Definitions for "Closing entries"
Journal entries at the end of an accounting period that set the stage for the next accounting period by clearing the temporary accounts of their balances, and that summarize a period's revenues and expenses.
Entries recorded at the end of each fiscal period to transfer the balances in the various revenue and expense or expenditure accounts to the permanent equity accounts of an entity.
Journal entries that will be used to prepare any temporary accounts for a new fiscal period.