That was an inspiring video! However, I was just perplexing, in number 4 transaction it's $350 and when you wrote it, it became $500. How could $350 became $500 so?
HI is there a mistake or i did not understand it right? For the 4th transaction you mentioned it as $500 for Ad expense but not $350 as mentioned in statement, Why? Please clarify.
Thanks for the clarification. Am new to accounting, it was a good video easy to understand, but the error got me confusing. Thanks for clarification. Please make changes so that others dont get confused. Thanks
Thank youuuuu.... *kneels and bows down* We have a quiz tomorrow and our teacher explained this in 30 minutes but, truth be told, I learned better here.
Thanks for the tutorial. My question is, immediately after opening the business with 100dollar there is a purchase of 2000 for the car. In the workings you've assumed it's a cash purchase but where is the balance of 1900 coming from to effect a cash purchase? Please someone help me understand since cash came later after the car had been purchased on cash yet the only available cash in the business was 100, being capital....
QUESTION!! In no2 if we put bank instead of cash , is it wrong? Because i though that if the statements did not say that we do indeed use cash , we put the money on the bank
how you sir invest a $100 in a business which your cash balance reduces and you debited and your capital which received the 100 that should goes up gets on credit side? Can you please explain as this the most things that confuse me in accounting??
Accounts Receivable $4,800 Service Revenue $4,800 AR is debited because the customer owes you money. Service Revenue is credited because you have earned the money even though there is no cash involved in this transaction.
@@chetankumargupta1606 Rent account (rent paid) , Drawings account (rent paid for Personal use out of the business) , Bank account (rent paid by Cheque) Rent account should be debited (its an expense) Bank account should be credited (cash in bank is going out) Drawings account should be debited (its an expense)
This video has a big mistake at 4th entire. It's should be deleted and updated. If you are teaching, double check your material or you will be judged for poor knowledge.
i think i learned more about journal entries in this 7 min video than i did with my professor smh
HAHAHA same bruh
Same
Same
I didn't understand sht from the tutor so i came here... So pissed rn
@@xoxashshasha6375.
I’ve been in class for 5 weeks yet it took a 7 min video to finally help me understand journal entries...
I feel this in my soul hahaha that's why im here.
Thanks, however #4 is incorrect. $350 and you recorded $500. I thought the error was on purpose to teach us how to fix the error!
I noticed that too, maybe we should become Auditors now? : D
I thought it was advertising expense
Agreed
I took accounting 1 two years ago and now i'm in accounting 2 and can't remember diddly squat. big help, thank you so much
Why number 4 are 500 instead it should be 350.?
Yeah! That makes me confuse.
Yeah was that a mistake ??
@@Hazardguysgolf it should be. was wondering the same.
Yeah! You are right it should be 350
That was sub journal of 3 rd bro
That was an inspiring video! However, I was just perplexing, in number 4 transaction it's $350 and when you wrote it, it became $500. How could $350 became $500 so?
he made a slip
Because there are 4 accounts in number 3
I just watched the video 2x just to make sure I heard him right for questions number 4. I believe it was a slip up had me all confused lol
yep
Been struggling with these entries for ages and now it makes so much sense, thank you
Me and u both I already failed accounting, took it again an was having a hard time.
I was about to write a question for No.4 , but I read the comment it was a mistake. Now, it's clear to me. Thank you.
Any accounting entry has a debit and credit. The debit would be to an asset account and the credit would be to cash or a liability.
HI is there a mistake or i did not understand it right? For the 4th transaction you mentioned it as $500 for Ad expense but not $350 as mentioned in statement, Why? Please clarify.
I think that was a mistake. Sorry.
I was about to write to him. I noticed it was a mistake👌🙏
@@tallformyage Should it read ADV Exp $350 (debit) and cash $350.00 (credit)?
@@mofidulislam6161 yes thats right
Could you please do some revenue and deferred revenue examples/entries?
Thank you. This was a big help.
Thanks for the clarification. Am new to accounting, it was a good video easy to understand, but the error got me confusing.
Thanks for clarification. Please make changes so that others dont get confused. Thanks
Slight check up. But did you end up pursing an accounting career?
Thank youuuuu.... *kneels and bows down* We have a quiz tomorrow and our teacher explained this in 30 minutes but, truth be told, I learned better here.
i wish you had all the content . your video was helpful thank you
sir
Hours and hours of boring class just for this man to teach it under 7 min
In accounting 2101 in the trenches. But this video makes so much sence
Great video, good job.. Greetings from Istanbul
Learnt from from this than 6weeks in uni tutorials and lectures
This video was very helpful thanks
what was the reason for doing 3.1 after transaction 3?
why do you credit cash in 3.1?
Wow, intersting! thamk U very much
Thanks you helped so much.
It is good continue
Thank you my brother
Very well explained and well understood. Thank you
Thank you so much, Sir!😭❤️
Nice
Thank you❤😊
Very helpful, Thank you!
i like your video, but can you explain why you recorded number four as 500 instead of 350??
It's just a mistake :) It was supposed to be 350.
Thanks for the tutorial. My question is, immediately after opening the business with 100dollar there is a purchase of 2000 for the car. In the workings you've assumed it's a cash purchase but where is the balance of 1900 coming from to effect a cash purchase? Please someone help me understand since cash came later after the car had been purchased on cash yet the only available cash in the business was 100, being capital....
This video is great thank you soo much :).
Thank you so much sir for your help ☺️
in no. 5 is it service revenue or service expense?
make video on T accounts as well.
Thanks alot for the lesson
great video thanks!
QUESTION!! In no2 if we put bank instead of cash , is it wrong? Because i though that if the statements did not say that we do indeed use cash , we put the money on the bank
Tks sir for this useful information however, I suggest you re-upload this video as what you spoke is different from what amount written.
It helped alot
Sir what is the journal entry for this,
"Received allowance for defective merchandise"
thank u.
Why is #4 depited and credited with $500?
how you sir invest a $100 in a business which your cash balance reduces and you debited and your capital which received the 100 that should goes up gets on credit side?
Can you please explain as this the most things that confuse me in accounting??
Please @ 0:36 I did not understand the word Aqwi as you said { We have AQWI going up}.Subtitle is disabled for me to read.
Sl no. 2 why we are not showing cash received entry, either from owner or as borrowing?
you said cash is going down and up at the same time..confusing...
Thank you Sir😍
Questioon entry was for 350 and not for 500. so is this wrong.
Thank You 💞
Compound and no entry's would help?
doesn’t his voice sound like jim halpert from the office
this is what Im finding😍
Thankyouuuu
#4 should be 350 not 500
Thank you
thanks sir
business shit is hard bro
Question 4 is 350 and how comes you put 500?
The last number that is revenue?
Thank you sir
Thaaannnk you
THANK YOU
Big help
what journals do you record the transactions in????????????????
These are just basic examples that we are doing in the general journal. Special journals are a completely different topic :)
Yes
Work sheet
thank youuuuu
Why is it that the journal entry amount for advertising was 500?
It only have 350 amount in the transaction.
how about....
the transaction like this
COMPLETED A PAINTING JOB AND BILLED THE CUSTOMER P 4,800.OO?
Accounts Receivable $4,800
Service Revenue $4,800
AR is debited because the customer owes you money. Service Revenue is credited because you have earned the money even though there is no cash involved in this transaction.
Why you mentioned as Equipment Car it can be just Car or Car payable?
Fern W. No it’s considered equipment because equipment can mean multiple objects but for this case it’s specified a car. You technically generalize.
Eddie R Thank you so much ;)
more examples. just sub
thanks
The no. 4 should be 350 not a 500..
Ad expense should be $350
Number 4 Entry was wrong by Mistake !!
is there any trick for remember 3 golden rules of account (from India)
you should go through modern rules that's easy as compared to golden rules
Hey I'ave a question
The question is " paid building rent Rs. 10,000 and half portion of building used for personal use of owner
Plz give m answer
@@chetankumargupta1606 Rent account (rent paid) , Drawings account (rent paid for Personal use out of the business) , Bank account (rent paid by Cheque)
Rent account should be debited (its an expense)
Bank account should be credited (cash in bank is going out)
Drawings account should be debited (its an expense)
Advertising an expense is 350 and you recorded 500
Not balance 👎👎👎
Trans. # 4 is only $350 and not $500..😝
True🤣🤣🤣
don't clear number four ok
Why no column titles ? ... sorry bad video to ASSUME you know !
No, I don't want him doing my finances as he can't even pay the correct ammont for advertising...
This video has a big mistake at 4th entire. It's should be deleted and updated. If you are teaching, double check your material or you will be judged for poor knowledge.
Thank u
thank you