Hello in this lecture, we’re going to record an adjusting entry related to supplies. Remember that adjusting entries are going to have their own set of rules, you want to keep them separate in your head. They are still journal entries, and they follow the journal entry rules. But if we know that we are dealing with adjusting entries, we can apply an additional set of rules to help us to understand what the journal entry will be. For example, the adjusting entries will all be at the end of the time period, the end of the month or the end of the year. And if we take a look at the supplies account, we also know that typical adjusting entries will always have an account in the balance sheet section in terms of the trial balance that’s going to be somewhere up above this owner’s capital account. So we look for an account on the trial balance related to this supplies. on the balance sheet we said how about supplies and we also note that the supplies, the adjusting entries will have an account below the equity section below the owner’s capital in the income statement, revenue and expenses.
Hello in this presentation we will be recording a business transactions related to accounts payable or the purchases cycle recording these transactions with debits and credits. At the end of this we will be able to list transactions involving accounts payable, record transactions involving accounts payable using debits and credits and explain the effect of transactions on assets, liabilities, equity, revenue, expenses and net income. We’re going to be recording these transactions up here in the left hand side in accordance with our thought process. We will then be posting these not to the general ledger but to a worksheet format so that we can see a quick calculation as to what is the impact or effect on the individual accounts as well as the effect on the account groups as a whole. Remember that all the groups for the accounts will always be listed in order when you’re looking at a trial balance. Which is why I recommend looking at a trial balance.
Hello in this presentation we are going to record business transactions involving cash using debits and credits. At the end of this, we will be able to list transactions involving cash record transactions involving cash using debits and credits and explain the effect of transactions on assets, liabilities, equity, revenue, expenses and net income. We’re going to record these transactions on the left hand side in accordance with our thought process. We’re then going to post them to a worksheet format, not necessarily or in this case, not a general ledger. But in a similar way, we will post it to this worksheet in order to see what is happening to each of these accounts individually as well as the groups of accounts in terms of assets, liabilities, equity, revenue and expenses, notes the order of the trial balance, always in the order of acids in this case in green liabilities in orange, and then we have the equity and revenue and expenses, the income statement accounts and net income at the bottom calculated as revenue minus expenses.
Hello in this presentation we will discuss debits and credits. Objectives at the end of this we will be able to define debits and credits list account normal balances and explain how debits and credits work. First we want to take a look at the double entry accounting system and recognize that the double entry accounting system can be represented in multiple different ways including as we have seen before the accounting equation meaning that assets equal liabilities plus equity, we can record transactions using this accounting equation as we have done in the past. That accounting equation is the basis behind the balance sheet where we have the assets liabilities and equity representing the fact that the balance sheet then would be in balance.
Hello, in this presentation we will be taking a look at business transactions involving cash we will be recording these normal business transactions in the format of the accounting equation and later be using the same or similar transactions to record with regard to debits and credits. Objectives. At the end of this we will be able to list transactions involving cash record transactions involving cash using the accounting equation. first transaction, we’re going to list through these transactions and we’re going to record these transactions with the accounting equation, learning these accounting equations and these transactions using our normal rules and thought process. So remember that this is our accounting equation, we’re going to have assets liabilities and equity.
Hello in this presentation we will discuss the balance sheet and income statement relationship. Objectives at the end of this we will be able to define the balance sheet and list its parts, define the income statement and list its parts and explain how the income statement relates to the balance sheet. When considering these concepts in terms of the balancing concept of the balance sheet in particular, we want to keep in mind the idea of the double entry accounting system. The double entry accounting system being the main system the main internal control, that we are always keeping in mind that internal control helping us to safeguard against making errors that’s our first line of defense against making errors is the double entry accounting system, which can be expressed in a few different ways.
Hello in this presentation we will discuss the income statement objectives. At the end of this presentation, we will be able to describe what an income statement is list the parts of the income statement and explain the reasons for an income statement. First, we’ll start off with a question will which will explain the timing of the income statement or introduce us to an explanation of the timing of the income statement? And that is the question of asking somebody, how much do you make when we were to if we were to ask somebody how much they make, they would mentally make some type of assumption in order to answer that question, or they would ask you the question if they chose to answer at all.
This presentation and we’re going to enter and adjusting entry related to depreciation. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file. Let’s go down and open up our reports, we’re going to go down to the reports down below, open up our favorite reports at the end the balance sheet reports, we’re going to open that one up, we’re going to be changing the dates up top going to go up top and change those dates from a one on one to zero to 1231. Let’s make it as of the cutoff date here, Ode to 29 to zero, and then run that report and duplicate the tab up top by right clicking on it and duplicating it.