Accounting in 10 Minutes or Less - Closing Entries

[@Ebonyraeful]

I just wanted to say thank you for doing these videos for us. It makes a really big difference and it's something I wish my other online classes were doing. It's also nice to have the teacher in an online class teach us something more than just the assignments and text book as many online classes go. So, thank you!

[@minkymomo5416]

you saved my life and my grade with these videos. Thank you so much for explaining these concepts in a way that's easy to understand!

[@ProfessorNance]

Yayyy thank you so much for the feedback! It always makes the work that I do worthwhile when I hear how much it helps students like yourself! ❤️

[@williamloudermilk3741]

This video was very informative. Thanks for helping me turn my B in accounting into a A. You rock!!!

[@jaypatron7200]

I’m late to the party, but THANK YOU SO MUCH for this video. Extremely helpful and you explained it so it’s easy to comprehend,

[@ProfessorNance]

jay patron it’s never too late to join the party! 😉 You’re very welcome!

[@Miamidev]

Wow, this helped so much, thank you, ​Professor!

[@hillary7261]

You are awesome! Thank you!

[@ProfessorNance]

H M you are very welcome! ❤️

[@mohammadebrahimi4345]

Good explanation thank u sooo much

[@adeelmalik2226]

need a detailed video on how to prepare "the financial statements"

[@ProfessorNance]

Thanks! Have you tried this one: kzbin.info/www/bejne/apa0o4Wfact1Y5I

[@Sami-rp7mf]

Thank you

[@ProfessorNance]

Mike you’re welcome! ☺️

[@amitnathan6871]

So if revenues are greater than expenses the normal balance will be credit? and if the expenses are greater than revenue normal balance will be debit?? thank you for the help.

[@ProfessorNance]

I think you’ve got it! The normal balance of retained earnings would be a credit when revenues (credit balance) are greater than expenses (debit balance). If revenues are greater then you would have a net credit. Just remember that revenues- expenses = net income. It’s NOT revenue that change, it’s the net income (or loss). If you have net income, it’s a credit to retained earnings. If you have a net loss it’s a debit to retained earnings. That’s the NORMAL balance. To close it, your end up doing the opposite. Does this help?

[@amitnathan6871]

@@ProfessorNance yes that helps a ton, Thanks very much your videos have been very helpful with virtual learning really appreciate it

[@ProfessorNance]

@@amitnathan6871 awesome! You’re very welcome! ☺️