Excel Accounting 6–Adjusting Entries & Financial Statements



Learn how to enter adjusting entries into an Excel worksheet from a certified public accountant (CPA)

What you will learn

Know what adjusting entries are and how they fit into the accounting process

How to enter adjusting and reversing entries for accrued interest

Ho to enter adjusting and reversing entries for accounts receivable or revenue

How to enter adjusting entries for prepaid insurance

How to enter adjusting entries for depreciation

How to enter adjusting and reversing entries for unearned revenue

How to enter adjusting entry to break out the short-term and long-term portion of loans

How to create financial statements from an adjusted trial balance

Description

This course will focus on period-end adjusting entries, entries needed to report financial statements accurately on an accrual basis.

Learners will know how to navigate Microsoft Excel and use a well-designed accounting worksheet, complete with a general journal, trial balance, general ledger, subsidiary ledgers for accounts receivable, accounts payable, & inventory, financial statements, and much more.

Excel is an excellent tool to learn accounting because it is much more transparent than a database program, like accounting software. QuickBooks is a typical example of accounting software.

For most new steps in our accounting practice problem, you will have access to a downloadable Excel Workbook containing at least two tabs, one with the answer, the new tasks completed, the other starting where the prior presentation left off.

We will discuss adjusting entries, how to format an adjusting entry worksheet, and how the day-to-day accounting process and the period-end adjusting entries fit together.

Next, we will enter adjusting entries and reversing entries for accrued interest, the interest we have incurred but have not yet paid.


Then we will enter adjusting entries and reversing entries related to an invoice or sales transaction originally entered after the cutoff date, month-end, but for which the work was done before the cutoff date.

After that, we will enter adjusting entries for prepaid insurance, which leads to the next adjusting entry for depreciation.

Next, we will enter adjusting entries and reversing entries related to unearned revenue. The unearned revenue entry is different from many book problems but a standard method when using accounting software.

Then we will enter a transaction to break out the short-term and long-term portion of loans according to their related amortization tables.

Finally, we will take the adjusted trial balance, a trial balance constructed after entering the adjusting entries, and create financial statements.


English
language

Content

Adjusting Entries Introduction

10175 Adjust Worksheet for Adjusting Entries

Accrued Interest

10180 Adjusting Entry Accrued Interest Part 1
10182 Adjusting Entry Accrued Interest Part 2
10220 Reversing Entry Accrued Interest

Accounts Receivable or Revenue

10260 Adjusting Entry Accounts Receivable Sales
10300 Reversing Entry Accounts Receivable Sales

Prepaid Insurance

10340 Adjusting Entry Prepaid Insurance

Depreciation

10380 Adjusting Entry Depreciation

Unearned Revenue

10400 Adjusting Entry Unearned Revenue Customer Deposit
10460 Reversing Entry Unearned Revenue Customer Deposit

Loans – Short-Term & Long-Term Portion

10465 Loan Payable Short Term and Long-Term Portion
10467 Reversing Entry Loan Payable Short Term & Long-Term Portion

Financial Statements

10480 Financial Statements with Every Account
10485 Balance Sheet Condensed Format
10490 Income Statement Condensed Format

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