FA18 - Closing Journal Entries EXPLAINED

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Module 3 examines five types of adjustments: 1.) Depreciation/Amortization, 2.) Prepaid expenses, 3.) Accrued expenses, 4.) Accrued Revenues, and 5.) Unearned Revenues.
We learn how to prepare an adjusted trial balance, closing entries and a post-closing trial balance.

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First of all, a huge applaud to you for reserving a colossal amount of time from your busy life and making these videos to help students better understand the basics of accounting. I am an engineer who is going to enroll for the masters program in professional accounting, and believe me learning through with you has really been easy. In this short span of time you have tried to cover many basic topics and examples for the same which i cant thank you enough for. Once again, great videos, great job and many thanks for the free study material uploaded online.

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How is your masters program going so far?

[@medhavikosta3889]

@@PunmasterSTP couldn’t start off due to covid lol

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@@medhavikosta3889 I'm really sorry to hear that! If you don't mind my asking, do you have any kind of tentative start date, or did your plans change?

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Tony! I have literally said 'literally' about a million times today. THANKS! =p

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How'd the rest of your class go?

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[@Tony-Bell]

Wow, thanks! Good luck in your studies :)

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[@PunmasterSTP]

How did it go?

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[@Tony-Bell]

Thank you so much :)

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Tony, thank you so much for explaining everything so clearly and methodically! I'm a total beginner and currently trying to teach myself the CIMA Cert BA course using their textbooks, and I don't know how I would make any sense of it without your help. I love your passion for the subject - it's infectious! Looking forward to the rest of your course! Sarah, UK

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How are things going? Did you get certified?

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prof tony bell, my semester is just starting cus I'm taking accelerated accounting and you have single-handedly saved me from failing. I have passed my exams and can say I actually understand accounting because of your videos. thank you so much!!!!!! you rock!!!

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appreciate the hard work, helped me out and saved me in my accoutning final exams for uni, thankyou brother

[@santiagomurra9803]

Tony I have been watching all your past videos from this playlist up to this one and I wanted to thank you for all your hard work. Your videos are unbelievably clear and helpful and I have learnt so much. You are an amazing Profesor and even better person for helping others learn through your channel. Thanks again Tony!

[@PunmasterSTP]

Closing journal entries? More like "fresh knowledge entrées", because your financial accounting food for thought is outstanding! Thanks again, for every single video.

[@orchidlove356]

Thank you for your videos, they have helped me so much in my studies .

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[@Tony-Bell]

Thank you!!

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@@Tony-Bell Thank you!!

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thank you very much sir..your videos helped me more than my school tbh!!

[@eloifionu]

Thank you very much Sir. I have more understanding how accounting cycle, adjustments, trial balance, closing entries work. I really appreciate you sharing all these videos

[@monicaescobar8632]

I have my finals tomorrow and im binge watching all of your videos. Thank you for explaining it so detailed because im struggling with my accounting class

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Hey how did your midterm go?

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So far I really understood all your video except this one I didn't get it , it was confusing when you start working on the example for resetting , but that's on me you really did great job.

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How did your job interview go?

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[@Tony-Bell]

Thanks!! Accounting is a great subject :)

[@IDoTheNumbers]

I love that even a CPA starts the drum roll when adding up L and OE in hopes it balances 😅

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How did your managerial accounting class go?

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Excellent videos. Very easy to understand. You are helping us a lot. Thank you for your great work. We can even love accounting thanks to your videos.❤

[@wenditaylor1400]

You rock Sir!!! I used the temporary account Income Summary for my closing entries as it makes things flow better for me.

[@Tony-Bell]

Income Summary is a great way to do it :)

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Tony your videos are extremely helpful, thank you!

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you are an amazing amazing teacher .

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Tony you are the man! I am going through your video series to prepare for my postgrad in Finance and Mangement starting in January. Through this video series accounting has really grown on me, so much so that I am planning grind and get a CPA, as well. Thank you so much, God bless you

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You are a life saver! Thank you for these videos!

[@manonpercy5855]

I watched all 18 videos in this module and I have to say THANK YOU. You are a great teacher and thanks to your videos everything finally made sense to me. It feels good to learn from someone as positive and passionate as you are. Thank you so so much for taking the time to do this, it helped me so much and I am sure it has helped many, many others. I hope everything is going great for you :)

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yes!!I'm here!!~~ already subscribed and enjoying accoutings~

[@imanhaidar9272]

Amazing explanation! Thank you 👍

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God bless your soul

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Thank you to the moon my dear professor

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Thank you Sir

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job well done, Tony.

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[@idkwhatimdoing361]

Thank you so much for your videos! Also, for the workbook, I understand that you have 1 problem with a free walkthrough and others with a members only walkthrough, however do you have just the solutions posted anywhere for free? Because I personally don't see the point of doing an exercise if I don't have the answers to check if it's right, because I could just do it completely wrong and assume I am right and then continue making those mistakes 😅...

[@HA-bd3fb]

Thanks man, bless you for this!

[@waqasahmed6637]

in the previous video i had a question in my mind that from where retained earnings come from and i got the answer here

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tony seinfeld the accounting wizard thank you

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IM SO GLAD U WERE BORN!!!

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I hope it help clear my backlog 🕴️

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really thank you

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Thank you for helping me

[@aybarskarahan884]

i am here for my final which is actually tomorrow. i will come back when i get my result..

[@amiramir-bh5dk]

Thanks a lot for your great video. After converting the temporary accounts to zero and removing them from the trial balance sheet, what would be the final balance of retained earnings that will be reflected on the balance sheet?

[@Tony-Bell]

It was 87,000 (CR), but after our journal entries (CR 56817, and DR 10,000), it would be 87000+56817-10000 = 133817(CR)

[@amiramir-bh5dk]

@@Tony-Bell Thank you!

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Like Like Like...thank you professor!

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You’re a life saver!!!

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Thank u so much sir

[@lesliea5937]

Thank you.

[@missyidontgiveacrap9939]

Hey Tony! Thanks so much for teaching this!! I really appreciate these videos, and I have gained my “aha” moment 🙌 However, I’m curious on one thing…why are we using 6/30/24 as the closing entry? Why not 7/1/24? Wouldn’t the closing date mess up the numbers for the year end financial statement if you use 6/30/24 for both?

[@مهندالحجر-ن2ص]

i love you man for real thanks

[@modismaintenance9826]

By any chance Tony you could add the link to the video where you explaining Depreciation methods (both) straight-line and reducing balance .Thank you in advance!!!!

[@Tony-Bell]

kzbin.info/www/bejne/jamxdXtsp8efr6M - FA35 - FA36, 37 38 should all be helpful

[@tommasomaggiore9980]

thank you tony

[@Bapakgila]

Well, I made it to the end since I plan on watching and learning from every video you put out but I will admit, the ending was a little fuzzy. Hence, perhaps you can do another video on this closing entries such as why retained earnings, why not something else, and perhaps slow it down for us neophytes to this subject.

[@Tony-Bell]

Great suggestions! Thanks :)

[@MdSakib-hn4ft]

[@suelaw9439]

Prof Tony im wondering if you do tutorial online

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good, very helpfull

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Thanks so much

[@mbk3883]

hey ! tony what software did u use ....for this tutorials....

[@Tony-Bell]

OneNote to write on the screen and OBS to record the screen.

[@amusaazeez4410]

Good work sir Can this work dor practical accounting

[@Tony-Bell]

I think so, but you also ought to consider doing tutorials on accounting with software like quickbooks or even excel

[@MurtazaManuchehr]

thank you

[@ismailismaili0071]

the end of a year is like the end of headache just for a few months hhhhhh

[@adthomp]

if I have a disposal asset income revenue as a debit.. how can I close that out so it is on the credit side ? do i just reverse it? this is driving me crazy

[@Rudy_don]

what account should we use instead of retained earnings for closing entries for sole proprietorship and partnerships as these both dont have retained earnings account

[@Tony-Bell]

Sole proprietorships don't have "Dividends" They have "Withdrawals" and the withdrawals come out of the owner's "Capital" account.

[@asabat]

can I find this problem in the workbook? I am looking for the members video on it

[@Tony-Bell]

This one is the final part of 3-3A - it's a public video, but 3-3B is a members video. Links are here: www.accountingworkbook.com/fa-mod-3-videos.html

[@serendipitynyc1329]

Thank you!!!! 🙏

[@Arcycapricorn]

I want to ask a question? Year ended balance sheet is over the 30 june? İn my country year ended bs or is is december 31.

[@Tony-Bell]

Company's can choose any date for their "Financial Year End."

[@FanaticForFanta]

Everything is good, but my journal does not have a dividend

[@masimbawelsh8811]

So Return Earning account can also be called income summary account

[@Tony-Bell]

They are different - income summary is used as an account that goes into R/E

[@masimbawelsh8811]

@@Tony-Bell thank you sir.. Are you based in UAE?

[@Tony-Bell]

@@masimbawelsh8811 No - I'm in Canada

[@masimbawelsh8811]

@@Tony-Bell oooh man. I was actually looking forward to take these classes for academic purposes.. You're such an excellent Prof

[@modismaintenance9826]

to be honest I am getting lost. Ill be going back and start from the beginning:) everything explained well but my brain needs more time to adjust that information ! practice practice practice

[@Tony-Bell]

This one is a tricky topic for sure!

[@kaanyuce5817]

perfectto

[@Yyesb]

prepare post-closing trial balance wrong here?

[@Tony-Bell]

I don't have videos on this, but that's what you would do after closing entries....

[@aussie7137]

I don't understand the last part

[@pharaohcooks]

the irony of watching this video on June 30, 2024

[@Tony-Bell]

Haha - still June 29 in BC Canada! Thanks for watching :)

[@pharaohcooks]

@@Tony-Bell I’m in Brisbane Australia

[@Tony-Bell]

@@pharaohcooks 👍- Awesome!