ACCOUNTING EXAM READY?

Struggling with the beginning of Principles of Accounting? Work through 11 beginner accounting practice problems with me step by step. FREE WORKBOOK: Download the workbook and work through all 11 problems alongside me: https://accountingrescue.thinkific.co... We start with the accounting equation and work our way through account classification, transaction analysis, accrual accounting, financial statements, debits and credits, and journal entries. In this accounting homework session, we cover: • The accounting equation • Assets, liabilities, and stockholders’ equity • Classifying accounts • Which accounts appear on which financial statements • How transactions affect assets, liabilities, and equity • Accounts receivable and revenue recognition • Accrual accounting • Preparing an income statement • Preparing a statement of stockholders’ equity • Preparing a balance sheet • Debit and credit logic • Why debit does NOT automatically mean increase • Correcting backwards journal entries • Building complete journal entries • Finding and fixing common accounting mistakes ABOUT ME: I’m Lisa, a CPA and adjunct accounting professor with 14 years of public accounting experience. I make accounting videos designed to help Principles of Accounting students understand what they’re doing instead of just memorizing rules. If something in this video doesn’t make sense, leave your question in the comments. Tell me which problem or concept you’re stuck on and I may make a follow-up video explaining it. CHAPTERS: 0:00 Introduction + Free Workbook 1:32 Question 1 — The Accounting Equation 4:38 Question 2 — Classifying Accounts & Financial Statements 7:13 Question 3 — How Transactions Affect Assets, Liabilities & Equity 11:44 Question 4 — Accounts Receivable & Accrual Accounting 15:27 Question 5 — Preparing an Income Statement 17:32 Question 6 — Statement of Stockholders’ Equity 19:21 Question 7 — Preparing a Balance Sheet 21:52 Question 8 — Debit vs. Credit Logic 25:42 Question 9 — Fixing a Backwards Journal Entry 27:40 Question 10 — Journal Entry Practice 30:29 Question 11 — Accounting Detective: Find & Fix the Errors 35:35 Wrap-Up