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]

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[@gideontare6895]

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

[@suhaimapanda185]

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!!

[@jessicacancel1613]

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

[@mamag58]

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

[@sidangadi5303]

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

[@nobinpradhan9235]

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

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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

[@marykth]

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[@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

[@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.

[@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.

[@hannafekcho1]

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

[@denniswusu4395]

You are the best tutor

[@swethacima4266]

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

[@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 🙏

[@TicloBelge]

Thank you..even better than my teacher.

[@emmatsang7604]

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

[@antoniofernandes2276]

mad respect for this woman!

[@ednadoucette4650]

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

[@ayaahmedaldealai]

Amazing presentation. Thank you so much 👍👍👍

[@juanrosa1964]

This video was extremelyyy helpful! This was greatly appreciated.

[@nikiaclay8324]

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

[@dh1713]

Big Thanks To You teacher !

[@mariatlopezleguizamo6483]

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

[@johnmutiso8357]

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

[@susanfernando2384]

Thank you Mam that's wonderfully illustrated.

[@LupitaSKelly]

That was really helpful! Thank you!

[@absoluteunit4028]

Thank you very much, great and simple tutorial

[@AbdiDahir-m8w]

Thanks teacher for helping

[@asadhossain1325]

Outstanding tutorial. Thank you professor ♥️

[@jessicahicks735]

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

[@hichsonmcthebe4844]

Very clear and useful. Thank you.

[@jhenyvivagaser3397]

I love you! Thanks for this!! ❤

[@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.

[@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

[@hosanna7788]

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

[@dilhaitumhara691]

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

[@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

[@sogoletemadi2255]

Excellent . Thank you so much. Well done .

[@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. :)

[@GPLCo.]

What kind of App or Website are you using ?

[@accountinghelp]

This is just an excel spreadsheet that I cleaned up.

[@gee8861]

Thank you so much for this ❤️❤️❤️

[@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.

[@zamandlovu4188]

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

[@accountinghelp]

Happy Studying, Zama!

[@rosecaraa497]

Thank you so much ! 😭

[@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.

[@brandonaboua2489]

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

[@accountinghelp]

It is closest to sales.

[@brandonaboua2489]

@@accountinghelp thx u!

[@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?

[@hazarywilliams7469]

Thanks for the explanation.

[@theburnerrrrr3422]

WOW! Thank you!!

[@gichlyphanith8175]

Thank you😊😃

[@hindaabdalla5338]

Thank u so much dear❤

[@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.

[@Rem-fg2yd]

Informative!

[@mhadzylicious5231]

thank you.., this helps me a lot

[@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.

[@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.

[@hilmibaris9950]

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

[@SohailKhan-qd3sp]

Capital will decreased if you are withdrawing from capital

[@shaenorelation7175]

thank you

[@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. :)

[@mclynmontemayor6271]

Thank you!

[@jelly-mf6xp]

is accounts payable a permanent account?

[@accountinghelp]

Yes :)

[@krish7273]

Thank you so much!

[@chikaaudreyna3916]

Thankyou🙏🙏🙏❤️

[@sannyuntoo]

Thank You.

[@mtmtesk7947]

nice tutorial. helps al ot

[@SarafinaPBlay]

Thanks

[@shawonkhan8836]

Thank you so much

[@nhatanhvu8077]

damn it this is so goodd

[@tajwarmoosaji5742]

Amazing

[@md.najmulhossain6365]

Thanks sister

[@shivanabeharry6445]

very helpful

[@mashalidrees8579]

Thank you thank you thank you

[@getit2333]

💚💚

[@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

[@rihalahmed8042]

thank you a lot

[@lawrencealbertborigas1420]

Pa shout out kay ronnielyn Villanueva hahha

[@ronronlatex2534]

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[@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 :)

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[@Idrizly]

Thank you

[@mdfardin4818]

very helpful

[@koataliclifford7678]

Thanks