3 Easy Steps - How to Record Closing Entries [SUPER FAST]!
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0:00 What You Will Learn in the Video
0:33 What are Closing Entries?
1:53 My Easy 3 Step Closing Process
3:33 The Journal Entries to Close Accounts
7:25 Big Practice Problem to Record Closing Entries
12:58 Conclusion of Video
In today's video, I will show you how to record closing entries in the accounting cycle.
Closing entries are interesting because they are the very last step of the accounting cycle. It is important that you nail this step because if not all the previous 8 steps will be ineffective. We will walk through what are closing entries, my 3 Step process to close the entries, example journal entries of each type of account and a full example problem to apply all of your knowledge. This will be a comprehensive A to Z process so make sure to take notes and you will learn how to record closing entries effectively. Take a look!
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