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This course describes the annual closing process, including its place in the accounting cycle. Examples of closing the accounting cycle and the primary closing journal entries are presented along with the underlying reason they are necessary. 

A comparison of the Statement of Retained Earnings and the closing process will be presented to help tie together the student’s knowledge of this important step in the accounting cycle.

Course Series

This course is included in the following series:

11 CoursesBack to the Basics: Accounting Fundamentals

  1. Accounting Review: The Basics of Debits and Credits
  2. Transaction Analysis, T-Accounts, Debits and Credits, and Trial Balances
  3. Accounting Review: Overview of Financial Statements; P&L, Balance Sheet, and Cash Flow
  4. The Accounting Equation and Financial Statements
  5. Bank Reconciliations, Cash, and Internal Controls
  6. Accounts Receivable Training: Bad Debts
  7. Equipment and Depreciation
  8. Inventory Costing
  9. Purchase and Sale of Inventory
  10. The Adjusting Process
  11. The Closing Process

Learning Objectives

  • Discover the reason to perform closing journal entries and identify how they fit in the accounting cycle
  • Recognize how to prepare the four closing journal entries
  • Identify the closing entries and discover how they compare to the statement of retained earnings
Last updated/reviewed: October 18, 2018

43 Reviews (168 ratings)Reviews

5
Anonymous Author
The course, although basic in nature, would be a great tool in explaining the closing process to non-financial executives
4
Member's Profile
Good basic overview of the closing process and related journal entries. Instructor is easy to understand and organized the course well. If you are looking for a more in-depth discussion of the close process I would recommend a different course.
4
Anonymous Author
This course provided a basic presentation of the closing process and journal entries. The instructor showed clear examples of how to close out the financial statements and the reasons you make the entries. Nice beginner course.
4
Anonymous Author
This was a nice overview of the closing process and the adjusting journal entries that accompany it. I appreciated all of the examples he worked through to show us exactly which accounts are affected.
4
Member's Profile
Good refresher on the closing process. I did have a couple of technical issues with the system appropriately tracking my progress which was frustrating. But the class itself is good and very detailed.
3
Anonymous Author
This course is ok and teaches the basics but is very elementary and thus not appropriate for the seasoned professional. Best for someone with little accounting training and book knowledge.
3
Member's Profile
This course provides a complete review of the closing process and journal entries with good examples to work with. A good review if you need a refresh on the process.
4
Anonymous Author
I'd prefer for a self study course to have more notes available in a pdf form. Otherwise, good course with a good simple example to get the point across.
5
Member's Profile
Basic reinforcement of the closing cycle process and entries. Great refresher that I needed. Thank you for the clear and concise presentation.
5
Anonymous Author
Excellent review course on the closing process. Would have liked the data for the review questions to be shown in a trial balance format.
4
Member's Profile
The first half is very beginner level. I enjoyed the second half though, which helped connect the dots of how each f/s impacts each other.
5
Member's Profile
This was a very thorough review of the closing process. However, it was a bit simplistic for anyone who has ever done a closing before.
5
Member's Profile
Great course that shows real world examples of recording transaction to the ledger and producing financial statements from them.
5
Member's Profile
The class was superb!!! Great job and I appreciate the time taken to craft one like this to make the closing process clear.
4
Member's Profile
This lesson is a good basic reminder of accounting principles for staff level accounts and even up to manager.
4
Anonymous Author
Slightly more complex material that other intro course. Most software does this for user, but good to know.
5
Member's Profile
good brief overview that refreshed my understanding of the close process and retained Earnings statement
4
Member's Profile
The course is very basic but for the intended audience, the class is well organized and presented.
5
Anonymous Author
This was a great review of the closing process. His examples were very easy to follow along with.
2
Member's Profile
Too simple. I learned this as a sophomore in college - not necessary once you are a CPA.
Member's Profile
A course on the basics of closing the financial statements at the end of a period.
4
Anonymous Author
I like the concise illustration with easy-to-understand journal entries examples.
4
Anonymous Author
Nice little course that provided a concise clear overview of the close process.
5
Anonymous Author
good overview of the last stage of the accounting cycle, the closing process.
5
Anonymous Author
Great recap of the close process. Perfect to give anyone a quick refresh.
3
Anonymous Author
This could be an outdated course but it's still good to learn the basics.
4
Anonymous Author
Great course! Nice layout if the closing process with all it’s steps.
5
Anonymous Author
Very Good and Informative Refresher for Accounting Professionals.
5
Member's Profile
This was a great refresher course on the closing process.
5
Anonymous Author
Great course to review the basics of the closing cycle.
4
Anonymous Author
great refresher course or introductory course!
5
Member's Profile
Great course! Very informative and helpful.
4
Anonymous Author
Very well presented and explained.
5
Anonymous Author
nice overview, good instructor!
3
Anonymous Author
Very effective teaching lesson.
5
Anonymous Author
overview of adjusting entries
5
Member's Profile
Very nice review. Thanks!
4
Anonymous Author
knowledgeable course
5
Anonymous Author
straight forward
5
Member's Profile
Good review
4
Member's Profile
Good
5
Member's Profile
na
4
Anonymous Author
ok

Prerequisites

Course Complexity: Foundational

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
The Closing Process
  14:13Closing Journal Entries
  6:22Adjusting Journal Entries
  12:56Adjusted Trial Balance
CONCLUSION
  11:44Ending the Closing Process
Continuous Play
  53:13Core Financial Accounting: The Closing Process
SUPPORTING MATERIALS
  PDFNotes Template: The Closing Process
  PDFWorkbook: The Closing Process
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM