Title: Record adjusting and closing entries for a service business.
Course: Accounting (12104-I) > Section: Understanding the Accounting Cycle for a Service Business

Recording should include

- journalizing to transfer the adjustments from the worksheet to the journal
- posting to transfer the amounts from the journal into the appropriate ledger accounts, including income summary (i.e., describing the function of income summary) and capital accounts
- updating all related balances.