Excel - Merchandising & Service Company Accounting Cycle
Learn accounting transactions & Excel with practical hands on problems from a practicing CPA, CGMA, CPI, with B.S.Tax.
Full accounting cycle comprehensive corporate problem. This comprehensive problem will enter transaction for a full accounting cycle for a company that has both merchandising transactions, those related to inventory, and service transactions.
We will also make comparisons to entering data using journal entries to entering data into an accounting software system as we go.
What you'll learn
We will enter the normal financial transaction for a month of operations, recording the debits and credits, or journalizing the financial transactions in the general journal.
We will perform these tasks using preformatted Excel worksheets. Even though this is a comprehensive problem, each new step will have a new Excel worksheet so that we can jump forward or go back and rework any component of the comprehensive problem.
Each new step in the process will include an Excel worksheet with at least two tabs, one demonstrating the completed task, and one with a preformatted worksheet to complete the task in a step by step format along with instructional videos.
Once we have journalized the journal entries, we will post them to the general ledger and then create a trial balance from the general ledger.
After completing the accounting transactions for the month, we will enter adjusting journal entries for the month, using an adjusting entry worksheet, the result being an adjusted trial balance.
We will use the adjusted trial balance to create the financial statements, to create the balance sheet, income statement, and statement of owners’ equity.
Finally, we will enter the closing entries to prepare for the next accounting period, the next month of operations. We will use a four-step closing process.
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6.05 Set up New Company Worksheet
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6.10 Set Up Inventory Items
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6.15 Sut Up Customer Balances
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6.20 Set Up Vendors Beginning Balances
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6.25 Enter Opening Account Balances
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7.05 Owner Deposit & Loan Deposit
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7.10 Purchase Furniture & Record Investment
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7.20 Part 1 Invoice Transaction
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7.20 Part Two Create on Invoice Transaction
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7.25 Receive Payment Part 1
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7.25 Receive Payment Part 2
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7.25 Receive Payment Part 3
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7.30 Cash Sales Transaction Part 1
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7.30 Part 2 Cash Sales Service
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7.35 Deposit Part 1
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7.35 Deposit Part 2
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7.40 Part 1 Inventory Payment
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7.40 Part 2 Inventory Payment
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7.45 Invoice for Preordered Item Part 1
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7.45 Invoice for Preordered Item Part 2
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7.50 Receive Payment & Make Deposit
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7.55 Part 1Write Check
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7.55 Part 2 Write Check Part 2
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7.60 Pay Bills
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7.65 Customer Jobs
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7.70 Payroll
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7.75 Job Sales Recept
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7.80 Financial Statements & Reports
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7.80 Financial Statements & Reports
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7.92 Worksheet Month Two
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8.05 Make Loan Payments
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8.10 Short Term Investment
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8.20 Receive Inventory With Bill Part 1
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8.20 Receive Inventory With Bill Part 2
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8.25 Part 1 Sales Receipt & Deposit
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8.25 Part 2 Sales Receipt & Deposit
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8.30 Advanced Payment From Customer
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8.35 Apply Credit to Incoice
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8.40 Record Sales on Account
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8.45 Advance Customer Payment
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8.50 Bills Track & Pay
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8.55 Customer Payment on Account
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8.60 Pay Sales Tax
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8.65 Pay Payroll Tax
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8.70 Enter Bills & Pay Bills
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8.75 Service Item & Invoices
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8.77 Purchase Equipment with Debt
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8.80 Payroll
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8.90 Rental Income
8.95 Financial Statements
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9.10 Bank Reconciliation January
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9.12 Bank Reconciliation Adjusting Entries January
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9.15 Bank Reconciliation February
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9.20 Bank Reconciliation Feb. Adjusting Entries
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10.10 Loan Payable Adjusting Entry Part 1
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10.15 Loan Payable Adjusting Entry Part 2
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10.20 Accrued Interest Adjusting Entry
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10.25 Invoice Adjusting Entry
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10.40 Prepaid Insurance Adjusting Journal Entry
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10.45 Depreciation Adjusting Entry
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10.50 Unearned Revenue Adjusting Entry
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10.300 Accrued Interest Reversing Entry
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10.350 Accounts Receivable Reversing Entry
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10.550 Unearned Revenue Reversing Entry
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10.60 Financial Statements
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10.65 Closing Process February
Robert (Bob) Steele
CPA, CGMA, M.S. Tax, CPI
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.
Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).
Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.
In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.
Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.
Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.
Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.
Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.
The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.
"Excel - Merchandising & Service Company Accounting Cycle"
$27.81
Lifetime enrollment
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