3 - General Ledgers & Trial Balances

I've read a lot of boring stuff so that you don't have to! Today we will summarize some of the useful information in the FASB Concepts Statements and other literature. This information will be useful as you move along to more advanced levels of accounting. 

Example: You own a sole proprietorship. For this period, you had revenue of $100,000, wage expense of $40,000, and computer expense of $30,000 (net income of $30,000). You also contributed $10,000 to the business this period. Step 1 – Transfer Revenue and Expense items to Income ... Show More

Today we will go over the adjusting process. This is where we make our adjusting journal entries to get from our unadjusted trial balance to our adjusted trial balance, which contains the figures we use on the financial statements and tax returns. We will briefly discuss prepaid ... Show More

<p>This episode of FinPod covers understanding bank financial statements and analysis. We highlight the unique aspects of bank financial statements compared to typical company statements, plus the significance of the balance sheet and the importance of understanding interest inco ... Show More

<p>In this episode, we talk about a guided journal. For show notes check out our website at bit.ly/Controlthechaosedu. Share what you&#39;re learning by tagging us on social media @ControlChaosEDU.</p> 

Hello and welcome to this enlightening journey into the world of income tax!🌟 If you've ever thought of tax as a monstrous maze, by the end of this lesson, you'll see it more like a dance; once you know the steps, it's easy to move to the rhythm.🕺💃 Today, we'll embark on a tax ... Show More