Now we are going to focus on: 8. Closing Entries – to clear out the temporary accounts, a balance of zero, in preparation for the next accounting cycle. 9. Preparing the Post Closing Trial Balance – to ensure that all temporary accounts were closed properly and permanent accounts remained in balance.
Watch the following 4 minute, 12 second video “How to Prepare Closing Entries and Prepare a Post Closing Trial Balance Accounting Principles” by Wiley.
After watching the video, submit your initial discussion , include the following:
Describe the closing process. Differentiate between permanent and temporary accounts. Outline the four steps in closing journal entries. Explain the importance of the closing process. Identify what a post-closing trial balance shows. Compare and contrast a post-closing trial balance and an unadjusted and adjusted trial balance.
150words max
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