3 Easy Steps - How to Record Closing Entries [SUPER FAST]!

🔥Accelerate Your Grades with the Accounting Student Accelerator! - 85% OFF Financial Accounting Accelerator 👉 http://bit.ly/fin-acct-review Managerial Accounting Accelerator 👉 http://bit.ly/aua-mgr Want to master financial statements? Check out the Full Course Below: https://www.udemy.com/course/learn-accounting-unlock-the-numbers/?referralCode=1C71DB8E04DB39582920 GET YOUR FREE DEPRECIATION CHEAT SHEET BELOW: http://bit.ly/depreciation-cheat-sheet 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! SUBSCRIBE SO YOU CAN MASTER ACCOUNTING! https://www.youtube.com/channel/UCCyBG-qtLqfvCdSG34ES8Ag ******************************************************************** Comment Below if you have any questions!