Financial Accounting-Adjusting Entries & Financial Statement

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Robert (Bob) Steele

9:21:38

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01 - Introduction

001 Glossary-Financial-Accounting-Adjusting-Entries-Financial-Statement.pdf

001 Introduction.mp4

06:16

02 - Accounting Cycle, Types of Adjusting Entries, Cash vs Accrual

001 2 Accounting Cycle, Types of Adjusting Entries, Cash vs Accrual.mp4

01:14

002 3.27-Accounting-cycle.pdf

002 PDF 1 Accounting Cycle Steps in the Accounting Process.mp4

00:08

003 1 Accounting Cycle Steps in the Accounting Process.mp4

09:22

004 Notes - Review of What Accounting Is.html

005 3.24-Types-of-Adjusting-Entries.pdf

005 PDF 2 Types of Adjusting Journal Entries Adjusting Journal Entry.mp4

00:08

006 2 Types of Adjusting Journal Entries Adjusting Journal Entry.mp4

16:36

007 1.14-Cash-Vs-Accrual-u.pdf

007 PDF Cash Vs Accrual.mp4

00:08

008 Cash Method vs Accrual Method.mp4

16:19

009 Notes - Debits, Credits & Transaction Rules Review.html

03 - Adjusting Entry Rules and Thought Process

001 3 Adjusting Entry Rules and Thought Process.mp4

00:56

002 2.05-Double-entry-accounting-Debits-and-Credits-Accounting-equation-u.pdf

002 PDF 2.05 Double entry accounting Debits and Credits - Accounting equation u.mp4

00:08

003 2.05 Double entry accounting Debits and Credits - Accounting equation u.mp4

15:49

004 2.06-Debit-Credit-One-Rule-To-Rule-Them-u.pdf

004 PDF 2.06 Debit Credit - One Rule To Rule Them u.mp4

00:08

005 Debit Credit - One Rule To Rule Them u.mp4

18:27

006 3.05-Rules-for-Adjusting-Entreis.pdf

006 PDF 3 Adjusting Journal Entry Rules - What are Adjusting Journal E.mp4

00:08

007 3 Adjusting Journal Entry Rules - What are Adjusting Journal E.mp4

04:11

008 Notes - What Adjusting Journal Entries Are.html

009 3.08-Why-Use-A-Workshet.pdf

009 PDF 3.08 Why Use A Worksheet.mp4

00:08

010 3.5 Why Use a Worksheet in Adjusting Process.mp4

11:13

011 Notes - Why Adjusting Entries Are Needed.html

012 3.07-Adjusting-Entreis-Thought-Process.pdf

012 PDF 3.07 Adjusting Entries Thought Process.mp4

00:08

013 4 Adjusting Journal Entry Thought Process How to Record Adju.mp4

10:30

014 Notes - Adjusting Entry Rules & Thought Process.html

015 Accounting Comic Break.mp4

00:14

04 - Supplies, Unearned Revenue, and Wages Adjusting Entries

001 4 Supplies, Unearned Revenue, and Wages Adjusting Entries.mp4

01:28

002 Notes - Prepaid Expenses.html

003 3.10-Lecture-7-Adjusting-Entries-Supplies-Unearned-Revenue-Wages-Payable-D-D.pdf

003 PDF 5 Adjusting Entry Supplies, Unearned Revenue, & Wages Payable.mp4

00:08

004 5 Adjusting Entry Supplies.mp4

04:39

005 Notes - Adjusting Entry For supplies.html

006 6 Adjusting entry unearned revenue.mp4

04:13

007 Notes - Unearned or Deferred Revenue.html

008 7 Adjusting Entry Wages Payable.mp4

04:54

009 Notes - Accrued Expenses.html

010 Excel Worksheet Download.mp4

00:05

011 1-Worksheet-Adjusting-Entries.xlsx

011 Worksheet - 1.1 Adjusting entries Supplies Unearned revenue% and Payroll Pa.mp4

09:15

012 Worksheet - 1.2 Adjusting entries Supplies, Unearned Revenue, and Payroll Pa.mp4

08:59

05 - Accounts Receivable, Insurance, and Depreciation Adjusting Entries

001 5 Accounts Receivable, Insurance, and Depreciation Adjusting Entries.mp4

01:09

002 3.20-Lecture-7.5-Adjusting-Entries-2-D-D.pdf

002 PDF 3.20 Adjusting Entries Depreciation, Accounts Receivable, Insurance.mp4

00:08

003 8 Adjusting Entry Accounts Receivable.mp4

04:49

004 Notes - Accrued Revenue.html

005 9 Adjusting Entry Insurance.mp4

05:49

006 Notes - Prepaid Insurance.html

007 10 Adjusting Entry Depreciation.mp4

04:38

008 Notes - Depreciation expense for the period is calculated to be $1,100.html

009 Excel Worksheet Download.mp4

00:05

010 2-Worksheet-Adjusting-Entries.xlsx

010 Worksheet - 2.1 Adjusting entries Prepaid Insurance and Depreciation.mp4

16:08

011 Worksheet - 2.2 Adjusting entries Prepaid Insurance and Depreciation.mp4

08:07

06 - Reversing Entries

001 6 Reversing Entries.mp4

00:46

002 Notes - Reversing Entries.html

003 3.22-Reversing-Entry-AR.pdf

003 PDF 11 Reversing Journal Entries - Accrued Revenue.mp4

00:08

004 11 Reversing Journal Entries - Accrued Revenue.mp4

08:36

005 Notes - Accrued Revenues Reversing Entry Example.html

006 Excel Worksheet Download.mp4

00:05

007 4 Worksheet Accounts Receivable Reversing Entry.mp4

13:21

007 4-Worksheet-Accounts-Receivable-Reversing-Entry.xlsx

008 Excel Worksheet Download.mp4

00:05

009 5 Worksheet Unearned Revenue Reversing Entry.mp4

09:21

009 5-Unearned-Revenue-Reversing-Entry.xlsx

010 3.22-Reversing-Entry-Wages-Payable.pdf

010 PDF 11.5 Reversing Entry Wages Payable.mp4

00:08

011 11.5 Reversing Entry Wages Payable.mp4

10:36

012 Notes - Wages Payable Reversing Entry Example.html

013 Multiple Choice Questions 1.mp4

04:43

07 - Financial Statements Overview

001 7 Financial Statements Overview.mp4

00:27

002 1.18-Balance-Sheet-Explained-u.pdf

002 PDF 1.18 Balance Sheet Explained u.mp4

00:08

003 Balance Sheet Explained u.mp4

17:22

004 Notes - Relationship Between the Financial Statements and Adjusted Trial.html

005 1.20-Income-Statement-Explained-u.pdf

005 PDF 1.20 Income Statement Explained u.mp4

00:08

006 Income Statement Explained u.mp4

13:24

007 1.23-Statement-of-Owners-Equity-u.pdf

007 PDF 1.23 Statement of Owners Equity u.mp4

00:08

008 Statement of Owners Equity u.mp4

10:49

009 Notes - Analysis of The Financial Statement Relations.html

08 - Create the Balance Sheet

001 8 Create the Balance Sheet.mp4

00:40

002 3.30-Lecture-9-Finanical-Statement-D-D.pdf

002 PDF 12 Balance Sheet Current Assets from Trial Balance.mp4

00:08

003 12 Balance Sheet Current Assets from Trial Balance.mp4

03:29

004 3.35-Lecture-9-Finanical-Statement-D-D-2.pdf

004 PDF 13 Balance Sheet Property Plant Equipment From Trial Balance.mp4

00:08

005 13 Balance Sheet Property Plant %26 Equipment From Trial Balance.mp4

04:46

006 3.37-Lecture-9-Finanical-Statement-D-D-2-liability.pdf

006 PDF 14 Balance Sheet Liability Section Creation From Trial Balance.mp4

00:08

007 14 Balance Sheet Liability Section Creation From Trial Balance.mp4

03:29

008 15 Balance Sheet Equity Section Creation from Trial Balance.mp4

05:55

009 Notes - Balance Sheet Constructed from the Adjusted Trial Balance.html

010 Multiple Choice Questions 2.mp4

06:04

011 Short Calculation Questions 1.mp4

14:47

09 - Create the Income Statement

001 9 Create the Income Statement.mp4

00:46

002 3.40-Lecture-9-Finanical-Statement-D-D-2-IS.pdf

002 PDF 16 Income Statement from Trial Balance.mp4

00:08

003 16 Income Statement from Trial Balance.mp4

09:16

004 Note - Income Statement Created Form Adjusted Trial Balance.html

005 Multiple Choice Questions 3.mp4

08:46

006 Multiple Choice Questions 4.mp4

08:12

007 Short Calculation Questions 2.mp4

12:19

10 - Create the Statement of Owners Equity from the Trial Balance

001 10 Create the Statement of Owners Equity from the Trial Balance - Copy.mp4

00:43

002 3.41-Lecture-9-Finanical-Statement-D-D-2-Equity.pdf

002 PDF 17 Statement of Equity From Trial Balance.mp4

00:08

003 17 Statement of Equity From Trial Balance.mp4

08:56

11 - Financial Statement Relationship

001 3.42-Lecture-9-Finanical-Statement-D-D-2-FS-relationship.pdf

001 PDF 18 Financial Statement Relationships.mp4

00:08

002 18 Financial Statement Relationships.mp4

06:17

003 Notes - Statement of Owners Equity Created Form Adjusted Trial Balance.html

004 Excel Worksheet Download.mp4

00:05

005 5-Financial-Statements.xlsx

005 Worksheet - Financial Statements from Trial Balance.mp4

34:26

006 Short Calculation Questions 3.mp4

19:13

12 - Comprehensive Problem

001 11 Comprehensive Problems.mp4

01:00

002 Example Excel Worksheet Download.mp4

00:05

002 Example-Comp-Problem-1-Service-Co.xlsx

003 Excel Worksheet Download.mp4

00:05

003 Practice-Comp-Problem-1-Service-Co.xlsx

004 1 Accounting%2C Financial - Comp Prob Service Co 1 Part 1.mp4

15:01

005 2 Accounting%2C Financial - Comp Prob Service Co 1 Part 2.mp4

15:10

006 3 Accounting%2C Financial - Comp Prob Service Co 1 Part 3.mp4

15:20

007 4 Accounting%2C Financial - Comp Prob Service Co 1 Part 4.mp4

22:13

008 5 Accounting%2C Financial - Comp Prob Service Co 1 Adjusting Entries part 5.mp4

15:02

009 6 Comp Prob Service Co 1 Adjusting Entries part 6.mp4

20:05

010 7 Accounting%2C Financial - Comp Prob Service Co 1 Financial Statements part 7.mp4

15:01

011 8 Accounting%2C Financial - Comp Prob Service Co 1 Financial Statements part 8.mp4

16:39

13 - CPE Qualified Assessment

Description

Master Adjusting Entries & Financial Statements: A Comprehensive Guide for Accurate Accounting and Reporting

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.

Who is this for?

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.

What You Need to Know?

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.

More details

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).
Who this course is for:
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.

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Financial Accounting

Financial Statement

Robert (Bob) Steele

Instructor's Courses

Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his. Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA). Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software. In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible. Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks. Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business. Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster. Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts. The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video. Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.

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