Financial Accounting

Adjusting Entries

This course is about adjusting entries and initial recording, the following cases will be discussed related to adjustments

1. When advanced payment is initially recorded as Prepaid

2. When advanced payment initially recorded as expense

3. Adjustments related to accrued expenses or unpaid expenses

4. When advanced receipts initially recorded as unearned revenue

5. When advanced receipts initially recorded as income or revenue

6. Adjustments related to receivable of income which has been earned but not yet received or accrued income

Receivables, Bad Debts and Allowance for Bad Debts

Not only the above adjustments, in this course you will also get video lectures related to accounts receivable,  treatment of bad debts and allowance for bad debts, written off accounts receivable, recovery of accounts receivable using income statement approach and balance sheet approach.

How to record credit sales, sales return and allowance, sales discount and cash collection on credit customers

How to record bad debts, written off accounts receivable, and adjustment of allowance for bad debts

Subsidiary customers accounts and control ledger for accounts receivable

Rectification of any error related to advanced from customer and normal cash collection on accounts receivable

How to present bad debts information in financial statements

Accounting For Depreciation:

Depreciation is charged on non-current tangible assets like building, furniture, machinery, equipment etc

in this section you will learn how to charge depreciation using different methods like straight line method, diminishing balance method, production method, and sum of the year digit method

you will also learn how to charge depreciation using yearly and monthly policy