Financial Accounting-Adjusting Entries & Financial Statement

Examine the accounting cycle and determine your position during the adjusting process, and explore the types of adjusting entries alongside cash versus accrual concepts.

Access a downloadable pdf to supplement the instructional video, summarizing the accounting cycle steps in the financial accounting course.

Explore the five-step accounting cycle—from recording normal transactions and bank reconciliations to adjusting entries, producing balance sheet, income statements, and the statement of owners' equity, then closing temporary accounts.

Access a downloadable pdf supplement to the instructional video, detailing two types of adjusting journal entries for financial accounting.

Learn the four types of adjusting journal entries—prepaid expenses, unearned revenue, accrued expenses, and accrued revenue—and how they align the books to the adjusted trial balance under accrual basis.

Access a downloadable pdf supplement to reinforce the cash versus accrual concepts presented in the financial accounting lecture, accompanying the instructional video.

Compare cash method and accrual method to understand when revenue and expenses are recognized, including timing differences, accounts receivable, accounts payable, and prepayments.

Master the adjusting entry rules and a thought process to record them efficiently. Understand debits and credits, how they increase or decrease accounts, and how to reduce errors and time.

Access a downloadable pdf supplement to the instructional video, covering double entry accounting, debits and credits, and the accounting equation.

Explore how debits and credits relate to the accounting equation, balance sheet, and income statement, with emphasis on assets, liabilities, equity, and normal balances.

Access a downloadable PDF as a supplement to the instructional video, reinforcing debit and credit concepts in financial accounting.

apply the debits and credits rules to make accounts go up or down, guided by normal balances. use journal entries to record changes in assets, liabilities, equity, revenue, and expenses.

Access a downloadable pdf that supplements the instructional video, outlining adjusting journal entry rules for financial statements.

Explore how adjusting journal entry rules differ from normal entries by focusing on end-of-period dating, no cash involved, and pairing one balance sheet account with one income statement account.

Explore why a downloadable pdf serves as a supplemental resource to the instructional video, supporting worksheet-based learning in financial accounting.

Explore how a worksheet supports the adjusting process by testing entries, separating from the general journal, and revealing unadjusted and adjusted trial balances and net income.

Access a downloadable pdf that supplements the instructional video and guides your thought process through adjusting entries for financial statements.

Apply the adjusting journal entry thought process to prepare accrual-basis financial statements by identifying balance sheet and income statement accounts, determining debits and credits, and calculating the adjusting amounts.

Explore adjusting entries for supplies, unearned revenue, and wages, linking balance sheet and income statement accounts, and practice recording them in a guided Excel worksheet with discussion and short quizzes.

Download PDF 5 on adjusting entries for supplies, unearned revenue, and wages payable to supplement the instructional video. See how this supplement connects topics from the financial accounting course.

Learn how to record end-of-period adjusting entries for supplies in financial accounting, determine debit to supplies expense and credit to supplies, and adjust the trial balance to the physical count.

Record the adjusting entry for unearned revenue at period end by debiting unearned revenue and crediting revenue, recognizing earned revenue from a liability and updating the statement balances.

Record and post the payroll adjusting entry by debiting wages expense and crediting wages payable, reflecting accrued wages and their impact on the trial balance, income statement, and equity.

Download an Excel worksheet from the upcoming presentation to practice adjusting entries and prepare financial statements.

Explore end-of-period adjusting entries to convert the unadjusted trial balance to an adjusted, accrual-based financial statement. Learn supplies expense adjustment and recognizing unearned revenue with two-account entries.

Adjust unearned revenue to reflect earned revenue and record payroll accrual via wages expense and wages payable, illustrating debits, credits, and accrual versus cash basis.

Record and analyze adjusting entries for accounts receivable, insurance, and depreciation, linking balance sheet and income statement effects as timing adjustments, using PowerPoint, an Excel worksheet, and discussion questions.

Access a downloadable pdf that supplements the instructional video, covering adjusting entries for depreciation, accounts receivable, and insurance within financial accounting.

Record an adjusting entry for accounts receivable, credit revenue, and post to the trial balance to recognize revenue earned under the revenue recognition principle.

Record the year-end adjusting entry for insurance by debiting insurance expense and crediting prepaid insurance, then post to the year-end trial balance showing asset reduction and expense increase.

Record the adjusting entry for depreciation by debiting depreciation expense and crediting accumulated depreciation, then post to the trial balance and note impacts on assets, equity, and net income.

The next presentation includes an Excel worksheet that we can download, reinforcing financial accounting concepts related to adjusting entries and financial statements.

Explore adjusting entries for prepaid insurance and depreciation, using unadjusted and adjusted trial balances to post journal entries and determine net income.

Learn to post adjusting entries for depreciation and prepaid insurance, recognizing equipment as an asset, recording depreciation expense and accumulated depreciation, and adjusting prepaid insurance to reflect used coverage.

Explore reversing entries, why they are used, and how to perform them in PowerPoint and Excel. Practice the reversing entry process and basic Excel skills while discussing adjusting entries.

Explore reversing journal entries for accrued revenue and their impact on adjusting entries and financial statements, with a downloadable pdf supplement to reinforce the instructional video.

Explore reversing journal entries for accrued revenue, applying adjusting entries at year-end, and using reversing entries to manage timing differences between work performed and invoicing.

Download an Excel worksheet from the upcoming presentation to work with adjusting entries and financial statements.

Execute the accounts receivable reversing entry after the adjusting entry in Excel, mirroring QuickBooks, to correct a February invoice recorded in March and uphold revenue recognition and matching principles.

Download an Excel worksheet in the next presentation to practice adjusting entries and financial statement concepts for financial accounting.

Enter the reversing entry for unearned revenue in Excel and QuickBooks, converting a negative receivable to unearned revenue liability and matching future invoices with deposits.

Explore a downloadable pdf supplement to the instructional video on reversing entry wages payable, reinforcing concepts in financial accounting adjusting entries and financial statements.

Explore how adjusting wages expense and wages payable align payroll costs with the proper period, and why a reversing entry prevents double counting and preserves the matching principle.

Practice applying the time period assumption and identifying natural year, fiscal year, and accounting period through multiple-choice questions and explanations.

Explore the balance sheet, income statement, and statement of equity. Learn how they relate, how to read them, and use the adjusted trial balance after the adjusting entry.

Access a downloadable PDF that serves as a supplement to the instructional video, reinforcing balance sheet concepts explained in this lecture.

Describe the balance sheet and its components: assets, liabilities, and equity, and explain the accounting equation, as of a point in time, including current assets and property, plant and equipment.

Access a downloadable pdf that supplements the instructional video on the income statement explained. This resource supports learning in the financial accounting course on adjusting entries and financial statements.

Explain the income statement’s purpose, timing, and parts—revenue and expenses—within a defined period, such as the month ended, and show how net income affects equity.

Explore how a downloadable pdf supplements the instructional video on the statement of owner's equity, tying together financial accounting concepts.

Describe the statement of owner's equity, show beginning and ending equity, reconcile with investments, net income, and draws, and explain how ending equity reflects book value.

Create the balance sheet from the trial balance by examining its components and how debits and credits translate to the accounting equation in the double-entry system.

Utilize a downloadable pdf that supplements the video, detailing balance sheet current assets from the trial balance for financial accounting and financial statements.

Build current asset section of the balance sheet from the adjusted trial balance, translating debits and credits into assets, liabilities, and equity; include cash, accounts receivable, prepaid insurance, and supplies.

Access a downloadable PDF on balance sheet property, plant, and equipment from the trial balance to supplement the instructional video.

Build the balance sheet section for property, plant and equipment from the trial balance, listing land and equipment and applying accumulated depreciation as a contra asset.

Explore how to create the balance sheet liability section from the trial balance, using the downloadable pdf supplement to reinforce the instructional video.

Create the liability section of the balance sheet from the adjusted trial balance, detailing current liabilities such as accounts payable, wages payable, and unearned revenue, and calculating total liabilities.

Create the equity section of the balance sheet from the adjusted trial balance, reconciling beginning capital, drawings, revenues, and expenses to total equity.

Explore how adjusting entries apply accrual concepts, especially revenue recognition, and how interim financial statements and timing differences affect the income statement and balance sheet.

Calculate depreciation on a van using straight-line method, considering cost, salvage value, useful life, and months of ownership. Record accruals for wages, unearned revenue, and unearned rent at year end.

Create the income statement from the trial balance, converting debits and credits into revenues and expenses, and learn to read it. Includes discussion questions, multiple choice, and calculation prompts.

Access a downloadable pdf supplement that accompanies the instructional video, detailing the income statement from the trial balance.

Learn to create the income statement from the trial balance by grouping revenue and expenses to compute net income for the month ended in a single-step format.

Explore adjusting entries and core concepts such as time period assumption, accrual basis, revenue recognition, and matching principles through multiple choice questions on prepaid expenses, depreciation, and unearned revenues.

Answer a series of multiple choice questions on adjusting entries, highlighting the matching principle, cash and accrual accounting, and why accrual basis is generally preferred.

Practice short calculation problems on adjusting entries for salaries payable, wages expense, unearned revenue, and related reversing entries, using a trial balance to reinforce accrual-based financial statements.

Create the statement of owner's equity from the trial balance using a plus and minus format, exploring debits and credits and accrual process discussions, multiple choice and short answer questions.

Access a downloadable pdf as a supplement to the instructional video, guiding you through the statement of equity from the trial balance.

Construct the statement of owner's equity from the trial balance by combining owner capital, net income, and draws to determine ending equity and its link to the balance sheet.