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After learning about the Balance Sheet, we鈥檙e ready to move on to using journal entries to record transactions, then t-accounts to summarize transactions recorded during an accounting period. We鈥檒l apply those tools to record transactions for a fictional startup company, The Garden Spot, during its first year of operations (TGS Year 1). As we go along, we鈥檒l also evaluate the effect of transactions on the balance sheet equation to ensure it remains balanced.

Now that we鈥檝e learned the fundamentals of recording transactions, we鈥檙e ready to dive into another financial statement: the Income Statement (IS). After learning about the Income Statement, we鈥檒l record revenue and expense transactions, and summarize these transactions in a special account. Finally, we'll record adjusting entries in accordance with accrual accounting, prior to the preparation of the financial statements.

After learning about the Income Statement, revenue and expense transactions, and adjusting entries, we鈥檙e ready to move on to preparing our end-of-period financial statements. We鈥檒l prepare the Income Statement and Balance Sheet based on the transactions that have been recorded. Then, we鈥檒l dive into the Statement of Cash Flows (SCF) and learn how to prepare that financial statement. Finally, we鈥檒l briefly discuss closing entries, since we've been preparing them as we've been going along!

During this last week, we鈥檒l walk through the second year of operations for our fictional startup company, The Garden Spot (TGS Year 2), for additional practice recording transactions and preparing our end-of-period financial statements. Then, we鈥檒l do some analysis of The Garden Spot鈥檚 financial statements. Finally, we鈥檒l take a look at PepsiCo鈥檚 Annual Report as an example of reporting for a publicly traded U.S. company.