Accounting Cycle Step 8: Closing Entries to Income Summary for Corporations
Channel: ProfAlldredge
Date: 2015-01-05

The 8th step in the accounting cycle is closing temporary accounts (Revenues, Expenses, and Dividends) in order to properly adjust the Retained Earnings account and prepare the temporary accounts for the next period. 
This video shows a less common way of doing that.  Some older textbooks show the use of an interim account, Income Summary, before closing to Retained Earnings.  If your book use that, then this is the video for you. 
@ProfAlldredge 
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