General Ledger (with Closing Entries)
Upon creating the following closing entries at the end of the accounting cycle (in this case, the month of March)… Transaction Debit Credit Sales Revenue … Read More
Closing Entries
Revenue and expense accounts don’t carry their balances over from period-to-period. Their accounts are closed at the end of each period. What does this mean? … Read More
Post-Closing Trial Balance
All you need to do here is take the new balances for Retained Earnings + your Revenue & Expense accounts in the General Ledger… RETAINED … Read More