Closing Entries in Accounting: Everything You Need to Know +How to Post Them
The purpose of the closing entry is to reset temporary account balances to zero on the general ledger, the record-keeping system for a company’s financial data. ‘Total expenses‘ account is credited to record the closing entry for expense accounts. At the end of a financial period, businesses will go through the process of detailing their revenue and …
Closing Entries in Accounting: Everything You Need to Know +How to Post Them Leer más »
