In this chapter, we will wrap up all you have learned and finish out the accounting cycle by working through the last four steps as you close out the fiscal period. You will dive in and look a bit closer at what’s behind the scenes by learning how to make general journal entries. Next, you will take a stroll through the major end-of-period financial reports—Trial Balance, Worksheet, Income Statement, Statement of Owner’s Equity, and Balance Sheet. Finally, you will learn what closing the books looks like in QuickBooks.

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Preparing for This Chapter

You will need a complete installation of QuickBooks Desktop 2021 (Pro or Premier Version) and student exercise files downloaded for successful completion of this lesson.

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Unit Readings and Videos

Read chapter 14 in your textbook
Review QB21_C14_PPT-2.pptx
Watch the following short tutorials about Financial Statements & adjusting entries:

How to View a Trial Balance in QuickBooks

Trial Balance Generate Report QuickBooks Export To Excel

QuickBooks Desktop Pro 2021 Tutorial Making General Journal Entries Intuit Training

QuickBooks 2021 Tutorial for Beginners - How to Enter Opening Balances for Accounts

Chart of Accounts 1.80 QuickBooks Pro 2021

QuickBooks Desktop Pro 2021 Tutorial Adjusting Inventory Intuit Training

QuickBooks Desktop Tutorial: Reports Basics & Financial Statement Analysis

QuickTips™ Closing the Books in QuickBooks® Desktop by QuickBooks® Made Easy™

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UNIT DISCUSSION: Initial posts due by Tuesday. Responses due by Friday
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Unit To Do List

Read chapter 14 in your textbook
Must practice by completing ch.14 "Develop Your Skills" (DYS) exercises throughout the chapter using the proper ch.14 student company or portable files in your QuickBooks software.
Review QB21_C14_PPT-1.pptx
Watch short videos above
Complete Assignments in eLab System:
- Chapter 14 Reinforce Your Skills 14-1
- Chapter 14 Apply your Skills 14-1
Take chapter 14 Concept Review Quiz & chapter 14 test about "Reporting, adjusting entries and Closing the Books using QuickBooks" available in eLab System through Canvas.

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QuickBooks Desktop 2021 Textbook-4ee26df1-9fba-4623-820a-104e707d6715.png

Learning Outcomes

After studying this chapter, you will be able to:

Prepare a Trial Balance report
Make general journal entries
Adjust inventory
Create financial statements
Close the books in QuickBooks