Reversing Journal Entries – Accrued Revenue 11

Hello. In this presentation we’re going to talk about reversing journal entries as they are related to accrued revenue. When considering reversing journal entries, we’re talking about those journal entries made after the financial statements have been generated after the adjusting process has been done. Remember that the adjusting process happens after all the normal transactions for the month have happened. Then at the end of the month, we have that adjusting process. All journal entries being made as of the same date as of the end of the month in order to make the financial statements correct so that the financial statements can be made. As of that point in time, in this case, the end of the year being 1231 that the cutoff date that the point in time that we make the financial statements, then we want to consider if we want to use reversing journal entries.

Accounts Payable Transactions Accounting Equation 170

So there’s gonna be problems later on where they’ll basically say, you know, you got to pay off something on account and you have to assume that the prior transaction took place. You got to kind of know in your mind how these things are related. So if we go through them by cycle that will help to achieve that goal. first transaction, we’re going to say purchase supplies on account. If we go through our list of questions, we’re going to say is cash affected? In this case? No, because we purchased it on account, then we’re going to ask what we’ve received, in this case supplies. So we got supplies, that is here, it’s going to be an asset. Therefore the asset is going to go up because we got more of them, then the only question is, what is the other account? It’s not a decrease to cash because we didn’t pay cash. And therefore we must be doing something somewhere else. That will be accounts payable, so accounts payable is going to increase by the same amount.

Cash Transaction – Accounting Equation 165

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.

Budgeted Profit and Loss Report 11.15

 

This presentation we will generate, analyze, print and export to Excel a budgeted Profit and Loss report, we’ll take a look at a budget of profit and loss and a budget versus actual Profit and Loss report. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file. You’ll recall last time we enter data for the budget. And we did so by going to the cog up top and then we went to the tools we went to the budgeting information, and we entered this budgeted information. If you were to edit it, then you can go back into it and enter that information here. I’m going to close this back up, then we’re going to then go into our reports.

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.

Apply Credit Or Advanced Payment to Invoice 8.35

This presentation and we’re going to apply a credit or an advanced payment to an invoice. In other words, we got paid in advance by a customer recorded that into the system. Now we’re going to create an invoice and apply that event advanced payment to it. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file, we’re first going to take a look at our flowchart in the desktop version.