Measuring Business Income 7-Closing Journal Entries
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Uploader Comments (SusanCrosson)
All Comments (16)
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Can you post video on reversal journal entries?
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@evks82 the legend herself responded to you you are the chosen one
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Do you do closing entries before you make the income statement, statement of retained earnings, and the balance sheet?
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I cannot understand the 3rd step . can explain again about between retained earnings is not _________ with the Trial balance ?
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I am a career educator with a masters degree and licensed attorney. She has made learning accounting EASY compared to the actual class I am taking.
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dam the markers sound mkes me mad. the bluffing rougling shuffing a mess
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Excuse me, can you also show us how to post this in a General Journal and so on? :)
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Like it. Low tech presentation that provided an incredibly simple explaination for closing entries. I like this lady.
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check this new band in youtube DREAM KINGDOM
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You are an angel! Thank you very much.
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Excuse me can i also call the debit income summary a net income because revenue exceed expenses?
evks82 3 years ago
Yes when a corporation debit Income Summary and Credit Retained Earnings it is because the income statement shows a net income for the period. When a corporation Debit Retained Earnings and Credit Income Summary it is because the income statement shows a net loss for the period. Recall an income statement reports revenue less expense account results.
SusanCrosson 3 years ago