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Hello, I would like to help you. Are you referring to "Tax Deducted at Source"? would you like an example of a JE?

Thank you!

Thank you so much for your feedback.

Glad it was helpful!

You are so welcome!

Hi, that is a great question. I will try to explain it as clearly as possible. I see how the name of the account "accumulated depreciation" can be misleading. The balance is in fact the accumulation of expenses taken over time. Specifically, depreciation expense associated with the usage of the equipment. You are right to say, that the balance is made of the depreciation expense, however, the account is not an expense account. The debit goes to the expense account (depreciation expense) which then is listed in the income statement, the credit goes to the accumulated depreciation account, which is actually a balance sheet account. The correct name for this type of account is a "contra asset account". If you get your asset (equipment account), which has a natural debit balance, and net it with the contra asset account (accumulated depreciation), you wil get the net book value of the asset after taking into account all the depreciation expense recognized over the assets life. What you are doing in essence is spreading the cost of the asset over time. But, instead of crediting the equipment account directly, we use a contra asset account (accumulated depreciation). I hope this helps. Let me know if you still have any questions. And thank you for reaching out, I will eventually have several videos on the various depreciation methods. Thanks!

Thanks for taking the time to explain this. I’m new at this, so I’m trying to apply the D-E-A-L-E-R method to balance my JE’s. What comes to mind is the creation of Accounts, what to name them, and how they interact with one another, so as to create the Balancing effect on the Balance Sheet,.. and not violate any accounting principles in the process. Thanks again.

yes, that is correct, you debit tax expense and you credit owner's equity. Best of luck!

@@ConciergeCPA Thank you.

Thank you and yes, I will add to my list of topics.

When we see the title 😲😲😲😲😲😲😲😲 _________________________ After watching for 2 minutes 😴🙄🙄😇😇😇😇🧐

In my opinion, more attention should be paid to subtitles, transitions, effects and B-Roll. I mean do subtitles, transitions, effects and B-Roll properly.

I wholeheartedly agree with "yes".

Thank you for your comment. Really appreciate the feedback. I am so happy the video helped you.

Thank you for your comment. Yes keep me on your list.

You're welcome!

Great! Thank you for your comment

Thank you for your feedback!

Thank you for your great feedback. I am so glad to hear you find the videos helpful. I have added my email to the video description.

thank you for your comment. Yes, the topic is a bit more complex and it is accounting from the managers and internal users perspective, not so much about just recording and reporting, but about what the numbers tell the business owners and managers to make the most informed decisions. I added it to the managerial accounting playlist.

@@ConciergeCPA i want learn basic accounting how i learn step step on market base😀

Hello, you can find my email address in my channel "About" section. Email: [email protected]

Great topics. Yes, will add it to my list of future videos. Thank you for your comment

Thanks

Hello, if I understand correctly, you are asking if the collection of Accounts Receivable would result in income. The answer is no, the collection of an account receivable is a transfer from an asset (open Account Receivable to Cash (another Asset). The related income is recorded before this collection happens. When the business records the sale on credit, the income account is credited (under equity) and a receivable is debited (an asset). This is an example of accrual accounting. Hope this answers your question.

Glad it was helpful!

Excellent! I am glad you find my videos helpful and are encourage to continue to learn. I have been a CPA for more than 20 years, and I still find more to learn, I think it is a wonderful career!

that is great!

@@ConciergeCPA The video well explained the accounting principal. Excellent!

Glad it was helpful! thank you for the feedback

yes, the most basic and yet confusing concept in accounting. Once it clicks, everything makes sense! Thank you for the feedback.

You're welcome!

Hello, the description for a journal entry line item is used to document the business purpose for recording the journal entry. It is helpful in order to establish a clear audit trail and to easily identify transactions when looking at an account transaction detail. Imagine if you download a report of debits and credits to a specific account, without descriptions, you would need to go back and find the source/or support for the transaction you recorded. Hope this answers your question.

Acca is course is expensive.

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