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How to Close Journal Entries in 4 Steps and Preparation of Post-Closing Trial Balance
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Closing entries are journal entries that are made at the end of an accounting period to transfer balance from a temporary account to a permanent account.
4 Steps in Closing Journal Entries
1. Close the income accounts
2. Close the expense accounts
3. Close the income summary accounts
4. Close the withdrawals accounts
After posting the closing journal entries, a post-closing trial balance will be prepared.
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closing entries,beginner's guide to closing entries,how to make journal entries in accounting,debits and credits,journal entries,what is a journal entry?,how to calculate income summary for closing,income summary,prepare a post-closing trial balance,post-closing trial balance,accounting
4 Steps in Closing Journal Entries
1. Close the income accounts
2. Close the expense accounts
3. Close the income summary accounts
4. Close the withdrawals accounts
After posting the closing journal entries, a post-closing trial balance will be prepared.
Follow me on my other Social:
TAGS:
closing entries,beginner's guide to closing entries,how to make journal entries in accounting,debits and credits,journal entries,what is a journal entry?,how to calculate income summary for closing,income summary,prepare a post-closing trial balance,post-closing trial balance,accounting
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