TLE:

1. What are closing entries?
2. Why are closing entries important?
3. Explain the nature of an income summary account.
4. Steps and entries in closing the account.
5. Close and Beginning inventory account.
6. Closing entries of nominal account.
7. What is a post closing trial balance?
8. What are reversing entries?
9. What are the rules in reversing journal entries?

Ref. Valencia pp. 325-334

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1. to record expired portion of unearned rent income
2. to record interests on loan
3. to record used and used on supplies
4. to record expired portion of insurance premium
5. to record accrued zent [?]
6. NO ENTRY
7. to record accrued salaries
8. to record depreciation for 10 months
9. to record accrued interests
10. to record deem uncollectible