Financial Accounting-Adjusting Entries & Financial Statement
Master Adjusting Entries & Financial Statements: A Comprehensive Guide for Accurate Accounting and Reporting
4.50 (992 reviews)
58,505
students
12 hours
content
Jun 2022
last update
$119.99
regular price
What you will learn
Identify the components of the accounting cycle and analyze the role of adjusting journal entries within it.
Classify and categorize the four main types of adjusting journal entries: prepaid expenses, unearned revenue, accrued expenses, and accrued revenue.
Apply the appropriate adjusting journal entries for each type and construct examples to illustrate their impact.
Evaluate the distinguishing characteristics of adjusting journal entries and differentiate them from regular journal entries.
Organize and manage data effectively using an adjusting journal entries worksheet.
Analyze and interpret common adjusting journal entries encountered in financial accounting.
Critically assess the purpose and significance of reversing entries and analyze common examples.
Construct accurate balance sheets, income statements, and statements of equity based on the adjusted trial balance.
Examine the interconnectedness of the balance sheet, income statement, and statement of equity in financial reporting.
Demonstrate a thorough understanding of accrual concepts and their application in the adjusting process.
Apply problem-solving skills through multiple-choice practice questions to reinforce comprehension and analytical thinking.
Utilize mathematical reasoning to solve short calculation practice questions related to adjusting entries.
Description
This comprehensive course covers the fundamental concepts and processes of adjusting entries, posting them to a worksheet, creating financial statements from an adjusted trial balance, and understanding reversing entries.
The adjusting entry process is often misunderstood, as it is commonly assumed to be a means of correcting accounting errors. However, adjusting entries are an integral part of the accounting cycle and are built into the accounting system. They help us recognize revenue and expenses based on accrual concepts and timing differences.
In this course, we will learn to enter adjusting entries as of the end of the accounting period. These entries have both balance sheet and income statement components. Once the adjusting entries are complete, we will use the adjusted trial balance to generate financial statements, including the balance sheet, income statement, and statement of equity.
To enhance your learning experience, this course provides valuable resources, including downloadable PDF files, Excel practice files, multiple-choice practice questions, short calculation practice questions, and discussion questions. These resources will supplement your understanding and allow for practical application.
Your instructor for this course is a Certified Public Accountant (CPA) and Chartered Global Management Accountant (CGMA) with extensive technical accounting experience. He has a Master's degree in Taxation and is a certified post-secondary instructor (CPS) with expertise in curriculum development. You will benefit from his practical insights and instructional expertise.
Topics covered in this course include the adjusting process, posting adjusting entries to a worksheet, financial statement creation, and reversing entries. We will explore the components of the worksheet and understand how adjusting entries impact accrual accounting.
By the end of this course, you will be able to effectively navigate the accounting cycle, identify the different categories of adjusting entries, create financial statements from an adjusted trial balance, and understand the relationship between the balance sheet, income statement, and statement of equity.
Join us on this learning journey as we delve into Financial Accounting, Adjusting Entries & Financial Statements. Get ready for an engaging and educational experience. Don't miss out on this opportunity for continuing professional education (CPE).
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
Reviews
Mark
October 30, 2023
The course is good, but some of the examples of almost too straightforward to the point the course feels a little cookie cutter between each module.
Wen
October 24, 2023
Execellent course. Go really detail on adjusting entries and financial statement with plenty of exercises. Thanks Bob!
Basheer
July 14, 2023
I learned lot of things form these videos specially from (Notes, Resources & Assignments) Great thanks for this effort.
Tracy
June 7, 2023
It was a good course overall. The repetition made it easy to understand and be able to remember in the future. However, there were a lot of typos and errors in the course.
Karen
June 4, 2023
I really enjoy doing this course. I needed a refresher to remind on some
areas I have not done in awhile. This was a perfect match for me, whereby the
course/topics were communicated step by step and easy to understand.
Gary
March 16, 2023
As a certified public accountant, I am taking this course for CPE hours. The course is good for a refresher on closing activities.
Maureen
March 7, 2023
Taking this course has been such a good learning experience .I hope to learn more of the accounting processes and strategies as time goes by. Thank you
Aminuddin
January 18, 2023
It's a nice experience to gather knowledge from the course. It helps to improve my idea about Financial Accounting & Statements.
Abhishek
October 30, 2022
Overall course is good. You can also explain what happens in the books of account on next month's first day after making adjustment entry on 31st December.
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.
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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