Closing Entries and Post Closing Trial Balance

[@Yuluckykind]

You saved my life, *watching this 5 hours before the exam. Thank you!

[@npayno71]

So do I lol😅

[@Yuluckykind]

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[@npayno71]

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[@Yuluckykind]

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[@npayno71]

@@Yuluckykind ohhh hahaha😂 thank you ❤️

[@gideontare6895]

She made it so simple. Very very clever. Natural born teacher. Thanks.

[@sgpandaaa]

Watched this 20 minutes before my exam, this helped me a lot. Thank you professor 🙏🏻

[@brynnmatthews1730]

I so appreciate this instructor's way of teaching. Many lightbulb moments in this tutorial-thank you!!

[@sidangadi5303]

Wonderful presentation!! Easy to understand. 2 hours lecture in 15mins by covering all the aspects of the topic. Thanks

[@jessicacancel1613]

This is the video that helped me understand it more thoroughly. I REFUSE to fail! Thank you very much!

[@nobinpradhan9235]

10/10. So good the explanation and the friendly voice. The graphics were reader-friendly. GREAT!

[@mamag58]

I'm at College and you explain this better than my teacher Thank You!

[@chefSqueez]

I wish I cAn have a one on one session with this instructor! She is very concise and easy to follow. Thank you!

[@LIONELERNESTSMITH]

I like "Accounting" I'm always keen on the money, and this "video" give clarity in journalizing & balancing the ledges:

[@caleblumpkin2998]

you explain in 15 minutes what my professor cant in an hour and a half. awesome video thank you

[@briannawest7226]

Thank you!! could not have done my assignment without you

[@momlikesmemore]

Awesome, loved your tutorial, it so much more sense than my textbook! Thank you

[@johnvarde1273]

omg... 5 weeks it took for us to get finish the accounting cycle and I couldn't really understand. I am literally ready for my midterm lol TY

[@zavankan4796]

How did you do on the midterm?

[@johnvarde1273]

@@zavankan4796 killed it

[@silverie._.]

Congrats 🎉

[@prashantmainalimusic]

Hahahaha same here how big is the cycle i didnt realised when i just saw a diagram of it🤣🤣

[@anasmalik9141]

I was very worried about closing entries my concepts wasn't getting clear you cleared every single thing. Thanks

[@afsanaawal1600]

Thank you so much! it really helped me to understand it very clearly! I had lots of questions in my mind, my every question is answered very clearly through this video series.

[@swethacima4266]

That was a very quick session with full clarity.. well done

[@marykth]

Omg thank you so much now I've finally understood it. This video is a life saver.

[@emmatsang7604]

This video is amazing !!! It literally makes help me overcome the post-closing TB

[@hannafekcho1]

And pooff, i understood like magic! Thank you very much

[@MYTHOMINHTRAN]

I have watched this your videos a couple of times, and I believed their contain are sunk in my specific consciousness waiting for chance to emerge, but not collide with the Titanic!

[@HanimpaGinuo]

Awesome! The Explanation was very very simple to my understanding of closing trial balance, you are ranked in my view as genius accounting teaher ever🙏❤❤ I just want to kindly request you, if you can inbox me with your tutorials for all of the accounting processes in A/c cycles 🙏

[@christianpalka8812]

After about three hours of reading the textbook and getting absolutely nowhere, one KZbin video got me 10x farther in my understanding of this material.

[@denniswusu4395]

You are the best tutor

[@juanrosa1964]

This video was extremelyyy helpful! This was greatly appreciated.

[@ayaahmedaldealai]

Amazing presentation. Thank you so much 👍👍👍

[@TicloBelge]

Thank you..even better than my teacher.

[@nikiaclay8324]

Thank you so much this helps me so much! I was finally able to understand the information

[@ednadoucette4650]

Thank you for been so clever and make easy accounting cycle's procedures.

[@antoniofernandes2276]

mad respect for this woman!

[@johnmutiso8357]

I have liked it a lot.....i think it will help me in my end semester exam....bye

[@mariatlopezleguizamo6483]

Thank you very much for sharing this with all of us!

[@dh1713]

Big Thanks To You teacher !

[@susanfernando2384]

Thank you Mam that's wonderfully illustrated.

[@absoluteunit4028]

Thank you very much, great and simple tutorial

[@LupitaSKelly]

That was really helpful! Thank you!

[@AbdiDahir-m8w]

Thanks teacher for helping

[@jessicahicks735]

Thank you so much! This finally made sense!!!

[@asadhossain1325]

Outstanding tutorial. Thank you professor ♥️

[@hichsonmcthebe4844]

Very clear and useful. Thank you.

[@jhenyvivagaser3397]

I love you! Thanks for this!! ❤

[@healthyDvry]

Bro i understand a lil bit but i am still struggling with some things but, you explain very good. I need to practice because tomorrow i got an exam :v

[@silverie._.]

what happened to your exam

[@zamandlovu4188]

thank you very much i am pretty sure that this will help me for the coming exam

[@accountinghelp]

Happy Studying, Zama!

[@gee8861]

Thank you so much for this ❤️❤️❤️

[@sogoletemadi2255]

Excellent . Thank you so much. Well done .

[@dilhaitumhara691]

very nice.....thanks a lot...love you

[@olbee702]

Also is drawing to capital is a substitute or another to say dividend, cause i learned that temporary accounts are: Revenues, expenses and dividends, which are accounts we should reduce to Zero. Thank you.

[@accountinghelp]

Only corporations have dividends. This is a sole proprietorship.

[@maryjanemamac6168]

Thankyouuuu for this Video.

[@kaurnavdeep5623]

thanks such a great tutorial❤️❤️❤️ but what if we are provided with accumulated depreciation?

[@accountinghelp]

Accumulated depreciation is a permanent account. It will not be closed. The balance rolls over.

[@kaurnavdeep5623]

@@accountinghelp okkk thanks dear...#Gbu

[@InèsLassaad-h4h]

hey first of all thank you so much for explaining to us , then i would ask you why for Christopher's capital we didn't put it on debit like we did for the other accounts why did he stay in credit

[@accountinghelp]

The capital account has a normal balance of credit. You will also see that all liability and revenue accounts have a credit balance as well.

[@rosecaraa497]

Thank you so much ! 😭

[@hazarywilliams7469]

Thanks for the explanation.

[@muhammadelashry]

Amazing !!!, what should we do in the next period? in this case 1st February, the permanent accounts values keep it to the ledger in next period or write them in the journal as beginning balance?

[@accountinghelp]

For the next period, we would pick up right where we left off! :) Essentially, the last entry into the ledger accounts would be those closing entry posts. :) The permanent account values will stay in the ledger.

[@ivonnelopez8203]

Do we always close Income Summary to capital first? Before drawing? or did this happen simply because of the instructions? Also, I see that when the 4600 was credited to capital, we didn't really make a change it (capital) on the closing entries. Is that always going to be the case? is this because we have it on our statement of owner's equity? We simply just credit to capital.

[@accountinghelp]

The standard is to close income summary to capital before closing drawing to capital, but you could switch the order if you wanted to. :)

[@mhadzylicious5231]

thank you.., this helps me a lot

[@hosanna7788]

Hi ma'am, how can this be done in QuickBooks Desktop or in QBO?

[@hindaabdalla5338]

Thank u so much dear❤

[@brandonaboua2489]

Fees earned is basically sales, net sales, or gross profit?

[@accountinghelp]

It is closest to sales.

[@brandonaboua2489]

@@accountinghelp thx u!

[@gichlyphanith8175]

Thank you😊😃

[@olbee702]

why do we close it to income summary instead of retained earning? this is how i learned it a couple years ago. Thank you

[@accountinghelp]

Retained earnings is only used for corporations. The capital account for this company is Christopher Knowles, capital, which means that this is a sole proprietorship.

[@GPLCo.]

What kind of App or Website are you using ?

[@accountinghelp]

This is just an excel spreadsheet that I cleaned up.

[@mm-rr7bg]

Can you answer this question? Is there a sufficient information in post closing trial balance to prepare balance sheet? thank you .. nice vid btw .. i understand the lesson more bcos of you ..

[@accountinghelp]

Let's think about that for a moment. A post closing trial balance only includes Permanent accounts. Now ask yourself, what types of accounts are permanent accounts? Then also, what types of accounts appear on the balance sheet. Knowing and understanding the answers to these 2 questions will help you answer the prompt. :)

[@Rem-fg2yd]

Informative!

[@theburnerrrrr3422]

WOW! Thank you!!

[@ItsEmilyEliza]

But what if you ended up with a loss instead of profit? How could the loss in Income Summary be transferred since Capital (-) and Income Summary (-) are on the Credit side?

[@accountinghelp]

If there is a loss, capital will be debited, and income summary will be credited.

[@jessicaudang2648]

May i ask if capital it should be in journal entries right?

[@accountinghelp]

I'm not sure what you are asking. Can you try rephrasing your question?

[@hilmibaris9950]

If there was any withdrawals , our capital gonna be increase or decrease ?

[@SohailKhan-qd3sp]

Capital will decreased if you are withdrawing from capital

[@krish7273]

Thank you so much!

[@shaenorelation7175]

thank you

[@chikaaudreyna3916]

Thankyou🙏🙏🙏❤️

[@mclynmontemayor6271]

Thank you!

[@mtmtesk7947]

nice tutorial. helps al ot

[@sompongmoss281]

I love your software accounting program. Where can I find this super accounting programs?

[@accountinghelp]

This is simply a spreadsheet in Excel that I have edited.

[@sannyuntoo]

Thank You.

[@shawonkhan8836]

Thank you so much

[@jelly-mf6xp]

is accounts payable a permanent account?

[@accountinghelp]

Yes :)

[@shivanabeharry6445]

very helpful

[@SarafinaPBlay]

Thanks

[@md.najmulhossain6365]

Thanks sister

[@luiscastillo.6194]

What I’m struggling with is Common Stock and Retained earnings they’re change in place of capital and drawing and I don’t know how to get the retained earnings

[@tajwarmoosaji5742]

Amazing

[@getit2333]

💚💚

[@nhatanhvu8077]

damn it this is so goodd

[@rihalahmed8042]

thank you a lot

[@lawrencealbertborigas1420]

Pa shout out kay ronnielyn Villanueva hahha

[@ronronlatex2534]

😂😂😂

[@mashalidrees8579]

Thank you thank you thank you

[@nguyenthanhlong3733]

10đ. cô ơi

[@prettyrainbows2524]

I did my closing entries like this in our class and the teacher gave me a d

[@accountinghelp]

If your textbook doesn't use the four-entry method, yeah, that makes sense.

[@prettyrainbows2524]

@@accountinghelp ahhh thank you :)

[@czy3622]

she tripping

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[@mdfardin4818]

very helpful

[@Idrizly]

Thank you

[@koataliclifford7678]

Thanks