Hello in this presentation we will be discussing the transaction rules financial transaction rules as they relate to recording financial transactions with regard to the accounting equation. At the end of this, we will be able to list transaction rules explained our reasons for the transaction rules and apply transaction rules to recording financial transactions. First rule, at least two accounts will be affected. It’s going to be whenever we record any transaction and whether we’re talking about a transaction for recording payroll record an accounts receivable, recording accounts payable, all those normal things that the accounting department does on a day to day basis.
Posts with the accounts tag
Cash Method vs Accrual Method 135
Whoa in this presentation we will be discussing a cash method versus an accrual method objectives. We will be able to at the end of this, define and explain a cash method, define and explain an accrual method and explain the difference between the cash and accrual methods. When considering the cash method and the accrual method, they’re not necessarily completely different or diametrically opposed. But when presented, they are often presented in this format partially because in order to explain one, it’s often useful to know the other it’s useful to be able to compare the differences between the two methods.
Revenue Recognition Principle 134
Hello in this presentation we will be discussing the revenue recognition principle. first idea will be that revenue is not the same thing as cash objective. At the end of this presentation we will be able to define the revenue recognition principle explained the relevance of the revenue recognition principle and provide examples of the revenue recognition principle the revenue recognition principle has to do with when we should record revenue. When considering when revenue should be recorded. It’s often thought that we should record revenue when cash is received.
Balance Sheet 120
Hello in this presentation that we will discuss the balance sheet objectives at the end of this presentation that we will be able to describe the balance sheet, list the components of the balance sheet and define and explain each component of the balance sheet. When considering the balance sheet, we will be looking at components equivalent to those in the accounting equation. the accounting equation as we have seen in a prior presentation is assets equal liabilities plus equity, these will be the components of the balance sheet.
Budgeted Profit and Loss-Data Input 11.10
This presentation and we will take a look at how to create a budgeted Profit and Loss report or budgeted income statement report. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file. Before we open up the process of doing the data input for a budgeted profit loss. Let’s first take a look at a profit and loss. We’re going to go down to the reports on the left hand side, we’re going to be opening up the P and L the profit and loss the income statement, this is going to be the poor performance report.
Unearned Revenue Reversing Entry 10.55
This presentation and we will enter a reversing entry related to unearned revenue. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file, we’re going to be opening up our old reports down here on the bottom left, the standard reports that being the balance sheet report. First, we’re going to be changing the dates up top from 1120 to the cutoff date 1120 to 2920 February 29 2020. We’re going to run that report. Right click on the tab up top, duplicate the tab up top, go to the tab to the left, go down to the reports on the bottom open up the other favorite report bad being the P and L Profit and Loss income statement where they’re going to be changing the dates up top for it from oh one it won’t let me do it. Why isn’t it let me do it. It’s gonna be a 1012020229 to zero.
Unearned Revenue Adjusting Entry 10.45
This presentation and we will enter and adjusting entry related to unearned revenue. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file. Let’s open up our reports by going to the reports on the left hand side, we’re going to be opening up our balance sheet First, the balance sheet, the favorite record, we’re going to go back up top, we’re going to be changing the dates up top that being from a 10120 to the cutoff date of Oh to 29 to zero, we’re going to run that report, we’re going to right click on the tab up top so we can duplicate that report.
Receive Inventory Requested With P.O. Enter Bill 8.20
In this presentation, we’re going to record the receipt of inventory with a bill. In other words, in prior presentations, we entered a purchase order requesting inventory. Now we’re going to receive that inventory along with the bill and enter that into the system. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars practice problem. Let’s first take a look at our flow chart. So we’re going to go down to QuickBooks desktop.
Pay Bills 7.60
This presentation and we’re going to take a look at the pay bills form. In other words, we’ve entered bills in the past, and now we’re going to be paying them using the paid bills feature. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file. Before we go any further, let’s first take a look at our flow chart that’s going to be in the desktop version. So we’re going into desktop version just to take a look at the flow chart.