Financial AccountingAdjusting Entries Financial Statement
What you’ll 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.
While there are no strict prerequisites for this course, a basic understanding of accounting concepts and familiarity with financial statements would be beneficial. However, even if you are new to accounting, this course provides a comprehensive introduction to adjusting entries and financial statements, making it suitable for beginners.
Having prior knowledge of fundamental accounting principles, such as the accounting equation, debits and credits, and the basic structure of financial statements, will help you grasp the concepts more easily. If you have completed an introductory accounting course or have some experience with bookkeeping, it will be advantageous.
Additionally, basic proficiency in using spreadsheet software like Microsoft Excel would be helpful, as we will be using Excel practice files to reinforce learning and apply concepts practically. However, if you are unfamiliar with Excel, don’t worry, as we will provide step-by-step guidance and preformatted worksheets to assist you.
Above all, a willingness to learn, engage actively, and apply critical thinking is essential for successfully completing this course. The instructor will guide you through the material, ensuring that you gain a solid understanding of adjusting entries, financial statements, and their interrelationships.
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).
Section 1: Introduction
Lecture 1 Introduction
Section 2: Accounting Cycle, Types of Adjusting Entries, Cash vs Accrual
Lecture 2 2 Accounting Cycle, Types of Adjusting Entries, Cash vs Accrual
Lecture 3 PDF 1 Accounting Cycle Steps in the Accounting Process
Lecture 4 1 Accounting Cycle Steps in the Accounting Process
Lecture 5 Notes – Review of What Accounting Is
Lecture 6 PDF 2 Types of Adjusting Journal Entries Adjusting Journal Entry
Lecture 7 2 Types of Adjusting Journal Entries Adjusting Journal Entry
Lecture 8 PDF Cash Vs Accrual
Lecture 9 Cash Method vs Accrual Method
Lecture 10 Notes – Debits, Credits & Transaction Rules Review
Section 3: Adjusting Entry Rules and Thought Process
Lecture 11 3 Adjusting Entry Rules and Thought Process
Lecture 12 PDF 2.05 Double entry accounting Debits and Credits – Accounting equation u
Lecture 13 2.05 Double entry accounting Debits and Credits – Accounting equation u
Lecture 14 PDF 2.06 Debit Credit – One Rule To Rule Them u
Lecture 15 Debit Credit – One Rule To Rule Them u
Lecture 16 PDF 3 Adjusting Journal Entry Rules – What are Adjusting Journal E
Lecture 17 3 Adjusting Journal Entry Rules – What are Adjusting Journal E
Lecture 18 Notes – What Adjusting Journal Entries Are?
Lecture 19 PDF 3.08 Why Use A Worksheet
Lecture 20 3.5 Why Use a Worksheet in Adjusting Process
Lecture 21 Notes – Why Adjusting Entries Are Needed
Lecture 22 PDF 3.07 Adjusting Entries Thought Process
Lecture 23 4 Adjusting Journal Entry Thought Process How to Record Adju
Lecture 24 Notes – Adjusting Entry Rules & Thought Process
Lecture 25 Accounting Comic Break
Section 4: Supplies, Unearned Revenue, and Wages Adjusting Entries
Lecture 26 4 Supplies, Unearned Revenue, and Wages Adjusting Entries
Lecture 27 Notes – Prepaid Expenses
Lecture 28 PDF 5 Adjusting Entry Supplies, Unearned Revenue, & Wages Payable
Lecture 29 5 Adjusting Entry Supplies
Lecture 30 Notes – Adjusting Entry For supplies
Lecture 31 6 Adjusting entry unearned revenue
Lecture 32 Notes – Unearned or Deferred Revenue
Lecture 33 7 Adjusting Entry Wages Payable
Lecture 34 Notes – Accrued Expenses
Lecture 35 Excel Worksheet Download
Lecture 36 Worksheet – 1.1 Adjusting entries Supplies Unearned revenue% and Payroll Pa
Lecture 37 Worksheet – 1.2 Adjusting entries Supplies, Unearned Revenue, and Payroll Pa
Section 5: Accounts Receivable, Insurance, and Depreciation Adjusting Entries
Lecture 38 5 Accounts Receivable, Insurance, and Depreciation Adjusting Entries
Lecture 39 PDF 3.20 Adjusting Entries Depreciation, Accounts Receivable, Insurance
Lecture 40 8 Adjusting Entry Accounts Receivable
Lecture 41 Notes – Accrued Revenue
Lecture 42 9 Adjusting Entry Insurance
Lecture 43 Notes – Prepaid Insurance
Lecture 44 10 Adjusting Entry Depreciation
Lecture 45 Notes – Depreciation expense for the period is calculated to be $1,100.
Lecture 46 Excel Worksheet Download
Lecture 47 Worksheet – 2.1 Adjusting entries Prepaid Insurance and Depreciation
Lecture 48 Worksheet – 2.2 Adjusting entries Prepaid Insurance and Depreciation
Section 6: Reversing Entries
Lecture 49 6 Reversing Entries
Lecture 50 Notes – Reversing Entries
Lecture 51 PDF 11 Reversing Journal Entries – Accrued Revenue
Lecture 52 11 Reversing Journal Entries – Accrued Revenue
Lecture 53 Notes – Accrued Revenues Reversing Entry Example
Lecture 54 Excel Worksheet Download
Lecture 55 4 Worksheet Accounts Receivable Reversing Entry
Lecture 56 Excel Worksheet Download
Lecture 57 5 Worksheet Unearned Revenue Reversing Entry
Lecture 58 PDF 11.5 Reversing Entry Wages Payable
Lecture 59 11.5 Reversing Entry Wages Payable
Lecture 60 Notes – Wages Payable Reversing Entry Example
Lecture 61 Multiple Choice Questions 1
Section 7: Financial Statements Overview
Lecture 62 7 Financial Statements Overview
Lecture 63 PDF 1.18 Balance Sheet Explained u
Lecture 64 Balance Sheet Explained u
Lecture 65 Notes – Relationship Between the Financial Statements and Adjusted Trial
Lecture 66 PDF 1.20 Income Statement Explained u
Lecture 67 Income Statement Explained u
Lecture 68 PDF 1.23 Statement of Owner’s Equity u
Lecture 69 Statement of Owner’s Equity u
Lecture 70 Notes – Analysis of The Financial Statement Relations
Section 8: Create the Balance Sheet
Lecture 71 8 Create the Balance Sheet
Lecture 72 PDF 12 Balance Sheet Current Assets from Trial Balance
Lecture 73 12 Balance Sheet Current Assets from Trial Balance
Lecture 74 PDF 13 Balance Sheet Property Plant Equipment From Trial Balance
Lecture 75 13 Balance Sheet Property Plant %26 Equipment From Trial Balance
Lecture 76 PDF 14 Balance Sheet Liability Section Creation From Trial Balance
Lecture 77 14 Balance Sheet Liability Section Creation From Trial Balance
Lecture 78 15 Balance Sheet Equity Section Creation from Trial Balance
Lecture 79 Notes – Balance Sheet Constructed from the Adjusted Trial Balance
Lecture 80 Multiple Choice Questions 2
Lecture 81 Short Calculation Questions 1
Section 9: Create the Income Statement
Lecture 82 9 Create the Income Statement
Lecture 83 PDF 16 Income Statement from Trial Balance
Lecture 84 16 Income Statement from Trial Balance
Lecture 85 Note – Income Statement Created Form Adjusted Trial Balance
Lecture 86 Multiple Choice Questions 3
Lecture 87 Multiple Choice Questions 4
Lecture 88 Short Calculation Questions 2
Section 10: Create the Statement of Owner’s Equity from the Trial Balance
Lecture 89 10 Create the Statement of Owner’s Equity from the Trial Balance – Copy
Lecture 90 PDF 17 Statement of Equity From Trial Balance
Lecture 91 17 Statement of Equity From Trial Balance
Section 11: Financial Statement Relationship
Lecture 92 PDF 18 Financial Statement Relationships
Lecture 93 18 Financial Statement Relationships
Lecture 94 Notes – Statement of Owner’s Equity Created Form Adjusted Trial Balance
Lecture 95 Excel Worksheet Download
Lecture 96 Worksheet – Financial Statements from Trial Balance
Lecture 97 Short Calculation Questions 3
Section 12: Comprehensive Problem
Lecture 98 11 Comprehensive Problems
Lecture 99 Example Excel Worksheet Download
Lecture 100 Excel Worksheet Download
Lecture 101 1 Accounting%2C Financial – Comp Prob Service Co 1 Part 1
Lecture 102 2 Accounting%2C Financial – Comp Prob Service Co 1 Part 2
Lecture 103 3 Accounting%2C Financial – Comp Prob Service Co 1 Part 3
Lecture 104 4 Accounting%2C Financial – Comp Prob Service Co 1 Part 4
Lecture 105 5 Accounting%2C Financial – Comp Prob Service Co 1 Adjusting Entries part 5
Lecture 106 6 Comp Prob Service Co 1 Adjusting Entries part 6
Lecture 107 7 Accounting%2C Financial – Comp Prob Service Co 1 Financial Statements part 7
Lecture 108 8 Accounting%2C Financial – Comp Prob Service Co 1 Financial Statements part 8
Section 13: CPE Qualified Assessment
Accounting Students: This course serves as a valuable resource for accounting students at the undergraduate or graduate level who want to enhance their understanding of adjusting entries and financial statement preparation. It provides a practical application of accounting theory and concepts, preparing students for real-world accounting scenarios.,Accounting Professionals: The course is also suitable for professionals already working in the accounting field who want to deepen their knowledge of adjusting entries and financial statement analysis. It serves as a refresher course and helps professionals stay updated with best practices in financial accounting.,Bookkeepers and Financial Analysts: Bookkeepers and financial analysts who are responsible for recording financial transactions and analyzing financial statements can benefit from this course. It equips them with the necessary skills to accurately record adjusting entries and interpret financial information effectively.,Small Business Owners and Entrepreneurs: Small business owners and entrepreneurs who manage their own bookkeeping or want to have a better understanding of financial statements will find this course valuable. It empowers them to make informed decisions based on accurate financial information.,Anyone Interested in Financial Accounting: Individuals with a general interest in financial accounting, whether for personal knowledge or career development purposes, can enroll in this course. It provides a comprehensive introduction to adjusting entries and financial statements, making it accessible to learners from various backgrounds.
Udemy | English | 11h 48m | 8.83 GB
Created by: Robert (Bob) Steele