Accounting Essentials: Closing Entries

Master the essentials of financial accounting by learning how closing entries works. To calculate a business’ net profit for the year, you need to account for the money earned and the relevant expenses for that accounting period. To do this, you need to know how to close entries. In this short course, you will learn how to:

 

  • Properly close ledger accounts at the end of an accounting period
  • Prepare for a new accounting period
  • Transfer closing entries into the general journal
  • Determine gross profit
  • Work with balance sheets
  • Effectively maintain your accounting system