In this video, I have explained:
1) Adjusting entry for bad debts expense
2) The process of constructing adjusted trial balance
3) Preparing Income Statement &
4) Closing process of servicing business.
00:00 Start
00:09 Bad Debts-Adjusting Entry
06:19 Accounting Cycle-Review
09:30 Adjusting Entries-Iqbal & Sons(Qno.1)
22:48 Preparing accounts after passing adjusting entries
32:02 Financial Statement Order
33:35 Preparing Adjusted Trial Balance
47:45 Preparing Income Statement-Servicing Business
01:03:35 Closing Process-Reason
01:07:33 Closing Process-Defined
01:09:50 Nominal and Real Account
01:13:21 Closing Process- Example
01:32:09 Closing Process-Steps