This comprehensive course covers the fundamental concepts and processes of adjusting entries, posting them to a worksheet, creating financial statements from an adjusted trial balance, and understanding reversing entries.
The adjusting entry process is often misunderstood, as it is commonly assumed to be a means of correcting accounting errors. However, adjusting entries are an integral part of the accounting cycle and are built into the accounting system. They help us recognize revenue and expenses based on accrual concepts and timing differences.
In this course, we will learn to enter adjusting entries as of the end of the accounting period. These entries have both balance sheet and income statement components. Once the adjusting entries are complete, we will use the adjusted trial balance to generate financial statements, including the balance sheet, income statement, and statement of equity.
To enhance your learning experience, this course provides valuable resources, including downloadable PDF files, Excel practice files, multiple-choice practice questions, short calculation practice questions, and discussion questions. These resources will supplement your understanding and allow for practical application.
Your instructor for this course is a Certified Public Accountant (CPA) and Chartered Global Management Accountant (CGMA) with extensive technical accounting experience. He has a Master’s degree in Taxation and is a certified post-secondary instructor (CPS) with expertise in curriculum development. You will benefit from his practical insights and instructional expertise.
Topics covered in this course include the adjusting process, posting adjusting entries to a worksheet, financial statement creation, and reversing entries. We will explore the components of the worksheet and understand how adjusting entries impact accrual accounting.
By the end of this course, you will be able to effectively navigate the accounting cycle, identify the different categories of adjusting entries, create financial statements from an adjusted trial balance, and understand the relationship between the balance sheet, income statement, and statement of equity.
Join us on this learning journey as we delve into Financial Accounting, Adjusting Entries & Financial Statements. Get ready for an engaging and educational experience. Don’t miss out on this opportunity for continuing professional education (CPE).
Accounting Cycle, Types of Adjusting Entries, Cash vs Accrual
Adjusting Entry Rules and Thought Process
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22 Accounting Cycle, Types of Adjusting Entries, Cash vs Accrual
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3PDF 1 Accounting Cycle Steps in the Accounting Process
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41 Accounting Cycle Steps in the Accounting Process
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5Notes - Review of What Accounting Is
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6PDF 2 Types of Adjusting Journal Entries Adjusting Journal Entry
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72 Types of Adjusting Journal Entries Adjusting Journal Entry
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8PDF Cash Vs Accrual
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9Cash Method vs Accrual Method
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10Notes - Debits, Credits & Transaction Rules Review
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11CPE Review Quiz Section 2
Supplies, Unearned Revenue, and Wages Adjusting Entries
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123 Adjusting Entry Rules and Thought Process
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13PDF 2.05 Double entry accounting Debits and Credits - Accounting equation u
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142.05 Double entry accounting Debits and Credits - Accounting equation u
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15PDF 2.06 Debit Credit - One Rule To Rule Them u
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16Debit Credit - One Rule To Rule Them u
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17PDF 3 Adjusting Journal Entry Rules - What are Adjusting Journal E
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183 Adjusting Journal Entry Rules - What are Adjusting Journal E
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19Notes - What Adjusting Journal Entries Are?
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20PDF 3.08 Why Use A Worksheet
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213.5 Why Use a Worksheet in Adjusting Process
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22Notes - Why Adjusting Entries Are Needed
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23PDF 3.07 Adjusting Entries Thought Process
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244 Adjusting Journal Entry Thought Process How to Record Adju
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25Notes - Adjusting Entry Rules & Thought Process
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26Accounting Comic Break
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27CPE Review Section #3
Accounts Receivable, Insurance, and Depreciation Adjusting Entries
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284 Supplies, Unearned Revenue, and Wages Adjusting Entries
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29Notes - Prepaid Expenses
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30PDF 5 Adjusting Entry Supplies, Unearned Revenue, & Wages Payable
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315 Adjusting Entry Supplies
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32Notes - Adjusting Entry For supplies
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336 Adjusting entry unearned revenue
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34Notes - Unearned or Deferred Revenue
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357 Adjusting Entry Wages Payable
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36Notes - Accrued Expenses
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37Excel Worksheet Download
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38Worksheet - 1.1 Adjusting entries Supplies Unearned revenue% and Payroll Pa
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39Worksheet - 1.2 Adjusting entries Supplies, Unearned Revenue, and Payroll Pa
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40Explain how accounting adjustments affect financial statements.
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41CPE Review Quiz Section #4
Reversing Entries
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425 Accounts Receivable, Insurance, and Depreciation Adjusting Entries
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43PDF 3.20 Adjusting Entries Depreciation, Accounts Receivable, Insurance
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448 Adjusting Entry Accounts Receivable
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45Notes - Accrued Revenue
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469 Adjusting Entry Insurance
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47Notes - Prepaid Insurance
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4810 Adjusting Entry Depreciation
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49Notes - Depreciation expense for the period is calculated to be $1,100.
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50Excel Worksheet Download
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51Worksheet - 2.1 Adjusting entries Prepaid Insurance and Depreciation
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52Worksheet - 2.2 Adjusting entries Prepaid Insurance and Depreciation
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53Describe the adjusted trial balance and why is it prepared?
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54CPE Review Quiz: Section #5
Financial Statements Overview
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556 Reversing Entries
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56Notes - Reversing Entries
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57PDF 11 Reversing Journal Entries - Accrued Revenue
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5811 Reversing Journal Entries - Accrued Revenue
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59Notes - Accrued Revenues Reversing Entry Example
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60Excel Worksheet Download
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614 Worksheet Accounts Receivable Reversing Entry
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62Excel Worksheet Download
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635 Worksheet Unearned Revenue Reversing Entry
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64PDF 11.5 Reversing Entry Wages Payable
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6511.5 Reversing Entry Wages Payable
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66Notes - Wages Payable Reversing Entry Example
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67Why are financial statements prepared?
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68Multiple Choice Questions 1
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69CPE Review Quiz: Section #6
Create the Balance Sheet
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707 Financial Statements Overview
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71PDF 1.18 Balance Sheet Explained u
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72Balance Sheet Explained u
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73Notes - Relationship Between the Financial Statements and Adjusted Trial
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74PDF 1.20 Income Statement Explained u
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75Income Statement Explained u
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76PDF 1.23 Statement of Owner's Equity u
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77Statement of Owner's Equity u
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78Notes - Analysis of The Financial Statement Relations
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79CPE Review Quiz: Section #7