Closing Entries Step by Step: Financial Accounting Basics

This video shows how to prepare closing entries and the post-closing trial balance using an example from start to finish.

The balances are from an adjusted trial balance in the previous video.

There are four closing entries:

1. close revenues
2. close expenses
3. close income summary
4. close dividends

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ACCOUNTING BASICS

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This content is for education and entertainment purposes only. Finally Learn LLC does not provide accounting, tax, financial planning, or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.

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3,521 Subscribers
09/26/2023

[harshalmehta]

Income Summary and Retained Earnings will fall in which head

[cabietboi]

I got a question sir
We don't have to close the account like the asset, liability and equity?