Financial Accounting-Adjusting Entries & Financial Statement
4.2 (184 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
19,071 students enrolled

Financial Accounting-Adjusting Entries & Financial Statement

Adjusting entry creation, posting adjusting entries to a worksheet, creating financial statements from the trial balance
4.2 (184 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
19,071 students enrolled
Last updated 6/2019
English
English [Auto]
Current price: $139.99 Original price: $199.99 Discount: 30% off
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This course includes
  • 10.5 hours on-demand video
  • 20 articles
  • 28 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Assignments
  • Certificate of Completion
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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
Expand all 108 lectures 11:48:49
+ Accounting Cycle, Types of Adjusting Entries, Cash vs Accrual
9 lectures 48:53
Notes - Review of What Accounting Is
01:34
PDF 2 Types of Adjusting Journal Entries Adjusting Journal Entry
00:08
PDF Cash Vs Accrual
00:08
Cash Method vs Accrual Method
16:19
Notes - Debits, Credits & Transaction Rules Review
02:00
+ Adjusting Entry Rules and Thought Process
15 lectures 01:18:23
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
+ Supplies, Unearned Revenue, and Wages Adjusting Entries
12 lectures 51:14
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
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 and give an example of an adjustment.
Explain how accounting adjustments affect financial statements.
1 question
+ Accounts Receivable, Insurance, and Depreciation Adjusting Entries
11 lectures 51:37
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?
Describe the adjusted trial balance and why is it prepared?
1 question
+ Reversing Entries
13 lectures 58:30
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
Explain why are financial statements prepared in specific order and list usual order?
Why are financial statements prepared?
1 question
Multiple Choice Questions 1
04:43
+ Financial Statements Overview
9 lectures 47:17
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
+ Create the Balance Sheet
11 lectures 50:18
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
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
+ Create the Income Statement
7 lectures 43:11
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
Discuss how accrual accounting makes financial statements better
300.2 Discuss how accrual accounting makes financial statements better
1 question
Multiple Choice Questions 4
08:12
Short Calculation Questions 2
12:19
+ Create the Statement of Owner’s Equity from the Trial Balance
3 lectures 09:47
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