Algorithmic deliberate practice on closing entries until mastery
You know the four-step closing procedure. Now it's time to build speed and accuracy. Each round gives you a new set of adjusted account balances. Your job is to identify the correct dollar amount for each of the four closing steps.
The interface stays the same every round. Only the numbers change. Work through each set carefully, then check your answers. If you miss, review the worked example before trying the next round.
Get 3 consecutive rounds correct to demonstrate mastery of the closing procedure.
Feedback appears after you submit. If you miss, a worked example is available.
Enter the dollar amount for each step. The journal entry structure is the same every round.
TechStart Solutions — Adjusted Balances (Period 1)
Revenue Accounts (Credit balances)
Expense Accounts (Debit balances)
Close all revenue accounts to Income Summary (debit revenues, credit Income Summary for the total)
Close all expense accounts to Income Summary (credit expenses, debit Income Summary for the total)
Close Income Summary to Retained Earnings (the balance is net income or net loss)
Close Dividends to Retained Earnings (credit Dividends, debit Retained Earnings)