Accounting 1: Program #10 – “Wrapping Up Chapters 1 and 2”

Hello exactly how are you men doing ok lecture number
10 this is our final lecture prior to you take the examination both you all and also the people in your home. So this is sort of finishing up chapters one and also two ok you'' ve discovered a lot in ten lecture
with any luck alright and were mosting likely to lastly take examination after today'' s course and see just how well you all done. Now those face to facers we simply took a test why don'' t you
simply go in advance as well as change that to the Elmo and I want to make certain I always have an examination concern like this one for you people in the house why don'' t you just time out as well as go out an item of paper and act like it ' s a test I can ' t accumulate from you or offer you factors for it yet
why put on ' t. you just press pause take an appearance at this as well as respond to those concerns and also turn it on to play. when you'' re done.Now I have a question similar to this on the examination as well as it'' s fascinating I can.
go consider this inquiry and also how individuals did on this one or these ten concern on this.
one this little area and if they did actually excellent on this area the majority of the moment they.
did respectable on the examination, yet even extra than that if they bomb this section they bombed.
the examination. Alright reason I truly assume it comes down to the meat as well as potatoes of chapters.
one and also two do you understand actually what debit as well as debt balance implies do you know just how to.
affect these account because if you can'' t do these you most likely can'' t do the journal.

access alright.So I really want you to know that this is essential exactly how do you increase.
You attribute it. Exactly how do you lower office products?
materials is a debit equilibrium account hence it increases with the debit and it lowers.
Just how do you reduce pre-paid lease? Debt it.
revenue? You debit it that'' s a credit history equilibrium account tis a liability thus to lower it.
You debit it. How do you reduce funding.
for John Smith? Debit it.How do you enhance wages payable? Credit report it. Exactly how do you increase.
Debit it. Credit it. Ok look through those do those look alright?
I would certainly hate to have this taped and not be? Why do I question.
“I put on'' t understand” ok alright did any person obtain perfect? I.
didn'' t bring Hershey kisses today so I forgot neglected if you stop by my office I'' ll give
you. Alright one of'the let ' s take an appearance at I designated.
have inquiries nonetheless for you people below deal with to encounter I given out the xeroxed.
response didn'' t I? As well as for you folks at house I have the answer in the phase two handouts.
area on angel.Just most likely to lessons after that go to handouts then select phase two as well as. you ' ll see it in there it takes a great deal to look at its absolutely nothing we haven'' t done I mainly. did it for extra method, yet if you have a concern regarding it. Kara? You had a concern?
“” Is it ok on March first that we divided it as opposed to put it with each other like resources?””.
On March initially are you talking about the journal entry? “” Yes”” allow me take a look oh I require.
the other page. That'' s alright I got it right below let me have a look march initially which.
journal entry was it? “” Tools and resources”” oh ok oh did you credit scores funding for twenty.
two thousand and after that credit scores capital for one hundred as well as fifty thousand? Did you do it.
one journal access or two? “” 2″” that'' s fine same internet result that''

s ok.So ill she did. was she had one journal entrance on March initially where she debited cash money for one fifty credited.
resources for one fifty, as well as after that she added journal entry on march initially where she debited.
capita- I'' m sorry office equipment for twenty 2 thousand as well as credited capital for twenty.
two thousand that'' s fine. Sarah? “” When I did my general journal I composed profits rather.
of service charges earned?”” Rather of solution revenue? Solution earnings is the one that they.
used so yeah income is fine. Yeah there is a great deal of associated terms for earnings you.
could have simply stated income, or solution earnings, or revenue earned ok those are all ok. Alright.
any other questions on that? You can sort of grade your solution from component 3 and also see.
If you obtained the appropriate trial balance? Ok let'' s take a look real fast at the test. balance. Big inquiry is do your total debits equal your complete credit reports as well as do those number.
do you totals equal those number that get on the screen? Even if they put on'' t you know. you slipped up also if they'equate to if they ' re different numbers than those you slipped up.
alright yet you individuals have that answer you guys can function with that, and also take a look.
and also see if you have any kind of inquiries does that audio good? Ok excellent say goodbye to questions on problem.
two dahs 4 8 otherwise allows go ahead and also go to exercise 2 6 now exercise two six.
I believe is harder let me get some paper out ok.Exercise two

point 6 on page seventy 9 alright use the info in each of the adhering to instances.
to calculate the unidentified amount. Ok during the month of October Shaundra company had.
ninety 7 thousands 5 hundred of money receipts and one oh one two fifty of cash.
dispersements the October thirty one cash equilibrium was sixteen eight determine how much.
money had the firm on the close of organization on September the thirtieth alright ok.I like.
Because they really get to the heart of what is going on in a t account currently did, these.
response now you may have done it in different ways. Here is just how I kind of want to kind of.
Assume concerning this below we are doing cash? Let'' s do a cash money t account we recognize that. this is the debit side as well as this is the credit history side this is a t represent cash money is money.
a debit balance account or a credit score equilibrium account? Debit ok thus the beginning balances.
we reveal right below remedy? And also the regular finishing equilibriums well reveal right here is that.
deal with? What kind of deal creates cash money to be debited or what kind of transaction.
reasons money to be increased? Pupil: “” performing a service?”” Well specifically in this instance.
we have money invoices and also cash dispersements going on.Which one

of those causes cash to.
debit or to increase? Trainee: “” receipts?”” Cash money receipts so do you see that cash money receipts.
would certainly go below and also money dispersement which is an additional word for repayments would certainly go right here.
does that make good sense? When you have money, you obtained your beginning equilibrium you debit money.
When you have money dispersements and also that provides you, invoices you attribute it or decrease.
Currently allow'' s load in the amounts that they gave us and what month are. October aren'' t we? And they had one oh one two fifty of money dispersements is.
that proper? The October thirty one cash equilibrium was sixteen 8 is that the ending.
or the beginning? Finishing as well as their asking us what the starting balance is September.
thirtieth right so from one number and also just one number that goes in that circle that triggers.
that to work out proper especially this number plus this number minus this number.
As well as what is that number? Twenty five fifty?
just address that algebraically, does that make good sense? Now does twenty 5 fifty plus ninety.
seven hundred minus one oh one 2 fifty equates to sixteen eight hundred yeah it does you can.
check that easily on your calculator can'' t you? Anyone recognizes how to fix that? Ok excellent.
now may be you did it in different ways but I such as to do it with my t account.Now allow '

s do it.
a little bit differently firstly we get on workout 2 B. on September thirty Mortish.
firm had a ninety seven five hundred balance accounts receivable during the October the.
company accumulated eighty eight nine fifty from its credit scores clients the October thirty.
one equilibrium was one hundred 5 hundred established in the account that happened in October? So.
what account are we handling right here? Where taking care of accounts receivable currently accounts.
receivable a debit or credit report balance account? It'' s one more debit one so the beginning balance. would certainly reveal here and also the ending balance would certainly reveal here is that proper? Now reflect. to your journal access what causes accounts receivable to be debited what sort of journal.
entry do you debit receivables? Doing a service on credit scores ok or they state it sales.
on account is one more means to state that best sales on account on credit rating on account is the.
same thing they'' ll pay us later. Ok so the quantity on sales on account goes here.Now.

what creates receivables to be credited what triggers receivables to be credited.
or to declines? When people pay when people pay on their accounts that causes accounts.
receivable to be credited or to decrease so we can call that collections on accounts receivable.
that would certainly go below fix? So allow'' s put in the amounts that we have they inform us that. September thirty there was a ninety seven five hundred balance in there they collected. eighty eight nine fifty throughout October and the October thirty balance was
one hundred. 5 hundred right? They want to know what the sales on account are right? There'' s. one number as well as only one number that will go in that circle that will certainly cause that to all.
be full is that correct? What is that number? Ninety one nine fifty do you all know.
how to fix for that incidentally that'' s just algebra that'' s just your unidentified once more that. plus your unidentified minus that needs to equal to that.And there

' s just number that can.
enter there as well as it is ninety one nine fifty and after that I constantly inspect does that plus that.
minus that equal that it does doesn'' t it? Often these are sort of difficult for individuals.
I think if you assume via with the t account it'' s a truly great way to test to.
see if you really know what'' s really taking place. Now there'' s another there is C isn ' t. there? Ok what I wish to do currently is you could have C done but I want to take about ninety. secs or so play that JCCC songs as well as if you'' ve done it cover it up see if you can.
do it again however I recognize occasionally individuals wear'' t recognize this set since I'' ve sort of.
revealed you exactly how to do it allows see if you can do exercise C I'' ll provide you about 2 mins

or so.Music (16:05 -18:10). Okay we are back on alright allow'' s take a look at workout 2 6. C. Nassir company had a hundred and forty 7 thousands of accounts payable on September.
thirtieth as well as one thirty six 5 hundred on October thirty initial complete purchases on.
account during October was two hundred and seventy thousand identify exactly how much cash money was.
paid on accounts payable during October all right good. What'' s the account we are dealing.
right here? Accounts payable now accounts payable a typical debit or a typical credit scores balance.
account? Credit scores so the beginning balance would appear right here and also the finishing balance would.
show up here fix? What creates accounts payable to be credited or boosted think.
to your journal entrances when do you charge account payable? Student: “” when you acquire something.
on debt?”” Purchases on credit correct! That'' s when you trigger it to be attributed when there
. are purchases on credit scores or we can say on account when does an account payable debited or lower? Right we can state repayments on accounts payable as we pay that off let see what they provide.
us so we had one hundred and also forty 7 thousand for September thirtieth.And one thirty six. 5 hundred at the end of the month purchases on account were 2 hundred and. seventy thousand and they need to know just how
much money was paid. On accounts payable so they desire to understand that goes in that blank or that circle? So. this plus this minus this has to amount to that there ' s one number as well as just one number that. goes'because circle that causes it to be legitimate and also what is that number? 2 eighty 5 hundred. Does that plus that minus that equal that? Yes it does.Awesome any type of concerns on workout. 2 6 I normally have a several selection inquiry or 2 on the examination cause I desire you to be. able to do those. Currently Matt was stating on attach the walkthrough was handy on that particular is that. what you claimed Matt? Ok excellent video clip not the part that ' s worth points yet the little pinhead. On its side? The practice walkthrough “yeah both of them also the one on the points. is good to.” Okay great” you can click “on tips” okay great well so be making use of those for.
you folks at residence you must be registered now you should have been signed up for. link a very long time ago however if you ' re not now you ' re means behind since and also I informed. you ought to know currently when your chapter one phase 2 connect assignments are due as. must you all alright so make certain you ' re doing those if you don ' t do those it ' s going. I was going to ask when is our connect due you'said it was going to be opened up.
for you instead of the in person as well as I wear ' t intend to nasty them up so as quickly as. we quit the rolling the
video cameras why put on ' t you ask me that.Ok alright ok I think we ' ve. undergone all the research place ' t we? Ok I desire to spend some time and also I intend to. job in course on exercise 2 point thirteen 2 point fourteen and also 2 factor fifteen on. page eighty and also this'will be a great refresher due to the fact that we are mosting likely to prepare the three. monetary statements once again so work out 2 thirteen workout 2 fourteen and workout. fifteen on page 8 we are mosting likely to take at least twelve mins to do that therefore.
you individuals in the house as constantly when we service these points work with them at home well go.
Songs (23:35 -36:55) ok we ' re back if you people at residence just pause is begin. I want to make sure we obtain through these the responses of to the earnings.
I say some things below number make sure you prepare these in good form the name of the. Currently there is no I believe occasionally people obtain perplexed with the trial equilibrium.

the accounts that are debit equilibriums are detailed in the left column and also the credit history balance.
remains in the ideal column and they are classified therefore right?'Do not believe that on their. manner in which these people did there income statement that there ' s any rhyme or factor between the.
As well as that ' s great that ' s what you. Wear ' t

assume there ' s any type of rhyme and reason for that. Okay so that is the solutions to work out to two.
When you do your monetary declarations and I believe, that so go ahead and also do that make sure.
I ' ve mentioned this prior to if it takes you

twenty five thirty mins to do the financial.
declarations you are not at the level of effectiveness you require to be at some individuals do it initially.'to obtain it off the beaten track, yet it must take around ten 10 or eleven mins but put on ' t. get compulsive with it if it doesn ' t equilibrium proceed like I stated I ' ve had pupils invest. Because due to the fact that couldn ' t get their balance equilibrium to balance don Put on t do, thirty 5 forty
that you have a great deal of other examinations here.'Alright I intend to make sure I discuss another.
thing genuine quick we only have concerning two or 3 minutes which is the financial obligation proportion this. is the proportion at the'end of
phase 2 I don ' t have any research over it but I do want you. to be knowledgeable about it the financial obligation proportion is just the amount of financial debt separated by the complete properties. of a company so complete responsibilities
separated by total assets and also this helps one screen. Just how much responsibilities that are on their publications of training course a business has to pay financial debt? , if you have a financing you have to pay it back currently this is one of the most essential proportions.. that I go seek advice from that I keep an eye on for a business over time.If you see a business ' s financial obligation ratio. continuously increasing that suggests they are tackling an increasing number of financial obligation a growing number of liabilities. and also much like in your personal life if you go on obtaining loans if your bank card.
bill rise if you purchase vehicles on debt all that kind of stuff things obtain

hideous quick all I. demand to do is take a look around Johnson county and also there people tackle method also much financial obligation fix? As well as their financial debt proportion with time was simply going up as well as up and up yet you ' re going to have. to pay back that financial debt eventually don ' t you? So I hate to gloss over the debt ratio but. we didn ' t have a whole
of time to go over it there may be like one numerous choice. question like that on the test any kind of last inquiry I ' ll inform you people specifically some things. after we quit rolling the'cameras yet any kind of general questions concerning the test? “What do.'you desire us to write the t accounts on
the journals do you want us to date them?” You. wear ' t need to date the t accounts on the journal access if I'have you do that like said you.
have to do journal access regarding 10 of them and I ensure you you ' re going “to have to. the 3 economic statements.And I ' ve additionally informed a few other things I assured” will certainly
be.'on there you ' re going to need to recognize economic statements accounts go on your mosting likely to require.
to know the normal balances on the accounts I ' m mosting likely to have inquiries like the quiz. we had today alright.

” Are you mosting likely to be picky on what the calculator we can make use of?”.
We will speak about that once the electronic cameras stop rolling okay alright any various other? “Are you giving.
us paper like lined paper” no you ' re not going to have a journal you ' re mosting likely to have a space. “paper okay various other inquiries? Remember I think a pair”talks ago I spoke about. the best methods to study for my examinations what was the leading method remodel your homework if you. can ' t do your homework on an empty sheet of paper you can ' t do the examination okay. People at. house I have actually emailed you information you should have you need to have it in your syllabus as.
When you require to take your test by there ' s a 7 day home window prior to that you, far as
. wear ' t need to take it on that particular day bear in mind if you haven ' t taken it by that day its fifteen. added factors off your examination so put on ' t placed it off all right alright next time well see each various other.
well start chapters three and four however generally simply 3 okay au revoir.

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