I am an Accountant and practicing it for so many years, the way you present your tutorial videos are so easy to understand. This is really very relevant for refresher course and for those who are studying Accounting. You are making it easy to comprehend the effects on the books of the company.
I just wanna say thank you, because I've been searching educational video for hours but only found explaination about defferal transaction that is a repaid rent etc.
Easy way to memorize Debit balances is the acronym ADE. Assets, Dividends, expenses. unless it is unearned revenue which is a liability. Hope that helps. In debit balances Debit increase and Credits decrease. Revenue is usually an asset unless it us unearned. Great teacher man keep up the great work!
Thankyou for the video. I learned a lot now. Im 1st year college in BSA i felt nervous because of that but i want to pursue and i want to be an accountant. I always motivate my self. Thankyou for that sir from philippines 🇵🇭
Sharp explanation professor professional explanation. The name of the account we should record is unearn revenue. Unearn revenue is a revenue that have not yet received the money then remember about the cash or service revenue.
Sir your voice is so crisp and clear, your way of teaching is amazing.. I would like to advise one thing, along with income and expense accounts if you can please draw balance sheet too and show the adjustments practically there , it would really be very helpful..
Loved the example and teaching, and I know this is one person, but felt tip pens on paper send chills up my spine like nails on a chalk board does for some. Will have to fight through the to get the good instruction.
This is how i've been handling this for 20 years. Lately the auditors have been saying that deferring revenue has been phased out by the accounting standards board. And that non-profits no longer defer revenue. I am a bit rusty so I came out to see how things are done now.
unearned revenue is a liability account. not sure why no other source helped me figure that out. all revenue accounts are asset accounts EXCEPT unearned revenue.
Thank you. Could you please tell when it is possible to write revenue as a credit? I thought that all revenue recievied in advance before providing goods is Credit.
Incorrectly You cannot record revenue into it earn. We receive cash in advance but didn't perform the service so this goes under unearned revenue as liability meaning we owe the customer service. So if we complete the whole service then you record revenue.
I am an Accountant and practicing it for so many years, the way you present your tutorial videos are so easy to understand. This is really very relevant for refresher course and for those who are studying Accounting. You are making it easy to comprehend the effects on the books of the company.
Awesome man. you are better than our professor in terms of teaching
I feel like continuing my course to Accountancy now that I have found someone who can explain accounting terms/principles better
this guy is awesome. I wished that you were my accounts lecturer.
I have masters in commerce and never got journal entries right until I watched your videos
I just wanna say thank you, because I've been searching educational video for hours but only found explaination about defferal transaction that is a repaid rent etc.
Easy way to memorize Debit balances is the acronym ADE. Assets, Dividends, expenses. unless it is unearned revenue which is a liability. Hope that helps. In debit balances Debit increase and Credits decrease. Revenue is usually an asset unless it us unearned. Great teacher man keep up the great work!
You saved my accounting career. Thank you so much.
I am a french accountant. Thank you very much for your work. It is very helpful. Merci beaucoup
What an awesome explanation,which directly goes to long term memories,thank you so much
I am really! going from struggling to starting to get it. I have been at this (learning thing) for quite a few weeks. Very grateful.
Your lectures rock Larry
Nice explanation Larry. This was really helpful. Thanks a lot for your efforts to make the learning a pleasure.
This helps big time. Thank You for making the video.
I have learned more from your videos than my actual teacher's lectures
Thank you, I was so confused on this particular aspect
You are the best accounting tutor.
Thank you Sir, I understood the lecture very well. the way you are teaching is just simple but great.
Thankyou for the video. I learned a lot now. Im 1st year college in BSA i felt nervous because of that but i want to pursue and i want to be an accountant. I always motivate my self. Thankyou for that sir from philippines 🇵🇭
hows it going?
Your teaching is good sir, I understood the topic and example.
Thank you Sir! You took your time explaining the whole thang
Thanks for spending time to teach accounting students worldwide
thank you for being so clear!
great video, I'll remember what a deferral is now
Thank you! Very simply explained.
Clear as it can get... Thank u professor
You rock Mr. Larry !!
Nice and clear explanation....Great.
Thanks and regard.
LIFE! This was great.
Your lecture is the best of best.
Thank you so much for your kind support. i appreciate; it.
Very good explanations and it really helps!
Very helpful! Thanks so much !!
it's such a useful example! Thanks!!
thank you for the lecture!!!
perfect. I checked others video, but yours perfecttttt
Wow you have a talent in explaining well sir
What a great tutorial! Thanks much
Very clear explanation. Thank you for your work.
Sharp explanation professor professional explanation. The name of the account we should record is unearn revenue. Unearn revenue is a revenue that have not yet received the money then remember about the cash or service revenue.
You are the best, thanks a lot .
Sir your voice is so crisp and clear, your way of teaching is amazing..
I would like to advise one thing, along with income and expense accounts if you can please draw balance sheet too and show the adjustments practically there , it would really be very helpful..
Thank you!! This helped me a lot!
Thank you this was very helpful and informative 👍👍
This was so helpful, thank you!
Loved the example and teaching, and I know this is one person, but felt tip pens on paper send chills up my spine like nails on a chalk board does for some.
Will have to fight through the to get the good instruction.
Thanks, better lecturer than the one I have at uni lol
best explain ... thanks man
Wow.. Finally, I get it. Thank you
Very helpful, thanks.
Great tutorial, thanks sir.
This is how i've been handling this for 20 years. Lately the auditors have been saying that deferring revenue has been phased out by the accounting standards board. And that non-profits no longer defer revenue. I am a bit rusty so I came out to see how things are done now.
who are here in 2020 ha ha. Thank you so much, i have to take online class due to Corona and i didnt understand much until your video.
2021
so much understanding merci
THANK you prof much ppreciated of all ur videos I absolutely benefited from .. if u teach online am interested sir .
very helpful video. thanks.
Wow amazing lecture
When I learned this better in this video than I did with my professor it says something
Thank you sir ,this is very helping me
Thank you so much!!!!!
Great Work! FR
Very good tutorial
Thank you!!
Good tutorial
professor you are the best
Thank you so much
gooooooooooooood!!!!!!!!!helpful!
Thank you sir.
God bless you
unearned revenue is a liability account. not sure why no other source helped me figure that out. all revenue accounts are asset accounts EXCEPT unearned revenue.
Thanks +Larry Lazofson
i love youuuuu sir you are amazingg
Thank you for your video! Can you please explain retainer that the vendor paying to law firm, if you still record lessons. Thank you
Thank you
Thank you sir 🙏
that is awsome
that was helpful
do we call the prepaid expense also a deferred expense?
thank you
Crochet LouLou prepaid expenses are assets.
With respect to the Journal Entry of Cash advance received from customer, won't we Credit "advance received from Customer"?
👌👌👌👌👌👌
Helpful
hello Mr.Larry how the adjustment journal if this transaction is immediately recorded as a service revenue?
Can you explain when an account is overstated and understated?
thank yoy and you
Sir, when preparing the T accounts,do we need to use the information in the trail balance or only those which have been adjusted
Is this also called, Accrued Income? I'm studying through AAT in the UK.
Do you have a course or a website?
thank you sir
Thank you. Could you please tell when it is possible to write revenue as a credit? I thought that all revenue recievied in advance before providing goods is Credit.
Incorrectly You cannot record revenue into it earn. We receive cash in advance but didn't perform the service so this goes under unearned revenue as liability meaning we owe the customer service. So if we complete the whole service then you record revenue.
Excuse me sir, are you following the GAAP principal or IFRS principal?
Hi, I want to ask what an unearned revenue account represents, short-term liability, am I right?
Yes
thanks sir
Why can't you credit customer?
Im new here😁
Service Income
Isn't the revenue considered as liabilities too? I'm confused 😭
thanks so i watch over and over. repititive
Permission to use the video for my Senior High School Students. Thank you.
Dennis: Yes, of course you may use this video or any of my other videos here to present and provide to your students…Larry
@@theaccountingtutor1 Thank you so much!
hello
Thank you sir