Get Ready to Crush Your Closing Entries with Excel Mastery!

Today we continue with the topic The Accounting Cycle – Reporting Financial Results. We will look at the demonstration problem and learn how to use the worksheet to prepare the income statement, the statement of retained earnings, closing entries, and an after-closing trial balance.

The textbooks used in this video: Financial Accounting, Jan R. Williams. Publisher: McGraw-Hill. Chapter 5.

Recommended videos:
The Accounting Cycle - Capturing Economic Events - Owners' Equity Accounts    • The Accounting Cycle - Capturing Economic ...  
The Accounting Cycle - Capturing Economic Events - Journals and Posting to General Ledger    • The Accounting Cycle - Master Journal Entr...  
The Accounting Cycle: Capturing Economic Events - Examples The Accounting Cycle: Capturing Economic Events - Examples
The Accounting Cycle: Accruals and Deferrals (Part 1 Deferrals)    • Mastering DEFERRALS in Accounting Cycle in...  
The Accounting Cycle: Accruals and Deferrals (Part 2 Accruals)    • Mastering ACCRUALS in Accounting Cycle in ...  
The Accounting Cycle: Reporting Financial Results    • Understand The Accounting Cycle & Reportin...  
How to Record Closing Entries    • Mastering Closing Entries in Accounting  C...  

Timeline:
00:00 Introduction
00:52 Demonstration Problem
01:45 The Worksheet - Learn How It Can Help You!
04:40 Adjusted Trial Balance - We will Use It in the Worksheet
05:52 Preparing a Worksheet in Excel
09:47 Preparing an Income Statement
10:19 Preparing a Statement of Retained Earnings
10:40 Preparing a Balance Sheet
11:18 Closing the Temporary Accounts
12:27 Closing Entries for Revenue Accounts
13:32 Closing Entries for Expense Accounts
14:27 Closing the Income Summary Account
15:05 Closing the Dividends Account
15:28 Recording Closing Entries in the Worksheet
17:03 After-Closing Trial Balance
17:22 Recommended Videos and Playlists

Additional resources:
https://www.amsa-online.com/free-reso...

American Modern School of Accounting is a nonprofit online vocational school that offers several programs helping adult learners to start or advance their careers in bookkeeping and accounting.
We offer the following programs:
• Certificate in Computerized Accounting with QuickBooks
• Certificate in Computerized Bookkeeping with QuickBooks
• Certificate in Computerized Bookkeeping with QuickBooks (Budget Plan)
For more information, visit our website: https://www.amsa-online.com/

#FinancialAccounting, #AccountingConcepts, #GAAP, #AccrualAccounting, #Accounting, #Adjustments, #AccrualAccountingConcepts, #TrialBalance, #AdjustedTrialBalance, #AccountingCycle, #ClosingEntries, #AfterClosingTrialBalance, #IncomeSummary, #TAccount, #LedgerAccount, #ClosingEntry, #GeneralJournalEntry, #Revenue, #Expenses, #RetainedEarnins, #Worksheet, #Chapter5