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In this video you’ll learn what Closing Entries mean and I’ll show you how they work using an example. We’ll cover the differences between Temporary and Permanent Accounts, and a trick to remember which accounts fall into each category. You’ll also see how to post Closing Entries in two different ways: the Long Way and the Short Way.

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⏱️TIMESTAMPS
00:00 – Intro
00:20 – The Accounting Cycle
00:41 – Closing Entries Definition
01:09 – How to Remember Permanent and Temporary Accounts (RED ALE)
02:13 – Permanent Account Definition
02:27 – Temporary Account Definition
02:54 – Opening Trial Balance
03:16 – Example
04:05 – Adjusted Trial Balance
04:49 – Creating Financial Statements
05:46 – How to Post Closing Entries
05:55 – Long Way: Step 1
07:34 – Long Way: Step 2
09:08 – Long Way: Step 3
10:09 – Long Way: Step 4
11:15 – Post Closing Trial Balance
11:39 – Short Way
12:34 – Recap: How to Post Closing Entries
03:37 – Outro

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