Manual Bookkeeping Practice Set • Hampton Book Store

Which concepts should you feel comfortable with when working through a practice set?  Find out in this lesson.

What goes where?  Where do I find the...?  How do the pieces fit together.  This lesson will help you figure all that out.

Where did the Hampton Book Store leave off on June 30th?  Let's get the books filled in so we can start the work.

We'll take time in this lesson to make sure each of the transactions in the first week of the set make sense to you.

The first step to recording any transaction is to analyze it and that's where this lesson starts.  The first week of activities are broken down and then laid out in journal format.

You jounalized last lesson.  Now it's time to post the amounts to the separate t-accounts for week #1.

Moving on to the second week, let's make sure you understand what each of the activities mean.

Week #2 has a quite a few transactions.  This lesson walks you through we analyze and journalize each one.

Continuing to track the financial activity into the t-accounts for the second week of transactions is the focus of this lesson.

Hopefully, you're getting the hang of how the practice set works.  We're going to start picking up the pace and this quick lesson explains how we're going to do that.

In this one lesson, Ron explains, analyzes, and journalizes all the activities from the third week of the practice set's July activities.

This last week actually covers about 10 days of activity and starts to wrap up July.

We've recorded activity into all the t-accounts for the month.  Now's the time to start figuring out what the final balances are in each one.

Before the end-of-the-month activities start, it's VERY important that we're sure everything is correct and in balance.  First step in that is preparing the Pre-Adjustment Trial Balance.

A quick refresher on how the Accounting Worksheet is set up and used during the Adjustment Entries process at the end of the month.

Ron takes the time to explain and break down each of the adjustment entries (after you've taken your shot at figuring them out.)

Don't forget that, even though you've figured out how the adjusting entries breakdown, you still need to get them into the journal and make sure everything balances.

All the year's activity has been recorded before this point.  Now is the time to put together two of the final financial reports for the year.

A quick trip down memory lane as Ron refreshes how and why books are "closed" at the end of each year.

First step in the closing process is to consolidate all the revenue for the year into one account - the Income Summary.

Now that the revenue has been moved to the Income Summary, it's time to get the expenses over there, too.

The final income (or loss) for the year needs to be transferred to the owner's equity account(s) along with recording any draw has been pulled out during the year.  One final Balance Sheet to wrap things up, and we're done!

Which do you prefer?  A pencil, paper and eraser?  Or a keyboard?  This lesson explains the benefits of both and how you can actually use both for this set.

You might be getting the hang of analyzing really quickly.  Others may not.  Let's look at how Ron handles everyone's different styles.