Posts tagged Closing Entries

On other post of mine (Basic Accounting Cycle in 9 Steps), I briefly discuss the accounting cycle in nine steps, without example. Now, through this …

Accounting records are kept on the accrual basis, except in the case of very small businesses. To accrue means to collect or accumulate. This means …

Closing entries are used to close out (or bring the balance to $0) temporary accounts (nominal accounts) to Retained Earnings. Basically, closing entries are journal …