29 If Assets total $4,000 and Liabilities total $1,000, what must Owner’s Equity be?
30 Why is insurance listed as an asset? What account title do we use to denote this?
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essential questions
- 1. Can you define accounting terms related to adjusting and closing entries for a service business organized as a proprietorship?
- 2. Can you identify accounting concepts and practices related to adjusting and closing entries for a service business organized as a proprietorship?
- 3. Are you able to record adjusting entries?
- 4. Are you able to record closing entires?
- 5. Can you prepare a post-closing trial balance?
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