💥Closing Entries Cheat Sheet → https://accountingstuff.com/shop

In this video you'll learn what Closing Entries mean and I'll show you how they work using an example. We'll cover the differences between Temporary and Permanent Accounts, and a trick to remember which accounts fall into each category. You'll also see how to post Closing Entries in two different ways: the Long Way and the Short Way.

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⏱️TIMESTAMPS
00:00 - Intro
00:20 - The Accounting Cycle
00:41 - Closing Entries Definition
01:09 - How to Remember Permanent and Temporary Accounts (RED ALE)
02:13 - Permanent Account Definition
02:27 - Temporary Account Definition
02:54 - Opening Trial Balance
03:16 - Example
04:05 - Adjusted Trial Balance
04:49 - Creating Financial Statements
05:46 - How to Post Closing Entries
05:55 - Long Way: Step 1
07:34 - Long Way: Step 2
09:08 - Long Way: Step 3
10:09 - Long Way: Step 4
11:15 - Post Closing Trial Balance
11:39 - Short Way
12:34 - Recap: How to Post Closing Entries
03:37 - Outro

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