| 1 |
The Journal, Ledger, Trial Balance
The Journal, Ledger, and Trial Balance are how we keep track of what is going on day-to-day in our business.
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14:00 | |
| 2 |
Cash vs. Accrual Accounting
Some businesses operate on the Cash Basis of accounting, but most are on the Accrual Basis. Cash is super simple, Accrual gets a little trickier.
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7:21 | |
| 3 |
Expense Recognition
If you pay for something today, should we recognize it as an expense? Well, it depends.
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8:07 | |
| 4 |
Accruals and Deferrals
What happens when you get cash before you do any work? Or if you do work before you get any cash? That's what we're talking about here!
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15:07 | |
| 5 |
What is an Adjusting Entry?
What even is an Adjusting Entry? Why do we have to make them?
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4:11 | |
| 6 |
Adjusting Entry: Supplies
An adjusting entry example using Supplies as the account of interest.
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1:54 | |
| 7 |
Adjusting Entry: Unearned Revenue
An adjusting entry example using Unearned Revenue as our medium.
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2:11 | |
| 8 |
Adjusting Entry: Interest
An adjusting entry example using Interest as the account we care about.
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2:03 | |
| 9 |
Contra-accounts
A brief primer on what contra-accounts are, and what they aren't.
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4:40 | |
| 10 |
Depreciation
Our first look at Depreciation. This time, we're just going to look at straight-line depreciation. There's much more to come, but we'll save that for later.
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7:10 | |
| 11 |
The Closing Process
The Closing Process isn't hard. I dare say that it's even fun. I'll show you why.
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10:37 |
| Click Here to View All Chapter 3 Problems at Once | View | ||
| 1 | Adjusting Entry Identification | Easy | |
| 2 | Land Purchased With Cash | Easy | |
| 3 | Revenue Recognition | Easy | |
| 4 | Revenue Recognition | Easy | |
| 5 | Revenue Journal Entry | Easy | |
| 6 | Closing Journal Accounts | Easy | |
| 7 | Determining Net Income From Journal Entries | Moderate | |
| 8 | Determining Net Income From Transactions | Moderate | |
| 9 | Closing Process | Moderate | |
| 10 | Prepaid Rent | Moderate | |
| 11 | Revenue Recognition | Moderate | |
| 12 | What Should Be Journaled | Moderate | |
| 13 | Adjusting Journal Entries | Hard | |
| 14 | Adjusting Journal Entries | Hard | |
| 15 | Revenue and Expense Recognition | Hard | |
| 16 | The Effect of Transactions | Hard | |
| 17 | When You Forget to do Adjusting Entries | Hard | |
| 18 | Year End Closing & Account Classification | Hard |