How to Prepare Closing Entries

Description
This video tutorial on financial accounting covers the final part of the accounting cycle - closing entries. You will learn how closing the book involves transferring the balances of the revenue, expenses, and dividend accounts to retained earnings and the reasons behind these transfers. Through the use of debits and credits, this video will take you through all of the transactions, step-by-step.

This well explained and easy-to-follow video will help you to understand how to prepare closing entries by a worked example on screen.

Video length: 8:26