This course is designed for those interested to learn the basics of adjusting entries in accounting and understand why it is a fundamental bookkeeping and accounting process, that helps significantly with the accrual concepts, how it focuses on timing differences, on when revenue and expense should be recognized.
Read more.Instructor
Robert (Bob) Steele CPA, CGMA, M.S. Tax, CPI
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Who this course is for:
- Accounting students
- Business owner
- Anyone who wants to learn accounting
What you’ll learn:Â
- Adjusting entries
- Posting adjusting entries to a worksheet
- Financial statement creation from an adjusted trial balance
- Reversing entries
Requirements:Â
- No prior knowledge is required to take this course
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.
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.
By the end of the course, you’ll learn to 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.
Our Promise to You
By the end of this course, you will have learned the adjusting entry process in accounting.
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Course Curriculum
| Section 1 - Introduction | |||
| Adjusting Entry And Financial Statement Course Overview | 00:00:00 | ||
| Section 2 - Accounting Cycle, Types Of Adjusting Entries, Cash Vs Accrual | |||
| Accounting Cycle, Types Of Adjusting Entries, Cash Vs Accrual Overview | 00:00:00 | ||
| Accounting Cycle Steps In The Accounting Process | 00:00:00 | ||
| Types Of Adjusting Journal Entries Adjusting Journal Entry | 00:00:00 | ||
| Cash Method Vs Accrual Method | 00:00:00 | ||
| Section 3 - Adjusting Entry Rules And Thought Process | |||
| Adjusting Entry Rules And Thought Process | 00:00:00 | ||
| Debits And Credits | 00:00:00 | ||
| Rules For Using Debits And Credits | 00:00:00 | ||
| Adjusting Journal Entry Rules – What Are Adjusting Journal | 00:00:00 | ||
| Why Use A Worksheet In Adjusting Process | 00:00:00 | ||
| Adjusting Journal Entry Thought Process How To Record | 00:00:00 | ||
| Section 4 - Supplies, Unearned Revenue, And Wages Adjusting Entries | |||
| Supplies, Unearned Revenue, And Wages Adjusting Entries | 00:00:00 | ||
| Adjusting Entry Supplies | 00:00:00 | ||
| Adjusting Entry Unearned Revenue | 00:00:00 | ||
| Adjusting Entry Wages Payable | 00:00:00 | ||
| Worksheet – Adjusting Entries Supplies Unearned Revenue And Payroll Part 1 – Accounting Instructions | 00:00:00 | ||
| Worksheet – Adjusting Entries Supplies Unearned Revenue And Payroll Part 2 – Accounting Instructions | 00:00:00 | ||
| Section 5 - Accounts Receivable, Insurance, And Depreciation Adjusting Entries | |||
| Accounts Receivable, Insurance, And Depreciation Adjusting Entries | 00:00:00 | ||
| Adjusting Entry Accounts Receivable | 00:00:00 | ||
| Adjusting Entry Insurance | 00:00:00 | ||
| Adjusting Entry Depreciation | 00:00:00 | ||
| Worksheet – Adjusting Entries Prepaid Insurance And Depreciation Part 1 – Accounting instructions | 00:00:00 | ||
| Worksheet – Adjusting Entries Prepaid Insurance And Depreciation Part 2 – Accounting instructions | 00:00:00 | ||
| Section 6 - Reversing Entries | |||
| Reversing Entries | 00:00:00 | ||
| Reversing Journal Entries – Accrued Revenue | 00:00:00 | ||
| Accounts Receivable Reversing Entry | 00:00:00 | ||
| Unearned Revenue Reversing Entry | 00:00:00 | ||
| Reversing Entry Wages Payable | 00:00:00 | ||
| Multiple Choice Questions Adjusting Entries | 00:00:00 | ||
| Section 7 - Financial Statements Overview | |||
| Financial Statements Overview | 00:00:00 | ||
| Balance Sheet | 00:00:00 | ||
| Income Statement | 00:00:00 | ||
| Statement Of Owner’s Equity | 00:00:00 | ||
| Section 8 - Create The Balance Sheet | |||
| Create The Balance Sheet | 00:00:00 | ||
| Balance Sheet Current Assets From Trial Balance | 00:00:00 | ||
| Balance Sheet Property Plant Equipment From Trial Balance | 00:00:00 | ||
| Balance Sheet Liability Section Creation From Trial Balance | 00:00:00 | ||
| Balance Sheet Equity Section Creation From Trial Balance | 00:00:00 | ||
| Multiple Choice Adjusting Process | 00:00:00 | ||
| Test Questions Part 1 Adjusting Entries Adjusted Trial Balance And Creating | 00:00:00 | ||
| Section 9 - Create The Income Statement | |||
| Create The Income Statement | 00:00:00 | ||
| Income Statement From Trial Balance | 00:00:00 | ||
| Multiple Choice Question | 00:00:00 | ||
| Test Questions Part 2 Adjusting Entries Adjusted Trial Balance And Creating | 00:00:00 | ||
| Section 10 - Create The Statement Of Owner’s Equity From The Trial Balance | |||
| Create The Statement Of Owner’s Equity From The Trial Balance | 00:00:00 | ||
| Statement Of Equity From Trial Balance | 00:00:00 | ||
| Multiple Choice Adjusting Process | 00:00:00 | ||
| Section 11 - Financial Statement Relationship | |||
| Financial Statement Relationship | 00:00:00 | ||
| Worksheet Financial Statements From Trial Balance | 00:00:00 | ||
| Test Questions Part 3 Adjusting Entries Adjusted Trial Balance And Creating | 00:00:00 | ||
| Section 12 - Comprehensive Problem | |||
| Comprehensive Problems | 00:00:00 | ||
| Accounting Financial – Comp Prob Service Co 1 – Part 1 | 00:00:00 | ||
| Accounting Financial – Comp Prob Service Co 1 – Part 2 | 00:00:00 | ||
| Accounting Financial – Comp Prob Service Co 1 – Part 3 | 00:00:00 | ||
| Accounting Financial – Comp Prob Service Co 1 – Part 4 | 00:00:00 | ||
| Accounting Financial – Comp Prob Service Co 1 Adjusting Entries – Part 5 | 00:00:00 | ||
| Accounting Financial – Comp Prob Service Co 1 Adjusting Entries – Part 6 | 00:00:00 | ||
| Accounting Financial – Comp Prob Service Co 1 Financial Statements – Part 7 | 00:00:00 | ||
| Accounting Financial – Comp Prob Service Co 1 Financial Statements – Part 8 | 00:00:00 | ||
| Downloadable Materials – Financial | 00:00:00 | ||
Course Review
5.0
1 RatingsRelated Courses
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Financial Accounting Two: The Adjusting Entry Process And Creation Of Financial Statements
This was an excellent course pertaining to the adjusting entries. Bob is a super teacher as he explains every aspect of the process and his repetition helps to imbed the understanding in your mind for a later date. I really learned a lot from this course and will continue to study all of his courses to refresh and gain the knowledge needed to correctly do this in the work world. You can’t go wrong with these courses.