Accounting Cycle Pt 2: Adjusting and Closing Entries

The last part of the accounting cycle takes place at the end of a financial period (adjusting entries) and at the end of the year (closing entries). This part of the accounting cycle is an essential part of the reporting process. It captures previously recorded transactions that need to be adjusted as well as any items that have been earned (revenue) or owed (expenses) that have not been recorded.

In this video, Professor Nance takes you step-by-step through the last four (4) steps in the accounting cycle, which consists of:

(5) Prepare Adjusting Entries
(6) Adjusted Trial Balance
(7) Prepare Financial Statements
(8) Close the Books

EXCEL LINK: http://tiny.cc/PNAJE

OTHER HELPFUL VIDEOS:
Accounting Cycle Pt 1:    • Accounting Cycle Pt 1: Recording and Summa...  
Accruals & Deferrals (types of Adjusting Entries):    • Accounting in 10 Minutes or Less - Deferra...  
Contra Assets (accounts that decrease other accounts):    • Accounting in 10 Minutes of Less - Contra ...  
Financial Statements:    • Understanding a Company's Financial Statem...  
Closing Entries:    • Accounting in 10 Minutes or Less - Closing...  

______________________________________
LET'S KEEP IN TOUCH:

📧 Email - [email protected]
🌐 Website - http://www.ProfessorNance.com
😊 Facebook -   / nanceaccountingacademy  
💕 Instagram -   / professor_nance  
✨ Twitter -   / professor_nance  

Sign up for Professor Nance's newsletter - http://tiny.cc/ProfNance
Latest video by Professor Nance - http://tiny.cc/PNnew

Check out our sponsor - JNPS Headshots - http://www.houstonheadshotphotographe...