CLOSING ENTRIES: Everything You Need To Know

💥Closing Entries Cheat Sheet → https://accountingstuff.com/shop 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 ▪ XERO (Free Trial / Discount) → https://xero5440.partnerlinks.io/08mfchsgfw8z ▪ QuickBooks Online USA (Free Trial / Discount) → https://geni.us/quickbooksonlineusa ▪ QuickBooks Online Canada (Free Trial / Discount) → https://geni.us/quickbooksonlinecanada 🚶FOLLOW ME ON ▪ Instagram → https://www.instagram.com/accountingstuff ▪ TikTok → https://www.tiktok.com/@accounting_stuff ▪ Facebook → https://www.facebook.com/thisisaccountingstuff/ ________________________ 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