Accounting and Finance Foundations

Unit 7

Accounting and Finance Foundations Unit 7: Financial Statements 603

Financial Statements

Chapter 18

Student Guide

You should use journal vouchers to prepare the closing entries for the revenue, expense, Income

Summary, and Dividends accounts. Here are journal vouchers that the ABC Company would create

when preparing its closing entries:

Journal Voucher 0006 – Closing Entry 1

18.6.1 Closing Entries Examples (cont’d)

ABC Company

Journal Voucher

NO:0006

Office: __________________________ Month: _________________ Year: ___________

Ref.

No. Description

General

Ledger

Account

Debit Credit

JE6 ABC Services Revenue

Rent Expense

Supplies Expense

Insurance Expense

Office Expense

Utilities Expense

Depreciation Expense, Building

Income Summary

To close the revenue and expenses to the

Income Summary account for accounting

period ending October 31, 20YY

410

510

520

530

540

550

560

330

225,000.00

10,225.00

1,200.00

1,750.00

5,200.00

5,540.00

12,500.00

188,585.00

Column Totals 225,000.00 225,000.00

Prepared by: __________________________________ Date: ______________

Authorized by: _________________________________ Date: ______________

October 20YY

Anita Job

ABC Owner

10/31/20YY

10/31/20YY

1234 Office