In this video I go over the accounting basics of how to make Journal Entries out of transactions that would happen in a business. I analyze the Debits & Credits and While making a Journal Entry i tell which category in the chart of accounts the transaction would fall under. Either an Asset, Expense, Liability, Equity, or a Revenue. Then after every Journal Entry I analyze the effects on the Balance Sheet & Income Statement.
1) Loan From Bank $40,000
2) Pay Rent for Office $1,000
3) Buy Office Equipment $5,000
4) Pay Internet Services $300
5) Get Paid For Bookkeeping $500
BEST ACCOUNTING PLAYLIST IN THE WORLD • Accounting for Beginne...
MY method of mapping whether the accounts are to be Debited or Credited have helped thousands of people. I know it can help you. What is the BEST? Assets, Draw, Expense, Liability, Equity, Revenue I give my thought on the best way to remember where to place the Assets, Draw, Expenses, Liability, Equity & Revenue. I hope you enjoy the video. I got a good response from my last Accounting for Beginner video i just did, which was review of everything Accounting in 5 minutes. So this video is a nice easy fast 5 minute video about the Balance Sheet, which is Assets = Liabilities + Equity. I tried to go back and give a little refresher course with DC ADE LER and how good could i explain the Basics of Accounting in 5 Minutes. The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners.
Accounting For Beginners #1 www.youtube.com/watch?v=_pTU4... Debits and Credits / Assets = Liabilities + Equity
Accounting For Beginners #2 www.youtube.com/watch?v=0--jJ... Basics / Accounting Equation
Accounting For Beginners #3 www.youtube.com/watch?v=YXFEE... Journal Entries / Beginner Tips
Accounting For Beginners #4 www.youtube.com/watch?v=Yy1Dt... Income Statement / Revenue - Expenses
Accounting For Beginners #5 www.youtube.com/watch?v=fEtBF... The Balance Sheet / Basic Tutorial
Accounting For Beginners #6 www.youtube.com/watch?v=XyB3m... Putting an Asset on the Balance Sheet
Accounting For Beginners #7 www.youtube.com/watch?v=H4udC... Depreciating an Asset / Basics
Accounting For Beginners #8 www.youtube.com/watch?v=xjXgp... Depreciation Expense / Basics
Accounting For Beginners #9 www.youtube.com/watch?v=QFV6P... Accounts Receivable / Basics
Accounting For Beginners #10 www.youtube.com/watch?v=xQ0u_... Accounts Payable / Basics
Accounting For Beginners #11 www.youtube.com/watch?v=tFA9H... Fifo and Lifo Inventory / Basics
Accounting For Beginners #12 www.youtube.com/watch?v=Z-g1T... 1 Journal Entry With 2 Assets / Basics
Accounting For Beginners #13 www.youtube.com/watch?v=ds2Y0... Accounting Study Guide / Template
Accounting For Beginners #14 www.youtube.com/watch?v=BU9em... Journal Entry with Cash / Expense
Accounting For Beginners #15 www.youtube.com/watch?v=kwCtA... Journal Entry With Cash / Revenue
Accounting For Beginners #16 www.youtube.com/watch?v=1Yrcj... Debits & Credits / Negative Asset
Accounting For Beginners #17 www.youtube.com/watch?v=amf1h... T-Accounts / Debits and Credits / Accounting 101
Accounting For Beginners #18 www.youtube.com/watch?v=18zPz... What is a Draw? / Withdraw / Distribution / Dividend / Equity
Accounting for Beginners #19 www.youtube.com/watch?v=r43j0... Don't Abbreviate / Accounting 101 / Basics
Accounting For Beginners #20 www.youtube.com/watch?v=yXJVI... Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses
#Accounting #CPA #Business
00:00 introduction
01:01 1) Loan From Bank $40,000
06:50 2) Pay Rent for Office $1,000
13:03 3) Buy Office Equipment $5,000
17:53 4) Pay Internet Services $300
22:20 5) Get Paid For Bookkeeping $500