4.45 (11 reviews)
☑ 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
This course will provide only Excel practice problems, so learners can practice working through problems. Our course entitled “Financial Accounting – Adjusting Entries & Financial Statements” will also include test questions, presentations, and discussion questions.
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?
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.
Please join us for Financial Accounting, Adjusting Entries & Financial Statements.
It will be great.
Adjusting Entries (Supplies, Unearned Revenue, Payroll Payable)
1.1 Adjusting entries Supplies%2C Unearned revenue%2C and Payroll Part 1-Account
1.2 Adjusting entries Supplies%2C Unearned Revenue%2C and Payroll Part 2-Account
Adjusting Entries (Prepaid Insurance & Depreciation)
2.1 Adjusting entries Prepaid Insurance and Depreciation Part 1-Accounting instr
2.2 Adjusting entries Prepaid Insurance and Depreciation Part 2-Accounting instr
Financial Statement Creation
Worksheet Financial Statements from Trial Balance
10.350 Accounts Receivable Reversing Entry
10.550 Unearned Revenue Reversing Entry
The instructor takes the time to explain in detail why each posting is made. In some instances he explains why it was not performed a similar but different way. Very informative.