t
=
Assets = Liabilities + Stock Holder's Equity
Current Assets Long Term Assets Short Term Long Term Common Stock + Retained Earnings
Cash A/R* Supplies PPE* Acc. Depr. A/P* N/P* Unearned Fee Debi
t
Credit Net Income - Dividends
Debi
t
Credit Debi
t
Credit Debi
t
Credit Debi
t
Credit Debi
t
Credit Debi
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Credit Debi
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Credit Debi
t
Credit - + Revenue - Expenses Debi Credit
+ - + - + - + - - + - + - + - + Debit Credit Debit Credit + -
-++-
*A/R Accounts Receivable PPE= Property, Plant, and Equipment A/P= Accounts Payable N/P= Note Payable
Company Name
Income Statement
For the Period Ending Month/Day/Year
Revenue(s) $Rev Closing Entries
COGS $COGS 1. Move all revenues to Income Summary Income Summary=Net Incom
Gross Profit (GP) $Rev-$COGS 2. Move all expenses to Income Summary
e
Expenses: 3. Move Income Summary to Retained Earnings
Expense 1 $Ex1 4. Move Dividends to Retained Earnings
Expense 2 $Ex2
Expense 3 $Ex3
Expense…. $Ex..
Total Expenses $ΣEx
Income Before Taxes (IBT) GP-$ΣEx
Income Tax Expense (ITE) $IBT * %
Net Income $IBT - $ITE
Company Name
Statement of Stockholder's Equity
For Period Ending Month/Day/Year
Common Retained
Stock Earnings
Stockholder's Equity $CS $RE
Previous Balance
Net Income NI
Current Period
Dividends ($Div)
Balance, Month/Date/Yea $CS $RE+NI-Div
