Accounting 101 with Jimmy Stewart

Latest episodes

• 17 - The Objectives of Financial Reporting & Concepts of Accrual Accounting

  December 23, 2019 · 15 min

  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…

• 16 - Closing the Books at the End of the Period (The Closing Process)

  February 2, 2019 · 12 min

  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…

• 15 - Adjusting Journal Entries (The Adjusting Process)

  January 26, 2019 · 10 min

  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…

• 14 - An Overview of the Accounting Cycle

  January 19, 2019 · 7 min

  Today we will discuss the accounting cycle. This is the process taken each period to record transactions, prepare the financial statements, and to reset the temporary accounts to zero for the next period. Keep in mind that the steps you…

• 13 - How to Dominate Indirect Cash Flow Statements (Fake Cash Method)

  January 12, 2019 · 11 min

  Example # 1 Our Accounts Receivable balance increased by $20,000 from the end of last period to the end of this period. 1. Accounts Receivable is an asset, so it must be debited to increase its balance. 2. Create journal…

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