Accounting: The Language of Business - Vol. 2 (Intermediate: Part 38)

The cloud is driven by statistics, and even in the worst individual cases of personal ignorance, dullness, idleness, or irrelevance, every person is constantly feeding data into the cloud these days. The value of such information could be treated as genuine, but it is not. Instead, the blindness of our standards of accounting to all that value is gradually breaking capitalism.

Jaron Lanier

Review of the Accounting Cycle (Part O)

by

Charles Lamson 

Part G of Example 4.14 Comprehensive Accounting Cycle Example (continued from part 37)

 The closing entries for DS Wilson Company are presented next.

H

The updated t-accounts, after closing entries (identified as CE), are as follows:

I

We present the post closing trial balance for DS Wilson Company here.

*GORDON, RAEDY, SANNELLA, 2019, INTERMEDIATE ACCOUNTING, 2ND ED., PP. 132-134*

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