A new session of each course opens each month, allowing you to enroll whenever your busy schedule permits!
How does it work? Once a session starts, two lessons will be released each week, for the six-week duration of your course. You will have access to all previously released lessons until the course ends.
Keep in mind that the interactive discussion area for each lesson automatically closes 2 weeks after each lesson is released, so you’re encouraged to complete each lesson within two weeks of its release.
The Final Exam will be released on the same day as the last lesson. Once the Final Exam has been released, you will have 2 weeks plus 10 days to complete the Final and finish any remaining lessons in your course. No further extensions can be provided beyond these 10 days.
Lesson 01 - Accounts Payable
In this lesson, you'll learn all about accounts payable, which is a group of accounts that shows how much your business owes its vendors. You'll be journalizing and posting your company's purchases and preparing a Schedule of Accounts Payable. Keeping track of what your company owes others is a vital part of operating a business. This lesson will give you the tools you'll need to successfully track those accounts.
Lesson 02 - Accounts Receivable
We'll take a close look at accounts receivable in this lesson. This is the money that your customers owe your business. After completing this lesson, you'll know how to enter charge sales into your Sales Journal and then post them to your General Ledger. You'll have also learned how to journalize payments on account received from your charge customers. Knowing what your customers owe you can make the difference between your company's success or failure.
Lesson 03 - Uncollectible Accounts Receivable
Today, we'll be dealing with uncollectible accounts receivable. While we'd all like to think that our customers will pay what they owe, that is not always the case. You'll learn how to account for long overdue receivables that probably won't ever be paid. While this doesn't happen often, it's a fact of business, so you'll need to know how to account for it in your company's books.
Lesson 04 - Plant Assets and Depreciation
In this lesson, we'll look at plant assets and depreciation. Most all businesses have assets they use in the operation of their businesses. Just like your car, business assets depreciate over time, so you'll need to know how to account for that expense in your records. And you'll need to record these assets and calculate their depreciation in a timely manner to keep accurate records for your business.
Lesson 05 - Notes Payable and Notes Receivable
This lesson is all about notes payable and notes receivable. A business might need a little extra time to pay a bill beyond the usual terms offered by the vendor. Or a customer may need an extension of credit beyond what the business usually offers its charge customers. You'll find out all you need to know about accounting for these situations as we look at how to record the issuance and payment of these notes payables and notes receivables.
Lesson 06 - Accrued Income and Accrued Expenses
Today, you'll learn how to deal with accrued income and accrued expenses. Accrued income is money that the company earns in one fiscal period but doesn't receive until after another fiscal period begins. Similarly, accrued expenses are expenses that are incurred during one fiscal period that aren't paid until a future period. To get a true picture of the net income or net loss of your business, you'll need to account for the accrued income and accrued expenses within the period they're incurred.
Lesson 07 - Dividends and Starting the Year-End Worksheet
In this lesson, we'll be dealing with dividends, which is money paid to the company's stockholders on their investment. You'll learn how the business accounts for the dividends it pays to its stockholders. We'll also look at retained earnings, or the amount of profit the corporation retains for future use. Then we'll begin to prepare the worksheet, possibly the most important financial report a business compiles each year.
Lesson 08 - Complete Year-End Worksheet with Adjustments
Today, we'll determine if our business has a net income or a net loss by completing the worksheet we started in the previous lesson. And because many General Ledger accounts change throughout the fiscal period—supplies are used, insurance premiums are depleted—we'll need to bring these accounts up to date to reflect their current values. So we'll also take a close look at how to make adjusting entries to update our General Ledger accounts for the beginning of the new fiscal period.
Lesson 09 - End-of-Fiscal-Period Financial Reports
It's time to begin wrapping up our books for the end of the fiscal period. In this lesson, you'll learn how to compile most of the various financial reports a corporation needs to complete at the end of the fiscal period. You'll prepare an Income Statement, Stockholders' Equity Statement, Balance Sheet, and more. These are the reports that really demonstrate the success of a business.
Lesson 10 - Adjusting and Closing Entries and Post Closing Trial Balance
In this lesson, we'll get the books all caught up and ready for the next fiscal period. You'll go back and journalize those adjusting entries you entered into your worksheet, then you'll enter closing entries into your journal. Finally, you'll post these journal entries to the General Ledger to prepare it for the new fiscal period.
Lesson 11 - Preparing a Payroll
Today, we'll cover every employee's favorite subject: Payroll! You'll learn about various mandatory and voluntary deductions from employees' pay, as well as how to journalize and post an entire payroll. As an added bonus, after this lesson, you'll be able to check the accuracy of your own paycheck.
Lesson 12 - Preparing Federal Tax Deposits and Year-End Tax Reports
We'll finish up by preparing a variety of end-of-year tax reports. Here's your chance to go step-by-step through a multitude of IRS forms with instructions that are much easier to understand! You'll fill out the federal Form 941, then learn how to make federal income tax deposits. Then we'll look closely at Form W-2s and Form W-3s. Finally, we'll look at how to calculate and report the company's Federal Unemployment Tax payment. This lesson is jam packed with valuable tax information!