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Adjusting Entries Revenue Transactions | Accounting How To | How to Pass Accounting Class

visibility 7K views calendar_month Oct 4, 2022

Adjusting Entries Revenue Transactions | Accounting How To explains why adjusting entries are needed in accrual accounting, revenue recognition and the matching principle, gives examples of adjusting entries, explains prepaid assets and unearned revenue accounts, and introduces accruals and deferrals. This video focuses on accruals and deferrals for revenue transactions. This is an accounting tutorial for accounting students, business owners, and bookkeepers to explain accounting basics for beginners. Featuring Terrance the T-Account Rex and accounting educator, Caroline Grimm, this accounting tutorial is part of the playlist series How to Pass Accounting Class and Accounting Basics for Business Owners. ⏰ Accounting How To Time Stamps: 00:00 Introduction to Adjusting Entries Revenue Transactions 01:00 What is a revenue – related adjusting journal entry? 01:40 Difference between accruals and deferrals 02:16 What accounts are affected by adjusting journal entries? 02:33 Introduction to Unearned Revenue 04:33 One Balance Sheet Account, One Income Statement Account 05:08 Adjusting Journal Entry #1 Customer Deposit 08:05 Adjusting Journal Entry #2 Unearned Rent 10:02 Adjusting Journal Entry #3 Accrued Revenue 🏋 Accounting Exercises: Download the spreadsheet: https://docs.google.com/spreadsheets/d/1EbswMBDimjajxqXxeZ9B4JNlDftknHVujOZYVdG3mD0/edit?usp=sharing

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