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Accounting Cycle Step 8: Closing Entries to Income Summary for Sole-Proprietorships

6,917 views

ProfAlldredge

Video Language:

  • English

Caption Language:

  • {{captionLanguage | language_name}} ({{captionLanguage}})

Accent:

  • English (US)

Speech Time:

98%
  • 5:56 / 6:02

Speech Rate:

  • 137 wpm - Conversational

Category:

  • Education

Tags :

Intro:

Video Vocabulary

entries

/ˈentrē/

noun other

act of entering. Acts of starting a career.

companies

/ˈkəmp(ə)nē/

noun other verb

commercial business. Businesses that sell things or provides services. associate with.

reported

/rəˈpôrdəd/

adjective verb

having been formally announced. To write in a newspaper or speak on a news program.

impacts
noun other verb

action of one object striking another. Very strong influences. come into forcible contact with another object.

whether

/ˈ(h)weT͟Hər/

conjunction

If something will happen or not.

transferred
verb

move from one place to another.

learned

/ˈlərnəd/

adjective verb

having acquired much knowledge through study. To get knowledge or skills by study or experience.

journal

/ˈjərnl/

noun verb

specialist newspaper or magazine. write in journal or diary.

revenues

/ˈrevəˌn(y)o͞o/

noun other

income. Monies that are made by or paid to a business.

different

/ˈdif(ə)rənt/

adjective

Not of the same kind; unlike other things.

withdrawals

/wiT͟Hˈdrôl/

noun other

action of withdrawing something. Action of pulling back or move away or backward.

decrease
noun verb

Amount by which something has been reduced. To reduce the size, amount or number of something.

financial

/fəˈnan(t)SHəl/

adjective noun

Involving money. organization's finances.

statement

/ˈstātmənt/

noun

Record of activity in a bank account over time.

increase
noun verb

Fact of increasing; amount something grows by. To make or become larger in size or amount.

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