprehensive income)
• The nature of cash flows (from the statement of cash
flows)
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LO1
LO1 Periodic Reporting

Fiscal Year 會計年度

► An entity’s reporting year, covering a 12-month
accounting period.
Calendar Year 曆年制
► Reporting year that is from January 1 to December 31.

January 1 December 31

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LO1
LO1 Periodic Reporting

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LO1
LO1 Accrual Accounting 應計基礎會計
The Matching Principle 配合原則
► All costs and expenses incurred in generating revenues must
be recognized in the same reporting period as the related
revenues.
Related costs and
Revenue are expenses should be
recognized! recognized.

Assets are decreased Related costs and

or liabilities are increased. expenses should be
recognized.
Prepaid Insurance is Insurance Expense is
decreased. increased.
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LO1
LO1 Accrual Accounting 應計基礎會計

Exhibit 4.2

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LO1
LO1 Accrual- versus Cash-Basis Accounting

Example
► During 2022, Karas Brothers billed clients $50,500 for
consulting services performed in 2022.
► By Dec. 31, Karas had received $22,000 in cash from
customers, with the $28,500 balance expected in 2023.
► During 2022, Karas paid $21,900 for various expenses
that had been incurred.
► At Dec. 31, 2022, Karas still owed $11,200 for salary
expenses incurred. These expenses will be paid during
January 2023.
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LO1
LO1 Accrual- versus Cash-Basis Accounting

Example
► Determine net income under both methods.

Accrual-basis accounting
is required by GAAP.

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LO1
LO1 Accrual- versus Cash-Basis Accounting

Cash-Basis Accounting 現金基礎會計

► A system of accounting in which transactions are recorded
and revenues and expenses are recognized only when cash
is received or paid.

Accrual-Basis Accounting 應計基礎會計

► A system of accounting in which revenues are recognized
when certain criteria are satisfied and expenses are recorded
as they are incurred
► Revenues can be recognized even cash is not received.
► Expenses can be recorded even cash is not paid.

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LO1
LO1 Accrual Accounting 應計基礎會計

► Accrual accounting is required by GAAP because it

provides a better measure of performance than does
cash-basis accounting.
► The revenue recognition criteria stipulate the conditions
to be fulfilled when recognizing revenue.
► The matching principle states that expenses are
reported when the corresponding asset or service is
used, which is often not the same time period as when
cash is paid.

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LO1
LO1 Quiz Yourself

 For each of the following items, state the amount of

revenue that should be reported in the current year.
Each of the items is independent of the others.
1. On October 11 of the current year, the company received
$20,000 in cash in advance for consulting services to be
provided in the future.
By December 31, services worth $8,000 had been
provided. The additional $12,000 in services will be
provided next year.
$8,000 revenue should be reported in the current year.

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LO1
LO1 Quiz Yourself

2. On November 6 of the current year, the company

provided services worth $12,000.
By December 31, cash of $5,000 had been collected. The
additional $7,000 in cash will be collected next year.
$12,000 revenue should be reported in the current year.

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LO1
LO1 Quiz Yourself

3. On November 17 of the current year, the company signed

a contract to provide services worth $10,000.
By December 31, services worth $4,000 had been
provided and cash of $3,000 had been collected. The
remaining $6,000 in services will be provided next year,
and the remaining $7,000 in cash will be collected next
year.
$4,000 revenue should be reported in the current year.

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LO2 Adjusting Entries

LO2 Adjusting Entries 調整分錄

 Required at the end of each accounting period to adjust

the accounts to their proper amounts, on an accrual basis.
► To recognize revenues and expenses for the period
► To report proper amounts for assets, liabilities, equity.
 The difficulty is that an adjustment is not signaled by a
specific event like the receipt of a bill or cash from a
customer.
► adjusting entries are recorded based on the
circumstances at the close of each accounting period.

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LO2
LO2 Adjusting Entries 調整分錄

Analysis Needed for Adjusting Entries

Each adjusting entry involves at least one account on the
statement of comprehensive income and one balance sheet
account.
► Determine whether the amounts recorded for all assets and
liabilities are correct.
Fix the balance sheet.
► Determine what revenue or expense adjustments are required as
a result of the changes in recorded amounts of assets and
liabilities indicated in the previous step.
Fix the statement of comprehensive income.

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LO2
LO2 Adjusting Entries 調整分錄

Types of Adjusting Entries

► Unrecorded receivables 未認列應收款
► Unrecorded liabilities 未認列負債
► Prepaid expenses 預付費用
► Unearned revenues 預收收入

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LO2
LO2 Unrecorded Receivables

 Revenues earned during a period that have not been

recorded by the end of that period.
 Unrecorded receivables represent amounts that are
receivable in the future; therefore, they should be
recognized as assets.
A debit to Receivable, and a credit to Revenue
DR: Accounts Receivable XXX

CR: Lawn Care Revenue XXX

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LO2
LO2 Unrecorded Receivables

Illustration
Suppose your company reports on a calendar-year basis
and has determined the following on December 31, 2022:
► On November 1, you entered into a year-long contract
with an apartment complex to provide general
landscaping services each week and bill the customer
every three months.
► The terms of the contract state that you will earn €400
per month.

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distributed with a certain product or service or otherwise on a password-protected website for classroom use.
LO2
LO2 Unrecorded Receivables

Illustration
billing the customer
2022

€400 €400
November December January
Jan. 31

Dec. 31
Fix the balance
► The adjusting entry is: sheet.

Dec. 31 Accounts Receivable 800

Lawn Care Revenue 800
To record two months of earned revenue not yet received.
Fix the statement of comprehensive
income.
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LO2
LO2 Unrecorded Liabilities

 Expenses incurred during a period that have not been

recorded by the end of that period.
 As the expense is recorded, the corresponding liability is
also recorded, showing the entity’s obligation to pay for the
expense.
A debit to Expense, and a credit to Payable
DR: Expense XXX

CR: Payable XXX

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LO2
LO2 Unrecorded Liabilities

Illustration 1
Assume that on December 31, 2022, your company has
determined the following:
► Your brother has worked for the company since its
inception. He is paid €700 every two weeks. The next
payday is on January 7, 2023.
payday payday
2022
€350
two weeks
Jan. 7
December
Dec. 31
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LO2
LO2 Unrecorded Liabilities

Illustration 1
► The adjusting entry is:
Fix the statement of comprehensive income.

Dec. 31 Wages Expense 350

Wages Payable 350
To record obligation for wages. Fix the balance
sheet.

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LO2
LO2 Unrecorded Liabilities

Illustration 2
► You borrowed €2,000 from the bank with the promise
that on the first of every month you would make a €178
payment—a portion of that payment being attributed to
interest (€20) and a portion to principal.

payday
2022
€20

December Jan. 1
Dec. 31

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LO2
LO2 Unrecorded Liabilities

Illustration 2
► The adjusting entry is:
Fix the statement of comprehensive income.

Dec. 31 Interest Expense 20

Interest Payable 20
To record interest incurred. Fix the balance
sheet.

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LO2
LO2 Prepaid Expenses
 Payments made in advance for items normally charged to
expense.
► The advance payment: A debit to an asset (Prepaid
Expenses) and a credit to Cash.
 An expense is the using up of an asset.
► The adjusting entry reduces the asset to an amount that
reflects its remaining future benefit and at the same time
recognizes the actual expense incurred for the period.
A debit to Expense, and a credit to Prepaid Expense

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LO2
LO2 Prepaid Expenses

Illustration
Assume the following about your company:
► On November 1, 2022, you purchased a six-month
insurance policy on your old truck, paying a €600
premium.
Nov. 1 Prepaid Insurance 600
Cash 600
Paid a six-month insurance premium in advance.

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LO2
LO2 Prepaid Expenses

Illustration

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LO2
LO2 Prepaid Expenses

Illustration 1
► The adjusting journal entry to bring the original amounts
to their updated balance at year-end is:
Dec. 31 Insurance Expense 200
Prepaid Insurance 200
To record insurance expense for two months: 2 x €100 =
€200.
Prepaid Insurance Cash Insurance Expense

Original entry (11/1/22) 600 600

Adjusting entry (12/31/22) 200 200
Updated bal. (12/31/22) 400 200

To balance sheet To statement of

comprehensive income
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LO2
LO2 Prepaid Expenses

Illustration 2
► On December 15, 2022, you purchased several months’
of supplies (fertilizer, weed killer, etc.) at a total cost of
€350.
► At year-end, supplies costing €225 were still on hand.

Dec. 15 Supplies 350

Cash 350
Purchased supplies.

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LO2
LO2 Prepaid Expenses

Illustration 2
 The adjusting journal entry to bring the original amounts to
their updated balance at year-end is:
Dec. 31 Supplies Expense 125
Supplies 125
To record the use of supplies.

Supplies Cash Supplies Expense

Original entry (12/15/22) 350 350

Adjusting entry (12/31/22) 125 125

Updated bal. (12/31/22) 225 125

To balance sheet To statement of

comprehensive income
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LO2
LO2 Unearned Revenues

 Cash amounts received before its corresponding revenue

can be recognized.
 The advance payment: A debit to Cash and a credit to
liabilities (Unearned Revenues).
 In the future the company must provide something (selling
goods or providing services) in return for the amounts
received.
A debit to Unearned Revenue, and a credit to
Revenue

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LO2
LO2 Unearned Revenues

Illustration
Assume the following about your Landscaping company:
► On December 1, a client pays you €225 for three
months of landscaping services to be provided for the
period beginning December 1, 2022, and ending
February 28, 2023.
Dec. 1 Cash 225
Unearned Revenue 225
Received three months’ revenue in advance:
€75 × 3 = €225.

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LO2
LO2 Unearned Revenues

Illustration

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LO2
LO2 Unearned Revenues

Illustration
► The Landscaping company will record the following
adjusting entry:
Dec. 31 Unearned Revenue 75
Landscaping Revenue 75
To record Landscaping revenue for one month:
€75 × 1 month = €75.
Landscaping
Unearned Revenue Cash Revenue

Original entry (12/1/22) 225 225

Adjusting entry (12/31/22) 75 75

Updated bal. (12/31/22) 150 75

To balance sheet To statement of
comprehensive income
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LO2
LO2 Adjusting Entries

Two Characteristics of Adjusting Entries

► Adjusting entries made at the end of an accounting
period do not involve cash.
► Each adjusting entry involves a balance sheet account
and an account on the statement of comprehensive
income.

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LO2
LO2 Quiz Yourself

 For each of the following items, prepare the adjusting

entry necessary on December 31.
1. On June 1, the company purchased a €100,000 certificate of
deposit (CD). The CD earns 6% per year. Principal and
interest on this investment will be collected next year on May
31.

(Not required) The initial journal entry on June 1 is as follows:

Jun. 1 Certificate of Deposit (asset) 100,000
Cash 100,000

The adjusting
Dec. 31 entry
Interest on December
Receivable 31
(€100,000 × 0.06 is as
× 7/12) follows:
3,500
Interest Revenue 3,500
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LO2
LO2 Quiz Yourself

2. On August 1, the company paid €12,000 cash for rent for

one year beginning on August 1.
(Not required) The initial journal entry on August 1 is as
follows:
Aug. 1 Prepaid Rent 12,000
Cash 12,000

The adjusting entry on December 31 is as follows:

Dec. 31 Rent Expense (€12,000 × 5/12) 5,000
Prepaid Rent 5,000

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LO2
LO2 Quiz Yourself

3. On October 1, the company received €18,000 cash for

consulting services that it will provide evenly over 12
months starting on October 1.
(Not required) The initial journal entry on October 1 is as
follows:
Oct. 1 Cash 18,000
Unearned Consulting Revenue 18,000

The adjusting entry on December 31 is as follows:

Dec. 31 Unearned Consulting Revenue 4,500
Consulting Revenue (€18,000 × 3/12) 4,500

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LO2
LO2 Quiz Yourself

4. The company pays its employees on the 15th of each

month. The total amount paid each month is €80,000.
[ Note: Round your calculations to the nearest half month; don’t
worry about counting the exact number of days in December.]

The adjusting entry on December 31 is as follows:

Dec. 31 Wages Expense (€80,000 × 1/2) 40,000

Wages Payable 40,000

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LO3 Preparing Financial Statements

LO3 Financial Statements Preparation

Process of Financial Statements Preparation
Identify all
These account balances are used to prepare the statement
revenues and
of comprehensive income.
expenses

Compute net Subtract expenses from revenues.

income

Retained Earnings from the previous
Compute the period is the starting point.
ending retained  Net income (not comprehensive
earnings balance income) is added to the beginning
retained earnings balance.
By using trial balance to prepare and
Prepare a
the updated retained earnings
balance sheet
balance computed from step 3.
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LO3
LO3 Financial Statements Preparation
ALM Holdings AG

Exhibit 4.3
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distributed with a certain product or service or otherwise on a password-protected website for classroom use.
LO3
LO3 Financial Statements Preparation
Identify all
revenues and Compute net
expenses income
Exhibit 4.3

Simplified Adjusted
Trial Balance

…
Statement of
Comprehensive
Income

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LO3
LO3 Financial Statements Preparation
Illustration—ALM Holdings AG

Statement of
Comprehensive
Income

Exhibit 4.4

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distributed with a certain product or service or otherwise on a password-protected website for classroom use.
LO3
LO3 Financial Statements Preparation
Identify all Compute the
Compute net
revenues and ending retained
income
expenses earnings balance

Simplified Adjusted
Trial Balance

Statement of
Comprehensive
Income

Computing the
ending retained
earnings balance

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LO3
LO3 Financial Statements Preparation
Identify all Compute the
Compute net
revenues and ending retained
income
expenses earnings balance

Illustration—ALM Holdings AG
► Computing the ending retained earnings balance

Balance Sheet

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LO3
LO3 Financial Statements Preparation
Prepare a
Illustration—ALM Holdings AG balance sheet

Simplified Adjusted
Trial Balance

Balance Sheet

Computing the
ending retained
earnings
balance

Exhibit 4.3
…

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LO3
LO3 Financial Statements Preparation
Illustration—ALM Holdings AG Prepare a
balance sheet

Balance Sheet

Exhibit 4.5

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distributed with a certain product or service or otherwise on a password-protected website for classroom use.
LO3
LO3 Financial Statements Preparation
Illustration—ALM Holdings AG
Prepare a
Balance Sheet balance sheet
(Continued)

Exhibit 4.5
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LO3
LO3 The Notes 附註

 The notes to the financial statements tell about:

► The assumptions and methods used in preparing the
financial statements.
► More detail about specific items.
 To highlight the importance of the notes, many financial
statements have the following message printed at the
bottom: “the notes are an integral part of these
financial statements.”

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LO3
LO3 Quiz Yourself

 Prepare a balance sheet and a statement of

comprehensive income using the data in Newton
Company’s adjusted trial balance below (as of
December 31, 2022).

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LO3
LO3 Quiz Yourself

Solution

Note that although net income equals comprehensive income in this case, it is net
income, instead of comprehensive income, that is added to the beginning balance of
retained earnings in determining the ending balance of retained earnings.

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LO4 Closing the Books

LO4 Closing the Books 結帳

The Accounting Cycle Has Included the Following:

Analyzing documents Journalizing transactions

Posting to the ledger accounts Determining account balances

Preparing a trial balance Making adjusting entries

Preparing an adjusted trial balance Preparing the financial statements

Two additional steps are needed:

 Journalizing and posting closing entries
 Preparing a post-closing trial balance

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LO4
LO4 Closing the Books 結帳

Real Accounts 實帳戶 Nominal Accounts 虛帳戶

► Permanent:  Temporary
Not closed at year end. Closed (brought to a zero
balance) at year end.

► Balance  Subcategories of
sheet accounts
Retained Earnings
 Balances are NOT
► Balances are carried
forward to next period. carried forward to next
period.

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LO4
LO4 Closing Entries 結帳分錄

The Closing Process

Revenues
(Nominal Accounts) Retained Earnings
(Real Account)
xxx Bal. xxx

To close Beg. Bal. xxx

Expenses
(Nominal Accounts) Total Expenses xxx xxx
To close Total Revenues
Bal. xxx xxx
Dividends xx

Dividends End. Bal. xxx

(Nominal Accounts)
o c lose
T
Bal. xx xx

Exhibit 4.6

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distributed with a certain product or service or otherwise on a password-protected website for classroom use.
LO4 Closing Entries 結帳分錄
The Closing Entries Debit the
revenues
Dec. 31 Sales Revenues 692,680
Other Operating Income 901
Financial Income 479
Credit the
expenses Material Expenses 278,886
Personnel Expenses 188,263
A Net Income is Other Operating Expenses 72,208
closed
(credited) to the Depreciation 28,655
Retained Amortization 1,700
Earnings.
A Net Loss is Financial Expenses 4,565
closed (debited) Income Taxes 1,320
to the Retained
Earnings. Retained Earnings 118,463

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distributed with a certain product or service or otherwise on a password-protected website for classroom use.
LO4
LO4 Closing Entries 結帳分錄

Closing the Dividends • Dividends are

not expenses
► Nominal account but NOT an expense. and will not be
reported on a
When dividends are first declared: statement of
Dividends XXX comprehensive
Dividends Payable XXX income
When dividends are paid:
Dividends Payable XXX • They are
Cash XXX distributions to
stockholders of
To close dividends at year end: part of a
Retained Earnings XXX corporation’s
Dividends XXX earnings.

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LO4
LO4 Closing Entries 結帳分錄

The Closing Entries

Dec. 31 Retained Earnings 61,494

Dividends 61,494

Credit the
dividends

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LO4
LO4 Preparing a Post-Closing Trial Balance

Post-Closing Trial Balance

► A listing of all real account balances after the closing
process has been completed.
► Testing whether total debits equal total credits prior to
beginning a new accounting cycle.
► For internal purpose only and is designed to provide
assurance that previous steps performed properly.

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LO4
LO4 Post-Closing Trial Balance

Exhibit 4.7
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distributed with a certain product or service or otherwise on a password-protected website for classroom use.
LO4
LO4 Quiz Yourself

 Prepare all necessary closing entries for Joyce

Company, which had the following account balances
on December 31.

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LO4
LO4 Quiz Yourself

Solution

Remember that only the nominal accounts (revenues, expenses, and

dividends) are closed to Retained Earnings. The real accounts (cash,
supplies, accounts payable, and paid-in capital) are maintained and their
balances are carried forward to the next year.

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 A Summary of the Accounting Cycle
LO5
LO5 A Summary of Accounting Cycle

Accounting Cycle

Record the effects of

Analyze transactions.
transactions.

1 2
Exchange Transactions
(Business enter into exchange transactions
Step Step signaling the beginning of the accounting cycle)

Summarize the effects of Prepare reports.

transactions. 1 Adjusting entries.
1 Posting journal entries. 2 Preparing financial statements.
2 Preparing a trial balance. 3 Closing the books.

Exhibit 4.8
Step
3 Step

4
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distributed with a certain product or service or otherwise on a password-protected website for classroom use.
68
LO5 Illustration of the Last Step in the Accounting
LO5 Cycle

Unadjusted
Trial Balance

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distributed with a certain product or service or otherwise on a password-protected website for classroom use.
LO5 Illustration the Last Step in the Accounting
LO5 Cycle

Preparing Adjusting Entries

a. A physical count at December 31 shows that NT$5,895 of
supplies is still on hand.
Dec. 31 Supplies Expense 1,950
Supplies 1,950
The account “Supplies” has a debit balance of NT$7,845 before adjustment; it suggests that
Supplies should be reduced by NT$1,950.

b. The company rented an office for a year and paid a full rental
fee of NT$27,000 in cash on October 1.
Dec. 31 Rent Expense 6,750
Prepaid Rent 6,750
At the end of the year, 3-month rent expense must be recognized (NT$27,000 ÷ 12 months ⨉ 3
months = NT$6,750) and at the same time, the prepaid rent is to be decreased by NT$6,750.

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distributed with a certain product or service or otherwise on a password-protected website for classroom use.
LO5 Illustration the Last Step in the Accounting
LO5 Cycle

Preparing Adjusting Entries

c. The company purchased a one-year fire insurance for

NT$3,120 and paid in advance on July 1.
Dec. 31 Insurance Expense 1,560
Prepaid Insurance 1,560
At the end of the year, six months of insurance expense (NT$3,120 ÷ 2 = NT$1,560) should be
recognized and at the same time, the prepaid insurance is to be decreased by NT$1,560.

d. Wages earned by employees in December 2022 are

NT$7,500, and yet they will not be paid until January 5, 2023.
Dec. 31 Wages Expense 7,500
Wages Payable 7,500
The wages earned by the employees should be recognized as an expense and an increase in
liabilities is also to be recorded at the end of 2022.
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distributed with a certain product or service or otherwise on a password-protected website for classroom use.
LO5 Illustration the Last Step in the Accounting
LO5 Cycle

Preparing Adjusting Entries

e. On December 15, 2022, a bill for NT$235 was received for

utilities, but it will not be paid until January 15, 2023.
Dec. 31 Utilities Expense 235
Utilities Payable 235
The utilities expense should be recognized as an expense in 2022 and an increase in liabilities is
also to be recorded at the end of 2022.

f. On September 1, the company rented its land to Fox Co. for a

year and received a full year rent of NT$132,000 in cash.
Dec. 31 Unearned Rent Revenue 44,000
Rent Revenue 44,000
At the end of the year, a 4-month rent revenue (NT$132,000 ÷ 12 months ⨉ 4 months = NT$44,000)
should be recognized and at the same time, the liability is decreased.
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distributed with a certain product or service or otherwise on a password-protected website for classroom use.
LO5 Illustration the Last Step in the Accounting
LO5 Cycle

Preparing Adjusting Entries

g. The company's income is taxed at a rate of 5%.

Dec. 31 Income Tax Expense 2,088
Income Tax Payable 2,088
After making the above adjusting entries, the difference between total revenues and total
expenses is NT$41,760, which is income before income tax. Therefore, income tax expense of
NT$2,088 should be recognized and an increase in liabilities is also to be recorded.

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LO5 Illustration the Last Step in the Accounting
LO5 Cycle

Posting to the Ledger Accounts

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LO5 Illustration the Last Step in the Accounting
LO5 Cycle

Posting to the Ledger Accounts

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LO5 Illustration the Last Step in the Accounting
LO5 Cycle

Posting to the Ledger Accounts

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LO5 Illustration the Last Step in the Accounting
LO5 Cycle

Adjusted
Trial Balance

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LO5 Illustration the Last Step in the Accounting
LO5 Cycle
Statement of Comprehensive Income

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LO5 Illustration the Last Step in the Accounting
LO5 Cycle
Balance Sheet

net income
$208,390 + $39,672

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LO5 Illustration the Last Step in the Accounting
LO5 Cycle

Preparing Closing Entries

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LO5 Illustration the Last Step in the Accounting
LO5 Cycle

Preparing Closing Entries

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LO5 Illustration the Last Step in the Accounting
LO5 Cycle

Post-Closing Units: NT dollars

Trial Balance

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