Instructor-led lessons • Self-paced—learn on your schedule
Lesson 1
- Overview: the accounting cycle
- Cash vs. accrual basis accounting
- The chart of accounts
- Normal balances
- Adjusting entries defined
Lesson 2
- Recording accrued revenue and accrued expenses
- Different kinds of accrued revenue and expenses
- Computing and accruing revenue receivable
- Computing and recording expenses payable
- How failure to accrue revenue and expenses affects the financial statements
Lesson 3
- Recording unearned revenue—revenue received in advance.
- How to compute and record adjusting entries for unearned revenue originally recorded in a revenue account v. unearned revenue account
- Recording prepaid expenses
- How to compute and record adjusting entries for prepaid expenses originally recorded in an expense account v. prepaid (asset) account
Lesson 4
- How to compute and record other adjusting entries—bad debt expense, depreciation and others
Lesson 5
- The chart of accounts
- Preparing the unadjusted trial balance, entering the adjustments and preparing the adjusted trial balance
- How the adjusted trial balance is used to prepare the income statement, balance sheet and statement of retained earnings
- Basics of the post-closing trial balance
Final Exam
Take the open-book final exam online, attain a grade of at least 70, and instantly receive a personal Certificate of Completion in Mastering Adjusting Entries, suitable for framing.