Excel Accounting 6–Adjusting Entries & Financial Statements

Master Period-End Adjusting Entries with Excel! This course provides a practical, hands-on approach to accurately reporting financial statements using the accrual basis of accounting. You'll gain proficiency in Microsoft Excel for accounting, leveraging a comprehensive accounting worksheet.

What You'll Learn:

• Excel for Accounting: Discover why Excel is a powerful and transparent tool for learning accounting principles, contrasting it with database-driven accounting software like QuickBooks.
• Accounting Worksheet Mastery: Build and utilize a well-designed Excel worksheet encompassing a general journal, trial balance, general ledger, and subsidiary ledgers for accounts receivable, accounts payable, and inventory.
• Financial Statement Preparation: Learn to generate key financial statements from your adjusted trial balance.
• Understanding the Accounting Cycle: Explore how day-to-day accounting processes seamlessly integrate with crucial period-end adjusting entries.

Key Topics Covered:

• Adjusting Entries: A deep dive into understanding and preparing adjusting entries and reversing entries.
• Accrued Interest: Learn to record accrued interest, the interest expense incurred but not yet paid.
• Cutoff Adjustments: Handle sales transactions and invoices that occur near the cutoff date, ensuring accurate revenue recognition.
• Prepaid Insurance: Properly record prepaid insurance and its subsequent depreciation expense.
• Unearned Revenue: Understand and correctly record unearned revenue, a common scenario in accounting software.
• Loan Amortization: Break out the short-term and long-term portions of loans based on amortization schedules.
• Adjusted Trial Balance & Financial Reporting: Create an adjusted trial balance and use it to produce accurate financial statements.

Practical Resources:

• Downloadable Excel Workbooks: Each accounting practice problem includes a downloadable Excel workbook with solutions and step-by-step guidance, ensuring you can track your progress and reinforce your understanding. Workbooks are structured to build upon previous lessons.