Financial Accounting-Adjusting Entries & Financial Statement

Adjusting entry creation, posting adjusting entries to a worksheet, creating financial statements from the trial balance

4.62 (631 reviews)
Udemy
platform
English
language
Accounting & Bookkeeping
category
46,730
students
12 hours
content
Jun 2022
last update
$124.99
regular price

What you will 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)

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. 

CPE (Continuing Professional Education)

Learning Objectives

1. List the components of the accounting cycle and identify where the adjusting journal entries fit into it.

2. List the four categories of adjusting journal entries

3. Describe prepaid expense adjusting journal entries and list examples

4. Explain what unearned revenue adjusting journal entries are and list examples

5. Define what accrued expense adjusting journal entries are and list examples

6. Describe what accrued revenue journal entries are and list examples

7. List and describe the general characteristics of adjusting journal entries

8. Compare adjusting journal entries to most journal entries that happen during the accounting cycle

9. Explain what an adjusting journal entries worksheet is and why it is useful

10. List the most common adjusting journal entries

11. Describe the characteristics of reversing entries and list common reversing entries

12. Describe how to create a balance sheet from an adjusted trial balance

13. Explain how to create an income statement form an adjusted trial balance

14. Explain how to create a statement of equity from an adjusted trial balance

15. Describe the relationship between the balance sheet, income statement, and statement of equity

For additional information, including refunds and complaints, please see Udemy Terms of Use, which is linked from the footer of this page.

For more information regarding administrative policies, please contact our support using the Help and Support link at the bottom of this page.

Content

Introduction

Introduction

Accounting Cycle, Types of Adjusting Entries, Cash vs Accrual

2 Accounting Cycle, Types of Adjusting Entries, Cash vs Accrual
PDF 1 Accounting Cycle Steps in the Accounting Process
1 Accounting Cycle Steps in the Accounting Process
Notes - Review of What Accounting Is
PDF 2 Types of Adjusting Journal Entries Adjusting Journal Entry
2 Types of Adjusting Journal Entries Adjusting Journal Entry
PDF Cash Vs Accrual
Cash Method vs Accrual Method
Notes - Debits, Credits & Transaction Rules Review

Adjusting Entry Rules and Thought Process

3 Adjusting Entry Rules and Thought Process
PDF 2.05 Double entry accounting Debits and Credits - Accounting equation u
2.05 Double entry accounting Debits and Credits - Accounting equation u
PDF 2.06 Debit Credit - One Rule To Rule Them u
Debit Credit - One Rule To Rule Them u
PDF 3 Adjusting Journal Entry Rules - What are Adjusting Journal E
3 Adjusting Journal Entry Rules - What are Adjusting Journal E
Notes - What Adjusting Journal Entries Are?
PDF 3.08 Why Use A Worksheet
3.5 Why Use a Worksheet in Adjusting Process
Notes - Why Adjusting Entries Are Needed
PDF 3.07 Adjusting Entries Thought Process
4 Adjusting Journal Entry Thought Process How to Record Adju
Notes - Adjusting Entry Rules & Thought Process
Accounting Comic Break

Supplies, Unearned Revenue, and Wages Adjusting Entries

4 Supplies, Unearned Revenue, and Wages Adjusting Entries
Notes - Prepaid Expenses
PDF 5 Adjusting Entry Supplies, Unearned Revenue, & Wages Payable
5 Adjusting Entry Supplies
Notes - Adjusting Entry For supplies
6 Adjusting entry unearned revenue
Notes - Unearned or Deferred Revenue
7 Adjusting Entry Wages Payable
Notes - Accrued Expenses
Excel Worksheet Download
Worksheet - 1.1 Adjusting entries Supplies Unearned revenue% and Payroll Pa
Worksheet - 1.2 Adjusting entries Supplies, Unearned Revenue, and Payroll Pa

Accounts Receivable, Insurance, and Depreciation Adjusting Entries

5 Accounts Receivable, Insurance, and Depreciation Adjusting Entries
PDF 3.20 Adjusting Entries Depreciation, Accounts Receivable, Insurance
8 Adjusting Entry Accounts Receivable
Notes - Accrued Revenue
9 Adjusting Entry Insurance
Notes - Prepaid Insurance
10 Adjusting Entry Depreciation
Notes - Depreciation expense for the period is calculated to be $1,100.
Excel Worksheet Download
Worksheet - 2.1 Adjusting entries Prepaid Insurance and Depreciation
Worksheet - 2.2 Adjusting entries Prepaid Insurance and Depreciation

Reversing Entries

6 Reversing Entries
Notes - Reversing Entries
PDF 11 Reversing Journal Entries - Accrued Revenue
11 Reversing Journal Entries - Accrued Revenue
Notes - Accrued Revenues Reversing Entry Example
Excel Worksheet Download
4 Worksheet Accounts Receivable Reversing Entry
Excel Worksheet Download
5 Worksheet Unearned Revenue Reversing Entry
PDF 11.5 Reversing Entry Wages Payable
11.5 Reversing Entry Wages Payable
Notes - Wages Payable Reversing Entry Example
Multiple Choice Questions 1

Financial Statements Overview

7 Financial Statements Overview
PDF 1.18 Balance Sheet Explained u
Balance Sheet Explained u
Notes - Relationship Between the Financial Statements and Adjusted Trial
PDF 1.20 Income Statement Explained u
Income Statement Explained u
PDF 1.23 Statement of Owner's Equity u
Statement of Owner's Equity u
Notes - Analysis of The Financial Statement Relations

Create the Balance Sheet

8 Create the Balance Sheet
PDF 12 Balance Sheet Current Assets from Trial Balance
12 Balance Sheet Current Assets from Trial Balance
PDF 13 Balance Sheet Property Plant Equipment From Trial Balance
13 Balance Sheet Property Plant %26 Equipment From Trial Balance
PDF 14 Balance Sheet Liability Section Creation From Trial Balance
14 Balance Sheet Liability Section Creation From Trial Balance
15 Balance Sheet Equity Section Creation from Trial Balance
Notes - Balance Sheet Constructed from the Adjusted Trial Balance
Multiple Choice Questions 2
Short Calculation Questions 1

Create the Income Statement

9 Create the Income Statement
PDF 16 Income Statement from Trial Balance
16 Income Statement from Trial Balance
Note - Income Statement Created Form Adjusted Trial Balance
Multiple Choice Questions 3
Multiple Choice Questions 4
Short Calculation Questions 2

Create the Statement of Owner’s Equity from the Trial Balance

10 Create the Statement of Owner’s Equity from the Trial Balance - Copy
PDF 17 Statement of Equity From Trial Balance
17 Statement of Equity From Trial Balance

Financial Statement Relationship

PDF 18 Financial Statement Relationships
18 Financial Statement Relationships
Notes - Statement of Owner’s Equity Created Form Adjusted Trial Balance
Excel Worksheet Download
Worksheet - Financial Statements from Trial Balance
Short Calculation Questions 3

Comprehensive Problem

11 Comprehensive Problems
Example Excel Worksheet Download
Excel Worksheet Download
1 Accounting%2C Financial - Comp Prob Service Co 1 Part 1
2 Accounting%2C Financial - Comp Prob Service Co 1 Part 2
3 Accounting%2C Financial - Comp Prob Service Co 1 Part 3
4 Accounting%2C Financial - Comp Prob Service Co 1 Part 4
5 Accounting%2C Financial - Comp Prob Service Co 1 Adjusting Entries part 5
6 Comp Prob Service Co 1 Adjusting Entries part 6
7 Accounting%2C Financial - Comp Prob Service Co 1 Financial Statements part 7
8 Accounting%2C Financial - Comp Prob Service Co 1 Financial Statements part 8

Screenshots

Financial Accounting-Adjusting Entries & Financial Statement - Screenshot_01Financial Accounting-Adjusting Entries & Financial Statement - Screenshot_02Financial Accounting-Adjusting Entries & Financial Statement - Screenshot_03Financial Accounting-Adjusting Entries & Financial Statement - Screenshot_04

Reviews

Brianil
September 15, 2022
Its been a very nice journey to recall what have been learned in the school. It can be understood easily.
Adriel
August 31, 2022
Very informative!! Like the clear explanation on the 5 steps of accounting cycle. Enjoy constructing the financial statements from the adjusted trial balance.
Joyce
August 30, 2022
Am learning well, as am doing my CPA the course is so help it help me distinguish how to classing items assets, liabilities ,owners equity, revenue and expenses and the kind of entry (DR/CR) each items has on the financial statements.
Dayana
August 13, 2022
Simple but practical examples to understand the logic of how to create adjusting entries and financial statements. It also provides many resources to reinforce what has been learned in each lesson.
Hager
August 12, 2022
Now,i know what is the steps in the accounting cycle.. 1-normal transaction 2-bank reconciliation 3-financial statement 4-closing entries
Esraa
August 12, 2022
Yes , it's a good match with me and help me to review what I study before, I hope take many courses in this website again.
John
June 11, 2022
This is an accounting system called the accrual basis of accounting. The accrual basis of accounting states that expenses are matched with related revenues and are reported when the expense is incurred not when cash changes hand. Therefore adjusting entries are required because of the matching principle in accounting. Hopefully this has been a helpful guide to adjusting entries and in particular, the journal entries that are required.
Stacie
March 31, 2022
Great review for me after so much time away from accounting. Very thorough, almost to the point of boredom! But the redundancy is needed for retention so......Thank you!
Antika
December 25, 2020
I learn mostly about this course that how adjusting entries allow the accountant to communicate a more accurate picture of the company's finances .
Sevda
October 28, 2020
Having a degree in accounting and having been out of it for many years this course is bringing it all back.
Jayalakshmi
September 18, 2020
The instructions are good. I like Bob's teaching. He has covered even small details and explained the concepts with great examples.
Khalid
July 14, 2020
ce cours est très intéressant je remercie l'équipe de UDEMY et Je remercie aussi le Formateur Mr bob pour la bonne explication de cours .
Stephanie
May 22, 2020
I am glad I found this course as I believe that this has been better than some of the courses I took and paid a lot of money for!
Aboubacar
April 22, 2020
I am over the moon. The instructor was powerful, clear in his explanation and specific in every detail. This a further step in the understanding of financial accounting. Learning how to efficiently use the accrual accounting basis, adjusting the entries and grasping the relation of the financial statement are a real boost to my career. I am in love with the course.
Bobbie
May 7, 2018
Robert Steele is very thorough while providing a lot of helpful information on financial accounting. All his courses that I have taken have been amazing. I've learned so much. Thank you.

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1564910
udemy ID
2/21/2018
course created date
4/1/2020
course indexed date
Lee Jia Cheng
course submited by