Closing Journal Entries

This assignment will provide you with practice in preparing closing journal entries, used to close out temporary accounts at period end. While there are several ways in which these entries can be prepared (e.g., using an Income Summary account or not, preparing different entries for each type of temporary account or one entry for all temporary accounts, etc.), you should prepare these entries in this assignment according to the method taught in your learning resource, or by your professor.

Relevant Excel Functions

This assignment will require you to be able to use some or all of the following Excel functions. Click on the hyperlinked section number next to the relevant Excel skill to be directed to a page showing how to perform the assigned task in Excel:

• Cell References (1.5)

• SUM Function (1.14)

• Drop-Down Lists (1.10)

• Basic Calculations (1.3)

• VLOOKUP Function (1.16)