Project 3

Project 3: Closing Entries

 

Time to Practise

 

Complete as many of the following three practices as you need to feel confident in posting the closing entries before you continue on to Time to Work, which will be submitted for assessment.

 

If, after completing all three practices, you are still not confident that you know how to complete posting closing entries, you may redo these practices or see your teacher for help.

 

Practice 1

 

 

Step 1: Open Practice 1 Ledger, and save it in your course folder.

 

Step 2: Calculate the new balances for each account, and complete the indicator column on each line. Remember that this column indicates whether the balance is a debit or a credit. If there is no balance, do not put anything in this column.

 

Step 3: Open Practice 1 Journal, and save it in your course folder.

 

Step 4: Post the closing entries from the journal to the ledger.

 

Step 5: Open a Trial Balance Template, and save it in your course folder.

 

Step 6: Complete the post-closing trial balance for CHOO TV.

 

 

 

 

 

 

You can check your work by clicking on the following:

• Practice 1 Ledger Answer
• Practice 1 Journal Answer
• Practice 1 Post-Closing Trial Balance Answer

If you need more practice, continue on to Practice 2 or Practice 3.

 

If you are ready to do the assignments for this training room, continue on to Time to Work.

 

Practice 2

 

 

Step 1: Open Practice 2 Ledger, and save it in your course folder.

 

Step 2: Calculate the new balances for each account, and complete the indicator column on each line. Remember that this column indicates whether the balance is a debit or a credit. If there is no balance, do not put anything in this column.

 

Step 3: Open Practice 2 Journal, and save it in your course folder.

 

Step 4: Post the closing entries from the journal to the ledger.

 

 

Step 5: Open Trial Balance Template, and save it in your course folder.

 

Step 6: Complete the post-closing trial balance for Koch Moving and Storage.

 

 

 

 

 

 

You can check your work by clicking on the following:

• Practice 2 Ledger Answer
• Practice 2 Journal Answer
• Practice 2 Post-Closing Trial Balance Answer

If you need more practice, continue on to Practice 3.

 

If you are ready to do the assignments for this training room, continue on to Time to Work.

 

Practice 3

 

Step 1: Open Practice 3 Ledger, and save it in your course folder.

 

Step 2: Calculate the new balances for each account, and complete the indicator column on each line. Remember that this column indicates whether the balance is a debit or a credit. If there is no balance, do not put anything in this column.

Step 3: Open Practice 3 Journal, and save it in your course folder.

 

Step 4: Post the closing entries from the journal to the ledger.

 

Step 5: Open Trial Balance Template, and save it in your course folder.

 

Step 6: Complete the post-closing trial balance for Fanci Foods Ltd.

 

 

 

 

 

 

You can check your work by clicking on the following:

• Practice 3 Ledger Answer
• Practice 3 Journal Answer
• Practice 3 Post-Closing Trial Balance Answer

If you are ready to do the assignments for this training room, continue on to Time to Work.

 

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