Below is an alphabetical list of accounts of Master Cleaners as of December 31, after all adjusting entries have been posted.
Instructions:
1. Journalize the four closing entries in the proper order.
2. Record the account balances in t-accounts for owner's equity, revenue, and expense accounts. Post the closing entries in these t-accounts using number 1 through 4.
3. Prepare a post-closing trial balance.
Definitions:
Close
The final step in the sales process where a salesperson secures agreement from the customer to proceed with the purchase.
Minor-Points Close
A sales technique that aims to secure agreement on minor details of the sale in order to facilitate the customer's agreement to the main purchase.
Retail Showroom
A physical space where products are displayed to the public, allowing customers to browse, see, and sometimes test products before purchasing.
New Mattress
A recently manufactured item designed to provide a comfortable surface for sleeping.
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