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Financial Accounting Three: Entering Closing Journal Entries

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. Read more.

5.0( 1 REVIEWS )
72 STUDENTS
6h 59m
Course Skill Level
Beginner
Time Estimate
6h 59m

Robert (Bob) Steele CPA, CGMA, M.S. Tax, CPI

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About This Course

Who this course is for:

  • Aspiring accounting students who have an interest in the topic
  • Accounting professionals
  • Anyone who wants to learn accounting
  • Accounting and business students who want a reference source to the material they can actually keep, unlike most digital textbooks used in most accounting programs these days
  • Business professional who want a comprehensive reference to standard financial accounting topics they can refer to

What you’ll learn: 

  • What is the closing process, what is its purpose and why we need to do it
  • The three methods of closing process
  • The post closing balance

Requirements: 

  • This course is an excellent course for beginners as well as advanced learners. We start from the basics and move all the way through financial accounting topics in a systematic way. We will be using some Microsoft Excel worksheet, but we will start off slow as we learn Excel as well. If you do not have Excel, you may be able to open the files using Google Sheets, which is free. If you do not have either of these options, you can move forward without this component of the course. However, Excel worksheets are where learners get to really engage with the material and work through problems. Therefore, we do suggest getting access to Excel or Google Sheets if possible.

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.

10 Day Money Back Guarantee. If you are unsatisfied for any reason, simply contact us and we’ll give you a full refund. No questions asked.

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

Course Curriculum

Section 1 - Introduction
Course Overview 00:00:00
Downloadable Materials 00:00:00
Section 2 - Review Accounting Cycle and Building Blocks0 / 3
Review Accounting Cycle And Building Blocks 00:00:00
Accounting Cycle Steps In The Accounting Process 00:00:00
Accounting Building Blocks 00:00:00
Section 3 - Closing Process Overview0 / 8
Closing Process Overview 00:00:00
Closing Process Explained 00:00:00
Post Closing Trial Balance 00:00:00
Discussion Question 00:00:00
Section 4 - Closing Process – One Step0 / 8
Closing Process – One Step 00:00:00
One Step Closing Process 00:00:00
Worksheet – Single Step Closing Process 00:00:00
Discussion Question 00:00:00
Section 5 - Closing Process – Two Steps0 / 9
Closing Process – Two Steps 00:00:00
Two Step Closing Process 00:00:00
Worksheet – 20 Two Step Closing Process 00:00:00
Multiple Choice Questions Closing Process 00:00:00
Discussion Question 00:00:00
Section 6 - Closing Process – Four Steps0 / 16
Closing Process – Four Steps 00:00:00
Closing Process Step 1 Of 4 – Journal Entry 1 Of 4 00:00:00
Closing Step 2 Of 4 – Journal Entry 2 Of 4 00:00:00
Closing Entries Journal Entry 3 of 4 Step 3 Income Summary 00:00:00
Closing Process Step 4 Of 4 Closing Journal Entry Draws Or Withdraws 00:00:00
Four Step Closing Process 00:00:00
Multiple Choice Closing Process 00:00:00
Test Questions Closing entries – Part 1 00:00:00
Discussion Question 00:00:00
Section 7 - Post-Closing Trial Balance0 / 7
Post-Closing Trial Balance 00:00:00
Post Closing Trial Balance And Financial Statements 00:00:00
Multiple Choice Questions Closing Process 00:00:00
Test Question Practice Problems Closing Entries – Part 2 00:00:00
Discussion Question 00:00:00
Section 8 - Comprehensive Problem0 / 12
Comprehensive Problem 00:00:00
Accounting Financial – Comp Prob Service Co 1 – Part 1 00:00:00
Accounting Financial – Comp Prob Service Co 1 – Part 2 00:00:00
Accounting Financial – Comp Prob Service Co 1 – Part 3 00:00:00
Accounting Financial – Comp Prob Service Co 1 – Part 4 00:00:00
Accounting Financial – Comp Prob Service Co 1 Adjusting Entries – Part 5 00:00:00
Comp Prob Service Co 1 Adjusting Entries – Part 6 00:00:00
Accounting Financial – Comp Prob Service Co 1 Financial Statements – Part 7 00:00:00
Accounting Financial – Comp Prob Service Co 1 Financial Statements – Part 8 00:00:00
Accounting Financial – Comp Prob Service Co 1 Closing Process – Part 9 00:00:00
Comp Prob Service Co 1 Closing Process – Part 10 00:00:00

About This Course

Who this course is for:

  • Aspiring accounting students who have an interest in the topic
  • Accounting professionals
  • Anyone who wants to learn accounting
  • Accounting and business students who want a reference source to the material they can actually keep, unlike most digital textbooks used in most accounting programs these days
  • Business professional who want a comprehensive reference to standard financial accounting topics they can refer to

What you’ll learn: 

  • What is the closing process, what is its purpose and why we need to do it
  • The three methods of closing process
  • The post closing balance

Requirements: 

  • This course is an excellent course for beginners as well as advanced learners. We start from the basics and move all the way through financial accounting topics in a systematic way. We will be using some Microsoft Excel worksheet, but we will start off slow as we learn Excel as well. If you do not have Excel, you may be able to open the files using Google Sheets, which is free. If you do not have either of these options, you can move forward without this component of the course. However, Excel worksheets are where learners get to really engage with the material and work through problems. Therefore, we do suggest getting access to Excel or Google Sheets if possible.

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.

10 Day Money Back Guarantee. If you are unsatisfied for any reason, simply contact us and we’ll give you a full refund. No questions asked.

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

Course Curriculum

Section 1 - Introduction
Course Overview 00:00:00
Downloadable Materials 00:00:00
Section 2 - Review Accounting Cycle and Building Blocks0 / 3
Review Accounting Cycle And Building Blocks 00:00:00
Accounting Cycle Steps In The Accounting Process 00:00:00
Accounting Building Blocks 00:00:00
Section 3 - Closing Process Overview0 / 8
Closing Process Overview 00:00:00
Closing Process Explained 00:00:00
Post Closing Trial Balance 00:00:00
Discussion Question 00:00:00
Section 4 - Closing Process – One Step0 / 8
Closing Process – One Step 00:00:00
One Step Closing Process 00:00:00
Worksheet – Single Step Closing Process 00:00:00
Discussion Question 00:00:00
Section 5 - Closing Process – Two Steps0 / 9
Closing Process – Two Steps 00:00:00
Two Step Closing Process 00:00:00
Worksheet – 20 Two Step Closing Process 00:00:00
Multiple Choice Questions Closing Process 00:00:00
Discussion Question 00:00:00
Section 6 - Closing Process – Four Steps0 / 16
Closing Process – Four Steps 00:00:00
Closing Process Step 1 Of 4 – Journal Entry 1 Of 4 00:00:00
Closing Step 2 Of 4 – Journal Entry 2 Of 4 00:00:00
Closing Entries Journal Entry 3 of 4 Step 3 Income Summary 00:00:00
Closing Process Step 4 Of 4 Closing Journal Entry Draws Or Withdraws 00:00:00
Four Step Closing Process 00:00:00
Multiple Choice Closing Process 00:00:00
Test Questions Closing entries – Part 1 00:00:00
Discussion Question 00:00:00
Section 7 - Post-Closing Trial Balance0 / 7
Post-Closing Trial Balance 00:00:00
Post Closing Trial Balance And Financial Statements 00:00:00
Multiple Choice Questions Closing Process 00:00:00
Test Question Practice Problems Closing Entries – Part 2 00:00:00
Discussion Question 00:00:00
Section 8 - Comprehensive Problem0 / 12
Comprehensive Problem 00:00:00
Accounting Financial – Comp Prob Service Co 1 – Part 1 00:00:00
Accounting Financial – Comp Prob Service Co 1 – Part 2 00:00:00
Accounting Financial – Comp Prob Service Co 1 – Part 3 00:00:00
Accounting Financial – Comp Prob Service Co 1 – Part 4 00:00:00
Accounting Financial – Comp Prob Service Co 1 Adjusting Entries – Part 5 00:00:00
Comp Prob Service Co 1 Adjusting Entries – Part 6 00:00:00
Accounting Financial – Comp Prob Service Co 1 Financial Statements – Part 7 00:00:00
Accounting Financial – Comp Prob Service Co 1 Financial Statements – Part 8 00:00:00
Accounting Financial – Comp Prob Service Co 1 Closing Process – Part 9 00:00:00
Comp Prob Service Co 1 Closing Process – Part 10 00:00:00

Course Review

5.0

5.0
1 Ratings
  1. Anonymous
    Dorothy Valentine October 29, 2020 at 03:24 AM

    Financial Accounting Three: Entering Closing Journal Entries

    5.0

    This was an excellent course as the instructor took you through all the possible ways to do the closing. He is a great instructor as his repetition helps to imbed the learning into your mind which helps you remember the process.

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