I like the comments part because there are also many questions that I may have ignored before. By reading and answering other people's question, I can learn more.
Okay so rent expense is a debit account balance.. which means for this account in order to increase you debit and decrease you credit it.. Under Owner Equity the last part of the accounting equation... Withdrawals and Expenses are the only two that are debit account balance.. Everything else under Owner Equity is a credit balance account. So revenue and capital are credit balance account. I hope this helps.
Thanks for your wonderful lectures!! I am a bit confused though... once analyzing information from source documents, in order to prepare the income statement, the SOE and the balance sheet, we need first to record this information in a journal, then posting it onto the ledger accounts, then prepare a trial balance and finally we'll be able to prepare the financial statement?
Correct me if I'm wrong please , but in the book it says: Prepare a trial balance as of April 30. and in 7:03 it says March 31st? How come shouldn't it be April 30th ?
HELP ! For Exercise 2-14, the book said "The owner invested $84,000 cash in the company during the first week of August". Why the answer is D.L Capital, July 31 ........$ 4,000 ???
I have a question on Debt Ratio as mentioned at 40.55 in the video Debt Ratio = Total Liabilities / Total Assets Taking the Total liabilities and Assets from the balance sheet, would not the asset always equal to liabilities. In which case the debt ratio is always will be 1. I would like to know how the liabilities can be greater than the asset. I understand the example of buying more and more on credit as you mentioned in the video, but I’m finding hard to understand how a total liabilities will be greater than total asset if the figures are taken from Balance sheet
hey buddy, the liability will be greater than the asset when the entity is undervalued,i.e, the depreciation of its asset ,or something like this happens that may devalues its assets while the liability which will somehow be due in the future stays as it is . Hope it helps:)
曹倩 For Exercise 2-14, the book said "The owner invested $84,000 cash in the company during the first week of August". Why the answer is "D.L Capital, July 31 ........$ 4,000" ???
As for $84,000 during the first week of August and $4,000 on July 31, you've already answered this question. Because on July 31 the $84,000 had not been made.(PS, $84,000 should be $80,000 based on the answers in the video)
Assets and Liabilities are NOT always balance or equal. However, Assets is equal to Liabilities PLUS Owner's Equity which would not always deliver you a debt ratio of 1 all the time. Remember the formula, Assets = Liabilities + Equity.
Krug marks it as (correct answers - half of total number of questions)/half of total number of questions. So in this case (7 - 5)/5 gives 40% He marks it that way to measure how much better you are than a coin flip
Can someone please let me know the name of the book, authors, and edition number? Or is anyone willing to sell me their old book? ISB number would be great. Thank you very much.
Anyone else doing this course without signing up for connect or even registering for the class?
Registering? That's a thing?
You are definitely the best accounting teacher ever. Thank you!!!
I can not thank you enough. These videos are the best!
Professor you explaine so brave sir. Well understand.
I wish there was some way I could get a copy of the test!
I like the comments part because there are also many questions that I may have ignored before. By reading and answering other people's question, I can learn more.
Okay so rent expense is a debit account balance.. which means for this account in order to increase you debit and decrease you credit it.. Under Owner Equity the last part of the accounting equation... Withdrawals and Expenses are the only two that are debit account balance.. Everything else under Owner Equity is a credit balance account. So revenue and capital are credit balance account. I hope this helps.
Thanks for your wonderful lectures!! I am a bit confused though... once analyzing information from source documents, in order to prepare the income statement, the SOE and the balance sheet, we need first to record this information in a journal, then posting it onto the ledger accounts, then prepare a trial balance and finally we'll be able to prepare the financial statement?
Thanks for your wonderful lectures!! I am a bit confused though
Thanks
Thanks!
its ok you got it right
can i find those exercises online so that i work at it too?
So, since I'm just a random viewer learning accounting, is it possible for me to also take that test? how could I if possible..?
think of it this way,revenues add to o.e. so it's credited.expenses and withdrawals take away from o.e. so it's debited
this is how i think of it: when revenue created and added to O.E. the company has a liability to pay its owner.
0:52 Chap 2 Quiz
7:41 Exercise 2.6
12:05 Exercise 2.6 B
18:19 Exercise 2.6 C
22:52 Exercise 2.13,14,15 37:06
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What is the name of the Jazz song 15:51?
Correct me if I'm wrong please , but in the book it says: Prepare a trial balance as of April 30. and in 7:03 it says March 31st? How come shouldn't it be April 30th ?
***** Daniel, you are correct. The book has a typo. Step 3 should say to prepare the trial balance as of MARCH 31 (not April 30). Good catch!!
i want also to take the exam but how how can i view those questionnaires would you also to send in my email?
damit, Finally I figured it out after 6tries. GEEZ, is it okay doing 6time just to get the answer or is there an easier way to figure it out faster?
AnimeActionLover lol! Hey, did you pass your Accounting 101 or already graduated from college? Just the curiosity.
HELP ! For Exercise 2-14, the book said "The owner invested $84,000 cash in the company during the first week of August". Why the answer is D.L Capital, July 31 ........$ 4,000 ???
+woody I spotted this and I think it is an error in the book - starting captial was $4,000 and owner invested $80,000 in the month.
Or that $84,000 includes the $4,000 capital from last month...Anyway, it is confusing here.
I agree with you.
Rent expense is not a liability. It's part of the equity section of the accounting equation.
Income statement. Prepaid rent would belong on the balance sheet as an asset.
I have a question on Debt Ratio as mentioned at 40.55 in the video
Debt Ratio = Total Liabilities / Total Assets
Taking the Total liabilities and Assets from the balance sheet, would not the asset always equal to liabilities. In which case the debt ratio is always will be 1. I would like to know how the liabilities can be greater than the asset. I understand the example of buying more and more on credit as you mentioned in the video, but I’m finding hard to understand how a total liabilities will be greater than total asset if the figures are taken from Balance sheet
hey buddy, the liability will be greater than the asset when the entity is undervalued,i.e, the depreciation of its asset ,or something like this happens that may devalues its assets while the liability which will somehow be due in the future stays as it is . Hope it helps:)
曹倩 For Exercise 2-14, the book said "The owner invested $84,000 cash in the company during the first week of August". Why the answer is "D.L Capital, July 31 ........$ 4,000" ???
As for $84,000 during the first week of August and $4,000 on July 31, you've already answered this question. Because on July 31 the $84,000 had not been made.(PS, $84,000 should be $80,000 based on the answers in the video)
Assets and Liabilities are NOT always balance or equal. However, Assets is equal to Liabilities PLUS Owner's Equity which would not always deliver you a debt ratio of 1 all the time. Remember the formula, Assets = Liabilities + Equity.
hi! could anyone help me to find the answer to the book questions? thanks!
Alberto Torres fundamental-accounting-principles-21st-edition.dpdcart.com
how i could take the exam? pls guys who`s know tell me
@3:20 I've got 3 wrong out of 10 .-. That's why I've gotten 71 out of 100 in actual test my professor gave to us.
Krug marks it as (correct answers - half of total number of questions)/half of total number of questions.
So in this case (7 - 5)/5 gives 40%
He marks it that way to measure how much better you are than a coin flip
OMG, how they figured 91950.. basic algebra, how? my god,! Please respond
97,500+?-88950=100,500 i still CANNOT FIGURE IT OUT
Lecture Number 10 = Done
Can someone please let me know the name of the book, authors, and edition number? Or is anyone willing to sell me their old book? ISB number would be great. Thank you very much.
aquantaday.files.wordpress.com/2020/03/john-j-wild-ken-shaw-barbara-chiappetta-fundamental-accounting-principles-mcgraw-hill-2014.pdf
fundamental accounting principles 20edition McGraw Hill
blogs.jccc.edu/accounting/
A lot useful info on the course - handouts etc
20550
My professor is sucks!!!! She goes by book rules only instead of using a humor with clear explanations.