Closing Entries (Two Approaches)

[@MICHAEL24AZ]

Tell me why I go to a university and sit through lecture after lecture and get absolutely nothing out of it. Then I look on KZbin, watch a few videos, do a few examples and BAM!!!! I'm a fucking genius? Thank you so much sir. Wish you were my college professor for accounting.

[@noname89636]

+Mike E ... This is exactly how I feel. Accounting textbooks take you through so much drama. This is bite sized and to the point. I feel like all his videos taught me more about accounting than the $200 paperweights we have to buy.

[@dragnfly138]

Mike E that would be all of us my friend

[@ayonsaha7963]

@Mike E, I guess we are all visual learners :)

[@rat3390]

I get an a-hole teacher his semester, she rushes over everything and seems we already know everything. I paid tuition fee actually have to learn from KZbin

[@nita3996]

THIS!!!!!

[@underthesky12345]

It's 2021, and I am lucky to find this videos after 8 years later! Thank you so much!

[@adarrashid]

Now 2022 ❤️

[@zsherif]

@@adarrashid Now 2023 From Egypt ❤

[@americaneagle2073]

now 2024

[@gzielalotibi7500]

After 9 years I am watching this video before a week from my final exam , just wanna thank u it was a complex lesson to me but you just explained in a simplest way

[@Lolasurf924]

This professor is exemplary. He points out exactly what is needed to remember and know. I wish all my professors would follow his example. Excellent!!!

[@noname89636]

+Lola Surf ... Straight and to the point; no filler.

[@tuanhoangnguyen4784]

cant agree more!!!....i wish my lecturer follow his step

[@GioOTP]

10 years later and these videos are saving me as I study for a midterm. Thanks for your contribution and the free education!

[@SWATPony666]

This guy is a life saver!!! Couldn't learn if from a book but after seeing this it just got so sooooo much easier thanks you!!!

[@noname89636]

This video just explained the meaning to life. Thank you so, so much.

[@Ramaidrissi]

thank you so much. Im relieved now, that "closing" was an obstacle for me. Now, everything is clear thank you

[@begenuine4679]

First best teacher of accounting I have ever come across. Thanks for helping us.

[@sharavv676]

Larry .. God of accounting

[@Teewaree13]

You are an excellent instructor! Just had my first Financial Accounting test, and this was the last problem set, and I tanked it! Luckily I know what I did wrong with your help;It's pretty basic.

[@muhammedasifkhurshid1156]

Great professor... excellent explanation. After many years finds this videos...clear concepts. Thanks and regard.

[@isabelleonorschonemberg3711]

Larry, u r the best! Such a clear and simple explanation without all the mombo jumbo.Thank u!!!!

[@olivabibian]

You are an amazing instructor!!! God bless you and thank you for relieving my anxiety on a lot of accounting stuff that you have made so clear and easy to understand. 🙏😊

[@lucatintor4896]

You are natural teacher mister, I watched hundreds of videos in KZbin but nobody is even close of you ability to explain clearly the topics. you should teach those people that post accounting videos how to expose topics. GRAZIE MILLE MISTER.

[@kindalindaable]

All of your Accounting videos...are amazing! Thank you so much mister!

[@Lmustashio]

This video was very helpful. I have my accounting exam today and this was a great way to review closing entries. Thank you so much for this video!

[@janasad90]

God bless you! i was trying to explain to someone and he was unable to understand, finally I sent this link, and he got it now.

[@surgingtides]

Thank you for the tutorial. So what I gained from this video: - Revenue, Expense and Dividend accounts are TEMPORARY accounts and we need to close them. To close them we either debit (if it's credit account like Revenue) or credit (if it's debit account like Expenses and Dividends) to net those account into 0. However, since the debit/credit action occurs, we need to credit/debit these amounts in somewhere else - The first way is to debit/credit thoss amount straight into the Retained account (note that this is a PERMANENT account => don't need closing). The final balance will be put into the balance sheet as Retained earning - The 2nd way is to debit/credit the amounts from Revenue and Expense accounts to an account called Income Summary. We then also close the Income Summary account together with the Dividend account and credit/debit the amount to Retained earning account.

[@jhanasandigan2912]

Please don't stop making videos😭 With your videos, you are able to help a student to fulfill the dream of becoming a CPA😍😭

[@stevegovea1]

We all got to hunt him and convince him to continue...he helped me tremendously.

[@kellychung637]

THANK YOU SO MUCH! YOU HAVE NO IDEA HOW MUCH I NEEDED THIS! TY!

[@n.d.3899]

Out of all the tutorials, yours is the best one. Thank you so much for doing this.

[@sonic2706]

you sure are awesome teacher, Just want to say Thank you for your dedication.

[@breakingvideos8564]

Appreciate your teaching skills . Love from Pakistan .

[@dac1967]

I swear this video cured my acne. Method number 2 is what works best for me currently for my course. Thank you so much!

[@oneatatimemrchow]

this is the best explanation , very clear and easy to understand.Thanks a lot

[@2000bb7]

Literally the most helpful channel I have ever seen on youtube... Thank you for helping me survive my accounting class!! :D

[@niranjanlama4600]

You are the best professor! Thank you so much sir!!

[@marianwheeler3816]

This part is confirming for me. Need more samples please! Watched most of hour videos and lived it😘

[@natashaeisele5994]

Ive spent 6 hrs figuring it out and this makes me happy, I understand this.

[@stevegovea1]

2022, Accounting Tutor saving us, lol. My understanding of this just grew more. Thank you and I hope all is well with you.

[@ay7836]

the simplest explaination than my lect . u make it look so ez. thumbs up.

[@brittanynoreen50]

Thank you so much I watched about 3 other videos on this and this is the only one that made any sense to me. Thank you so much!

[@yolandacamargoaponte2658]

You are my favourite accounting teacher... I don't know why teachers at the university don't explain and share their knowledge... and I paid a lot 🤔

[@shingj4007]

The hazy cloud has been lifted by this video, thanks Mr. Accounting Tutor.

[@haroldb]

thank you so much king

[@yia22sacramento]

That was Awesome. guess I'm weird but I love this stuff. ready start my staff accountant job next week.

[@avetiqkhachatryan3513]

The way you explain is amazing. Thank you so much.

[@hunterhardie3355]

Thank you so much. My teacher is way too scatterbrained to be teaching anything that has numbers or steps involved. He makes it so confusing but you just cleared everything up in no time! Hopefully I do well on this exam tomorrow, it'll be thanks to you lol

[@yordashimangus7213]

thank so much

[@mounzerhalabi4956]

you are definitely an amazing teacher, Thank you so, so much.

[@Mikeoxlong902]

This is very helpfull now I have a grasp on what accountants do and how to do it

[@geeljirehirsi42]

Thank you

[@Missfoxxiiivine]

that was amazing!! I am doing an online course and i am a visual learner! thank you so much for doing these videos. Thanks to everyone on youtube doing these videos!

[@asadullahfringi4190]

Closing explained the easiest and best way, thank you very much

[@arpavartanian459]

only after your explanations i understand whats going on, thanks for videos... i wish my professors were explaining like you

[@dr.philsmustache5768]

KZbin has taught me more than all my professors.

[@boomafrica4266]

God bless you .you are the best

[@jiachengliu2877]

Very instructive! The textbook I have only briefly mentioned how and why the process works that way. Thanks a lot!

[@hernameisbrenda]

Thank you so much! The way you present the material is so clear and understandable.

[@desmondlough2397]

Amazing instructor. Will be looking at all of your videos to guide me throughout my Accounting Education. Thank you.

[@jezabelcanales1484]

Thank you so much 😊 God bless you.

[@huangsharon4638]

Thank you Larry. You are BEST!

[@enriquebn4853]

I love it. You make it very simple. Thank you!

[@lenas1281]

THIS IS S OOOOOO GOOD THANK YOU FOR SAVING MY SEMESTER, SIR

[@ctfun9758]

thanks :)

[@eviehammonds6198]

You just helped me pass the first 5 or 6 chapters of POA! Thanks!

[@Lisicin05]

Hands down, best explanation.

[@music_ph7783]

Salamat Sir. Salute po sa inyo.

[@tristenpayne]

Thank you so much! Very much appreciated!

[@anatulymaimany]

The first one is less complex .Thank you Professor .

[@King_Rizzy]

wait did i miss something? at 7:30 why are we debiting Retained Earnings of 9,000 in the journal when just a minute ago we credited that total balance in the t account of Retained earnings?

[@JJ-rt2gv]

Nice, can you please do a video with balance sheet?

[@maira1925]

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[@janetanaka4634]

Larry, you mention a book in your videos. Do you teach a class I can take online? I love the way you explain things.

[@linagebara8905]

Great and clear explanation .

[@sharavv676]

Accounting itself bows to you Mr Larry, professor of financial accounting 😃

[@karacnewland93]

BAM 💥. Better than my teacher 😐 lol

[@michaelgalicia5312]

THANK YOU SO MUCH, ACCOUNTING GOD!!!

[@samihsalka9006]

Excellent explanation! simplicity at its finest!!

[@mimizinab2990]

Mashallah its good teacher

[@axia2136]

need to know bank reconciliation in simple form. thanks for this easy steps

[@ming8238]

Thank you so much

[@mescudiwes8862]

lmao learning more here than at the university.

[@LaLaInNOVA]

This was so helpful. Thank you so much!

[@teixeirao]

very good video. just a recommendation, zoom out after finishing your work so everything looks visible as just one piece at the end. thanks for the video!

[@lisaandriichuk1291]

Thank you so much sir. A very useful and well-explained lecture!

[@xiaolanzhao4252]

Excellent tutorial!! Thanks for sharing

[@adarrashid]

Love ❤️😘 it 💛

[@nellybou8229]

Very clear explanation thanks you .

[@enriquebn4853]

Clear as day thank you soo much.

[@detroit89k97]

You deserve the like and the subscriped Great explanation Thanks brother

[@stellaliu2689]

this video is great... I can't see why I paid the expensive tuition and learn nothing in lectures

[@meganberard9059]

a legend. thank you for helping me pass my exam ily

[@Liquid_market]

Great explanation

[@LamTieuMy]

its so easy to understand !! thank you so much

[@simitube2k]

To the point. That is probably a few weeks of school with my old teacher, ha, ha, ha... Thank you

[@jasonangelo6470]

Thank You Sir! You're so much better than my college professor..

[@ayvieaglubacolumbano2504]

Amazing , thank you master 😊

[@xD7oOoM501]

thanks for the helpful and needed information

[@jayavallarasum4369]

Sir iam from India my mother language is tamil. Iam not good at English. Could you please talk slowly and clearly sir. Don't mistake me sir and I have a one request sir that is could you pls teach us how to Adjust costs of goods sold.

[@dannyhu4078]

God, that you?. You're amazing man

[@dragnfly138]

You are amazing. Thanks so much.

[@ewashku]

Would these closing entries effectively zero out the P&L for the given period? How do you go back to a closed period and see any activity on the P&L if you close it all out to income summary/retained earnings at the end of every period?

[@theaccountingtutor1]

The database for the accounting system maintains the earlier records for querying.

[@connorsinclair7727]

You make accounting fun. THANK YOUUU

[@ondrobaco]

thank you, that was a meaningful and straight forward.

[@fongggg0207]

Good explanation ✨👍🏻👍🏻

[@AccountingandFinance]

it is great explanation

[@danebraudway5763]

this guy>my actual teacher i payed a lot of money to teach me this

[@sharavv676]

where are you sir... please give lectures to all of the university in the world

[@andrewhersabyl6759]

BU INDRIII, THIS IS MY HOLY GRAILLL

[@uniasefi7934]

you are legend Larry