Sofia Ysabel You know what they say: Cs get degrees. I’m in the first week of intermediate accounting and I already have a feeling it’s gonna be a struggle lol. Good luck this semester!!
Got my degree. Graduated top of my class. Couldn't find any work. Ended up working in a non related field. Started forgetting what I was taught. Just got a job as a Staff Accountant (finally). Now I'm refreshing my memory on what I learned. Thank you for this video. Because reading over my schoolbooks just doesn't cut it sometimes. Thank you again. I'm sure that I'll be watching more of your videos over the weekend!!
It was very straightforward, very easy to understand. I've been searching all night for a video like this and I'm so glad to come across your video. It saved my day! Thank you so much!
LINE 4 just makes things confusing, for those who are confused just ignore line 4 and instead do the following: add the 1394 with the initial capital of 5984 to get 7378 this will be the total capital before you take out the drawings then just subtract the drawings of 920 to get the final owners capital value of 6458 and youre done with it
Thankyou so much for this. My teacher expects us to learn everything ourselves in the book. The only thing we do in class is review homework. So frustrating.
same thing here, the notes he gives us in class for this stuff is so vauge and doesnt explain a whole lot. somethings not right when I have learned most of the material from youtube videos lol Hey good luck with your studies and ultimatley your degree!
**PAGES 160-164** (chapter 4) on the Financial & Managerial Accounting second edition vol. 1 textbook. It shows the examples there for how to do the general journal posting, ledger posting, and post-closing trial balance problems for WileyPLUS .
1 - سبحان الله 2- الحمدلله 3- لا إله إلا الله 4- الله اكبر 5- لا حول ولا قوة إلا بالله 6- ربي اغفر لي 7- سبحان الله وبحمده 8- سبحان الله العظيم 9- اللهم نجني من عذابك يوم تبعث عبادك 10- اللهم صل وسلم على نبينا محمد.....
Drawing is always Debit, but he writes it in Credit side when he does the income summary account step. Moreover, Service Revenue also from Credit side based on the Adjusted Trial Balance. I was confused because of it.
Hi, Wiley! Great video. It seems Excel was used, right? May I know your skill in "auto tabbing"? I mean after you selected "Income Summary", 4 or 5 space had been at the front of "Income Summary", looked like it'd been tabbed automatically. How did you do that?
In order to close the entries, we debit what actually is being credited in the adjusted trial balance and vice verse so why is this not the case with capital?
5,984 + 920 does not equal to 6,458.. the correct summation is actually 6,904 .. Maybe there's something problem with your Owner's Capital nor your Owner's Drawing...
He got $6458 from 5984+1394-920. This is because the Owner's Capital opening balance is $5984 and adds 1394 from the income statement then subtracts owner's drawings of 920.
Where do u write the income summary if you got a net loss ? As I observed, u put the income summary on the debit side and credited the owner's capital at the same amount. But what if u have a net loss, are u going to debit the owner's capital? and credit the income summary?
this really didnt help people like me who are new to this. you skipped over so much information and left me with more questions than answers. unfortunate
midterm in 7 hrs lets get this bread
Lmaoo
how’d you do??
Amy Steele hmm finished the course with a C, but hey, at least I’m getting As and Bs now with the higher financial accounting courses lmaooooooo wby
Sofia Ysabel You know what they say: Cs get degrees. I’m in the first week of intermediate accounting and I already have a feeling it’s gonna be a struggle lol. Good luck this semester!!
Amy Steele I did inter. acct. 1 last sem online and honestly if you can, get chegg because it’s a lifesaver! Thanks and you too, good luck! ^^
Got my degree. Graduated top of my class. Couldn't find any work. Ended up working in a non related field. Started forgetting what I was taught. Just got a job as a Staff Accountant (finally). Now I'm refreshing my memory on what I learned. Thank you for this video. Because reading over my schoolbooks just doesn't cut it sometimes. Thank you again. I'm sure that I'll be watching more of your videos over the weekend!!
Thats demotivating knowing you finished top of your class and couldn't find a job
how did you not find work as an accountant? The need is great!! Congrats on getting a hired.
@Rob H I thought I was the only one refreshing my memory... 😩
@@GodsChosen46 bro is it worth it to pass your full life to sit in front of laptop or computer . ?? .
update on your career pwease?
This made no sense when my professor explained it to me. But this 4 minute video cleared everything up, soo helpful! Thank you :)
I know RIght
Mindy! Thank you! I thought I was the only one. LOL. Cute pic btw :D
true
So basically balance sheet is also post closing trail balance?
@@windowsxpprofessional creep
It honestly baffles me how a 4min video explained my whole 4 months academic semester…
It was very straightforward, very easy to understand. I've been searching all night for a video like this and I'm so glad to come across your video. It saved my day! Thank you so much!
After 8 years, I also searched
This is so much better than anything else out there! Thank you!
I'm writing an exam today, and this video just gave me confidence on closing entries. Thank you so much.
What happened to your exam
i am in so much trouble rn
Me too
@@Bobsonset got the test in a couple hours man same
@@achilles5199 bra why u leave it to the last minute haha
0zgóry
5 years later, did you turn out fine?
Wow, HOW SIMPLE WAS THIS!!!!!!!! My teacher could never explain this to us in million years like this video did....in 4 minutes and 12 sec.
Thank you!
thank you for this video!!! i've been struggling trying to understand from my prof in class and you really saved me. Appreciate it
Excellent explanation! Certified Management Accountants (CMAs) can definitely benefit from how the content was presented in this video. Thanks!
your explanation was way easier than that of my lecturer's …. so grateful to you wiley :-)
omg! Seriously? Who are you? You just explained this in 4 minutes and I get it now. Thank you!
now I understand thanks alot
Thanks for teaching me what my instructor couldn’t.
LINE 4 just makes things confusing, for those who are confused just ignore line 4 and instead do the following:
add the 1394 with the initial capital of 5984 to get 7378
this will be the total capital before you take out the drawings
then just subtract the drawings of 920 to get the final owners capital value of 6458 and youre done with it
This 4min video summed up the enitre hour of what my Lecturer was saying today. MST tmr, lesgooooo💥
Thankyou so much for this. My teacher expects us to learn everything ourselves in the book. The only thing we do in class is review homework. So frustrating.
same thing here, the notes he gives us in class for this stuff is so vauge and doesnt explain a whole lot. somethings not right when I have learned most of the material from youtube videos lol
Hey good luck with your studies and ultimatley your degree!
كلمتان خفيفتان على اللسان ثقيلتان في الميزان حبيبتان إلى الرحمن سبحان الله وبحمده سبحان الله العظيم
Best explanation ive seen so far, thank you so much
**PAGES 160-164** (chapter 4) on the Financial & Managerial Accounting second edition vol. 1 textbook. It shows the examples there for how to do the general journal posting, ledger posting, and post-closing trial balance problems for WileyPLUS .
Easily understood this! Thank you so much for sharing your knowledge in an easy way. Earned a sub :)
Good Video, probable come back to this simple quick reminder the rest of my life.
Thank you for this!! Exams in the next 23 hours, let's get it 🙏🙏
I have an accounting final tomorrow and now I think I have a chance on it from you
I was very thankful i found this vid..it really answered my questions i doubt with..thank you very much
Best content you saved my life, love from Erbil
لعل القارئ يصلى على النبى عليه الصلاة والسلام فيزيدنى درجة و يزداد درجات
Thank you so much. This was the easiest explanation for me and I have searched for 3 hours. Ughhh
Thank You Sir, This Is A Very Well Made Video, it helped Me A Lot.
1 - سبحان الله
2- الحمدلله
3- لا إله إلا الله
4- الله اكبر
5- لا حول ولا قوة إلا بالله
6- ربي اغفر لي
7- سبحان الله وبحمده
8- سبحان الله العظيم
9- اللهم نجني من عذابك يوم تبعث عبادك
10- اللهم صل وسلم على نبينا محمد.....
Great tutorial, straight to the point
Best video on closing entries 👌🏻
Thx very much Wiley, you save my life.
It's a veryyyy BIG HELP for me, THANK YOU SO MUCH FOR THIS VIDEO. :D
what about if there is prepaid insurance, equipment, accumulated depreciation and depreciation expense?
ikr. this is also my problem
Drawing is always Debit, but he writes it in Credit side when he does the income summary account step. Moreover, Service Revenue also from Credit side based on the Adjusted Trial Balance. I was confused because of it.
for me it was the same.
Literally, thank you
It helps me a lot.thanks for sharing
Thanks I needed this
Now i get it smh this online course had me so confused and in 4 mins i am now catching on ....
Thank you, thank you, thank you
Perfect!!
How do I solve the question if there's no owners drawing
Very useful
thank you so much and hope I can do well in my accounting test then.
Totally get it now.....
thank you .so helpful
Hi, Wiley! Great video. It seems Excel was used, right? May I know your skill in "auto tabbing"? I mean after you selected "Income Summary", 4 or 5 space had been at the front of "Income Summary", looked like it'd been tabbed automatically. How did you do that?
Very informative
this has helped me soo much ! iam subscribing to it ! !!!
wowww thank you!!!!!! best explanation ever
Midterm tomorrow morning 8am. Not planning on sleeping tonight
It was so helpful thank you
VERY HELPFUL! Thanks so much.
Ur doing a great job boss keep up the good work ;)
thank you ! also think this is the best out there
Thank a lot! Gosh, finally I’m understand, thank you so much, will subscribe your channel ❤️
Great Explanation!!!!
Thanks
good god thank you
Thank u so much
In order to close the entries, we debit what actually is being credited in the adjusted trial balance and vice verse so why is this not the case with capital?
5,984 + 920 does not equal to 6,458.. the correct summation is actually 6,904 .. Maybe there's something problem with your Owner's Capital nor your Owner's Drawing...
He got $6458 from 5984+1394-920. This is because the Owner's Capital opening balance is $5984 and adds 1394 from the income statement then subtracts owner's drawings of 920.
@@jenniferlum1410 please show me how is the opening balance $5984 and not $4984( Cash 4000+ owner's capital 984)
Where do u write the income summary if you got a net loss ? As I observed, u put the income summary on the debit side and credited the owner's capital at the same amount. But what if u have a net loss, are u going to debit the owner's capital? and credit the income summary?
super helpful, thank you so much!!
Fantastic
Mid-term in 20 mins let get started
Love you sir
thank you sir
What did you do to get the capital in post closing trial balance?
Why did i not see this before my midterm....... OTL.. screwed me over so much, just one little detail
So helpful
Thankyou for this video 😊
thanks
Can you explain the whole course JUST LIKE THIS
thnks for helping
thx
watching this 1 hr before final exam
thank u so much
Where did you get the salaries and wages payable???
you put income summary because you are trying to say that you got it from the income statement... right?
thank you!
What i don't understand is how the income summary went from 5250 to 3856
Hello, whats gonna be first reversing or closing
Thanks, bro!
you legend
How did u get owners capital in post closing trail?
I don't get it😀
Lezgo accounting
thanks!
yeah i don't think I will pass financial accounting, I may have to repeat it. :|
helpful!!
6458 Explain a little bit how the capital's money is??
Thanks mannn!!!!!
Please me how to make fdi Return - balance sheet
this really didnt help people like me who are new to this. you skipped over so much information and left me with more questions than answers. unfortunate
That went fuckin hard
lovyu -isak
exam in 1hr and 30 mins lezgo