The most played episodes among Podcast App listeners.

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   Number 1: Update May 2020

   I have started a blog regarding current events, history, science, the future, and other random topics. Follow my blog at jimmystewart.blog. Follow me on Twitter: @_JimmyStewart_

   May 10, 2020·1min
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   Number 2: 17 - The Objectives of Financial Reporting & Concepts of Accrual Accounting

   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.

   December 23, 2019·15min
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   Number 3: 16 - Closing the Books at the End of the Period (The Closing Process)

   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 Summary Debit Credit Revenue $100,000 Income Summary $100,000 Income Summary $40,000 Wage Expense $40,000 Income Summary $30,000 Computer Expense $30,000 Step 2 – Transfer Income Summary to Equity (capital account) Debit Credit Income Summary $30,000 Capital Account – YOUR NAME $30,000 Step 3 – Transfer contribution/distribution accounts to capital account Debit Credit Contributions – YOUR NAME $10,000 Capital Account – YOUR NAME $10,000

   February 02, 2019·12min
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   Number 4: 15 - Adjusting Journal Entries (The Adjusting Process)

   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 expenses, unearned revenues, accrued revenues, accrued expenses, and depreciation/amortization.

   January 26, 2019·10min
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   Number 5: 14 - An Overview of the Accounting Cycle

   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 may see in your accounting textbook or elsewhere may be slightly different - I have simplified some of the steps: Step 1 – Record transactions as journal entries in the general ledger; Step 2 – Prepare an unadjusted trial balance as of the end of the period; Step 3 – Prepare adjusting journal entries and record on general ledger; Step 4 – Prepare an adjusted trial balance as of the end of the period; Step 5 – Prepare the financial statements; Step 6 – Prepare and record closing journal entries to reset temporary accounts; Step 7 – Prepare a post-closing trial balance.

   January 19, 2019·7min
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