This course shows you how to create a worksheet used to adjust the account balances and prepare the financial statements. Use your financial statements to measure performance, make improvements and set goals. The final step covered in this course is closing your books and preparing them for the next accounting period; this is done by journalizing and posting closing entries.
Note: This course is part of a Digital Badge for those who wish to earn a credential. You may register for this individual class, but if If you would like to earn the Digital Badge, register for LRN0176- Online Self-Paced Bookkeeping Digital Badge.
Prepare a Worksheet
- What is a worksheet
- Columns included in the worksheet
- Completing each column
The Income Statement
· Review the worksheet columns for the Income Statement
· Prepare the income statement
· Determine a profit or loss
The Balance Sheet
· Review the worksheet columns for the Balance Sheet
· Prepare the balance sheet
Closing Entries and Statement of Changes in Owner’s Equity
· Prepare post-closing entries for revenue and expense accounts
· Prepare a statement of changes in owner’s equity
· Applying year-end steps monthly or quarterly
Sharon deFonteny has a degree in Business Education with a concentration in Accounting and spent many years in Corporate America working in Accounting and Finance. For the past 5 years, she has created and taught online Business courses for Bucks County Community College. Her experience in business, as well as experience in teaching, has allowed her to help people understand the Accounting and Finance process.
Upon completion of this course, you will be able to:
· Prepare a worksheet used for accumulating and sorting information needed for the financial statements.
· Prepare and Income Statement
· Prepare a Balance Sheet
· Prepare a Statement of Changes in Owner’s Equity
· Post closing entries for the accounting period
Students will be able to prepare a worksheet that shows the unadjusted trial balance, adjustments, adjusted trial balance, and columns for financial statements.
· Students will learn how to use the worksheet to prepare the Income Statement and the Balance Sheet.
· Students will be able to prepare and post-closing entries so that the books are ready for the next accounting cycle.
Applies Towards the Following Digital Badges
- Bookkeeping Digital Badge : Bookkeeping Digital Badge
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