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Bookkeeping Video Training

Author:
Harold Averkamp, CPA, MBA

Part 7

Adjusting entries: deferred revenues, accrued revenues, reversing accruals to avoid double-counting

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Video Training Outline

Accounts: record each transaction in two accounts, debits = credits, T-accounts, amounts reported on financial statements

Part 2 (11:44)

Accounting equation, why revenue accounts have credit balances, accrual method of accounting

Part 3 (12:57)

Accounts for expenses are debited, the income statement and balance sheet are connected, accrual method of accounting

Part 4 (4:11)

Tips for remembering which accounts to debit and credit

Part 5 (5:43)

Why does my bank credit my account when they increase my cash account?

Part 6 (10:54)

Adjusting entries: recorded in the general journal, deferral of prepaid expenses

Part 7 (10:06)

Adjusting entries: deferred revenues, accrued revenues, reversing accruals to avoid double-counting

Part 8 (9:34)

Adjusting entries: accrued expenses, reversing the accrual of expenses after the accounting period is over

Part 9 (6:54)

Adjusting entries: depreciation expense and accumulated depreciation reported on financial statements, useful life of the asset

Part 10 (14:40)

Adjusting entries: recap of accruals, deferrals, one balance sheet account and one income statement account will be affected

Part 11 (6:24)

Introduction to internal control for safeguarding assets: 3-way match, segregation of duties

Part 12 (6:06)

Bank reconciliation: process to determine the true or adjusted amount of cash, journal entries needed for adjustments to book balance

Part 13 (9:57)

Sales on credit: risk, unsecured accounts receivable, aging to monitor allowance for doubtful accounts, bad debts expense

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Certificate - Debits and Credits
Certificate - Adjusting Entries
Certificate - Financial Statements
Certificate - Balance Sheet
Certificate - Income Statement
Certificate - Cash Flow Statement
Certificate - Working Capital
Certificate - Financial Ratios
Certificate - Bank Reconciliation
Certificate - Payroll Accounting

About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

Learn More About Harold

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Certificates of Achievement

We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping:

  • Debits and Credits
  • Adjusting Entries
  • Financial Statements
  • Balance Sheet
  • Income Statement
  • Cash Flow Statement
  • Working Capital and Liquidity
  • Financial Ratios
  • Bank Reconciliation
  • Payroll Accounting
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  • Work towards and earn 30 badges
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