I am currently taking an accounting class, but I have to watch you everyday to learn from it. I wish you are my instructor so I don't have to spend an extra hour watching everyday. Thank you for being a great teacher!
Hands down, without a doubt the best teacher I've ever had in any subject high school and college combined. I probably paid thousands to learn this stuff in school and I never got it until I started watching these videos...and these are free...*sigh
What i like a lot about this professor is that he POINTS out mistakes students make at tests and really makes you aware of them. Such a great way to teach!
I had been struggling with financial accounting for quite a while as I am nowhere near the finance field... These videos are simply amazing!! Not only made me understand but now, I find it interesting too!! Thank you David Sir..
I'm watching this about 7 years after it was uploaded. My teacher in the university, I'm in is incompetent and nowhere near as good at communication and teaching as you are. My mids are coming up fast and these lectures are a blessing. Thank you so much, Mister Krug.
I would also like to point out the excellence in Mr. Krug's teaching style and methods, I can tell he truly cares about having students learn and put a lot of thought in how to present the subject matter. All my professor does is take a problem out of the book and slop it all over the whiteboard.
All asset accounts are debit balanced All liabilities accounts are credit balanced In equity accounts, if adding to it causes an asset to increase as well, e.g. revenue = cash increase, then it is a credit balance account. (Think of it as, i add to a debit on one side, i have to add to a credit on the other side) In equity accounts, if adding to it causes and asset to decrease, e.g. expense = cash decrease, then it is a debit balance account. By debiting into the expense account, i credit into the cash account. And NO, balancing a debit balance account does NOT add value to the overall equation. e.g. Expenses are debit balance accounts, If you balance them in the overall equation, you lose cash assets. Balancing a credit balance account does NOT remove value from the overall equation either. e.g. Revenues are credit balance accounts, when you balance them, you add cash, which is increase in value. Just stick to the above rule, all asset accounts are debit balanced, all liability accounts are credit balanced, and if an equity increase causes an asset to debit, then it is a credit balanced, if it causes it to credit, then it is debit balanced. Hope this helps with those of you who haven't figured it out and have difficulty memorising everything.
By far the best instructor in teaching accounting. Not even in the same ball park with my professor and him. I would take his class and any future class that he has a great understanding in any day. Hope you keep up with future videos. We need more people like you on youtube. Thanks again, Keep up the good work.
My accounting professor is a night adjunct who I can tell does not care about teaching and having students learn. For example, he never put as much emphasis on the importance of debits and credits like Mr. Krug did. Watching your videos is of great help to me and I cannot thank you enough.
these videos are amazing, hands down the best accounting teacher I have seen so far and I have seen/had many. I hope you consider teaching intermediate accounting too and post those videos please.
Omg! I wish I would have went to JCCC, I'm here in INdy and am kicking myself right now. Like EvaSlash, my accounting teacher didn't teach is in depth like this instructor. I wish to God I had him. Now I'm in Managerial Accounting and watching his video's because I felt like I needed it (playing catch-up) so that I do well in this class. I'm so glad I did. He rocks! I sure hope he is reading these so he knows just how awesome he is. Mr Krug, please come teach at Indiana Wesleyan Univ.
Nice way of ending the lecture with a problem that introduces Adjusting Entries at the end of the chapter. - Jane, BS in Business Administration emphasis in Accounting reviewing before landing an Accounting job. Thanks for the great lectures.
Thank you sir! the videos have helped me a lot in my undergrad pre-reqs. Its easy to tell that you like what you do. Excellent work Mr. Krug. On an unrelated note.. I like it when you say..'okay' ...reminds me of Mr. Mackey's "mkay"
Did we cover all typical account types when we were covering whether the account is debited or credited? I am four weeks behind on Accounting 1 and your classes are catching me up in two days. six hours to go and i'll be caught up. This is going to shock my teacher. I am so happy that you are easy to listen to. I feel as if I am in your classroom and appreciate that you put these videos out here. thank you
I guess I might be jumping the gun here but when you mentioned about memorizing whether an account is DEBIT or CREDIT looked for an easier solution. If it is on the left side of the accounting equation (ASSET) and being added then a DEBIT. If on right hand side of accounting equation (LIABILITY and EQUITY) then CREDIT if being added .... and of course vice-versa in both cases. This means once the accounting equation is known and add left = DEBIT and add right = CREDIT all rather easy without any rote learning needed. Anyway enjoying your course. Finally learning something about accounting. Geoffrey Te Puke, NZ.
Geoffrey the only thing that causes what you said to be false is that EQUITY can be broken down into: owner investment- owner withdraw + revenue - expenses. These all have different balances.
Nope. Unfortunately, broad generalizations like that won't work. There are asset accounts (like Accumulated Depreciation and Allowance for Doubtful Accounts) that are on the left side of the accounting equation which are CREDITED to increase (Accumulated Depreciation and Allowance for Doubtful Accounts are examples of "contra" accounts which are used to offset another account, for example Equipment and Accounts Receivable). You've also contra accounts on the right side of the accounting equation as well, as in the case of Treasury Stock (a contra-capital account), which are DEBITED to increase (Treasury Stock is the company's common stock which the company repurchases from stockholders, typically to boost up the market value of the stock). Also on the right side of the accounting equation are Expenses such as Salary Expenses or Cost of Goods Sold as well as Gains and Losses arising from the disposal of company equipment (typically because of obsolescence) or the sale of long-term investments (stocks, bonds, etc.) that are DEBITED to increase. So a general rule or mnemonic like "Debit to increase if the account is on the left side of the equation and Credit to increase if the account is on the right side of the equation" won't work 100% of the time, though its not a bad start. Sadly, in the end, to be 100% certainly, you really need to know the purpose and function of each account.
Here's a better way than flash cards just remember the word credit LCR l for liability, c for capital, r for Revenue, say "Credit L.C.R" and you will have no trouble knowing which accounts are credit accounts and for debit accounts say "debit a.w.e" a for assets, w for withdrawals from owner, e for expenses say "debit a.w.e" and you'll have no trouble knowing which accounts are debit accounts my name is Crystal dead and this is a method I created for easily memorizing which accounts are which
So a debit account is an account whose balance increases when money goes in and decreases when money goes out? A credit account is an account whose balance increases when money goes out and decreases when money goes in?
is it right to say that "any account that is a asset is a debit account" and "any account that is money that needs to be pay back is a credit account" ? from seeing this program seems to be the case and it also seems that credits is a accounting of money that must be paid back that is why credit accounts go up with credit and that debit is money paid that is why credit accounts go down with debit. am I right or wrong
I believe I found a systemic rule for knowing rather a account is a credit or debit account because notes payable is a credit account and goes up when money is owed the key is knowing "how money owed will effect that account" if money owed will cause it to go up then it is a credit account. if money owed will cause the account to go down then it is a debit Am I right about this rule
I am blown away by your methods and way of teaching, as you explain things in the simplest form for us to understand. Accounting is new to me and you are the best teacher I have come across so far. I have just started financial accounting and find your videos very useful! However, I would like you to send me the list of flashcards to my email if that's ok with you. I hope I am not asking too much of you, but I am not 100% sure if I am matching them to the correct accounts that's why. My email: rwickham1@outlook.com I await your response, keep up the good work. Regards, Geary.
I am currently taking an accounting class, but I have to watch you everyday to learn from it. I wish you are my instructor so I don't have to spend an extra hour watching everyday. Thank you for being a great teacher!
Hands down, without a doubt the best teacher I've ever had in any subject high school and college combined. I probably paid thousands to learn this stuff in school and I never got it until I started watching these videos...and these are free...*sigh
What i like a lot about this professor is that he POINTS out mistakes students make at tests and really makes you aware of them. Such a great way to teach!
I had been struggling with financial accounting for quite a while as I am nowhere near the finance field... These videos are simply amazing!! Not only made me understand but now, I find it interesting too!!
Thank you David Sir..
I'm watching this about 7 years after it was uploaded. My teacher in the university, I'm in is incompetent and nowhere near as good at communication and teaching as you are. My mids are coming up fast and these lectures are a blessing. Thank you so much, Mister Krug.
I would also like to point out the excellence in Mr. Krug's teaching style and methods, I can tell he truly cares about having students learn and put a lot of thought in how to present the subject matter. All my professor does is take a problem out of the book and slop it all over the whiteboard.
All asset accounts are debit balanced
All liabilities accounts are credit balanced
In equity accounts, if adding to it causes an asset to increase as well, e.g. revenue = cash increase, then it is a credit balance account. (Think of it as, i add to a debit on one side, i have to add to a credit on the other side)
In equity accounts, if adding to it causes and asset to decrease, e.g. expense = cash decrease, then it is a debit balance account. By debiting into the expense account, i credit into the cash account.
And NO, balancing a debit balance account does NOT add value to the overall equation. e.g. Expenses are debit balance accounts, If you balance them in the overall equation, you lose cash assets. Balancing a credit balance account does NOT remove value from the overall equation either. e.g. Revenues are credit balance accounts, when you balance them, you add cash, which is increase in value.
Just stick to the above rule, all asset accounts are debit balanced, all liability accounts are credit balanced, and if an equity increase causes an asset to debit, then it is a credit balanced, if it causes it to credit, then it is debit balanced.
Hope this helps with those of you who haven't figured it out and have difficulty memorising everything.
Worst part of this video? I made flashcards but I didn't get a Hershey's Kiss.
Why you don't send me the book as a PDF if is still with you? thank you. husseinjubar710@gmail.com
@@hossainhossain4738
Accounting debit/credit flash cards:
blogs.jccc.edu/accounting/files/2014/12/accounting1Flashcards-to-learn-accounting-balances.pdf
Danielle L send an email to him?
Thank you so much Mr. Krug my teachers do not explain and just read from a textbook. Your lessons and the way you teach
are a blessing!
Excellent teaching! I just realized that the basic accounting courses in my university are like shit haha
By far the best instructor in teaching accounting. Not even in the same ball park with my professor and him. I would take his class and any future class that he has a great understanding in any day. Hope you keep up with future videos. We need more people like you on youtube. Thanks again, Keep up the good work.
its only getting better, thank you very much mr. Krug, you are the best sir.
Not sure where Jake is! But he lives on thru the magic of CZcams! : )
Jake Stir does!
DEALER is a great cheat.
Debits: DEA
Credits: LER
D: Dividends...Debit
E: Expenses...Debit
A: Assets...Debit
L: Liabilities...Credit
E: Equity...Credit
R: Revenues...Credit
My accounting professor is a night adjunct who I can tell does not care about teaching and having students learn. For example, he never put as much emphasis on the importance of debits and credits like Mr. Krug did. Watching your videos is of great help to me and I cannot thank you enough.
you are a great teacher, I wish all teachers were like you
You're a freaking amazing teacher. .. seriously. .
I garuunnnteeee you are going to love Dave Krug!
This has helped me more than I would like to admit.
these videos are amazing, hands down the best accounting teacher I have seen so far and I have seen/had many. I hope you consider teaching intermediate accounting too and post those videos please.
I feel like I would not understand anything in my accounting class if it wasn't for your videos...THANK YOU!
Do not know how to thank you Krug, God bless you and your family
Omg! I wish I would have went to JCCC, I'm here in INdy and am kicking myself right now. Like EvaSlash, my accounting teacher didn't teach is in depth like this instructor. I wish to God I had him. Now I'm in Managerial Accounting and watching his video's because I felt like I needed it (playing catch-up) so that I do well in this class. I'm so glad I did. He rocks! I sure hope he is reading these so he knows just how awesome he is. Mr Krug, please come teach at Indiana Wesleyan Univ.
Great teacher, finally i am starting to get a hang of Accounting.
Nice way of ending the lecture with a problem that introduces Adjusting Entries at the end of the chapter. - Jane, BS in Business Administration emphasis in Accounting reviewing before landing an Accounting job. Thanks for the great lectures.
Thank you very much for such great explanation! You are the best teacher I have ever seen👍🏽👍🏽
I will be watching this one again. You are a great instructor.. Thank you.
He makes accounting so interesting!!
best teacher ever oh god this men saved my life tommorow is my exam!
great videos!! I love the way you teach great instructor thank you!
Thank you sir! the videos have helped me a lot in my undergrad pre-reqs. Its easy to tell that you like what you do. Excellent work Mr. Krug.
On an unrelated note.. I like it when you say..'okay' ...reminds me of Mr. Mackey's "mkay"
Mr. Krug you are an amazing teacher, i feel like am part of the class..... where is Jake today?
haha
Hi Sir,
Thanks for very informative video ,I have made the flash card and want to say that ur vidoe has helped me a lot understanding the Accounting.
I truly appreciate this class and you explain it so well, thank you so much. Making my flash cards.
You have just about saved my life! Thank you!
I wish I had learned it all with you.
better professor than professor from money heist
Did we cover all typical account types when we were covering whether the account is debited or credited? I am four weeks behind on Accounting 1 and your classes are catching me up in two days. six hours to go and i'll be caught up. This is going to shock my teacher. I am so happy that you are easy to listen to. I feel as if I am in your classroom and appreciate that you put these videos out here. thank you
Thank you very much yr classes are amazing u just get to break it down for me my lecture is just too fast
32:10 if you play at 2x speed it sounds like a great video game track for a racing game in Mario kart
Great lesson! Easy to understand & follow!
Are you with me?
I guess I might be jumping the gun here but when you mentioned about memorizing whether an account is DEBIT or CREDIT looked for an easier solution. If it is on the left side of the accounting equation (ASSET) and being added then a DEBIT. If on right hand side of accounting equation (LIABILITY and EQUITY) then CREDIT if being added .... and of course vice-versa in both cases. This means once the accounting equation is known and add left = DEBIT and add right = CREDIT all rather easy without any rote learning needed.
Anyway enjoying your course. Finally learning something about accounting.
Geoffrey
Te Puke, NZ.
What no! On the left side of the equity equation there are debits that increase like withdraw and expenses. The rest are credits that increase
Geoffrey the only thing that causes what you said to be false is that EQUITY can be broken down into: owner investment- owner withdraw + revenue - expenses. These all have different balances.
Nope. Unfortunately, broad generalizations like that won't work. There are asset accounts (like Accumulated Depreciation and Allowance for Doubtful Accounts) that are on the left side of the accounting equation which are CREDITED to increase (Accumulated Depreciation and Allowance for Doubtful Accounts are examples of "contra" accounts which are used to offset another account, for example Equipment and Accounts Receivable). You've also contra accounts on the right side of the accounting equation as well, as in the case of Treasury Stock (a contra-capital account), which are DEBITED to increase (Treasury Stock is the company's common stock which the company repurchases from stockholders, typically to boost up the market value of the stock). Also on the right side of the accounting equation are Expenses such as Salary Expenses or Cost of Goods Sold as well as Gains and Losses arising from the disposal of company equipment (typically because of obsolescence) or the sale of long-term investments (stocks, bonds, etc.) that are DEBITED to increase. So a general rule or mnemonic like "Debit to increase if the account is on the left side of the equation and Credit to increase if the account is on the right side of the equation" won't work 100% of the time, though its not a bad start. Sadly, in the end, to be 100% certainly, you really need to know the purpose and function of each account.
"Who has done their flash cards? Be honest... God's watching!" lmaoooo
amazing teacher.
I wish all my professors were like him.
I wish if my teacher was like you . thanx a lot
Yeah, you did a great job, prof ;-P
I appreciate your work and time, god bless..
Thank you so much. Its very useful and helped me alot.
Here's a better way than flash cards just remember the word credit LCR l for liability, c for capital, r for Revenue, say
"Credit L.C.R" and you will have no trouble knowing which accounts are credit accounts and for debit accounts say "debit a.w.e" a for assets, w for withdrawals from owner, e for expenses say "debit a.w.e" and you'll have no trouble knowing which accounts are debit accounts my name is Crystal dead and this is a method I created for easily memorizing which accounts are which
So a debit account is an account whose balance increases when money goes in and decreases when money goes out? A credit account is an account whose balance increases when money goes out and decreases when money goes in?
Excellent session.
is it right to say that "any account that is a asset is a debit account" and "any account that is money that needs to be pay back is a credit account" ? from seeing this program seems to be the case and it also seems that credits is a accounting of money that must be paid back that is why credit accounts go up with credit and that debit is money paid that is why credit accounts go down with debit. am I right or wrong
Lecture Number 7 = Done
Thank u
WOW! just WOW!!!!!
The Hershey kisses are a lot smaller in 2021 because of inflation 😭😭😭
When you worked as an accountant, did you still do the "chapter 1 way" before you made journal entries?
I believe I found a systemic rule for knowing rather a account is a credit or debit account because notes payable is a credit account and goes up when money is owed the key is knowing "how money owed will effect that account" if money owed will cause it to go up then it is a credit account. if money owed will cause the account to go down then it is a debit Am I right about this rule
i need those books which you suggested in the 1st lecture....
Thank you so much
From where i can get this Account and their normal Balance Sheet for flashcards??
Where do i get the book from which this quick studies are mentioned?
Greaaaaat
Thanks!
blogs.jccc.edu/accounting/
A lot useful info on the course - handouts etc
The comments asking where Jake is lmao
How do I down load this tutorial?
thanx sir
how do you get the notes?
Who knows the working link to get all handouts ? I have been trying with 2 browsers ....it is not working
send me an email at the email address listed numerous times in the lectures.
David Krug
dkrug@jccc.edu
23.03.23
How could he know I skip the last video? Lol
Has anyone had any luck contacting Mr. Krug? Mr. Krug if you are reading this how do we contact you? I tried to e-mail and no luck.
You might have to use school email (.edu?) cuz when I tried gmail it didn't want to send
I tried to contact him one week ago, just to say thanks, and he actually responded to me the next day!
Can I pay you for this
if you e-mail me a the e-mail address shown in the videos I can e-mail you some of the notes used in videos.
I am blown away by your methods and way of teaching, as you explain things in the simplest form for us to understand. Accounting is new to me and you are the best teacher I have come across so far. I have just started financial accounting and find your videos very useful!
However, I would like you to send me the list of flashcards to my email if that's ok with you. I hope I am not asking too much of you, but I am not 100% sure if I am matching them to the correct accounts that's why. My email: rwickham1@outlook.com
I await your response, keep up the good work.
Regards,
Geary.