Financial Accounting Three: Entering Closing Journal Entries

This course includes lifetime access so you can complete it at your own speed.

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.

Benefits of taking this course include:

• Unlimited and lifetime access to the course
• Learn the course at your own pace
• Course can be accessed on any platform
• 24/7 Customer support

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.

The Financial Accounting Three: Entering Closing Journal Entries will cover the following topics:

Section 1 - Introduction

• Course Overview

Section 2 - Review Accounting Cycle and Building Blocks

• Review Accounting Cycle And Building Blocks
• Accounting Cycle Steps In The Accounting Process
• Accounting Building Blocks

Section 3 - Closing Process Overview

• Closing Process Overview
• Closing Process Explained
• Post Closing Trial Balance
• Discussion Question

Section 4 - Closing Process – One Step

• Closing Process – One Step
• One Step Closing Process
• Worksheet – Single Step Closing Process
• Discussion Question

Section 5 - Closing Process – Two Steps

• Closing Process – Two Steps
• Two Step Closing Process
• Worksheet – 20 Two Step Closing Process
• Multiple Choice Questions Closing Process
• Discussion Question

Section 6 - Closing Process – Four Steps

• Closing Process – Four Steps
• Closing Process Step 1 Of 4 – Journal Entry 1 Of 4
• Closing Step 2 Of 4 – Journal Entry 2 Of 4
• Closing Entries Journal Entry 3 of 4 Step 3 Income Summary
• Closing Process Step 4 Of 4 Closing Journal Entry Draws Or Withdraws
• Four Step Closing Process
• Multiple Choice Closing Process
• Test Questions Closing entries – Part 1
• Discussion Question

Section 7 - Post-Closing Trial Balance

• Post-Closing Trial Balance
• Post Closing Trial Balance And Financial Statements
• Multiple Choice Questions Closing Process
• Test Question Practice Problems Closing Entries – Part 2
• Discussion Question

Section 8 - Comprehensive Problem

• Comprehensive Problem
• Accounting Financial – Comp Prob Service Co 1 – Part 1
• Accounting Financial – Comp Prob Service Co 1 – Part 2
• Accounting Financial – Comp Prob Service Co 1 – Part 3
• Accounting Financial – Comp Prob Service Co 1 – Part 4
• Accounting Financial – Comp Prob Service Co 1 Adjusting Entries – Part 5
• Comp Prob Service Co 1 Adjusting Entries – Part 6
• Accounting Financial – Comp Prob Service Co 1 Financial Statements – Part 7
• Accounting Financial – Comp Prob Service Co 1 Financial Statements – Part 8
• Accounting Financial – Comp Prob Service Co 1 Closing Process – Part 9
• Comp Prob Service Co 1 Closing Process – Part 10

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.

No prior knowledge is required to take this course.

None

Currently there are no Q&As for this course. Be the first to ask a question.

Certificate of completion

Digital certificate - Included