Financial Accounting Adjusting Entries Financial Statement

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Adjusting entry creation, posting adjusting entries to a worksheet, creating financial statements from the trial balance

Last updated 2022-01-10 | 4.2

- List the steps in the accounting cycle
- Explain the importance of using an adjusting entries worksheet
- List types of adjusting entries

What you'll learn

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)

* Requirements

* Basic accounting concepts

Description

National Association of State Boards of Accountancy (NASBA)

NASBA CPE credits: 16.0

Recommended NASBA field of study: Accounting

Program level: Basic

To earn NASBA CPE credits:

  • Complete all videos
  • Score 70% or higher on final exam

Glossary: Find PDF attached to the first lecture of this course.

Completion to obtain CPE should be accomplished a year after purchase date.

If you undertake this course for NASBA CPE credits, please complete the Self Study Course Evaluation.

CPE Sponsor

Udemy is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. For additional information including refunds and complaints, please see Udemy Terms of Use. For more information regarding administrative policies, please contact our support.

Course content

13 sections • 126 lectures

Introduction 1 lectures

Introduction Preview 06:16

Accounting Cycle, Types of Adjusting Entries, Cash vs Accrual 10 lectures

2 Accounting Cycle, Types of Adjusting Entries, Cash vs Accrual Preview 01:14

PDF 1 Accounting Cycle Steps in the Accounting Process Preview 00:08

1 Accounting Cycle Steps in the Accounting Process Preview 10:02

Notes - Review of What Accounting Is Preview 01:34

PDF 2 Types of Adjusting Journal Entries Adjusting Journal Entry Preview 00:08

2 Types of Adjusting Journal Entries Adjusting Journal Entry Preview 17:20

PDF Cash Vs Accrual Preview 00:08

Cash Method vs Accrual Method Preview 16:19

Notes - Debits, Credits & Transaction Rules Review Preview 02:00

CPE Review Quiz Section 2

Adjusting Entry Rules and Thought Process 16 lectures

3 Adjusting Entry Rules and Thought Process Preview 00:56

PDF 2.05 Double entry accounting Debits and Credits - Accounting equation u Preview 00:08

2.05 Double entry accounting Debits and Credits - Accounting equation u Preview 15:49

PDF 2.06 Debit Credit - One Rule To Rule Them u Preview 00:08

Debit Credit - One Rule To Rule Them u Preview 18:27

PDF 3 Adjusting Journal Entry Rules - What are Adjusting Journal E Preview 00:08

3 Adjusting Journal Entry Rules - What are Adjusting Journal E Preview 04:43

Notes - What Adjusting Journal Entries Are? Preview 03:38

PDF 3.08 Why Use A Worksheet Preview 00:08

3.5 Why Use a Worksheet in Adjusting Process Preview 11:13

Notes - Why Adjusting Entries Are Needed Preview 04:47

PDF 3.07 Adjusting Entries Thought Process Preview 00:08

4 Adjusting Journal Entry Thought Process How to Record Adju Preview 11:13

Notes - Adjusting Entry Rules & Thought Process Preview 06:42

Accounting Comic Break Preview 00:14

CPE Review Section #3

Supplies, Unearned Revenue, and Wages Adjusting Entries 14 lectures

4 Supplies, Unearned Revenue, and Wages Adjusting Entries Preview 01:28

Notes - Prepaid Expenses Preview 00:43

PDF 5 Adjusting Entry Supplies, Unearned Revenue, & Wages Payable Preview 00:08

5 Adjusting Entry Supplies Preview 05:12

Notes - Adjusting Entry For supplies Preview 04:58

6 Adjusting entry unearned revenue Preview 04:45

Notes - Unearned or Deferred Revenue Preview 05:40

7 Adjusting Entry Wages Payable Preview 05:27

Notes - Accrued Expenses Preview 04:45

Excel Worksheet Download Preview 00:05

Worksheet - 1.1 Adjusting entries Supplies Unearned revenue% and Payroll Pa Preview 09:03

Worksheet - 1.2 Adjusting entries Supplies, Unearned Revenue, and Payroll Pa Preview 08:59

Explain how accounting adjustments affect financial statements.

Explain how accounting adjustments affect financial statements and give an example of an adjustment.

CPE Review Quiz Section #4

Accounts Receivable, Insurance, and Depreciation Adjusting Entries 13 lectures

5 Accounts Receivable, Insurance, and Depreciation Adjusting Entries Preview 01:09

PDF 3.20 Adjusting Entries Depreciation, Accounts Receivable, Insurance Preview 00:08

8 Adjusting Entry Accounts Receivable Preview 05:21

Notes - Accrued Revenue Preview 05:37

9 Adjusting Entry Insurance Preview 06:21

Notes - Prepaid Insurance Preview 05:12

10 Adjusting Entry Depreciation Preview 05:10

Notes - Depreciation expense for the period is calculated to be $1,100. Preview 06:24

Excel Worksheet Download Preview 00:05

Worksheet - 2.1 Adjusting entries Prepaid Insurance and Depreciation Preview 08:02

Worksheet - 2.2 Adjusting entries Prepaid Insurance and Depreciation Preview 08:07

Describe the adjusted trial balance and why is it prepared?

Describe the adjusted trial balance and why is it prepared?

CPE Review Quiz: Section #5

Reversing Entries 15 lectures

6 Reversing Entries Preview 00:46

Notes - Reversing Entries Preview 04:16

PDF 11 Reversing Journal Entries - Accrued Revenue Preview 00:08

11 Reversing Journal Entries - Accrued Revenue Preview 09:14

Notes - Accrued Revenues Reversing Entry Example Preview 02:36

Excel Worksheet Download Preview 00:05

4 Worksheet Accounts Receivable Reversing Entry Preview 13:21

Excel Worksheet Download Preview 00:05

5 Worksheet Unearned Revenue Reversing Entry Preview 09:21

PDF 11.5 Reversing Entry Wages Payable Preview 00:08

11.5 Reversing Entry Wages Payable Preview 10:36

Notes - Wages Payable Reversing Entry Example Preview 03:10

Why are financial statements prepared?

Explain why are financial statements prepared in specific order and list usual order?

Multiple Choice Questions 1 Preview 04:43

CPE Review Quiz: Section #6

Financial Statements Overview 10 lectures

7 Financial Statements Overview Preview 00:27

PDF 1.18 Balance Sheet Explained u Preview 00:08

Balance Sheet Explained u Preview 17:22

Notes - Relationship Between the Financial Statements and Adjusted Trial Preview 02:30

PDF 1.20 Income Statement Explained u Preview 00:08

Income Statement Explained u Preview 13:24

PDF 1.23 Statement of Owner's Equity u Preview 00:08

Statement of Owner's Equity u Preview 10:49

Notes - Analysis of The Financial Statement Relations Preview 02:20

CPE Review Quiz: Section #7

Create the Balance Sheet 13 lectures

8 Create the Balance Sheet Preview 00:40

PDF 12 Balance Sheet Current Assets from Trial Balance Preview 00:08

12 Balance Sheet Current Assets from Trial Balance Preview 04:01

PDF 13 Balance Sheet Property Plant Equipment From Trial Balance Preview 00:08

13 Balance Sheet Property Plant %26 Equipment From Trial Balance Preview 05:18

PDF 14 Balance Sheet Liability Section Creation From Trial Balance Preview 00:08

14 Balance Sheet Liability Section Creation From Trial Balance Preview 04:01

15 Balance Sheet Equity Section Creation from Trial Balance Preview 06:27

Notes - Balance Sheet Constructed from the Adjusted Trial Balance Preview 08:32

Describe the importance of periodic reporting and the time period assumption

Describe the importance of periodic reporting and the time period assumption

Multiple Choice Questions 2 Preview 06:04

Short Calculation Questions 1 Preview 14:51

CPE Review Quiz: Section #8

Create the Income Statement 9 lectures

9 Create the Income Statement Preview 00:46

PDF 16 Income Statement from Trial Balance Preview 00:08

16 Income Statement from Trial Balance Preview 09:16

Note - Income Statement Created Form Adjusted Trial Balance Preview 03:44

Multiple Choice Questions 3 Preview 08:46

300.2 Discuss how accrual accounting makes financial statements better

Discuss how accrual accounting makes financial statements better

Multiple Choice Questions 4 Preview 08:12

Short Calculation Questions 2 Preview 12:19

CPE Review Quiz: Section #9

Create the Statement of Owner’s Equity from the Trial Balance 4 lectures

10 Create the Statement of Owner’s Equity from the Trial Balance - Copy Preview 00:43

PDF 17 Statement of Equity From Trial Balance Preview 00:08

17 Statement of Equity From Trial Balance Preview 08:56

CPE Review Quiz: Section #10

Financial Statement Relationship 8 lectures

PDF 18 Financial Statement Relationships Preview 00:08

18 Financial Statement Relationships Preview 06:17

Notes - Statement of Owner’s Equity Created Form Adjusted Trial Balance Preview 03:40

Excel Worksheet Download Preview 00:05

Worksheet - Financial Statements from Trial Balance Preview 34:26

Explain the purpose of adjusting entries?

Explain the purpose of adjusting entries and provide an example of an adjusting entry. ​

Short Calculation Questions 3 Preview 19:13

CPE Review Quiz: Section #11

Comprehensive Problem 12 lectures

11 Comprehensive Problems Preview 01:00

Example Excel Worksheet Download Preview 00:05

Excel Worksheet Download Preview 00:05

1 Accounting%2C Financial - Comp Prob Service Co 1 Part 1 Preview 15:01

2 Accounting%2C Financial - Comp Prob Service Co 1 Part 2 Preview 15:10

3 Accounting%2C Financial - Comp Prob Service Co 1 Part 3 Preview 15:20

4 Accounting%2C Financial - Comp Prob Service Co 1 Part 4 Preview 22:13

5 Accounting%2C Financial - Comp Prob Service Co 1 Adjusting Entries part 5 Preview 15:02

6 Comp Prob Service Co 1 Adjusting Entries part 6 Preview 20:05

7 Accounting%2C Financial - Comp Prob Service Co 1 Financial Statements part 7 Preview 15:01

8 Accounting%2C Financial - Comp Prob Service Co 1 Financial Statements part 8 Preview 16:39

CPE Review Quiz: Section #12

CPE Qualified Assessment 1 lectures

CPE Qualified Assessment