Closing Procedures and Financial Statements

This course shows you how to create a worksheet used to adjust the account balances and prepare the financial statements. Use your financial statements to measure performance, make improvements and set goals. The final step covered in this course is closing your books and preparing them for the next accounting period; this is done by journalizing and posting closing entries. Agenda Unit 1: Prepare a Worksheet · What is a worksheet · Columns included in the worksheet · Completing each column Unit 2: The Income Statement · Review the worksheet columns for the Income Statement · Prepare the income statement · Determine a profit or loss Unit 3: The Balance Sheet · Review the worksheet columns for the Balance Sheet · Prepare the balance sheet Unit 4: 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