Closing Entries

Closing Entries
Questions to focus on:

  1. Why do we need closing entries?
  2. Do we need the income summary account?
  3. How are closing entries related to the GAAPs?

Review of the closing entries for a sole proprietorship

  • Video: The Closing Entries
  • Class Work:BE4-3
  • GDE Error: Error retrieving file - if necessary turn off error checking (404:Not Found)
  • Additional Practice: E4-5