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3 Tutorials that teach Closing Entries
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Closing Entries

Closing Entries

Author: Virginia Coco
Description:
In this lesson, the student will learn about closing entries and how they are used.
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Tutorial

Notes on "Closing Entries"

Terms to Know

Temporary Accounts

Accounts whose balances are closed at the end of an accounting period and reopened at the beginning of the next period.

Revenue

Earnings from interest or from the sale of goods or services.

Expenses

Costs associated with operating or maintaining a company.

Closing Entry

An entry made at the end of an accounting period that is used to close out a temporary account.

Drawing Account

An account that keeps a record of money taken out of the business by its owner or owners.

Source: All images created by Virginia Coco