The Closing Process - COB 241, James Madison University

in Topic 4 (Video 11 of 11)

11 minutes

The Closing Process isn't hard. I dare say that it's even fun. I'll show you why.

This Video Mentioned Some Formulas

Contributed Capital

+ Retained Earnings

Shareholder's Equity (or Owner's Equity)

Beginning RE

+ Net Income

– Dividends

Ending RE

Revenues

– Expenses

Net Income

1	Cash vs. Accrual Accounting	7:21
2	Expense Recognition	8:07
3	Accruals and Deferrals	15:07
4	What is an Adjusting Entry?	4:11
5	Adjusting Entry: Supplies	1:54
6	Adjusting Entry: Wages	4:52
7	Adjusting Entry: Unearned Revenue	2:11
8	Adjusting Entry: Interest	2:03
9	Contra-accounts	4:40
10	Depreciation	7:10
11	The Closing Process You are here.	10:37

	Click Here to View All Topic 4 Problems at Once	View
1	Adjusting Entry Identification	Easy
2	Revenue Recognition	Easy
3	Closing Journal Accounts	Easy
4	Revenue Recognition	Easy
5	Revenue Journal Entry	Easy
6	Adjusting Entry - Salaries Payable	Moderate
7	Adjusting Entry - Wage Expense	Moderate
8	Revenue Recognition	Moderate
9	Prepaid Rent	Moderate
10	Determining Net Income From Transactions	Moderate
11	Determining Net Income From Journal Entries	Moderate
12	Closing Process	Moderate
13	Adjusting Journal Entries	Hard
14	Adjusting Journal Entries	Hard
15	Revenue and Expense Recognition	Hard
16	The Effect of Transactions	Hard
17	When You Forget to do Adjusting Entries	Hard
18	Year End Closing & Account Classification	Hard