7/10/21 Dear Steven, prayers were answered 🙏👏👏 when your video suddenly popped on my feed. A 42:18 video took me 9 hrs to complete because I took NOTES!!!!. I am in college. I told my child he covered half this book and a semester. My child said so give him a like. I said I already did and leaving a note. You are gifted in delivering information. You're clear voice, pace, and explanation are so key. Please teach other UA-camrs' this method of recording then branch out to universities, colleges and schools. Be well and be prosperous. Thank you so much.
Owner's Drawings is similar to dividends. Dividends would be used by corporations, and owner's drawings would be used by partnerships and sole proprietorships.
@@stevenforce3344 thanks for the reply. I have my first exam today on chapters one two and three. And I’m a little nervous about the two-part questions in regards to adjusting entries
my professor is teaching us by using corporate accounting terms (common stock, dividends, etc) am i missing out on something if the terminology are differently taught?
This would be the terminology if you're working in a sole proprietorship. Owner's Equity becomes Stockholder's Equity (or Shareholder's Equity) when you are working in a corporation.
Hi Sona. There was a mistake in the video when calculating the net loss. Total revenues should have been 70,500, but in the video it shows 69,500. That error led to the wrong amount for the net loss, and then we ran into problems when calculating ending owner's capital.
Question you said the second way to get the ending owner's capital was using the accounting equation and you said total assets of 27,120 minus liabilities of 6020 equals 20,100. but I get 21,100. can you please explain what I am missing here? Thank you
There was an error made when calculating the net loss, and that affected this calculation. If you don’t make a mistake like I did, you should be able to use the accounting equation!
@@stevenforce3344 Okay Thank you . Btw you're an excellent teacher . You explain everything in slow a voice you don't rush through. I learned a lot from you. I appreciate it.
Expenses increase with a debit because it needs to reduce the company's equity. Since Owner's Capital increases with a credit, expenses (along with Owner's Drawings) need to be the opposite.
Every account that has a balance needs to be listed individually on a trial balance. That way, you can explain what those expenses are (Rent & Salaries) rather than combining them.
Is this from a textbook if so which one is it from? I am not taking Accounting right now but I am going to need to take it at one point and I am going to need to pass it at one point so I might want to use this
Im so confusing how to use the correct word like account payable something i really dont know and the proposition on my test also confusion for me, maybe because english is not my first language could you please explain if u can thanks in advance 😸
Accounts Payable means that we owe someone money. One way to remember this is that "payable" means that you will "pay" in the future. If we are going to receive money in the future, we would use Accounts Receivable. "Receivable" means that we will "receive" money.
Yes, it's a basic overview of pieces from those first four chapters. I have a more in-depth review of the chapters here: ua-cam.com/video/XcM9ocB1QbQ/v-deo.html
Expenses increase with debits, so to record Rent Expense and make the balance of that account increase, we will debit Rent Expense. Assets, Owner's Drawings and Expenses increase with debits (decrease with credits). Liabilities, Owner's Capital and Revenues increase with credits (decrease with debits).
thank u sooo much! how about the previous' years adjustment entries? shall we put the previous balances as beginning balance in the taccount? like a/r , a/p , prepaid exp balances on the previous year.. thank u in advance for the response! more power!!!
Balances in permanent accounts like assets and liabilities will carry over from year to year. For example, your beginning balance in Accounts Receivable for 2021 would be the same amount as the account's balance at the end of 2020. Hope this helps!
You can show the adjustment in both. First, use in the T-account to calculate the new adjusted balance of an account. Then, that new adjusted balance can be shown on the adjusted trial balance.
Correct. There was a mistake in the video when calculating the net loss. Total revenues should have been 70,500, but in the video it shows 69,500. That error led to the wrong amount for the net loss.
Seriously I madly fan of u sir....I have 0% knowledge of accounting...bt after attending ur video lecture....serious I feel happy ..I got lot of knowledge
Your incredible! Taught me more in 40 minutes than my professors had taught in 2 months!!
Exactly he explains it’s so simple and easy
thank you for helping me understand this foreign language
I am currently taking accounting 2301 and this video is really helpful because you provide good examples
So helpful! Clear and easy to follow walkthrough,100x than my prof.
Glad it helped!
I started this video 50 minutes before my test and this saved me, thank you so much 🎉
Glad it helped!
This was very helpful. I have my ACCT 121 midterm in a few hours. Wish me luck!
The first minute is the MOST IMPORTANT THING TO KNOW IN ACCOUNTING TY SO MUCH FOR THIS!
7/10/21 Dear Steven, prayers were answered 🙏👏👏 when your video suddenly popped on my feed. A 42:18 video took me 9 hrs to complete because I took NOTES!!!!. I am in college. I told my child he covered half this book and a semester. My child said so give him a like. I said I already did and leaving a note. You are gifted in delivering information. You're clear voice, pace, and explanation are so key. Please teach other UA-camrs' this method of recording then branch out to universities, colleges and schools. Be well and be prosperous. Thank you so much.
My child said, AND TUTORS!!!
Thank you! I'm glad you found it helpful!
In q2 total revenue = 70,500 not 69,500 but other wise u saved me from failing the exam. Thx❤
Total Revenues 64,000+6,500 = 70,500
thank you !
i really thought i was the only one who noticed this 😂
This came in so clutch. You’re a legend. Now i might pass my midterm. Hopefully
Good luck on the exam!
update???
Great, Great video. I am studying for an Accounting Midterm for Thursday and this really helped. Thank you
Glad it was helpful. Good luck on your midterm!
I have an exam soon and this was very helpful!!! thank you
Glad it helped! Good luck!
Also the fact that I needed this video a yearish ago and it just came up on my home feed😐
the search bar was always there lol
Great video, one thing: 64,000 + 6,500 = 70,500, not 69,500 @ 33:40
This was so helpful, and so well explained!!
Glad it was helpful!
your videos are amazing!!! Is owner's drawings the same as dividends?
Owner's Drawings is similar to dividends. Dividends would be used by corporations, and owner's drawings would be used by partnerships and sole proprietorships.
@@stevenforce3344 thanks for the reply. I have my first exam today on chapters one two and three. And I’m a little nervous about the two-part questions in regards to adjusting entries
Here's another video with more about adjusting entries: ua-cam.com/video/uHo0sq93JTI/v-deo.html
Good luck on the exam!
Thank you! My current online professor is to lazy to upload videos or explain anything to us
Glad this helped! Feel free to check out the rest of example videos on the channel.
Yes
absolute beauty of a video, cheers Steve
Thank you so much ❤We appreciate you 😊
Great presentation
Very nice. Finals week and I’m using this to study
Good luck on your final!
my professor is teaching us by using corporate accounting terms (common stock, dividends, etc)
am i missing out on something if the terminology are differently taught?
This would be the terminology if you're working in a sole proprietorship. Owner's Equity becomes Stockholder's Equity (or Shareholder's Equity) when you are working in a corporation.
Which books should i refer to?
thanks more. god help you and with you
Really helpfull
Helped a lot! Learning from online text is not something for me
Glad it helped!
But if we in this example subtract from total assets (27120) total liabilities (6020) we will get 21100, which is not what you got.
Hi Sona. There was a mistake in the video when calculating the net loss. Total revenues should have been 70,500, but in the video it shows 69,500. That error led to the wrong amount for the net loss, and then we ran into problems when calculating ending owner's capital.
@@stevenforce3344 thank you for your response
Question you said the second way to get the ending owner's capital was using the accounting equation and you said total assets of 27,120 minus liabilities of 6020 equals 20,100. but I get 21,100. can you please explain what I am missing here? Thank you
There was an error made when calculating the net loss, and that affected this calculation. If you don’t make a mistake like I did, you should be able to use the accounting equation!
@@stevenforce3344 Okay Thank you . Btw you're an excellent teacher . You explain everything in slow a voice you don't rush through. I learned a lot from you. I appreciate it.
Such a great teacher!
good job sir
I don’t understand why expenses is debit could u please explain for me
Expenses increase with a debit because it needs to reduce the company's equity. Since Owner's Capital increases with a credit, expenses (along with Owner's Drawings) need to be the opposite.
Hi can I combine rent expense and salaries become expenses only ? So in the trial balance I only write expenses and dr 3900 (2800+1100)
Every account that has a balance needs to be listed individually on a trial balance. That way, you can explain what those expenses are (Rent & Salaries) rather than combining them.
@@stevenforce3344 okay thank you
Prepare a budgeted balance sheet as of June?
Thank you for this with world
Thank you for making accounting easier
Happy to help!
Thanks for the great work, but you added the value of your revenue wrong
The balance would have been 70,500 instead of 69,500
Been looking for a video like this thank you so much
Glad it was helpful!
Is this from a textbook if so which one is it from? I am not taking Accounting right now but I am going to need to take it at one point and I am going to need to pass it at one point so I might want to use this
Thanks for helping. Now I get it
Happy to help
this was extremely helpful...thank you so much.
Glad it was helpful!
Clear and very easy. Thank you Dear
Glad it was helpful!
Very helpful for the admission test that im gonna take
Good luck!
Nice teaching
Thanks for watching!
at 31:30 is your math correct with the revenues?
There is a mistake in the video. The total revenues should be 70,500.
Thanks for that because I caught it too. Also, the assets minus liabilities was off by 1000.
Im so confusing how to use the correct word like account payable something i really dont know and the proposition on my test also confusion for me, maybe because english is not my first language could you please explain if u can thanks in advance 😸
Accounts Payable means that we owe someone money. One way to remember this is that "payable" means that you will "pay" in the future. If we are going to receive money in the future, we would use Accounts Receivable. "Receivable" means that we will "receive" money.
Many thanks. That was s superb lecture
Glad you liked it
Wow much helpful, thx.
Is this for Wiley plus chapters 1- through four?? Thanks so much 🙏🏻🙏🏻
Yes, it's a basic overview of pieces from those first four chapters. I have a more in-depth review of the chapters here: ua-cam.com/video/XcM9ocB1QbQ/v-deo.html
This video was soooooo helpful, thank you so much !
Happy to hear that!
You are my legend but I have a problem I don't know how to put them in debit and credit
Here's a video about debits and credits: ua-cam.com/video/mX75PPylIyw/v-deo.html
Hope it helps!
Hello, can you help me please I need for the inventory in financial Accounting
Great explanation 👏👏👏
Glad it helped!
Thank you Dear!
4.12 can I know why you debit rent expenses on the 3rd transaction ? Expenses is on the credit side isn't ?
Expenses increase with debits, so to record Rent Expense and make the balance of that account increase, we will debit Rent Expense. Assets, Owner's Drawings and Expenses increase with debits (decrease with credits). Liabilities, Owner's Capital and Revenues increase with credits (decrease with debits).
@@stevenforce3344 oh okay thank you !
Hi Steven, do you have a course for very beginners?
Can I have questions about this transaction? thanks in advance.
Thank you sm
thank u sooo much! how about the previous' years adjustment entries? shall we put the previous balances as beginning balance in the taccount? like a/r , a/p , prepaid exp balances on the previous year.. thank u in advance for the response! more power!!!
Balances in permanent accounts like assets and liabilities will carry over from year to year. For example, your beginning balance in Accounts Receivable for 2021 would be the same amount as the account's balance at the end of 2020. Hope this helps!
@@stevenforce3344 thank u for the response! should it be adjusted in t account? or trial balance? thanks in advance!
You can show the adjustment in both. First, use in the T-account to calculate the new adjusted balance of an account. Then, that new adjusted balance can be shown on the adjusted trial balance.
@@stevenforce3344 thank u thank u! always watching, from Dubai, UAE!!
Have my first exam today thanks for the review
Best of luck!
@@stevenforce3344 got an 81 but this stillhelped a lot. My exam was more on the terms in chapter 1-4
thank yo so much! you're a life saver :)
Glad it helped!
Thanks... That was clear :)
So you learned accounting in uni right?
Me: Yeah...
How I actually learned accounting:
great !!!!!!!
Glad it was helpful! Feel free to check out the other videos on the channel.
31:59 total revenues is 70,500 not 69,500?
Correct. There was a mistake in the video when calculating the net loss. Total revenues should have been 70,500, but in the video it shows 69,500. That error led to the wrong amount for the net loss.
Thank you so much for this I wanted to cry cuz I couldn’t get it you are helping out so much
Glad it helped!
By the way, you got the total revenue wrong, it’s actually 70,500.
Idk what grade this is for but this came up on my recommend🚶
Sonar Kala keep saying?
Net Loss* -8100 at 33:25
revenue should’ve been 70500
T
Seriously I madly fan of u sir....I have 0% knowledge of accounting...bt after attending ur video lecture....serious I feel happy ..I got lot of knowledge