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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

  1. Accounting Review: The Basics of Debits and Credits
  2. Transaction Analysis, T-Accounts, Debits and Credits, and Trial Balances
  3. Accounting Review: Overview of Financial Statements; P&L, Balance Sheet, and Cash Flow
  4. The Accounting Equation and Financial Statements
  5. Bank Reconciliations, Cash, and Internal Controls
  6. Accounts Receivable Training: Bad Debts
  7. Equipment and Depreciation
  8. Inventory Costing
  9. Purchase and Sale of Inventory
  10. The Adjusting Process
  11. 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: August 12, 2017

20 Reviews (65 ratings)Reviews

4
Anonymous Author
This course was a great refresher or beginning course. I especially like the workbook that helps to reinforce the concepts taught.
4
Member's Profile
Basic examples but a good refresher. I liked how the content was laid out and the AJEs determined (good visuals).
4
Member's Profile
Good course for catching up on basics for someone who has not done accounting for quite some time
4
Member's Profile
This course provided a nice refresher of the accrual process and it's good for beginners as well
5
Member's Profile
This is a good review if you have been away from accounting for a long time.
4
Anonymous Author
Real world examples of adjustments required under accrual basis accounting.
Member's Profile
A good basic course that delivers the objectives stated.
5
Member's Profile
A good refresher course or for a non-financial manager.
4
Anonymous Author
Really helped to understand accrual based accounting.
4
Anonymous Author
Great basic review with lots of helpful examples.
4
Anonymous Author
Simple but complete review of basic concepts.
5
Anonymous Author
Fundamental, but a good refresher.
Anonymous Author
basic knowledge good review course
4
Member's Profile
very easy to follow. thanks
5
Member's Profile
Good review. Thanks!
4
Anonymous Author
Very good refresher.
4
Anonymous Author
Good, basic course.
4
Anonymous Author
Good review course.
4
Member's Profile
Good
4
Member's Profile
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 .

2 QuestionsCourse Questions and Answers

Member's Profile

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?

Member's Profile

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

Course Syllabus
INTRODUCTION AND OVERVIEW
  9:20The Matching Concept
Examples of The Adjusting Process
  12:11Example 1: Adjustment Journal Entry Process Dealing with Supplies and Rent
  8:57Example 2 : Adjustment Journal Entry Process Entry Process Dealing with Supplies and Rent
  14:54Example 3 : Adjustment Journal Entry Process Wages, Interest, and Depreciation
  12:54Example 4 : Adjustment Journal Entry Process Dealing with Depreciation
CONTINUOUS PLAY
  1:05:15The Adjusting Process Full Video
SUPPORTING MATERIALS
  PDFNotes Template: The Adjusting Process
  PDFWorkbook: The Adjusting Process
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM