Udemy
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
  •  
Development
Web Development Data Science Mobile Development Programming Languages Game Development Database Design & Development Software Testing Software Engineering Development Tools No-Code Development
Business
Entrepreneurship Communications Management Sales Business Strategy Operations Project Management Business Law Business Analytics & Intelligence Human Resources Industry E-Commerce Media Real Estate Other Business
Finance & Accounting
Accounting & Bookkeeping Compliance Cryptocurrency & Blockchain Economics Finance Finance Cert & Exam Prep Financial Modeling & Analysis Investing & Trading Money Management Tools Taxes Other Finance & Accounting
IT & Software
IT Certification Network & Security Hardware Operating Systems Other IT & Software
Office Productivity
Microsoft Apple Google SAP Oracle Other Office Productivity
Personal Development
Personal Transformation Personal Productivity Leadership Career Development Parenting & Relationships Happiness Esoteric Practices Religion & Spirituality Personal Brand Building Creativity Influence Self Esteem & Confidence Stress Management Memory & Study Skills Motivation Other Personal Development
Design
Web Design Graphic Design & Illustration Design Tools User Experience Design Game Design Design Thinking 3D & Animation Fashion Design Architectural Design Interior Design Other Design
Marketing
Digital Marketing Search Engine Optimization Social Media Marketing Branding Marketing Fundamentals Marketing Analytics & Automation Public Relations Advertising Video & Mobile Marketing Content Marketing Growth Hacking Affiliate Marketing Product Marketing Other Marketing
Lifestyle
Arts & Crafts Beauty & Makeup Esoteric Practices Food & Beverage Gaming Home Improvement Pet Care & Training Travel Other Lifestyle
Photography & Video
Digital Photography Photography Portrait Photography Photography Tools Commercial Photography Video Design Other Photography & Video
Health & Fitness
Fitness General Health Sports Nutrition Yoga Mental Health Dieting Self Defense Safety & First Aid Dance Meditation Other Health & Fitness
Music
Instruments Music Production Music Fundamentals Vocal Music Techniques Music Software Other Music
Teaching & Academics
Engineering Humanities Math Science Online Education Social Science Language Teacher Training Test Prep Other Teaching & Academics
AWS Certification Microsoft Certification AWS Certified Solutions Architect - Associate AWS Certified Cloud Practitioner CompTIA A+ Cisco CCNA Amazon AWS AWS Certified Developer - Associate CompTIA Security+
Photoshop Graphic Design Adobe Illustrator Drawing Digital Painting InDesign Character Design Canva Figure Drawing
Life Coach Training Neuro-Linguistic Programming Mindfulness Personal Development Personal Transformation Meditation Life Purpose Coaching Neuroscience
Web Development JavaScript React CSS Angular PHP WordPress Node.Js Python
Google Flutter Android Development iOS Development Swift React Native Dart Programming Language Mobile Development Kotlin SwiftUI
Digital Marketing Google Ads (Adwords) Social Media Marketing Google Ads (AdWords) Certification Marketing Strategy Internet Marketing YouTube Marketing Email Marketing Retargeting
SQL Microsoft Power BI Tableau Business Analysis Business Intelligence MySQL Data Analysis Data Modeling Big Data
Business Fundamentals Entrepreneurship Fundamentals Business Strategy Online Business Business Plan Startup Freelancing Blogging Home Business
Unity Game Development Fundamentals Unreal Engine C# 3D Game Development C++ 2D Game Development Unreal Engine Blueprints Blender
30-Day Money-Back Guarantee

This course includes:

  • 10.5 hours on-demand video
  • 20 articles
  • 28 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Assignments
Finance & Accounting Accounting & Bookkeeping Financial Accounting

Financial Accounting-Adjusting Entries & Financial Statement

Adjusting entry creation, posting adjusting entries to a worksheet, creating financial statements from the trial balance
Rating: 4.6 out of 54.6 (223 ratings)
25,995 students
Created by Robert (Bob) Steele
Last updated 6/2019
English
English [Auto]
30-Day Money-Back Guarantee

What you'll learn

  • 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)

Requirements

  • Basic accounting concepts

Description

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.

Who this course is for:

  • Accounting students
  • Business owner
  • Anyone who whats to learn accounting

Course content

12 sections • 108 lectures • 11h 48m total length

  • Preview06:16

  • Preview01:14
  • Preview00:08
  • Preview10:02
  • Notes - Review of What Accounting Is
    01:34
  • PDF 2 Types of Adjusting Journal Entries Adjusting Journal Entry
    00:08
  • Preview17:20
  • PDF Cash Vs Accrual
    00:08
  • Cash Method vs Accrual Method
    16:19
  • Notes - Debits, Credits & Transaction Rules Review
    02:00

  • 3 Adjusting Entry Rules and Thought Process
    00:56
  • PDF 2.05 Double entry accounting Debits and Credits - Accounting equation u
    00:08
  • 2.05 Double entry accounting Debits and Credits - Accounting equation u
    15:49
  • PDF 2.06 Debit Credit - One Rule To Rule Them u
    00:08
  • Debit Credit - One Rule To Rule Them u
    18:27
  • PDF 3 Adjusting Journal Entry Rules - What are Adjusting Journal E
    00:08
  • 3 Adjusting Journal Entry Rules - What are Adjusting Journal E
    04:43
  • Notes - What Adjusting Journal Entries Are?
    03:38
  • PDF 3.08 Why Use A Worksheet
    00:08
  • 3.5 Why Use a Worksheet in Adjusting Process
    11:13
  • Notes - Why Adjusting Entries Are Needed
    04:47
  • PDF 3.07 Adjusting Entries Thought Process
    00:08
  • 4 Adjusting Journal Entry Thought Process How to Record Adju
    11:13
  • Notes - Adjusting Entry Rules & Thought Process
    06:42
  • Accounting Comic Break
    00:14

  • 4 Supplies, Unearned Revenue, and Wages Adjusting Entries
    01:28
  • Notes - Prepaid Expenses
    00:43
  • PDF 5 Adjusting Entry Supplies, Unearned Revenue, & Wages Payable
    00:08
  • Preview05:12
  • Notes - Adjusting Entry For supplies
    04:58
  • 6 Adjusting entry unearned revenue
    04:45
  • Notes - Unearned or Deferred Revenue
    05:40
  • 7 Adjusting Entry Wages Payable
    05:27
  • Notes - Accrued Expenses
    04:45
  • Excel Worksheet Download
    00:05
  • Worksheet - 1.1 Adjusting entries Supplies Unearned revenue% and Payroll Pa
    09:03
  • Worksheet - 1.2 Adjusting entries Supplies, Unearned Revenue, and Payroll Pa
    08:59
  • Explain how accounting adjustments affect financial statements.
    1 question

  • 5 Accounts Receivable, Insurance, and Depreciation Adjusting Entries
    01:09
  • PDF 3.20 Adjusting Entries Depreciation, Accounts Receivable, Insurance
    00:08
  • 8 Adjusting Entry Accounts Receivable
    05:21
  • Notes - Accrued Revenue
    05:37
  • 9 Adjusting Entry Insurance
    06:21
  • Notes - Prepaid Insurance
    05:12
  • 10 Adjusting Entry Depreciation
    05:10
  • Notes - Depreciation expense for the period is calculated to be $1,100.
    06:24
  • Excel Worksheet Download
    00:05
  • Worksheet - 2.1 Adjusting entries Prepaid Insurance and Depreciation
    08:02
  • Worksheet - 2.2 Adjusting entries Prepaid Insurance and Depreciation
    08:07
  • Describe the adjusted trial balance and why is it prepared?
    1 question

  • 6 Reversing Entries
    00:46
  • Notes - Reversing Entries
    04:16
  • PDF 11 Reversing Journal Entries - Accrued Revenue
    00:08
  • 11 Reversing Journal Entries - Accrued Revenue
    09:14
  • Notes - Accrued Revenues Reversing Entry Example
    02:36
  • Excel Worksheet Download
    00:05
  • 4 Worksheet Accounts Receivable Reversing Entry
    13:21
  • Excel Worksheet Download
    00:05
  • 5 Worksheet Unearned Revenue Reversing Entry
    09:21
  • PDF 11.5 Reversing Entry Wages Payable
    00:08
  • 11.5 Reversing Entry Wages Payable
    10:36
  • Notes - Wages Payable Reversing Entry Example
    03:10
  • Why are financial statements prepared?
    1 question
  • Multiple Choice Questions 1
    04:43

  • 7 Financial Statements Overview
    00:27
  • PDF 1.18 Balance Sheet Explained u
    00:08
  • Balance Sheet Explained u
    17:22
  • Notes - Relationship Between the Financial Statements and Adjusted Trial
    02:30
  • PDF 1.20 Income Statement Explained u
    00:08
  • Income Statement Explained u
    13:24
  • PDF 1.23 Statement of Owner's Equity u
    00:08
  • Statement of Owner's Equity u
    10:49
  • Notes - Analysis of The Financial Statement Relations
    02:20

  • 8 Create the Balance Sheet
    00:40
  • PDF 12 Balance Sheet Current Assets from Trial Balance
    00:08
  • 12 Balance Sheet Current Assets from Trial Balance
    04:01
  • PDF 13 Balance Sheet Property Plant Equipment From Trial Balance
    00:08
  • 13 Balance Sheet Property Plant %26 Equipment From Trial Balance
    05:18
  • PDF 14 Balance Sheet Liability Section Creation From Trial Balance
    00:08
  • 14 Balance Sheet Liability Section Creation From Trial Balance
    04:01
  • 15 Balance Sheet Equity Section Creation from Trial Balance
    06:27
  • Notes - Balance Sheet Constructed from the Adjusted Trial Balance
    08:32
  • Describe the importance of periodic reporting and the time period assumption
    1 question
  • Multiple Choice Questions 2
    06:04
  • Short Calculation Questions 1
    14:51

  • 9 Create the Income Statement
    00:46
  • PDF 16 Income Statement from Trial Balance
    00:08
  • 16 Income Statement from Trial Balance
    09:16
  • Note - Income Statement Created Form Adjusted Trial Balance
    03:44
  • Multiple Choice Questions 3
    08:46
  • 300.2 Discuss how accrual accounting makes financial statements better
    1 question
  • Multiple Choice Questions 4
    08:12
  • Short Calculation Questions 2
    12:19

  • 10 Create the Statement of Owner’s Equity from the Trial Balance - Copy
    00:43
  • PDF 17 Statement of Equity From Trial Balance
    00:08
  • 17 Statement of Equity From Trial Balance
    08:56

Instructor

Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI
Robert (Bob) Steele
  • 4.4 Instructor Rating
  • 14,655 Reviews
  • 304,966 Students
  • 91 Courses

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.  

Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).  

Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.  

In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.  

Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.  

Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.  

Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.  

Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.  

The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.  

Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.

  • Udemy for Business
  • Teach on Udemy
  • Get the app
  • About us
  • Contact us
  • Careers
  • Blog
  • Help and Support
  • Affiliate
  • Terms
  • Privacy policy
  • Cookie settings
  • Sitemap
  • Featured courses
Udemy
© 2021 Udemy, Inc.