Deferred Revenue Explained | Adjusting Entries
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- čas přidán 5. 08. 2024
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Deferred Revenue can be a real head-scratcher. As if Adjusting Entries weren't already confusing enough... Deferred Revenue, Unearned Revenue and Prepaid Revenue all mean the same thing!
In this video, you'll find out what these terms mean and I'll show how to account for them correctly, using Journal Entries and T Accounts.
I'm creating a whole mini-series devoted to this topic which will include worked examples for each of these four types of Adjusting Entry...
▪ Intro to Adjusting Entries → • Prepayments and Accrua...
▪ Prepaid Expenses → • How Prepaid Expenses W...
▪ Deferred Revenue → • Deferred Revenue Expla...
▪ Accrued Expenses → • Accrued Expenses Broke...
▪ Accrued Revenue → • Accrued Revenue MADE E...
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We hit 10,000 subscribers today 🤘Thanks for all of the support!!!
You.Are.Amazing. Keep it up man!
@@Bce2099 Haha, thanks Paul. I will consider it!
@@DanzoB79 Cheers mate!
cool, so cr unearned revenue, what about taxes payable?
@@iwannaknow_2423 I left taxes out of this example to keep things simple.
I’m super happy you exist on CZcams if I’m not studying all I do is watch your videos. You explain things so clearly. 🤗
Thanks Graciela, it's great to hear that you're enjoying these videos
I like how clear you speak. it looks like you speak to non native english speakers
Thank you for explaining a concept I was completely stuck on! Watching your 4-part accrual series, as well as your earlier videos ie/ Balance Sheet etc, to help better understand what a textbook is doing a less than stellar job to explain! I have accomplished more in 24 hours watching your videos than the 3 months I've been at this Financial Accounting course - awesome job explaining everything - thank you! Your use of graphics and examples really brings it all home as well as concepts such as determining which statement is affected (ie/ releasing it from the Balance Sheet and assigning to the Income Statement), and why, really gives a stronger understanding than just memorizing. Oh, and DEALER is brilliant. Thank you!!!
No problem Cheryl, it's sounds like you're feeling more confident with accounting which is fantastic news!
If it weren't for u, i would've never understood basics of accounting.
That's great to hear, glad it's making sense
Youuuuuuuu are amazing!!!! Better than any accounting professor I ever had!!
Congratulations! 🎊 you deserve even more!
Keep it up 💪🏼 cause you are making such a big difference to all new accounting learners like myself!
Thanks James!
Thanks Nina!
My man, you are saving me with these videos. I was on the brink of break-down, found your videos. Had to get used to them at first, but now I understand your way of teaching and it is perfect. No more unclarities. You deserve every like of those 1200 likes!
Much love
I'm glad you're feeling more confident with your studies. All the best!
Of its kind - a tutorial/explanatory based channel, this one is 10/10. Thanks James
Thanks for your kind words!
currently on this playlist and i highly appreciate them. so glad google gave me your link at the top of my search! Thanks
Great to hear that you are enjoying the videos. All the best!
You make learning so easy, wish I had a teacher like you in my uni days❤
I wished that your videos existed in the years 1979 and on when I was working for Credit Suisse in Switzerland. Appreciate very much. As a retiree, I'm learning accounting now for fun.
Good on you!
I was confused with terms of ‘deferred’ & ‘ accrued’ , but you clarify’ deferred’ very well in this short video so that I‘ve got it now and I am looking forward to’ accrued’ one! Thanks James!😊
Great to hear it's making sense :)
I never comment on videos, however, I have to in this case. Absolutely incredible! The quality of your work and knowledge is amazing! I can't thank you enough!!
Cheers Jwan, I'm glad you enjoyed it!
I should say you had a best teacher in teaching you the basics in a very practical way. I wish I had one.
Cheers buddy!
I have become fan of this channel...he makes thing look so easy...thanks much😊
u cant even imagine how much did u help me in my midterm. thank you very much, adore your content
No problem! I hope it went well :)
Whenever i have questions whilst studying Accounting i always refer to your channel. Matters are so thoroughly explained here! thank you so much!
Cheers Lucas! Hope your studies are going well :)
This was my interview question and I was sooo confused at the time. This video explains it clear
Glad it's making sense. Hope the interview went well!
Very clear explanation and the drawing of the timeline same page with T accounts makes it even clearer.
Thanks, hope it made some sense!
I love T a/cs so easy the explanation with the "T", thank you James, you make it easy :)
Great to hear it's making sense
You explain everything crystal clear. Thank you!
Cheers, hope it's making sense :)
Accrual accounting produces the best financial statements for investors! It really helps investors predict future earnings much better than cash accounting. Thank you for showing us how to account for unearned revenue!
No problem!
You should be given a lot of support. Your channel is one of the best on CZcams.
Thanks for your kind words!
Thank you man, you are great Accounting teacher. Believe believe me, no matter how little it may seem. You are changing the world.
Cheers for your kind words :)
you are SUCH a good teacher. Thank you.
Cheers, that's kind of you to say :)
Keep it up. You are doing the best job on CZcams. 👍👍👍
Thanks Gamal!!
Beautiful Vancouver, seaplanes, and an Air New Zealand B777-200, I truly don't think financial education videos can get any better than this
Thanks Nathanael!
Interestingly easier explanation. Bravo James.
Thanks!
Amazing explanations! This is more useful than reading the textbook!
Cheers Jay!
Well done, your tutorials are easy to understand, thank you
Thanks Lisa!
James, thank you for your great videos. You are making accounting more interesting! Please continue making more videos :)
No problem, I have no plans to stop anytime soon
@@AccountingStuff please don't stop, we all need you, especially management account students like me. : )
@@esosa121 I don't plan on stopping anytime soon
Thanks, Merci, Gracias & Grazie; I’m so grateful that I wish I could thank you in more than three languages
Obrigado!
James you're the boss keep it up, You have improved my knowledge on matters of accounting. I don't if I will be too much by asking you to post a video on Accounts Receivables and Accounts Payables. Have a great day
Hey John, thanks for your suggestions! Have a great day too :)
Thank you so much, easy to understand!
im currently doing a level 3 accounting course and i find your explanations really helpful thankyou so much
Cheers Alex, all the best with your course!
Thank you so much.....looking forward to many more video's. Glad I found you !
Cheers John! Plenty more coming soon :)
You are amazing keep up the good work, I can confidently step into my new role as Management Accountant with some more confidence as I was out of a job for sometime.
Congrats on landing your new job! That's awesome news :)
2 semests of studying in university and no understanding and one playlist in youtube everything is done. great work
Thanks, great to hear you're finding these helpful :)
beautifully explained! thank you and God bless you!
Cheers Freshta! Hope it's making sense :)
We want more videos please
YOU ARE THE BEST!!!
Thanks, I'm working on more as we speak!
I can make sure that you must have a good grasp of accounting so that you can interpret these knowledge very easy and understandable. Obvious genius. Thanks for your video
Thanks for your kind words :)
Believe me you are going to rule in this category of videos.. More power to you bro.. All the Best. Subscribed to your channel in just few minutes of into it.. Awaiting many more damn eagerly...
Cheers buddy, thanks for the sub!
Nicely explained sir. I salute you!
Cheers Karim!
Thank you so much for all your hard work 💜💜 ...your explanation makes everything look easy
Cheers Rahaf, you're most welcome!
Very well explained, thanks a lot!!!
Cheers Rodrigo!
so touching for an excellent video
Thank you so much! You're the best James!
No problem Jonathan :)
Thank you from Bali, Indonesia 🇮🇩. Superb explanation
No problem, happy to help :)
nicely explained, thoroughly enjoyed the video .
Cheers Sarwar!
thank you for gaining knowledge. Success always for your. Brother.👏
Cheers Ade, all the best!
The way you explain accounting situations is so easy to follow. Ever think of participating in creating your own CPA review course?
Thanks for your suggestion! I did a different qualification so I'm afraid I don't know too much about the CPA
You're genius. So clearly explained.
Thanks Sophia!
Perfect explanation!!
Thanks Merlissa!
Well explained. Thanks.
You are so great sir, as your videos are helping me a lot. thanks
Thanks Manuth!
Great explanation! Thank you!
Cheers, you're welcome :)
Excellent video. Thank you.
Cheers Lee, you're most welcome :)
Brilliant and make easy to understand
Nice one, glad it's making sense :)
i love ur vids bro, keep it up
These videos are so amazing! Do you think you could add another one to this set that covers depreciation? I get that it follows the same basic principle but just different enough to be confusing.
Thanks Blair-Marie! Yes I would like to do a series on depreciation soon
I followed you on Instagram and subbed to your channel cuz your worth it
Legend!
Damn it I'm late, congrats on 10k subs btw👏👏👏
Haha, no worries Tremain. Thanks!
Thanks, very helpful!
You're welcome!
Excellent explanation
Thanks mate
Hey ! Tommorow is my exams n u jus saved me:) Thanks
How did they go?
You're a miracle!
Super helpful
you really a true brother
Thanks Azzam!
Hi! You explained well in every detail. Thank you so much. Do you have a tutorial how to put post reference correctly? How does it work? 🤔
I love yaaa! thanks so much!
Awesome 👍👍
helped me a lot.🙏🏽
That's awesome!
Thanks for the great vids! I could use help with closing entries, so there’s a video idea for you
Hey! I've had a few requests for closing entries. They are definitely on my list
Let's dive right into it 😊😊😊
omg i finally understand the difference betwwen cash accounting and accural accounting!
I love youuuuu and I love youuuu and love your lessons of course
Nice info earned here
Cheers Munesh!
Thank you ❤️
Congratulations mate for your 10k subscribe
Cheers Hamumi!!
Thanks Dost🎉
Super helpful content! You are a gifted teacher, and I'm greatly thankful.
One question, if there is a "no refund" policy, I.e. no possible way to "lose" the cash, is it still accounted the exact same way?
I think it would be. Despite legal questions on whether payments are refundable, you are still expected to perform the service you were paid for.
You're the best 👌🏻
Cheers Ranu!
Thanks a lot
Thanks my guy🖒✌
You're welcome :)
Make sense! Thank you
You're welcome :)
Thank you man
You're welcome :)
thank you soo much !
You're most welcome :)
Thank you Jame
You've welcome :)
hiii u re doing a greattt jobb and u re helpiong me understand everything soooo quickly and easily. can you make a video about VAT ? and how to record it and when
THANKS A LOT
Hiii! Thank you for this video, really helped me a lot. Could you please explain in your next video about the closing entries with examples of not knowing the amount of drawings please? 🙏
No worries Kyle, cheers for your suggestion!
awesome video
Keep this on!!!
Thanks mate, will do
@@AccountingStuff
Could you please make videos on stock holder's equity and it's components like contributed capital, retained earning?
@@md.tanjilurrahman5949 here you go → czcams.com/video/Fr5oHEYrT2A/video.html
very creative
Thanks mate!
incredible
not me watching all your videos before my accounting exam tomorrow... anyway I love your channel and thank you for the very cool videos ^-^
Good luck!!!
You are amazing , thank you so much !!! please can you do a video on closing entries? Thanks again😊
Cheers Catherine! Thanks for the suggestion :)
Love this! I had no idea that this was how I tracked prepayments!
Cheers Brook, hope it's making sense
Thanks men
You're welcome :)
Perfectly explained! This is what I was looking for. *Subscribed* :) But I have one question, is this example in compliance with ASC606 accounting standard? If not, then can you give the accounting entries of 2nd example or any other example considering ASC606 where the Revenue can be booked before invoicing.
Cheers Akash! This is a simple example to illustrate the concept. It's always important to check the standard in your area to ensure consistency. Thanks for the sub :)
Love you James!! What is the difference b/w Deferred tax assets and Liabilities, Deferred revenue and Deferred revenue expenditure. Pls explain
Thanks for your request!