CLOSING ENTRIES: Everything You Need To Know
💥Closing Entries Cheat Sheet → https://accountingstuff.com/shop
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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.
🎬LEARN ACCOUNTING BASICS FOR FREE
▪ The Full Playlist → https://www.youtube.com/playlist?list=PL5zKSeS09l339nB6ujJPQ9Rsv99_b-aTb
🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel
⏱️TIMESTAMPS
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
🔎FAQ
▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m
🔝 CLOUD ACCOUNTING SOFTWARE
▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) → http://geni.us/jA9N
▪ QuickBooks Online Canada (FREE TRIAL/DISCOUNT) → https://geni.us/bNN7
🚶FOLLOW ME ON
▪ Insta → https://www.instagram.com/accountingstuff
▪ Twitter → https://twitter.com/AccountantStuff
________________________
DISCLAIMER
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
Видео CLOSING ENTRIES: Everything You Need To Know канала Accounting Stuff
🛒 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.
🎬LEARN ACCOUNTING BASICS FOR FREE
▪ The Full Playlist → https://www.youtube.com/playlist?list=PL5zKSeS09l339nB6ujJPQ9Rsv99_b-aTb
🔴Subscribe for more Accounting Tutorials → https://geni.us/subtothechannel
⏱️TIMESTAMPS
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
🔎FAQ
▪ My Favourite Accounting Book for Beginners → http://geni.us/5mKR7m
🔝 CLOUD ACCOUNTING SOFTWARE
▪ QuickBooks Online USA (FREE TRIAL/DISCOUNT) → http://geni.us/jA9N
▪ QuickBooks Online Canada (FREE TRIAL/DISCOUNT) → https://geni.us/bNN7
🚶FOLLOW ME ON
▪ Insta → https://www.instagram.com/accountingstuff
▪ Twitter → https://twitter.com/AccountantStuff
________________________
DISCLAIMER
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
Видео CLOSING ENTRIES: Everything You Need To Know канала Accounting Stuff
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