Closing Entries & Post Closing Trial Balance- Examples | Accounting How To | How to Pass Accounting

🆓 Free Accounting Cheat Sheet: payhip.com/b/dwZvi 📚 Surviving Financial or Intermediate Accounting? Get the guide: payhip.com/AccountingHowTo 🌐 accountinghowto.com Closing Entries and Post Closing Trial Balance | Accounting How To explains the purpose of closing entries, why closing entries are necessary, how to prepare closing entries using two methods, how to post closing entries, how to prepare a post closing trial balance, and why closing entries are not necessary when using accounting software like QuickBooks, FreshBooks, or Xero. This is an accounting tutorial for accounting students, business owners, and bookkeepers to explain accounting basics for beginners. Featuring Terrance the T-Account Rex and accounting educator, Caroline Grimm, this accounting tutorial is part of the playlist series How to Pass Accounting Class and Accounting Basics for Business Owners. ⏰ Accounting How To Time Stamps: 00:00 The Tale of a Very Old Accountant 00:54 Who Should Watch the Video (and who shouldn’t) 01:10 World’s Coolest Accountant 01:14 What are Closing Entries and why are they needed? 01:20 Temporary and Permanent Accounts 03:13 Revisiting the Adjusted Trial Balance 03:42 What Accounts Need to Closing Entries? 04:06 Closing Entries Method 1: Income Summary 04:42 Closing Revenue Accounts 05:19 Closing Expense Accounts 06:25 Closing Net Income 07:03 Closing Dividends or Drawing 07:43 Posting Closing Entries to the General Ledger 08:17 Post Closing Trial Balance 08:33 Closing Entries Method 2: Direct to Accounts 09:33 Beginning Balance for New Month 10:08 How Accounting Software Changes Everything 🏋 Accounting Exercises: Download the spreadsheet: https://docs.google.com/spreadsheets/... 🎥 Accounting How To Playlists 🎥 Understanding Journal Entries Playlist    • Understanding Journal Entries   🎥 How to Pass Accounting Class Playlist    • How to Pass Accounting Class   🎥 Accounting Basics for Business Owners Playlist    • Accounting Basics for Business Owners | Ac...   🔥 Smoking Hot Deal! Use this link https://quickbooks.grsm.io/accounting... to access special pricing for new QuickBooks customers. Accounting How To receives a small commission if you sign up through this link. That helps keep this channel going and makes sure Terrance gets enough snacks so he doesn’t get hangry. Nobody likes a hangry T-Rex. 👹 📚 Get Caroline’s books on Amazon: Strength in Numbers: Fast and Easy Accounting Basics for Business Owners https://www.amazon.com/gp/product/B09... Solving the Cash Flow Puzzle: Practical Solutions for Common Financial Problems in Your Business https://www.amazon.com/gp/product/B09... 🔗 Associated Links YouTube:    / @accountinghowto   Website: https://accountinghowto.com/ Facebook:   / accountinghowtovideos   LinkedIn:   / caroline-d-grimm-b0760a66   Caroline’s Historical and Contemporary Fiction site: https://talesofoldnewengland.com/ and http://magicofacadia.com/. Caroline’s Amazon Author Pages: Fiction books: https://www.amazon.com/Caroline-D-Gri... Business books: https://www.amazon.com/Caroline-Grimm... #accountinghowto #accounting #accountingbasics