FA18 - Closing Journal Entries EXPLAINED
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- Опубликовано: 13 сен 2024
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Module 3 examines five types of adjustments: 1.) Depreciation/Amortization, 2.) Prepaid expenses, 3.) Accrued expenses, 4.) Accrued Revenues, and 5.) Unearned Revenues.
We learn how to prepare an adjusted trial balance, closing entries and a post-closing trial balance.
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How is your masters program going so far?
@@PunmasterSTP couldn’t start off due to covid lol
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How are things going? Did you get certified?
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Thank you very much Sir. I have more understanding how accounting cycle, adjustments, trial balance, closing entries work. I really appreciate you sharing all these videos
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Hey how did your midterm go?
So far I really understood all your video except this one I didn't get it , it was confusing when you start working on the example for resetting , but that's on me you really did great job.
Closing journal entries? More like "fresh knowledge entrées", because your financial accounting food for thought is outstanding! Thanks again, for every single video.
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Thank you Sir
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You rock Sir!!! I used the temporary account Income Summary for my closing entries as it makes things flow better for me.
Income Summary is a great way to do it :)
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Amazing explanation! Thank you 👍
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in the previous video i had a question in my mind that from where retained earnings come from and i got the answer here
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Thanks a lot for your great video. After converting the temporary accounts to zero and removing them from the trial balance sheet, what would be the final balance of retained earnings that will be reflected on the balance sheet?
It was 87,000 (CR), but after our journal entries (CR 56817, and DR 10,000), it would be 87000+56817-10000 = 133817(CR)
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Thank you so much for your videos! Also, for the workbook, I understand that you have 1 problem with a free walkthrough and others with a members only walkthrough, however do you have just the solutions posted anywhere for free? Because I personally don't see the point of doing an exercise if I don't have the answers to check if it's right, because I could just do it completely wrong and assume I am right and then continue making those mistakes 😅...
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i am here for my final which is actually tomorrow. i will come back when i get my result..
I hope it help clear my backlog 🕴️
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good, very helpfull
Hey Tony! Thanks so much for teaching this!! I really appreciate these videos, and I have gained my “aha” moment 🙌 However, I’m curious on one thing…why are we using 6/30/24 as the closing entry? Why not 7/1/24? Wouldn’t the closing date mess up the numbers for the year end financial statement if you use 6/30/24 for both?
By any chance Tony you could add the link to the video where you explaining Depreciation methods (both)
straight-line and reducing balance .Thank you in advance!!!!
ruclips.net/video/WxNDH6rblyA/видео.html - FA35 - FA36, 37 38 should all be helpful
Prof Tony im wondering if you do tutorial online
if I have a disposal asset income revenue as a debit.. how can I close that out so it is on the credit side ? do i just reverse it? this is driving me crazy
Well, I made it to the end since I plan on watching and learning from every video you put out but I will admit, the ending was a little fuzzy. Hence, perhaps you can do another video on this closing entries such as why retained earnings, why not something else, and perhaps slow it down for us neophytes to this subject.
Great suggestions! Thanks :)
Good work sir
Can this work dor practical accounting
I think so, but you also ought to consider doing tutorials on accounting with software like quickbooks or even excel
what account should we use instead of retained earnings for closing entries for sole proprietorship and partnerships as these both dont have retained earnings account
Sole proprietorships don't have "Dividends" They have "Withdrawals" and the withdrawals come out of the owner's "Capital" account.
the end of a year is like the end of headache just for a few months hhhhhh
perfectto
Thank you!!!! 🙏
Everything is good, but my journal does not have a dividend
can I find this problem in the workbook? I am looking for the members video on it
This one is the final part of 3-3A - it's a public video, but 3-3B is a members video. Links are here: www.accountingworkbook.com/fa-mod-3-videos.html
hey ! tony what software did u use ....for this tutorials....
OneNote to write on the screen and OBS to record the screen.
I don't understand the last part
So Return Earning account can also be called income summary account
They are different - income summary is used as an account that goes into R/E
@@Tony-Bell thank you sir.. Are you based in UAE?
@@masimbawelsh8811 No - I'm in Canada
@@Tony-Bell oooh man. I was actually looking forward to take these classes for academic purposes.. You're such an excellent Prof
I want to ask a question?
Year ended balance sheet is over the 30 june?
İn my country year ended bs or is is december 31.
Company's can choose any date for their "Financial Year End."
prepare post-closing trial balance wrong here?
I don't have videos on this, but that's what you would do after closing entries....
fking legend
to be honest I am getting lost. Ill be going back and start from the beginning:) everything explained well but my brain needs more time to adjust that information ! practice practice practice
This one is a tricky topic for sure!
like
the irony of watching this video on June 30, 2024
Haha - still June 29 in BC Canada! Thanks for watching :)
@@Tony-Bell I’m in Brisbane Australia
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repect
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