The closed and opening entries are the type of ways that are done when entering transaction records in the journal paper. Opening entries are the entries when one opens a new business. These are the initial balances of various assets, capital and liabilities which are presented on a balance sheet. On the other hand, the closing entries are done during the end of the year. This involves the transfer of balance of all the expenses and income to trading accounts including the profit and loss. These are passed during the end of the accounting year when the statements of finance are prepared.