Accounting Cycle Steps 5 & 8: Adjusting & Closing Entries to Income Summary (Perpetual Method)

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This video shows the adjusting and closing journal entries used by corporations merchandisers who track inventory with the perpetual method. This video shows closing entries made first to income summary before closing income summary to Retained Earnings. This is rare to do it this way but some older books still teach this method.
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I was really having a hard time piecing it all together. Thank you Prof Alldredge. This video helped me understand the adjustments.

Razz