Adjusting and Closing Entries

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Adjusting Entries

Cost of Sales

Depreciation

Accumulated Depreciation

Gains and Losses

Cost Allocations

Closing Entries

Using Accounting Information

Required Reports

Operating Information

Income Tax Accounting

Cash-Basis Accounting

Depreciation (ACRS)

Accounting Primer Topics

When cash is received or paid, or when an invoice is received from a vendor, the need to make an entry in the accounts is obvious. Many of the entries required by the accrual principle are not obvious. You must take special steps to ensure that the proper entries are made.