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Read articleClosing Entry: What It Is and How to Record One
The third entry closes the Income Summary account to Retained Earnings. The fourth entry closes the Dividends account to Retained Earnings. The information needed to prepare closing entries comes from the adjusted trial balance. Example of Closing Entry The month-end close is when a business collects financial accounting information. Using the above steps, let’s go…
Read articleBench Accounting shuts down abruptly, leaving customers in a year-end lurch
“We know this news is abrupt and may cause disruption, so we’re committed to helping Bench customers navigate through the transition. The price, however, is too much for someone who is self-employed or a small business owner with limited transactions. I understand that you generally get what you pay for, but I don’t feel that…
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