Financial Accounting Three: Entering Closing Journal Entries

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This course is designed for those interested to learn the basics of closing journal entries process in an accounting cycle, which among the three methods works for you and be able to understand the whole cycle from entering data to closing the journal.

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About This CourseBeginner

In this course, we will define what is the closing process , what is its purpose and why we need to do it. We will learn what are the better ways to understand the reason for the closing process the better we’ll understand what type of system we are in to close out the books.

We will also learn about the three methods of closing process which is the one step method that is the easier one among the three, the two step method which adds complexity and finally the four step method that is often used with textbooks that breaks down the closing process into small chunks which means easier to understand.

By the end of the course, we will tackle the post closing balance, financial statement and comprehensive problem that will help you understand more about the whole cycle in context. From entering data in journal entries, posting, making the adjusting journal entries, then financial statements and finally the closing process.

The practice problems will be accompanied by an instructional video to work through the problem in a step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.

Our Promise to You

By the end of this course, you will have learned about the accounting closing processes in journal entries.

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Get started today and learn more about the closing journal entries in accounting.

Course Curriculum

Course Sections

Course Overview

Downloadable Materials

Review Accounting Cycle And Building Blocks

Accounting Cycle Steps In The Accounting Process

Accounting Building Blocks

Closing Process Overview

Closing Process Explained

Post Closing Trial Balance

Discussion Question

Closing Process – One Step

One Step Closing Process

Worksheet – Single Step Closing Process

Discussion Question

Closing Process – Two Steps

Two Step Closing Process

Worksheet – 20 Two Step Closing Process

Multiple Choice Questions Closing Process

Discussion Question

Closing Process – Four Steps

Closing Process Step 1 Of 4 – Journal Entry 1 Of 4

Closing Step 2 Of 4 – Journal Entry 2 Of 4

Closing Entries Journal Entry 3 of 4 Step 3 Income Summary

Closing Process Step 4 Of 4 Closing Journal Entry Draws Or Withdraws

Four Step Closing Process

Multiple Choice Closing Process

Test Questions Closing entries – Part 1

Discussion Question

Post-Closing Trial Balance

Post Closing Trial Balance And Financial Statements

Multiple Choice Questions Closing Process

Test Question Practice Problems Closing Entries – Part 2

Discussion Question

Comprehensive Problem

Accounting Financial – Comp Prob Service Co 1 – Part 1

Accounting Financial – Comp Prob Service Co 1 – Part 2

Accounting Financial – Comp Prob Service Co 1 – Part 3

Accounting Financial – Comp Prob Service Co 1 – Part 4

Accounting Financial – Comp Prob Service Co 1 Adjusting Entries – Part 5

Comp Prob Service Co 1 Adjusting Entries – Part 6

Accounting Financial – Comp Prob Service Co 1 Financial Statements – Part 7

Accounting Financial – Comp Prob Service Co 1 Financial Statements – Part 8

Accounting Financial – Comp Prob Service Co 1 Closing Process – Part 9

Comp Prob Service Co 1 Closing Process – Part 10

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