Accounting for Beginners #31 / Adjusting Entries / Journal Entries / Depreciation Expense
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- čas přidán 18. 06. 2017
- • Accounting for Beginne... BEST ACCOUNTING PLAYLIST ON CZcams !!!!!!!! Accounting for Beginners #31 / Adjusting Entries / Journal Entries / Depreciation Expense I will be attempting to talk about Adjusting Entries in the next couple videos. This Videos Adjusting Entries will be focused on Depreciation. The easiest way to keeps debits and credits, and Assets = Liabilities + Equity ( Accounting Equation) straight. This is how i passed the CPA Exam to become a licensed CPA in the State of Florida. You can use the information in the video on your first day of Accounting class all the way tho being a CPA. Debits, Credits, Assets, Draw, Expenses, Liabilities, Equity, Revenue. This video has a very basic example and can be used in the most advanced situations. Learn Debits and Credits and the basic accounting equation which is assets = liabilities + equity. This will also help with the income statement which is Revenues - Expenses. I hope you enjoy the video. In this video i go over journal entries. Get your tips here in this accounting for beginners video. There is also information on the balance sheet here in this video. I also go over Accounts Receivable, Accounts Payable, Depreciation, Accumulated Depreciation, Putting Assets on the books, Fifo and Lifo Inventory Valuation, and so much more in this series for beginners.
Accounting For Beginners #1 • Accounting for Beginne... Debits and Credits / Assets = Liabilities + Equity
Accounting For Beginners #2 • Accounting For Beginne... Basics / Accounting Equation
Accounting For Beginners #3 • Accounting for Beginne... Journal Entries / Beginner Tips
Accounting For Beginners #4 • Accounting for Beginne... Income Statement / Revenue - Expenses
Accounting For Beginners #5 • Accounting for Beginn... The Balance Sheet / Basic Tutorial
Accounting For Beginners #6 • Accounting for beginne... Putting an Asset on the Balance Sheet
Accounting For Beginners #7 • Accounting for beginne... Depreciating an Asset / Basics
Accounting For Beginners #8 • Accounting for beginne... Depreciation Expense / Basics
Accounting For Beginners #9 • Accounting for beginne... Accounts Receivable / Basics
Accounting For Beginners #10 • Accounting for Beginne... Accounts Payable / Basics
Accounting For Beginners #11 • Accounting For Beginne... Fifo and Lifo Inventory / Basics
Accounting For Beginners #12 • Accounting For Beginne... 1 Journal Entry With 2 Assets / Basics
Accounting For Beginners #13 • Accounting for Beginne... Accounting Study Guide / Template
Accounting For Beginners #14 • Accounting for Beginne... Journal Entry with Cash / Expense
Accounting For Beginners #15 • Accounting For Beginne... Journal Entry With Cash / Revenue
Accounting For Beginners #16 • Accounting For Beginne... Debits & Credits / Negative Asset
Accounting For Beginners #17 • Accounting For Beginne... T-Accounts / Debits and Credits / Accounting 101
Accounting For Beginners #18 • Accounting For Beginne... What is a Draw? / Withdraw / Distribution / Dividend / Equity
Accounting for Beginners #19 • Accounting for Beginne... Don't Abbreviate / Accounting 101 / Basics
Accounting For Beginners #20 • Accounting For Beginne... Chart of Accounts / Assets, Liabilities, Equity, Revenues, Expenses
Accounting For Beginners #21 • Accounting For Beginne... T Account Example / Accounting Tutorial
Accounting For Beginners #22 • Accounting For Beginne... Trial Balance Unadjusted / Accounting Basics
Accounting For Beginners #23 • Accounting For Beginne... Cash in a Bank Account / Checking Account / Basic Accounting
Accounting For Beginners #24 • Accounting For Beginne... Does The Transaction Increase Assets / Accounting Basics
Accounting for Beginners #25 • Accounting for Beginne... Accounts Receivable Example / Accounting 101 / Accounting Basics
Accounting For Beginners #26 • Accounting For Beginne... Reducing Accounts Receivable / We got Paid / Accounting basics
#Accounting #Exercise #CPA
That's the first time my accounting instructor has told me "yo, yo, yo, what up, fam" at the beginning of a lecture. I love it.
That's funny 😂/ yo yo yo / first time for everything
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I also was very surprised but its really sick and I got immediate interest.
Expect it to be the last.
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Saying this the next time my teacher marks me wrong.
Legit response
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Don’t be lazy
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It's harder then it looks to make Accounting Lit. Hahaha
Yo man we need a closing entries video. You've covered literally every single thing I've needed so far other than closing. I appreciate your work.
Ok. I can do a closing entries video. Thanks for your support
Thanks big homie.
Yeah man
Hello there. Just a clarification, I think the reason you make the adjusting entries at the end of the period is not bcoz there's no cash but because this is the time you have to account for the accruals and prepayments. These are for recognizing what are already earned as of the end of the period but not yet paid or received and so on. I hope it helps. Thanks
Jeez you really hard on yourself. you do such a great job what is it that you think you do wrong. I've learned a great deal from your videos and it keeps me interested in the lesson that you're teaching
+irismccarthy21 I had heard nothing but negativity towards me my whole life. I really never Heard anything nice to me until I started making CZcams videos. The constant positive comments is helping with my self esteem
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Me too.... you're doing fantastic
DC ADELER! DC ADELER! DC ADELER!
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CPA Strength
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Killin it. Thanks CPA Strength.
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Appreciate all the videos!! I just graduated with an accounting degree, but I'm still confused with a lot of concepts! These videos help reinforce what I've learnt!
Hey there. I’m glad I can help you out, and you are enjoying the videos.
When breaking everything up into T Accounts you have a debit and credit side for each? I keep messing up my entries with both sides for the accounts receivable and the accounts payable. Can you help me understand this ?
If assets must equal liabilities plus equity, what do you decrease to match the new $1,750?
I’m soo confused 🤦🏾♀️ I can’t get this right. When journaling an adjusted trial balance,do you subtract the to-date depreciation- equipment amount from the accumulated or is it added? And why?
So ive only been subbed to you for like 2 weeks and ive noticed you have gotten 2k more subscribers? Probabely all of the desperate new college students trudging through beginners accounting
Yeah, that's the thing with these accounting videos. They are the same materials year after year
20 of them are proba my classmates in panic mode as we speak
I'm in high school dude.
That’s funny
You are getting a good start on accounting
I just found you and I am addicted to watching your videos. It’s now 2:20 am and I can’t stop watching. You are truly and awesome “dude”. I have learned so much more here than in any of my BA or MA classes. God has truly blessed you that you are able to teach so many people! You are very much appreciated. Keep it up.
Thank you so much.
I have an exam due tomorrow and I have no idea how to adjust entries,,, thank you for this video
Glad to help out. You are welcome
Studying LLB and I have accounting this year,didn't do it in school.had no idea when the lecturer was teaching.thanks to DC ADE C LER I think I'm ready to write my test tomorrow
Best of luck
Watching this before my first ACCT exam, let’s see how I do
Good luck, let me know how you did. DC ADE LER
Thank you for making it easy. I am so proud of you and very thankful for what you are doing....
That's nice. Thank you for the positivity
Wow- I understand a lot of the beginning accounting principals already but I might watch your channel just for kicks. Way to keep it interesting, dude. Thanks for the entertaining refresher!
You are welcome
For me, you such a great teacher, I have learned from nothing, now I understand much better. Wish you all the best. Thank you!
Thank you for your kind words
OMG! HOW ARE YOU REPLYING EVERYONE ?
‘YOU ARE SO HARDWORKING'
I am a simple person. Someone takes time out of their life and leaves a comment I reply.
@@CPAStrengthPassion you melt my heart 😭
Thank you! You really really helped me! I was so scared at my first accounting class, now I review the content before class with your videos and I feel way more confident
Oh cool, i'm glad i can help with your confidence with Accounting. I think you have a good method of using my videos as an add on to your classes.
hi. Am a professional as well
Ink n toners do we expense immediately or capitalize as office supplies. ??
Also maintenance of fixed asset should they be included as depreciation exp.??
Great question. Maintenance would be an expense. / usually anything under $100-$200 would be expensed immediately
Thank you. Please keep’em coming, you’re perfect
They will keep coming. Hot off the press - whiteboard
Thanks for the content and 'real' nature. It makes me feel more comfortable watching real people.
I totally agree. I like people who are not little robots
Oh ya, nice intro!!!!!
I'm on Chapter 3 and I have a quiz tomorrow about 4 different types of adjustments entries.
I hope this video helps you out
I love your videos and you are a great person, keep on doing what you do :) Thanks for all the videos about accounting, it truly helps a lot.
You Help me a lot. You are Life saver the chart about debit and credit it’s so much informative. Thanks universe much 🙏🏻
I am glad I could be of help
I am just a dude trying to my business more efficiently, I learn a lot from your video. Thank you very much and I just subscribe!
Cool, glad I could help
Thank you so much for these videos! I am currently struggling through my accounting unit and life would've been so much easier if I knew about DC ADE LER!! Honestly feel like I've learnt more from watching a hour of your videos than the last 5 weeks at Uni. You are now my go to guy when I don't understand. Keep up the awesome work. Thanks, Nicole :)
Hi CPA Strengh, what is your accounting textbook ISBN Numbers ? I want to buy it from amazon.
Love that, found this helpful
Glad you found this helpful
Its sweet that you're still doing this! Saving me right now!
Glad your enjoying the videos. Keep practicing.
funny dude plus the way you explain everything is so easy to understand!
Glad you like the videos
John, thank you so much for all your helpful videos. You have made me love accounting. I couldn't imagine more that this. Thank you again!!!
+Onder Ucar your welcome. For as much as I give out, I seem to get more in return. I've been blessed beyond belief since I started sharing my accounting knowledge to the world.
You are my inspiration !!! You get going!!!
Thank you
Sooo the adjusting entry is done at the end of the year, do we need the account number for the entry? I'm a bit confused with the whole "include the account number on the general journal once posted"
I said that in this video? Yes, I believe you would adjust the entry at the end of different periods
@@CPAStrengthPassion Nooo, it's just an accounting norm that I don't fully understand (when to include/omit the account number). PS I love how timely you are with replies! You are a blessing!
Yeah, I try my best to respond to all my comments.
Can you have expenses as debit then credit liability
Yes, that makes sense
You rock. Keep on thinking positive. We need you.
Thank You so Much, you are too kind
I love your way . But please I have a question ,I'm an new employee working on Sage ,Canadian E edition. I'm in a training stage. How we can make an adjusting entries for 2 deposit that's wrongly been dated in the previous year.But the previous year is closed and we couldnt make correction in the Receipt . How we can make this amounts be reflected on this year, not the previous
Love the hair Fam! Just did my financial Acct exam over here in Perth, Aus - Cheers for helping me out Mate ! CPA Strength
Thanks, i had the same haircut for like 12 years. Time for a change. Cheers from Perth, that's so cool. Truly an international channel. Hopefully my videos can help you on your Accounting journey. I trust you will get a good grade back from your test.
Thank you sooo much for your videos! They help me so incredibly much in all of my accounting courses!
You're so welcome!
I always hated CPA but thanks to you I'm feeling it. It shud b ma career actually yes it will be
By what percentage is the assets depreciation?
You are awesome. I really like your explantions. They have really cleared the air on so many things
thank you very much. i have found such a passion for making videos and teaching.
Thanks man!
+Jeff Layfield my pleasure brother
lmao. its a complete surprise. but great idea. i am hooked. u got a new subby
Is the accounting entry for the equipment purchase; office equipment $1,800/ cash $1,800? Thanks!
Yes, that is it. / 2 assets 1 Journal Entry lolz
Literally perfect timing for this video! Thank you so much!!!!
Yeah, they say everything is about timing.
You don't how much you're helping me! Thank u so much 4 taking your time to make these amazing videos. Wish i had a teacher like you :(((
It gives me so much joy when I get a positive comment like yours that I am helping. I'll be your online teacher
Awesome! Very helpful for my first year university accounting!! Thanks!
I have a question. If the entry is related to interest, is it automatically covers a whole year?
No, it could be for whatever time period indicated
Thank you so much!
Hahah been watching you since the start of my semester. And your hair grown fast. Hahaha
Haha, that's funny. You should see it currently
CPA Strength haha here's my IG : @geoffnelsonempleo
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Add me, coz i am really struggling rn in adjusting entries :(
Thank you for the help, youre awesome.
You’re welcome
This is great! Thanks man!!!
Your Welcome, i'm glad you liked the video.
Awesome video! Love your videos!!
Thank you.
You're awesome!
Oh thank you
I am watching this in 2020 and this confusing entry is so clear to understand in your video. I too go and do 5 reps of DC ADE LER and ADE Increases = Debit, ADE Decreases = Credit and LER Decreases = Debit, LER Increases = Credit....
I have learned so much in this video , finally i understand that concept that my instructor did not go into length.
I need Help With an Adjusment Trial Balance Question . Unrecorded cash drawings amounted to $1000
So we would have to record $1,000 in cash drawings
I keep reading adjusting entries never impact cash
I skipped from #21 to this and BOOM, LOOK AT THAT HAIR!
You rock!
Haha, i try to keep it fun with the hair, it grows back
AmandaJW24 IKRRR😂😂😂
I never thought in my life that I would enjoy learning accounting. I just took a new position in my career and have just been told that they need me to help with accounting process design....which means I better learn accounting!! I very much enjoy your videos, I've binge watched 31 in 2 days. Thank you so much for making this easy to understand and I hope you keep making more. You're awesome.
Thank you for your nice comment. With DC ADE LER and some practice, you will be doing just fine at your new position. I really feel greatly fulfilled, when i read such positive comments. It hits me, that im doing something positive, and it feels great. Im currently up to #92 AFB
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+Vianna Sanchez cool 😎, it never gets old getting a positive comment. I have not been told my videos give life B4. You are awesome
CPA Strength 😍😘 im serious been watching for over a year now, hope your safe in FL❤️🖤
+Vianna Sanchez it feels good to be loved. I appreciate you. I'm as safe as I can be
Thanks it is helping. I would like to how to balance after journalizing it, i mean in the trail balance.
thank's alot for the video it's a great lesson. i'm realy make a long progress with you sir.
Awesome, we will progress together.
Just left teaching. Continuing my account where I left. Quite easy to catch your teaching style. Tx.
I am so glad to be of help.
Looking lit fam
You are the best CPA in the world!
DC ADE LER man!!
Umm, maybe the most viewed CPA on CZcams
I swear you crack me up! Gets me in a better mood to do this shit.
Awesome, if I can make you smile while learning accounting we are winning
love the videos!!
Hi, I’m focusing on accounting major but most of time I always have professor with hard to understand what they talking about.
You can understand me?
You should show the individual t-accounts. So we can see it depreciate.
That is a good idea, thank you
can you bring one example about what happens when a A/R is getting defaulted, e.g. if the company you serviced is defaulting. what would happen - where do you put the write off?
Thats a great question. It will make a great video. As you could imagine in real life people do not pay you back and a company will never collect all A/R There are methods are writing the money off. With Accounts like Allowance for bad debt / Bad debt Expense / there are even things called Aging reports: that try to predict how much $$$ you will collect based on how much time has past.
Eyyy U da best!
Thank you
Great help
Thank you
doing my adjusted trial balance I ran across this today. I was taking my accumulated depreciation of office equipment and adding it as just a regular asset. I had to inquire with my instructor about this to learn it was a contra asset. So after watching your video, I think what I need to do is for everything that is depreciated it gives it the opposite normal balance. Is this correct? So as an example...the office equipment is a asset with a normal balance as a debit however when calculating the depreciation it now turns the normal balance into a credit. I hope this is right!
You are on the right track. Depreciation Expense ( Debit / Expense )
Accumulated Depreciation ( Credit / Contra Asset )
When you have a depreciation Expense as your debit, the corresponding Credit would be Accumulated Depreciation
maaan, you’re fucking awesome! this all makes so much sense now! I appreciate you & your energy. keep doing what you’re doing, your passion is tangible.
Thank You That is nice of you to say. Gotta keep the passion up
debit And Credit shit i could, t understand till i watch your video. perfect. loved it. thanks a lot
Thank you for helping me. Please keep making content. Your explanations are gold!!
Thanks, will do! Thank You for your comment, it does keep me motivated to make more videos
I understand the videos yet when it comes to doing a practice paper I literally cannot answer anything on the ledger. What a nightmare. For some reason sales ended up in the debits on the mark scheme and I’m just like 🤯
I understand keep practicing
Thank you
You’re welcome
Can you do some videos on Managerial Accounting? or recommend a good source? You have helped me understand accounting. Thank you for all the great videos!
Your videos help me so much thank you😭
You are welcome
dude funny AF 1 minute in and im laughing surely subscribing hahahah "yo what up fam"
What up fam ??
Nothing much fam....
Just straight outta high school and i didn't do accounting in high school but i chose to do a degree with accounting and your videos helped me with the basics very well, thank you.💣💣💥
You are welcome 🙏 glad I could help
these have been 10/10 thank you
I appreciate that. All the best to you
your a great teacher
Thank you
Again, like I said in a past video, I learned more from you than my accountings teacher. Thanks for making it easy for me
Edit: also, I'm gonna report this topic tomorrow and this really helps
So glad my videos can help out
Hi professor, can you please give the name of book, i will buy it. Thanks
I'll make a video
Thank you.God bless you real good. Amen.merry Christmas
Happy holidays to you as well
im sure that this is an older comment that might not be seen and i dont know how his recent videos are but he should start with a blank board. Having all that stuff written from the start could be intimidating to a beginner. keep up the good work :)
+Karna priya I appreciate your comment. It does make sense to me your point. Of starting with a blank board.
I'm watching!
Hello 👋 glad to have you here.
Sir, i have a question is that you said $50 Depreciation for a year of the printer, so $1800/$50 depreciation for a year, and that means it takes 36 years to finish the accumulated depreciation of the printer, right teacher ? I think it's, hmm... it's quite a little bit nonsense. In my opinion, i think depreciation for a month, so $1800/$50 = 36 months, so it just takes 36 months or 3 years to end the accumulated depreciation. I'm very nervous here, can you explain am i wrong or it just an example exercise ??? Help me, make me understand it clearly.
i will have to rewatch the video and let you know
I have an assignment about I think it's about adjusting entries lol not sure. Is it okay if I watch this right ahead without watching the previous vids?
I don’t think it’s going to hurt anything to watch this
@@CPAStrengthPassion i mean will it make sense for me, or will i be able to understand the topic if I dont watch the previous vids?
@@vanessaradin288 watch this one one adjusting entries and then watch the the beginning is probably your best bet
Can you do a video about accrual vs cash basis accounting? Thank you
great teacher .
Thank you
@@CPAStrengthPassion you're welcome bro
Dorian I have question. First, before you graduated did you get internship, or afterwards. If so what was your experience. Given my age I think I will pass on it. Starting my own business will give me financial freedom a lot sooner. I fought to keep 4.0 GPA but its so hard, and I am experiencing employer who want young employees in some management fields. A penny for your thoughts.
+Anna Troup I did not get an internship. I worked for a CPA firm for 2 years and then started my own business. I love working for myself
Thanks, big fella:) When my mobile non-profit is underway I will look you up for sure; for advice or some CPA strength:)
Hi From New Zealand ! Loving your videos you really are making things easy to understand , thank you- P.S your hair is taking over lol!! :)
Hi, it may me feel very fulfilled when i can help someone learn the Basics of Accounting. Should i cut the hair?
Nah its all good both ways :)
Thaaaaank you so so much!!!!
I watched all 31 videos in less than 24 hours. Lol 😆
No one explains it better than you.
Big DC ADE LER fan!
Thanks again CPA Strength.
+Rebecca Sandor thank you. I'm glad you liked the videos. I'm a big DC ADE LER fan too.