In this video, the closing process is explained and why it is needed. Examples are used to show the journalizing and posting of closing entries. https://youtu.be/AvQb1QgtoW4
Adjusting Entries, the Worksheet and the Financial Statements
In this video, we continue to review adjusting entries (journalizing and posting) and moving that information to the worksheet and then producing financial statements; specifically, the income statement, the statement of retained earnings and the balance sheet. There is a short discussion on how the financial statements are "linked" together.
https://youtu.be/ESdeYMoA8Vk
Accrual Accounting and Adjusting Entries
I recently uploaded a new video lecture on Accrual Accounting versus the Cash-Basis of Accounting. In addition, the video explains the five adjusting entry types and examples of each. Check it out!
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