FA18 - Closing Journal Entries EXPLAINED

[@medhavikosta3889]

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.

[@PunmasterSTP]

How is your masters program going so far?

[@medhavikosta3889]

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

[@PunmasterSTP]

@@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?

[@patricia.rueda.redondo]

I cannot thank you enough for this videos.My accounting professor is HORRIBLE at her job,and me and my classmates understood nothing until one of them shared your channel on our group chat and since then all of us are understanding everything about finacc.You are a lifesaver!!!Greetings from Germany!

[@mohammadsallam9413]

Getting harder right now, but im sure with you, I'll be fine in the exam. Im so lucky I found you

[@kevintejedac.4789]

Tony…remarkable. I can’t believe how easy I’m understanding all of this. Einstein once said “If you can’t explain it simply, you don’t understand it well enough.” You have managed to boil down all the concepts to the simplest form where no prior knowledge is required to comprehend. THANK YOU!

[@missniki25]

I don't think there's enough words to express the gratitude I have for you taking the time to post these videos. You are an absolute blessing! Love from a fellow Canadian:)

[@FreddyPeters99]

Man, you’re seriously my hero! Your videos are so good and I’m learning so much more than in my university class, it’s actually ridiculous how much better this is, Tony! Keep on rocking!

[@PunmasterSTP]

How'd the rest of your class go?

[@larahporter8123]

Professor.... I am a CPA in my country and your classes have been very refreshing (and I am glad to know is the same I learnt!). Thank you.

[@user-gu6or7iw7d]

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

[@susanlam4127]

I'm taking financial accounting this semester with zero previous knowledge of accounting and your videos are my saviour! Thanks so much, Tony Bell! :D

[@lolitalolita3472]

I click Like before even watching your videos. I wonder why university professors are making this course so hard to understand. I am so lucky to have found your videos and will be purchasing the membership to deepen my understanding. From the bottom of my heart THANK YOU!

[@Tony-Bell]

Wow, thanks! Good luck in your studies :)

[@sarahmh1000]

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

[@PunmasterSTP]

How are things going? Did you get certified?

[@mahdik8177]

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

[@ScenesEdits]

Your way of teaching, your accent, everything is perfect. Thank you sir.

[@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!

[@noahbinczewski8635]

YOU ARE THE MAN !!! I have a 1-3 chapter exam tomorrow and was not able to attend any tutoring or SI meetings because i work and commute so it is hard to find time for that but I just watched 6-7 hours worth of these videos and i feel golden ... maybe i should watch them sooner next time lol. you are great at what you do keep it up !!!

[@raquelfranco-1000]

When I tell you this man saved my life AND made me like and appreciate financial accounting, I think I still might come up short. Thank you!

[@Tony-Bell]

Thank you so much :)

[@eliebassil878]

Thank you. this week i have my first intermediate financial accounting exam, and this series is about to save my life

[@PunmasterSTP]

How did it go?

[@sofiachaconm]

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!!!

[@Kiki-fe2le]

Wow you are an excellent teacher. Thank you so much for these videos. The paid membership is a steal!!

[@Tony-Bell]

Thank you!!

[@Kiki-fe2le]

@@Tony-Bell Thank you!!

[@demarking2870]

You are amazing, taking a 8 week FA course and being able to go back and get everything explained video by video is truly a life saver, thank you for you work and diligence !

[@bigdong7815]

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

[@hlucaj]

Honestly would not know what I am doing without you! Thank you so much for these videos!

[@ulvioter3349]

I wish all lecturers in universities be like you.

[@carlacranston8965]

Great videos! I needed a refresher for a job interview and this has been so helpful. Thanks Tony!

[@PunmasterSTP]

How did your job interview go?

[@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

[@KC-74x]

Extremely grateful for your videos!! They way you simplify it all has been a game changer for me. Thank you Prof Tony Bell. You are a true blessing!🙏

[@joycemytz]

you’re a life saver!!!! i just did my midterm and i think i did well ALL THANKS TO YOU🙏🏻

[@PunmasterSTP]

Hey how did your midterm go?

[@kaysp8801]

Definitely you are doing a great work here. Definitely you deserve a pat on the back!! Thanks a lot!

[@marybethocain6647]

the series was absolutely amazing and so helpful. can't wait to ace my exam tomorrow because of you!

[@danielryan8197]

You're gonna be so much help to me this semester. I appreciate you so much! I also find it crazy watching this video from 5 years ago and you have your income statement dated in 2024 which is now!

[@carlasylla2262]

Why cant my textbook teach this like you lol!! This saved me so much time falling asleep reading and not grasping what is being taught. You are amazing!

[@mckenzietarkalson630]

Thank you so much for your amazing videos! I passed my accounting exam this weekend on the first go thanks to you!! I will be signing back up for the membership again when I take my managerial accounting class next term!

[@PunmasterSTP]

How did your managerial accounting class go?

[@phibertgoh2685]

really grateful of your efforts and your time in creating such academic videos.

[@PunmasterSTP]

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

[@jennyj.1759]

Prof Tony Bell, you are a super great prof. You have made the accounting so easy to understand! 👍👍👍 All the best wishes to you！🙏🙏🙏❤😄

[@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

[@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 :)

[@learnwithme2525]

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.

[@orchidlove356]

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

[@east04k28]

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

[@Liam-lq4jv]

These videos have really helped me on my accounting course, being able to select an easy-to-digest video on the specific parts I need to read up on instead of pouring over lecture recordings and materials has been a lifesaver. Cheers Tony

[@evansmangole2292]

loving accounting so far..thanks Tony

[@Tony-Bell]

Thanks!! Accounting is a great subject :)

[@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 :)

[@molnarjanos5915]

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.❤

[@awesomestrawberry1348]

Thank you so much sir your videos are quite quality 💛

[@maysonboard]

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

[@vishnuep6582]

you are an amazing amazing teacher .

[@thomaskempen6992]

Tony your videos are extremely helpful, thank you!

[@solnest555]

You helped me to do accounting cycle! Thank you!

[@erabektashi1894]

IM SO GLAD U WERE BORN!!!

[@Bella-rb9fh]

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

[@kazbekasanov9725]

Thank you very much for such a good material , I also appreciate u do what u do

[@Amr-Selim]

Thank you to the moon my dear professor

[@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!

[@imanhaidar9272]

Amazing explanation! Thank you 👍

[@suhailthajudeen6344]

Thank you Sir

[@zachj8991]

you deserve a huge pat on the back buddy! thank you!

[@FPSTeaBag]

God bless your soul

[@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 😅...

[@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

[@aybarskarahan884]

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

[@worldspecialmilitaryforces9325]

Thank you teacher

[@htethtetlinntun]

Thank you God bless you 🙏

[@404TRUCKERTV]

Thank you sir. This was so much fun!

[@aydumatic]

tony seinfeld the accounting wizard thank you

[@HA-bd3fb]

Thanks man, bless you for this!

[@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?

[@minechannel3716]

I hope it help clear my backlog 🕴️

[@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

[@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

[@jammerules80]

job well done, Tony.

[@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.

[@suelaw9439]

Prof Tony im wondering if you do tutorial online

[@SharanSalwahan-em7cs]

Thank u so much sir

[@YasserAbdelrahman95]

really thank you

[@arifiqbalkhan4706]

Like Like Like...thank you professor!

[@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 :)

[@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

[@Nunni0]

You’re a life saver!!!

[@مهندالحجر-ن2ص]

i love you man for real thanks

[@LilOZZIElifts]

Thank you for helping me

[@MdSakib-hn4ft]

[@tommasomaggiore9980]

thank you tony

[@bananachachen8068]

THIS MANS A GENIUS AAAA he has the power of explaining concepts very well 🫰🏼🥹

[@lesliea5937]

Thank you.

[@mohdwaseem4930]

good, very helpfull

[@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.

[@abdiqaniahmed1571]

Thanks so much

[@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

[@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

[@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."

[@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!

[@serendipitynyc1329]

Thank you!!!! 🙏

[@FanaticForFanta]

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

[@ismailismaili0071]

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

[@aussie7137]

I don't understand the last part

[@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....

[@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!

[@IlyasAhmed-y8p]

omg, i am every thing in youtube, i only need certificate