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This course covers the accounting period adjusting process, including its place in the accounting cycle. Examples of prepayments, deferrals and accruals will be used to explain the “how” and the reasons for adjustments to accounts. A brief discussion contrasts the differences between cash basis vs. accrual basis accounting. Through practice, the “trigger” words for transactions that require adjustment will be identified.
Course Series
This course is included in the following series:
11 CoursesBack to the Basics: Accounting Fundamentals
- Accounting Review: The Basics of Debits and Credits
- Transaction Analysis, T-Accounts, Debits and Credits, and Trial Balances
- Accounting Review: Overview of Financial Statements; P&L, Balance Sheet, and Cash Flow
- The Accounting Equation and Financial Statements
- Bank Reconciliations, Cash, and Internal Controls
- Accounts Receivable Training: Bad Debts
- Equipment and Depreciation
- Inventory Costing
- Purchase and Sale of Inventory
- The Adjusting Process
- The Closing Process
Learning Objectives
- Discover the adjusting process and its place in the accounting cycle
- Recognize the proper accounting treatment for prepayments made
- Recognize the proper accounting treatment for prepayments received
- Recognize the proper accounting treatment for expenses accrued prior to payment
- Recognize the proper accounting treatment for revenue earned prior to payment
Last updated/reviewed: November 9, 2019
30 Reviews (96 ratings)Reviews
Anonymous
(Accounting Manager)
Excellent review of Adjusting Journal Entries. I liked all the examples. I also liked how the instructor explained how missing an AJE can overstate or understate various accounts.
Lawrence Hirsch
(Controller at Builders design)
I like Erik's hands on approach to teaching. Just like being in the classroom with a big white board. Great class.
Thank you Erik and Illumeo.
Larry
John Filbert
(Consultant at DLC Group)
Great quick course to review the basics of certain adjusting entries. Would highly recommend to those handling the close process for their company.
Anonymous
(Bookkeeper)
This course was a great refresher or beginning course. I especially like the workbook that helps to reinforce the concepts taught.
Anonymous
(Program Management)
This is a great course for those new to accounting concepts, or for those who have forgotten what they learned in college.
Nikita Patel
(Consultant at DLC Group)
Basic examples but a good refresher. I liked how the content was laid out and the AJEs determined (good visuals).
Anonymous
(Sr. Accountant)
This course was presented with in depth detail of terms, numerous examples with great step by step overviews.
Anonymous
()
Very good basic course to help understand the closing process. Lecturer was on point and used good examples.
Anonymous
(Sr. Accountant)
Very easy to follow instructor's examples using the T accounts he drew and the explanations he gives.
John Beasley
( at LDV Investments)
Good course for catching up on basics for someone who has not done accounting for quite some time
This course provided a nice refresher of the accrual process and it's good for beginners as well
Anonymous
(Program Manager - Net Revenue)
Great examples - easy to follow, especially the T- accounts. Helps to have a visual
Charles Elwis
(None at none)
This is a good review if you have been away from accounting for a long time.
Anonymous
(None)
Real world examples of adjustments required under accrual basis accounting.
Thomas Hayes
(Clinical Associate Professor at University of Arkansas)
Well-organized. Very helpful for anyone teaching financial accounting.
Sherman Bamford
(Accountant at Carilion Clinic)
Very basic course. Concepts were explained with great clarity.
Kevin Murray
(Controller at DA Collins)
A good basic course that delivers the objectives stated.
Corey Masters
(Accountant, Internal Auditor, Risk Speci.. at Self)
A good refresher course or for a non-financial manager.
Anonymous
(Financial Analyst)
Really helped to understand accrual based accounting.
Anonymous
(Sr. Accountant)
Great basic review with lots of helpful examples.
Anonymous
(CPA)
Simple but complete review of basic concepts.
Anonymous
()
Fundamental, but a good refresher.
Anonymous
(Fiscal Officer)
basic knowledge good review course
Yoshihiro Nishimura
(Director of Finance, Coporate Business F.. at WACOM Co., Ltd.)
very easy to follow. thanks
Steven Moore
(Certified Management Accountant; CMA at ArdentAccounting)
Good review. Thanks!
Anonymous
(-)
Very good refresher.
Anonymous
(Director - Transaction Services)
Good, basic course.
Anonymous
(None)
Good review course.
Patrenia McAbee
(Owner at McAbee Consulting)
Good
John Thompson
(CEO at westward mgt)
good
Prerequisites
Course Complexity: Foundational
No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
I just completed the course and have a question regarding the Review Questions.
The first question asks:
The balance in the office supplies account on March 1 was $13,600. Supplies purchased during March were $11,300. Supplies on hand at March 31 were $10,250. What is the amount to be used for the appropriate adjusting journal entry?
My answer is $13,600+11,300-used = $10,250. The amount used is $14,650
This was not an option. The quiz says the right answer is $10,250. I don't get it. Am I missing something?
John-Thanks for pointing this out. You are absolutely correct; there was a typo on this quiz that hadn't been noticed previously. I've updated the answers to accurately reflect what you have correctly noted.
-Erik