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Introduction to The Closing Process

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Anonymous
(None) | Jan 13, 2017

On your slide it shows adjusted TB and then FS. Don't we need to close (ie Revenue and expense) before the preparing the FS. Please elaborate.

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Erik Slayter
View Instructor Profile | Jan 14, 2017

You use the adjusted TB to prepare FS. If you do closing entries before the FS, on the TB your temporary (revenue, expense, dividend) accounts will be zero which means you don't have any amounts for anything on the income statement.

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  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  7:58PREVIEW: Introduction to The Closing Process
The Closing Process
  Closing Journal Entries 14:13
  Adjusting Journal Entries 6:22
  Adjusted Trial Balance 12:56
CONCLUSION
  Ending the Closing Process 11:44
Continuous Play
  Core Financial Accounting: The Closing Process53:13
SUPPORTING MATERIALS
  Notes Template: The Closing ProcessPDF
  Workbook: The Closing ProcessPDF
REVIEW & TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam