Accounting 1: Program #9 – “Analyzing and Recording Transactions”

Hey there we are here again this lecture number
nine isn'' t it? Ok we are going to look at that very vital homework that you did
however let'' s do a few housekeeping things first off we have this lecture this is lecture
Currently that'' s not that day you have to take the test on. That'' s. you have to take the test by that date and usually offer you like a seven day window you.
can take the examination earlier than that day by around 7 days if you desire yet you have.
to have the test done by that date.Every semester what occurs is this I consider that. window that week home window and somebody waits up until the really last day to do the examination that.
they'' re able to take that examination and after that something comes up work crisis and a child is sick and.
after that they send me this email “” oh please give me another day please please”” you have a week.
home window a week long window to take it if you put on'' t take that test by that day and you have. to take it the next day its fifteen factors additional off your test for each day late that.
you take it so it doesn'' t take to identify that soon you simply may as well not.
also take it ok so if you wait to the really last day and wear'' t provide yourself any kind of margin. you could obtain yourself in problem and I motivate you to look on the JCCC web site in the search.
box placed screening center hours and see what their hours are remember if they close at.
8 pm on a specific night you can'' t just reveal up at 7 forty 5 and anticipate to.
obtain that examination taken it'' s not such as a restaurant they put on'' t let you stay there up until you are. done with your dish if they'state they ' re closed at 8 at eight they are scooting individuals.
out.So please be in charge of that folks in the house I wish to speak about how you research.
for a test of mine how do you research for a Dave Krug examination ok. The really finest method to research.
for the examination and if you can just do one method do this means is this redesign the research.
ok get a blank item of paper out and redesign the homework and I'' m not saying evaluate. the homework ok one gives themselves an incorrect sense of security when they just look into.
the research and states I know what he'' s doing below yep that ' s a lot different from an item.
of paper staring at you in the face and you have to generate the answer isn'' t it? Redesign. the'research don ' t slouch and look into it ok for the pupils who fail my tests I ensure. you I can have simply photocopied homework inquiries that they ' ve already done they ' ve. currently seen these questions they'' ve already seen the responses I might of simply photocopied.
I ' m always amazed there ' s constantly.
May be god will whisper answers in my ear? He ' s not going. to he told me this early morning he ' s not mosting likely to'whisper answers in your ear you need to.
understand exactly how to do it? Kara? The technique examination that you have.Yes I ' m going to obtain there. The first method is to renovate the research the second method as Kara said on angel if you go.
There ' s not just'a technique examination there ' s practice examination solutions isn '
t there? And that ' s kind. I didn'' t print.
it out though.Ok so attempt to

do that test alright try to do that examination alright. But that practice.
examination is the second wonderful method to examine for my tests and its around on angel under.
the lessons tab. I have one for each and every section that will certainly do alright ok. Pair various other devices.
When studying for my tests, that you can utilize. Get out your text publication and turn to.
Turn to page seventy six in your book page seventy 6 in your publication. Now you.
can'' t read this yet I sticks out kind desire to show you what to take a look at in your book. Right here'' s some. Extra numerous selection you can do? For your to examine for your tests they offer at.
completion of each chapter about 5 or six multiple selection and then they inform you the.
response'' s on in this instance

web page ninety one.Answers on web page ninety one so do that numerous. choice quiz they offer you at the end of that chapter that'' s the nice point that they added. to this book. Ok to make sure that ' s a third fantastic to study for the examination a 4th great method to research. for the examination take a look back at page seventy for instance on page seventy near the bottom.
is a demonstration issue and afterwards they provide you a homework trouble, and after that they inform.
what they want you to do and then you can do that however after that they provide you the service.
You can see if you did it appropriate and then it kind of clarifies the solution ok. So each.
chapter presentation issues alright. Make sense? That'' s an additional terrific way to research for.
the exam. The fifth wonderful means to study for the exam is if you check out the front of your.
publication allow me see to it yours has a various cover so let me see where your URL where is.
It should give that to you? If you have the cover of my book that'' s the that is the internet page so I ' ll simply strike that.
up if you wish to replicate that down actual quick ill just see if I can discover where it is. Ok I'' ll offer you here it is you wear ' t requirement to duplicate it down web page twenty 9 in your publication

for example.Ok there it is right there it'' s on that particular numerous choice quiz that I just showed.
you each of those currently if you head out to that internet site for the book there is a lots of.
points a lots of tools and sources that you can make use of. Now I will certainly inform you that is probably.
the most robust device available and it'' s possibly the most seldom utilized ok and I like to listing.
that as the last way to research for my examinations, because directly I wear'' t assume you have. to do that I believe there ' s sufficient points that I give you practice examinations, and the several. choice test at the end of the chapter demo issue, renovating the research that I wear'' t. desire you head out there and see that huge durable website and just obtain shed in the bells and.
It is out there.I assume you additionally bear in mind last.
I put on'' t believe there ' s any shortage of sources of you utilize when research for these.
examinations there'' s absolutely a great deal greater than when I remained in college. Alright cool? Bear in mind for.
When you need to take the examination by every time allow yourself some, you people at home recognize.
margin. Alright ok any questions on any one of that? Alright I believe one of the principles that.
I'' ve been trying to hammer home is this right below we discussed how this is making a.
journal entrance this is making journal entry and this is posting to the t accounts when.
I asked you to do a journal entry put on'' t offer me a whole lot of t accounts yet among things. I desired you to do was I gave you a project that resembles this let me put it down below.
fix? Did I offer that to you? What I desired you to do was find out the ending equilibrium.
of each one of those t accounts now I simply placed some example t accounts here and these.
are various postings these originated from various entrances right that they made and.
currently I just want you to put the finishing equilibrium here ok.So for cash money that would be 3 10.
ok 3 ten is the finishing balance of money. Now make certain there need to just be one number.
right here don'' t build up 4 twenty and afterwards accumulate one 10 and have two numbers right here put on ' t. do that it ought to have only one number right here ok and it need to get on whichever one is bigger.
and in this instance forty twenty minus one 10 equals 3 10 ok. Currently if it'' s a credit. equilibrium account we start with the credit history side 8 thousand minus forty 5 hundred is.
Thirty five hundred. Ok so there'' s the answer to the leading 2 alright this is money.
thousand three hundred? Do most of us accept that solution? Seven thousand 3 hundred.
below they have a receivables its appearances like we possibly debited it when the.
receivables was created and we'' re lowering or attributing it as the consumer.
Makes settlements to us? So they made a one fifty settlement a one fifty payment a one.
fifty settlement a one hundred payment to us so at this factor what'' s the equilibrium of this. account so they still owe us fifty dollars right? Ok right here the last couple earnings payable. we credit it for 7 hundred we debit it for seven hundred what the balance absolutely no ok.
we satisfied that.

“” Just how do you pick what side the absolutely no goes on or does it matter?””.
Good question Kara asked how do you choose which side in this instance I always placed the zero.
on whatever the normal equilibrium is side earnings payable is generally a credit rating equilibrium account.
so I put it on the debt side fantastic concern. Ok currently we have sort of an odd person over below.
“Debit”” it'' s a debit equilibrium account ok when we figure out the equilibrium of this account
. “Adverse two hundred “” I can'' t hear. “Minus 2 hundred”” this is a circumstance where this individual is overdrawn it'' s really.
or minus indicator in here the way that this looks is right below there'' s no various other method for that.
to look except for that currently cash money is a typical debit balance account right? This is what.
we call an account with an abnormal equilibrium or it'' s out of equilibrium ok, but have you ever.
been overdrawn in your cash account have your moms and dads ask I wager they have I'' ve been. before this person has spent even more cash than what they had in their account.So they in fact

. , if they looked at their checking account balance online on the declaration it would state you are.. overdrawn two hundred or you have
minus 2 hundred, yet we don ' t placed a minus indication below. we placed a two hundred on the
credit report side now with our expertise of cash money being a debit equilibrium. account. A 2 hundred dollar amount being on the credit history side is all that we require to. know that that has an uncommon balance you with me? And the
means that that would certainly look. let ' s claim we were doing an allows say we were doing a test equilibrium allow ' s claim we were doing. a trial balance and we had money provided over right here and we had a debit column, and we had. a debt column the manner in which that would look is two hundred created in
the credit report column. make good sense? Bear in mind with a t account and with test equilibrium there ' s never ever minus indications. never ever before ever okay cool? And remember this is what we ' re doing this is uploading to the. t account this is not making the journal entrance this is'publishing to the t account however these. ending balances to ensure that we can prepare the trial balance and after that after the trial balance. we prepare the four monetary declarations correct? Ok so I want you to be able to do that, are. there any type of questions on that any kind of inquiries? Allow ' s proceed and have a look at workout. two nine and exercise 2 ten these are good ones so have a look there.Alright what they. want us to do is they want us to prepare journal entries for each one of these deals.

right? They desire us to open the t account and they want us to publish those and I spoke. Regarding exactly how we do that line by line? After that they desire us to find out the ending equilibrium. of the t account similar to we just did on that give out and after that they desire us to prepare. a trial equilibrium cool. So let ' s go on and take a look at that I ' m not going to check out
. via each deal I ' m just going to put these up. Now hopefully you are quite.
adept at doing these now if you ' re just completely simply missing these and you ' re totally. lost after that you are behind and you'' re not going to succeed on the test. I want you to begin.
examining how well you'' re doing by exactly how well you ' re doing on these homework problems that ' s. why we do them I can ' t show you all of them right now yet allow me
reveal you a through f. so have a look at them and well speak about them in a second.Yeah good concern Cassie. if it ' s ok if the account you credited was profits not fees made that ' s fine fees gained. is simply another method to say profits. You also do not have to do those little descriptions.
in italics at the base also your funding accounts such as in deal a I typically.
say funding comma m Dexter or just place resources. Owner ' s funding is fine as well however I wouldn
' t. say equity I wouldn ' t claim owner ' s equity, however it is an equity account but we desire to. be extra certain. Kara? “On f can you place unearned income given that it wasn ' t paid directly. to them “yet?” On f as in Frank? “yeah” no allow ' s have a look at that the consumer build. a customer twenty 7 hundred as in costs given” they have actually provided those solutions. It is not unearned keep in mind the earnings recognition concept we identify income. when it is made when is it earned? When they have paid no when the services or product. has been offered in this case the service has been supplied hasn ' t it? So crediting. an unearned charge an unearned earnings account and transaction f would be wrong this needs. to be a revenue account does that make
feeling? good concern I love when you ask inquiries,. since these are most likely questions people at
home well have as well ok.Notice exactly how in. each circumstance the debits equal the credit histories if they wear ' t then after that you ' re screwed up right? Likewise see to it you ' re not occasionally trainees will make the error of
like writing sentences. in their journal entries like they ' ll claim cash invested or money received or cash money repayment. no its just money, money, money likewise see to it that you leave a little space or draw the line. in between your journal entrances or its very'hard and make certain on the examination that you place these.
If not allow ' s look with the rest of them. Did they prepare them right did they detail the accounts being debited? That ' s the means to do it alright.
journal entries ok. Currently'the following point they want you to do is publish them to the t accounts.
Currently they went ahead and uploaded the letters you put on ' t always need.
equilibriums and they simply determined'those ending equilibriums simply like we we ' re doing on that. give out right? Ok “so is that what” you obtained for your ending equilibrium for every one of your accounts. , if so that ' s terrific.. Currently what ' s the last point they asked us to do after we do the posting. to the t accounts to do the trial equilibrium and we just experience
these accounts and. we simply take the equilibriums and we prepare a trial balance? Ok I could possibly zoom in. If there no plus or minus indicators, on that a little bit ok of training course one of the essential things. , if it has a debit equilibrium it ' s in the debit column if it ' s a credit rating balance it ' s in the.
credit rating column, and by golly that total debits column needs to'equal that complete credit scores'column.
or you slipped up right? If the balance is absolutely no do we still have to note it on below? Good question what Cassie asked is accounts payable the balance is zero do we have to. list it you know I would you put on ' t have to; nonetheless, I would right here ' s why I would certainly allow '
s. say you did not listing accounts payable because it has a no balance well'I still would certainly stabilize. well what I may assume as a visitor or also as the preparer is I might assume currently wait.
You see what I ' m saying? I put on ' t know why I did this I didn ' t go in order from the t accounts. That ' s fine that ' s great
ok cool.
regarding when money was overdrawn it would have an uncommon credit score account indeed because instance.
what that would resemble what that would look like is. it would resemble that ok it would simply be added with the various other credit ratings not being a minus. indicator or anything in there it would certainly just have its equilibrium right there.Are there other balances.
Yes there truly are lets state I have an accounts receivable from Jake. I would have for a while there I'would certainly have an unusual credit balance. No you would simply leave it as an unusual balance in accounts payable and.
after that you ' d probably get a refund back and just take care of it that means does that
make. feeling? Are we starting to really feel better?You'' ve found out a lot place ' t you? Is only our nine lecture think back to four weeks ago you didn'' t understand any of this? Just did these 3 steps for exercise 2 9 and two 10?
put it out below to the right.You with me

? Ok so that'' s often how you will see it. detailed in the genuine world percei. Questions on that particular? What I desire to do understand is I desire.
to proceed and service a couple of things below in class I believe it will be excellent to do these.
and I wish to do workout I wear'' t know if we will certainly have entirely time to do this but.
let'' s go in advance and attempt I intend to do exercise two factor eleven and exercise two point twelve.
on page seventy nine and eighty. Now exercise two point eleven and exercise two factor twelve.
I want to alter the guidelines a little. Ok they tell you to check out those purchases.
recognize which ones create income and after that make journal entries for those transactions.
I desire you to go on and do journal entrances for all of them and afterwards ask on your own which.
ones developed income on two eleven. And afterwards on two twelve I want you to go ahead and do.
journal access on every one of them and afterwards ask yourself which ones help produce expenditures does.
that make sense? Were going to have some time here as the songs rolls you people at.
home as constantly when we work with these in class I want you to service them as well.So let ' s. deal with exercise two factor eleven and exercise 2 factor twelve alright.( Songs 32:30 -45:00 ). ok if you ' re refrained in your home individuals simply pause it and begin us up when you are done. Alright let. me go ahead and go to the display over right here and let me reveal you the solution to trouble. 2 eleven ok take an appearance at those actual fast check your job and after that will certainly speak about them. here momentarily. Can you guys see that in the back row? Student: “so its ok to abbreviate. notes payable” yeah thank you a great deal of times you ' ll see balance dues” abbreviated. A/R, keeps in mind payable abbreviated N/P, accounts payable A/P those are really
common I put on ' t. recognize even when I ' m doing it when I ' m not so of course'great factor. Kara? “Now on the various other. one we placed fees earned rather than revenue” either one “ok “they ' re interchangeable” yeah. they are interchangeable good.So those are the response to two eleven and currently they ask. us which of these purchases created revenue correct? Well

see the factor I such as to do. every one of them is if you do the journal access I believes it ' s fairly evident which create. Revenue in this instance the ones in yellow, since income is being attributed? The various other. circumstances did not produce profits currently what this is attempting to highlight to us is simply. because money is entering into our service that does not correspond to profits at all times. Ok. currently the layman occasionally believe money comes that should suggest profits not necessarily look. back at that in the very first scenario cash can be found in however it was an investment of capital by.
the proprietor in scenario D we obtained money of ninety one fifty but we sanctuary ' t carried out the solution. Or provided the item? That ' s unearned income which'is a liability.In scenario.
E cash came in however it remained in repayments of a receivable that was established.

We put on ' t recognize. revenue we currently identified it back then. And then the last situation we simply obtained.
a financing of one hundred and fifty thousand that ' s not profits isn ' t it? Ok so those are the. journal entries for exercise 2 eleven and the ones in yellow are the ones that assisted.
produce income the other ones did not. Any type of concern on two eleven? Allow ' s consider two. twelve those are the response to exercise two twelve take a peek there. 48:14: ok. now they ask us on this one which one of these produced costs right which ones produced. expenses? Well just want to see which ones have a debit to an expenditure account, and I. assume it ' s the ones in yellow circumstance B and scenario D developed expenditures, but the. others did refrained from doing they? In the initial circumstance we were simply paying money in a previously.
Existing account payable? In scenario C we are acquiring a fixed asset and that.
is not an expense well speak about that even more in phase three.And in the situation E is. withdrawals and cost account? It does not go on the earnings declaration it takes place the.
statement of equity so there are the five situations or the 5 journal access for.
exercise 2 twelve. Only circumstance B and scenario D developed costs fix? And I assume what they are trying to convey is even if cash money is heading out it does. not necessarily an expenditure is being sustained, and we sort of learned that as well.Alright. inquiries on that particular? Alright allow me give you your research and afterwards I send you on your. marry method what I desire you to do pay attention to this I desire you

to do exercise two point. six and after that I desire you to do issue 2 4( A) ok and we place ' t done problems prior to. There ' s quick researches in the publications and there ' s workouts in the books now were doing. our first trouble which'' s on page eighty four issue 2 rush four( A )do every little thing. that they'ask you to do ok.Alright ok keep in mind just one even more program and after that'afterwards. it will be examination time see you later on people.

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