4.42 (258 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
☑ Perform fundamental Excel operations (addition, subtraction, cell relationships)
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.
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
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
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
I learn mostly about this course that how adjusting entries allow the accountant to communicate a more accurate picture of the company's finances .
Having a degree in accounting and having been out of it for many years this course is bringing it all back.
The instructions are good. I like Bob's teaching. He has covered even small details and explained the concepts with great examples.
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 .
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!
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.
Adjusting entries are one of the important parts of financial reporting and i enjoyed this journey to really understand how accuracy is financial reporting when dealing with adjusting entries. Good job Mr. Steele and thank you again.
I have gained valuable knowledge in terms of the processes involved in the accounting cycle. If all the steps are followed and done properly it will result in financial statements that clearly shows the correct picture of how the business is doing and it will make decision making effective, hence enabling the business to achieve its intended goals. Companies use adjustment entries to align expenses and revenues to the accounting period where they occurred. The process ensures that all income, expense, asset and liability accounts reflect their true values when reported in financial statements and that the reported results closely align with the requirements of an accounting framework such as IFRS or GAAP. Adjusting entries of the closing stock determine the correct value of gross profit and the cost of goods sold. These entries enable businesses to calculate the actual profit or loss made within a given accounting period. Adjusting entries reduces errors in income and expenditure records, making the records more accurate. The entries enable companies to settle the accrued financial transactions by determining unpaid income as well as expenses incurred but not yet paid. They indicate the correct amount payable to third parties and capture any income and expense information not entered in the accrual system. Adjusting entries for the depreciation of fixed assets enables companies to determine the correct value of the assets as well as the net profit and financial position of the company for the specified period of the year. The entries are also important in updating financial statements as they help organizations to eliminate obsolete inventory and adjust cash balances for any items noted in the bank reconciliation.
Another great course by Bob! Very down-to-earth and applicable to real business situations. The clear and easy-to-follow and understand style of explanations is quite a confidence booster (as the issues covered in the course are usually presented in an unnecessarily complicated and rather vague way by university professors)!
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.