Video Link: https://youtu.be/Ulvfag4-3V8

In this comprehensive tutorial, we dive deep into the process of preparing income statements for service-based businesses.

Learn how to seamlessly pass closing entries while understanding the distinction between real accounts (assets, liabilities, and capital) and nominal accounts (revenues, expenses, and drawings).

We break down the closing process into simple steps:

✅ Closing revenue accounts

✅ Closing expense accounts

✅ Transferring the income summary to capital

✅ Directly closing drawings to capital

Additionally, we explore the post-closing trial balance and how it connects to the balance sheet, ensuring you’re equipped with a solid foundation to handle accounting tasks efficiently.

🎯 Whether you’re a student, accounting professional, or business owner, this video is packed with actionable insights to help you excel in financial accounting.

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