At the end of an accounting period, certain accounts are closed so they have a zero balance at the beginning of the new accounting period. The act of zeroing these accounts is called closing entries.

Closing entries are the journal entries recorded at the end of an accounting period to close out balances of income statement accounts and transfer them to the account of retained earnings in the ...

If you are looking to keep your business organized and profitable, bookkeeping plays a huge role. To flourish in business, you must have a substantial knowledge of financial management, no matter how ...