[Financial Accounting]: Chapter 4: Completing the Accounting Cycle

In this video, I walk you through Chapter 4: Completing the Accounting Cycle. I cover content including the accounting cycle, closing entries, and more. At the end, I go through step-by-step practice problems.

[ailinli]

Hi, do you have chapter 5 video for this course?

[SoduhPops]

Hey did the chapter 5 video get taken down? is there a chance that you could reupload it?

[nancyanahijimeneztorrez]

Thank You for your videos, your are an awesome help!!!! Keep showing us examples and practice problems that helps even more!!

[jonsmidt]

This has helped me so much! Thank you for taking the time to make these videos!

[duck-hknj]

I really enjoy your presentation, and the content layout. I am struggling with my professor at my class. Her English is terrible, and I barely understand anything she said. So, thank you for the videos!

[valpros]

How come I can’t see chapter 5? After chapter 4 only next one came out chapter 6.

[aafreen]

That's really helpful.Thanks a lot.

[angelthinks]

hey girly what happened to chapter 5??

[natmochii]

ohmagod u save my PA grade. tysm <3.

[jeremyessiminy]

Are these notes based on the textbook: Fundamental Accounting Principles, Vol. 1?

[lanhtym]

Can you make the solutions for every chapter of Hospitality Financial accounting 2nd edition <3 thank you!

[shamirulizzuanshhusainbasr]

Hi are you working in an accounting field such as company secretary or any other company?

[ibberony]

Thx fr course appreciate, chptr 5 mising thou

[AkashSingh-ingr]

could you please solve more complicated questions???

[darshpannu]

00:05 Completing the accounting cycle involves adjusting accounts and preparing financial statements.

02:29 Owner's equity increased by $55, 000 in 2018.

04:45 Accounting equation: Total assets = liabilities + owner's equity

06:55 The closing process transfers temporary account balances to permanent accounts.

09:18 Closing entries transfer revenue and expense accounts to owner's capital account

12:02 The first closing entry records the net income of $9, 500 in owner's capital.

15:02 The accounting cycle involves transactions analysis, journalizing, posting to ledger, preparing trial balance, adjusting entries, preparing financial statements, and closing entries.

17:08 Closing entries and processing information into financial statements are important in completing the accounting cycle.

19:00 Net income for the period is $13, 500

21:03 The last step in the accounting cycle is to journalize the closing entry for fees earned, rent revenue, and miscellaneous expense.

23:32 Debit owner's capital for the net loss

[kashty]

10:11 who would know this is an Adjusted trail balance for Twitter three years ago. 😂

[ethanyang]

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[KilmerCalderon]

Thank you for making and sharing Acciunting-related videos.