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Course Overview

This course shows participants how to create a worksheet used to adjust the account balances and prepare the financial statements. Use the financial statements to measure performance, make improvements and set goals. ¾«¶«Ó°Òµfinal step covered in this course is closing the books and preparing them for the next accounting period; this is done by journalizing and posting closing entries. 

Course Outcomes

Upon completion of this course, participants will be able to:

• Prepare a worksheet used for accumulating and sorting information needed for the financial statements
• Prepare and Income Statement
• Prepare a Balance Sheet
• Prepare a Statement of Changes in Owner’s Equity
• Post closing entries for the accounting period

Course Objectives

• Participants will be able to prepare a worksheet that shows the unadjusted trial balance, adjustments, adjusted trial balance, and columns for financial statements
• Participants will learn how to use the worksheet to prepare the Income Statement and the Balance Sheet
• Participants will be able to prepare and post-closing entries so that the books are ready for the next accounting cycle

Agenda

Unit One â€“ Prepare a Worksheet

• What is a worksheet
• Columns included in the worksheet
• Completing each column

Unit Two â€“ ¾«¶«Ó°ÒµIncome Statement

• Review the worksheet columns for the Income Statement
• Prepare the income statement
• Determine a profit or loss

Unit Three â€“  ¾«¶«Ó°ÒµBalance Sheet

• Review the worksheet columns for the Balance Sheet
• Prepare the balance sheet

Unit Four â€“ Closing Entries and Statement of Changes in Owner’s Equity

• Prepare post-closing entries for revenue and expense accounts
• Prepare a statement of changes in owner’s equity
• Applying year-end steps monthly or quarterly