key point is identifying the temporary and permanent accounts, accounting homework help

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The first key point is identifying the temporary and permanent accounts. Closing entries produce zero balance in temporary accounts. These temporary accounts data are then ready to accumulate in the next accounting period. The permanent accounts are kept open. The all revenue accounts, expense accounts, and owner’s drawings account are the temporary accounts. All Assets, Liabilities, and owner’s capital accounts are permanent accounts. Second, credit and debit are confusing with liabilities, current expense, unearned revenue, and prepaid expenses. The best way to understand these issues is first to know all the categories are involved with the process, and keep a note like a cheat sheet and always refer to it before making entries. Second, and the best way is that hire a professional for closing entries and let the professional do the work.

The reason I suggest to hire professional is because as a Business owner, there are other tasks involved in keeping the business running smooth and continuous progressing

 
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