Accounting Cycle Steps 5 & 8: Adjusting & Closing Entries to Income Summary (Periodic Method)
Channel: ProfAlldredge
Date: 2015-01-29

This video shows the adjusting and closing journal entries used by corporations  merchandisers who track inventory with the periodic method.  This video shows closing entries made first to income summary before closing income summary to Retained Earnings.  This is rare to do it this way but some older books still teach this method. 
@ProfAlldredge 
For best viewing, switch to 1080p