Closing Entries and Post-Closing Trial Balance (Two Entry System)

[@beatailgevic3064]

Accounts explained in a very simple way. We need more videos like this, please.

[@profmoriati5528]

Hello, I can tell you how helpful these videos have been to me. Have been hanging around accounting studies for a while and I can assure this definitely gave me that foundation andglobal overview I didn't master. am really really grateful!

[@accountinghelp]

Thank you for the kind comment!

[@alex20jennings]

Bless you, this was extremely helpful 🙏🏼

[@momlikesmemore]

Very helpful tutorials, perfectly explained. Thank you.

[@marivicmacmac2973]

Thank you TLC Tutoring, your such a wonderful help.

[@duonguc4880]

thank you so much 🙏🙏🙏 you saved my accounting subject

[@trident1409]

After watching the whole Playlist of the accounting cycle my most of the doubts and queries are crystal clear, this Playlist is underrated, it deserves morr likes and views. now I am you subscribers from India. ❤️❤️❤️ love your teaching and also your voice

[@accountinghelp]

I appreciate the kind words! :)

[@86ifyfarooq]

Love your videos. Keep them coming please.

[@kimmierye3421]

These videos have helped me so much! I've started a business and not ready to invest in accounting software nor an accountant. Thank you for helping me do this on my own. My question is on what to do next. I have closed out 2023 and not sure how to proceed into 2024. What is the proper way to carry over these permanent accounts into my new year? Do I start from a blank journal? Do my current numbers get posted as journal entries to start out the new year? I would truly appreciate some more insight on this. Thank you

[@accountinghelp]

Those ending balances in your permanent accounts become your beginning balances for the next accounting period. There is no need to do a journal entry to record these, because they are already balances that are existing in the account.

[@VannyPinkLopez]

Thank you, Ma'am 😊

[@UbiteUdie]

Hello, If your expenses are higher than your revenue, would the capital account be negative? Or would it go onto the debit side? Thanks, great video!

[@accountinghelp]

If a company continually had net losses that exceeded its net contributions, then yes, you would see a debit balance in the owner's capital account. :)

[@UbiteUdie]

@@accountinghelp Thank you!

[@Garold_Taha]

For my accounting class- we used retained earnings and common stock. We do learn the two step process just like this.

[@accountinghelp]

For yours, you would replace the capital account with retained earnings and the drawing account with dividends. This is for a sole proprietorship while yours is for a corporation.

[@Snake1985N]

Very well explained! Thank you so much!

[@noahnabi]

Hello, it's was very helpful thunks for that and I wanted to ask, how to start with the next month? With 54600?

[@esthergladystamayousa2264]

You must use the end of the prior Balance!

[@amitpathak7502]

Hi thanks for wonderful videos. I have problem with accrual, unearned pre payment entries and concept pls help

[@kainaatmakhani6550]

good job

[@Lilly-mq2uk]

This helped very much!

[@hunsanile6397]

professor i have a question that Are you teaching only ? which school as i m looking for bachelor in accounting

[@adthomp]

I have a question if I have a disposal income assets of 32k which is a debit revenue how do I close that out for revenue closing entries?? when it is suppose to be a credit it is driving me crazy working it out

[@accountinghelp]

I'm not entirely sure I understand what you are saying. Are you saying that you have a debit balance in revenue? A debit balance in a revenue account means that an error was made usually... Now if there is a credit balance in a revenue account, then yes, you would debit it by the balance to close it out.

[@HighlandCatz]

this is great

[@StyleCuteJapan]

Can you please make these sheets available for download by providing link, thanks!

[@accountinghelp]

Hello, we are in the process of making blank sheets for the videos. You can find them at www.TLCTutoringCompany.com Thank you for watching!

[@fruangelabiera3193]

where is your cashflow? (TT)