✅💥Closing Entries Cheat Sheet → https://accountingstuff.com/shop
🛒 Get your Accounting Stuff Merch → https://accountingstuff.com/merch

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.

▪ The Full Playlist → https://www.youtube.com/playlist?list=PL5zKSeS09l339nB6ujJPQ9Rsv99_b-aTb

🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel

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

▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m

▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) → http://geni.us/jA9N
▪ QuickBooks Online Canada (FREE TRIAL/DISCOUNT) → https://geni.us/bNN7

▪ Insta → https://www.instagram.com/accountingstuff
▪ Twitter → https://twitter.com/AccountantStuff


Some of the links above are affiliate links, where I earn a small commission if you click on the link and purchase an item. You are not obligated to do so, but it does help fund these videos in hopes of bringing value to you!

#accounting #financialstatements #accountingstuff

We have taken this video from YouTube and posted it on our site and if you are the owner of this video or you have any problem with this video please contact us


Please enter your comment!
Please enter your name here