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Excellent! Glad it was helpful.

Thank you!

Hello, I am happy to further explain. You are correct, both Cash and Accounts Receivable are on the "Debit" side meaning they carry a normal debit balance, they are both assets and are increased by debits. That also means that these accounts are decreased by credits. In the example, the company is collecting cash from a customer. The cash collected increases the cash (a debit to cash), which means the accounts receivable account must decrease, therefore you credit accounts receivable. Remember, before this event, the cash collection, the sale to the customer was recorded by debiting accounts receivable and crediting sales. That initial debit increased the accounts receivable balance, the cash collection then credits accounts receivable to cancel out the balance the customer owes to the company. Hope this helps clarify the example. Thanks!

Hi thank you for reaching out. Although it is very hard to tell what the future will look like with the introduction of AI, I can honestly tell you I am not afraid of automation taking over the accounting profession. I have been a CPA for over 20 years and as you grow in the profession the more complex the issues you will be dealing with become. Same reason why you can always be challenged as you grow (or not, it is really up to you), and why I believe AI cannot fully replace human decision making. There are many different career paths for accountants, you can do audit, general accounting, taxes, controller positions, Internal Audit, CFO. That is my take on the matter and I think accounting is a wonderful career. It is so flexible (not what most think). You can do a lot with an accounting degree. Wish you the best of luck in your future career and any path you choose. Best wishes.

Thank you! I am so glad the video is helpful.

Thank you for your feedback. I am so glad the video was helpful! 😃

@@ConciergeCPAthanks for your video 🎉

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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: julietconciergecpa@gmail.com

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!