
Debits and Credits are so simple to understand that a child could explain it. You must know basic accounting ideas first.
We will define assets and liabilities. You will get the most clear explanation of the definition of these words as they are used in accounting.
The fundamental accounting equation is the basis if debits and credits. It helped derive the accounting system we use today.
This learn accounting video will finally show you the origin of debits and credits. It comes from the accounting equation and keeps it balanced. You will also learn about "T" accounts.
Serina May Jackson teaches the ideas of how to make debits and credits in basic accounting. She uses the Mark Smolen 3 step plan in the T accounts.
You will have a clear understanding of accounts receivable, accounts payable, as well as equity accounts like capital and withdrawals and understand how and why we use them.
You will use the equity accounts to record debits and credits in the T accounts and it makes it easier with these general ledger accounts.
Old School Accounting recorded all debits and credits in the general journal first. Then we post the transactions to the ledger t accounts and make a trial balance
There are separate records from the ledger account called "accounts receivable" and the records of the individual customers. They must be in sync after each transaction. The same is true for accounts payable.
Anyone can understand how we calculate the amount of interest and the amount of principal reduction in each equal monthly mortgage installment payment.
Customer Terms are the conditions that they must meet to get the early pay discount.
Vendors offer us discount terms that we can track in a purchase discounts account if we pay early enough.
This Accounting video tutorial will explain in the simplest possible terms, what is accounting and why do we need it. It will then introduce you to financial statements
Accounting Adjustments must be recorded periodically, the correct the general to account for the changes caused by the passage of time.
Closing Debits And Credits summarize the owner's equity accounts. Income summary is used to bring the net income to the owner's capital account
Each Partner has their own Capital Account and their own withdrawals account. Theses debits and credits will distribute the partnership income from income summary to each partner's capital account to each enjoy their own share of net income
Depreciation is the process of allocating the cost of a long-term asset over time based on its usage, recording the decrease in value as an expense using historical cost rather than market value to ensure accurate financial reporting.
You will learn how to calculate and record depreciation based on actual usage by estimating an asset’s useful life, determining a cost per unit (such as per mile), and making periodic journal entries to reflect the value used and value remaining.
You will learn the three common methods of depreciation—units of production, straight-line, and accelerated depreciation—and understand how each method calculates and records expense over an asset’s useful life, including the use of accumulated depreciation as a contra account.
The Internal Revenue Service (I.R.S.) tells you in Publication 946 exactly how to classify assets by useful life and create depreciation schedules that determine annual tax depreciation expense.
Inventory is the accounting theory that relates to the buying and selling of merchandise.
There are 4 accounts that you must debit and credit to record selling merchandise when you use the perpetual inventory system. You can see your gross profit from the T accounts
The periodic inventory method calculates cost of goods sold at the end of an accounting period using beginning inventory, purchases, and ending inventory, rather than tracking inventory continuously. It is used in a merchandise business that sells too many products to be able to accurately track quantities on hand.
If the same item is purchased by you more than once with the same purchase cost, then QuickBooks online needs to calculate a cost-per-unit in order to determine the cost of goods sold when the items are eventually sold. Of the 3 common inventory valuation methods, QuickBooks DESKTOP (not this) uses the “weighted average” method. However, our QuickBooks Online uses the “First In First Out” method (F.I.F.O) (FIFO) method of inventory valuation and ultimately calculating the cost of the inventory on hand for the “inventory asset” account as well as finding the goods sold for each sale.
Have a change in unit cost of your inventory items as you purchase them? How do you know your inventory value? You can take the weighted average cost of your inventory items to use for your inventory valuation. But what is weighted average anyway? It is the inventory valuation method that QuickBooks desktop applies to your goods on hand in order to value your inventory asset. It’s a method we use to do inventory valuation, so we know the purchase cost of all merchandise items that are currently on hand; even if purchase costs have changes while we were buying and selling inventory.
A merchandise business has several accounts in their revenue section of the P & L that service companies do not have. You will learn about these and how to use "contra accounts" in this video lecture
Check your understanding and retention of what you learned about the periodic inventory system and the contra accounts.
In this lecture, you will compare the closing entries of a merchandise compoany (that uses the PERIODIC inventory system) to the closing entries of a service type of business so you can learn it easier.
Test your understanding and skills when it comes to closing the books of a merchandise compnay that uses the periodic inventory system.
-Mark
This Special new introduction to accounting class makes learning fun and easy! It will give you the clearest and simplest explanations to all the basic accounting ideas that that come from accounting 101. This “accounting for dummies” is a special type of training tutorial and is engaging and enjoyable. It’s the perfect accounting lessons for slow learners because it presents bookkeeping and accounting theory and concepts in common sense clear terms that apply to things we all understand. You will be ready to take accounting exams and practical accounting and bookkeeping projects when you finish this top-rated course.
Each of these presentations are special methods of learning accounting and studying bookkeeping skills. They are taken from accounting lessons that I have presented live at job training schools over the decades, where most of my students got jobs doing bookkeeping, accounting, and QuickBooks. You will always know what to Debit and what to Credit because you learned the history of the fundamental accounting ideas and the fundamental accounting equation. Then you will be able to make journal entries in your QuickBooks Accounting software without needing the help of an accountant! See how accounting concepts it evolved into T accounts and how the general ledger was developed.
If you see the context in a nice interesting engaging story that's entertaining and clear, then you will build up your accounting and bookkeeping skills all the way to the final practice projects and exercises. These will give you the ability to make all the journal entries you need to run your business without needing any outside bookkeeping help. Non-accounting people should be able to do all the accounting they need. This fantastic basic accounting class will give you that ability.
The course now has projects and exercises that you can use during the course for you to stop and check your accumulated skill and new knowledge. This will make sure you're on track before you go to the next learning session These practical accounting quizzes and projects will reinforce the learning and help you remember better. They can be fun puzzles as you do them with the people whom who you watch the course with. Taking the final theory multiple choice quiz can be like playing a board game with your family to see who remembers best from the fun videos that you learned from. Topics include……………….
What Are Assets? What Are Liabilities?
The Fundamental Accounting Equation
What Is Owner’s Equity?
What Are Debits And Credits?
What To Debit And What To Credit?
The Double-Entry System Of Accounting
Advanced Transactions And Advanced Debits And Credits
What Is The Accounting Cycle?
How To Make Journal Entries In QuickBooks
End-Of-Month Accounting Adjustments
Owner’s Equity Accounts
Distributing Partnership Income
Using Income Summary
The Perpetual Inventory System
The Periodic Inventory System
What Is "First-In-First-Out" (F.I.F.O) Method Of Inventory Valuation?
What Is "Weighted Average" Inventory Valuation ?
Interest And Mortgage Calculations
What Is Accounts Receivable
What Is Accounts Payable
Early Pay Discounts
Discount Terms
What Is A “Bank Reconciliation?
Why Financial Statements?
These tried-and-true methods have helped thousands learn accounting well enough to get good jobs. These accounting lectures and lessons always entertain and engage when I perform them live. Even if you still need an accountant periodically, you will understand what your accountant is doing by finishing this easy-to-learn basic accounting and bookkeeping course. Now you have an opportunity to see the new and improved lessons with video animation and improved quality. You can watch these great lessons as often as you need to because if you purchase the course, you will owe them forever! You will always get any questions you have answered almost immediately because I always get back to my students right away. I want everyone’s leaning experience to be smooth and enjoyable. This is a course that will help everyone, and I hope to see you there.
-Mark