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Financial Accounting-Adjusting Entries & Financial Statement

Adjusting entry creation, posting adjusting entries to a worksheet, creating financial statements from the trial balance
Instructor:
Robert (Bob) Steele
21,106 students enrolled
English [Auto]
List the steps in the accounting cycle
Explain the importance of using an adjusting entries worksheet
List types of adjusting entries
Enter adjusting entries to an adjusting entry worksheet
Create an adjusted trial balance
Create financial statements from a trial balance
Enter reversing entries
Perform fundamental Excel operations (addition, subtraction, cell relationships)

Adjusting entries, posting adjusting entries to a worksheet,
financial statement creation from an adjusted trial balance, and reversing
entries will be covered in this course.

The adjusting entry process is a fundamental bookkeeping and
accounting process but is often the accounting process most misunderstood.

Because of the name of accounting adjusting entry process we are
led to believe that we are adjusting errors made by the accounting department.
In other words, we may get the idea that the adjusting process would not be
needed if the accounting department did their work perfectly through the
period. This assumption of the adjusting process fixing errors is not the
primary purpose for the adjusting process.

The adjusting process is a necessary part of the accounting
cycle and one that is built into the accounting system. In other words, we plan
for the adjusting process, and part of the plan is to enter normal accounting
transactions in such a way that we will most easily be able to make adjustments
at the end of the time period.

The adjusting process helps significantly with the understanding
of accrual concepts because the adjusting process focuses on timing
differences, on when revenue and expense should be recognized.

We enter adjusting entries as of the end of the period.
Adjusting entries will have a balance sheet component and an income statement
component.

Once the adjusting entries are complete, we can use the adjusted
trial balance to create the financial statements, the balance sheet, the income
statement, and the statement of equity. Who will we be learning from?


In addition to instructional video, this course will include downloadable

•    Downloadable PDF Files

•    Excel Practice Files

•    Multiple Choice Practice Questions

•    Short Calculation Practice Questions

•    Discussion Questions

The PDF files allow us to download reference information we can use offline and as a guide to help us work through the material.

Excel practice files will be preformatted so that we can focus on the adjusting process and learning some of the basics of Excel, like addition, subtraction, and cell relationships.

Multiple choice example question helps us improve our test-taking skills by reducing the information into the size and format of multiple choice questions and discussing how to approach these questions.

Short calculation questions help us reduce problems that have some calculation down to a short format that could be used in multiple choice questions.

Discussion Question will provide an opportunity to discuss these topics with the instructor and other students, a process many students find very helpful because it allows us to see the topic from different viewpoints.

Who will we be learning from?

You will be learning from somebody who has technical experience in accounting concepts and in accounting software like QuickBooks, as well as experience teaching and putting together curriculum.

You will be learning from somebody who is a:

•    CPA – Certified Public Accountant

•    CGMA – Chartered Global Management Accountant

•    Master of Science in Taxation

•    CPS – Certifies Post-Secondary Instructor

•    Curriculum Development Export

As a practicing CPA the instructor has worked with many technical accounting issues and helped work through them and discuss them with clients of all levels.

As a CPS and professor, the instructor has taught many accounting classes and worked with many students in the fields of accounting, business, and business applications.

The instructor also has a lot of experience designing courses and learning how students learn best and how to help students achieve their objectives. Experience designing technical courses has also benefit in being able to design a course in a logical fashion and deal with problems related to technical topics and the use of software like QuickBooks Pro.

Topics include the adjusting process, posting the adjusting entries to a worksheet, creation of the financial statements, and reversing entries.

The adjusting process takes place after normal business transaction have been entered. Adjusting entries help us better understand the accrual process because they deal with timing differences.

We will use a worksheet to record the adjusting process and discuss the components of the worksheet.

Once we have completed the adjusting process we will have an adjusted trial balance representing account balances that are as accurate as possible according to accrual accounting.

We will then use the adjusted trial balance to create the financial statements, converting the debit and credit format of the adjusted trial balance to the plus and minus format of the financial statements.

Please join us for Financial Accounting, Adjusting Entries & Financial Statements.

It will be great.

Introduction

1
Introduction

Accounting Cycle, Types of Adjusting Entries, Cash vs Accrual

1
2 Accounting Cycle, Types of Adjusting Entries, Cash vs Accrual
2
PDF 1 Accounting Cycle Steps in the Accounting Process
3
1 Accounting Cycle Steps in the Accounting Process
4
Notes - Review of What Accounting Is
5
PDF 2 Types of Adjusting Journal Entries Adjusting Journal Entry
6
2 Types of Adjusting Journal Entries Adjusting Journal Entry
7
PDF Cash Vs Accrual
8
Cash Method vs Accrual Method
9
Notes - Debits, Credits & Transaction Rules Review

Adjusting Entry Rules and Thought Process

1
3 Adjusting Entry Rules and Thought Process
2
PDF 2.05 Double entry accounting Debits and Credits - Accounting equation u
3
2.05 Double entry accounting Debits and Credits - Accounting equation u
4
PDF 2.06 Debit Credit - One Rule To Rule Them u
5
Debit Credit - One Rule To Rule Them u
6
PDF 3 Adjusting Journal Entry Rules - What are Adjusting Journal E
7
3 Adjusting Journal Entry Rules - What are Adjusting Journal E
8
Notes - What Adjusting Journal Entries Are?
9
PDF 3.08 Why Use A Worksheet
10
3.5 Why Use a Worksheet in Adjusting Process
11
Notes - Why Adjusting Entries Are Needed
12
PDF 3.07 Adjusting Entries Thought Process
13
4 Adjusting Journal Entry Thought Process How to Record Adju
14
Notes - Adjusting Entry Rules & Thought Process
15
Accounting Comic Break

Supplies, Unearned Revenue, and Wages Adjusting Entries

1
4 Supplies, Unearned Revenue, and Wages Adjusting Entries
2
Notes - Prepaid Expenses
3
PDF 5 Adjusting Entry Supplies, Unearned Revenue, & Wages Payable
4
5 Adjusting Entry Supplies
5
Notes - Adjusting Entry For supplies
6
6 Adjusting entry unearned revenue
7
Notes - Unearned or Deferred Revenue
8
7 Adjusting Entry Wages Payable
9
Notes - Accrued Expenses
10
Excel Worksheet Download
11
Worksheet - 1.1 Adjusting entries Supplies Unearned revenue% and Payroll Pa
12
Worksheet - 1.2 Adjusting entries Supplies, Unearned Revenue, and Payroll Pa
13
Explain how accounting adjustments affect financial statements.

Accounts Receivable, Insurance, and Depreciation Adjusting Entries

1
5 Accounts Receivable, Insurance, and Depreciation Adjusting Entries
2
PDF 3.20 Adjusting Entries Depreciation, Accounts Receivable, Insurance
3
8 Adjusting Entry Accounts Receivable
4
Notes - Accrued Revenue
5
9 Adjusting Entry Insurance
6
Notes - Prepaid Insurance
7
10 Adjusting Entry Depreciation
8
Notes - Depreciation expense for the period is calculated to be $1,100.
9
Excel Worksheet Download
10
Worksheet - 2.1 Adjusting entries Prepaid Insurance and Depreciation
11
Worksheet - 2.2 Adjusting entries Prepaid Insurance and Depreciation
12
Describe the adjusted trial balance and why is it prepared?

Reversing Entries

1
6 Reversing Entries
2
Notes - Reversing Entries
3
PDF 11 Reversing Journal Entries - Accrued Revenue
4
11 Reversing Journal Entries - Accrued Revenue
5
Notes - Accrued Revenues Reversing Entry Example
6
Excel Worksheet Download
7
4 Worksheet Accounts Receivable Reversing Entry
8
Excel Worksheet Download
9
5 Worksheet Unearned Revenue Reversing Entry
10
PDF 11.5 Reversing Entry Wages Payable
11
11.5 Reversing Entry Wages Payable
12
Notes - Wages Payable Reversing Entry Example
13
Why are financial statements prepared?
14
Multiple Choice Questions 1

Financial Statements Overview

1
7 Financial Statements Overview
2
PDF 1.18 Balance Sheet Explained u
3
Balance Sheet Explained u
4
Notes - Relationship Between the Financial Statements and Adjusted Trial
5
PDF 1.20 Income Statement Explained u
6
Income Statement Explained u
7
PDF 1.23 Statement of Owner's Equity u
8
Statement of Owner's Equity u
9
Notes - Analysis of The Financial Statement Relations

Create the Balance Sheet

1
8 Create the Balance Sheet
2
PDF 12 Balance Sheet Current Assets from Trial Balance
3
12 Balance Sheet Current Assets from Trial Balance
4
PDF 13 Balance Sheet Property Plant Equipment From Trial Balance
5
13 Balance Sheet Property Plant Equipment From Trial Balance
6
PDF 14 Balance Sheet Liability Section Creation From Trial Balance
7
14 Balance Sheet Liability Section Creation From Trial Balance
8
15 Balance Sheet Equity Section Creation from Trial Balance
9
Notes - Balance Sheet Constructed from the Adjusted Trial Balance
10
Describe the importance of periodic reporting and the time period assumption
11
Multiple Choice Questions 2
12
Short Calculation Questions 1

Create the Income Statement

1
9 Create the Income Statement
2
PDF 16 Income Statement from Trial Balance
3
16 Income Statement from Trial Balance
4
Note - Income Statement Created Form Adjusted Trial Balance
5
Multiple Choice Questions 3
6
300.2 Discuss how accrual accounting makes financial statements better
You can view and review the lecture materials indefinitely, like an on-demand channel.
Definitely! If you have an internet connection, courses on Udemy are available on any device at any time. If you don't have an internet connection, some instructors also let their students download course lectures. That's up to the instructor though, so make sure you get on their good side!
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Includes

10 hours on-demand video
20 articles
Full lifetime access
Access on mobile and TV
Certificate of Completion

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