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yo yo yo welcome counting for beginners family
we're on 33:3 add another three welcome back man welcome back thanks for having
me thanks for clicking on another one you want to see this ugly mug alright
welcome back this one is today today CPA strength oh
I'm sorry Who am I I am CPA strength I am a
strongest CPA in Florida I'm a licensed CPA in the state of Florida I'm doing
big bang's over here baby BIGBANG's you know what I'm saying today
is accounting for beginners 33 CPA strengths what are you going to be doing
in this I'm going to be doing with adjusting entries I'm going to be doing
more adjusting entries I'm adjust the entries of Gentry's entries of adjusting
x' and our first first adjusting entry we did depreciation then the last one we
did prepaid expenses 33 what adjusted entry when I do today we're going to do
on an earn revenue let's bring it back from one time this kind of goes along
with the other one prepaid and expenses the other the other one we gave our
money out we gave our chippers out to people we
were going to get the work later so it was an asset but that was before I
was preparing Spence's now we're on an unearned revenue and now we get money
first and we have to do the work later so it's liability let's go through it up
video over let's Hardware unearned revenue just close to the depression
those kidding that was lost I never I never pet in my hand
anyway some quick housekeeping now you already know this you have been writing
this on your paper every day dc8 learner debit credit asset or expense liability
equity revenue in the normal pause balances okay now we're doing unearned
revenue today you don't know what unearned revenue is just think about it
revenue that means you work you do work for somebody okay and you get paid for
it that would be some revenue unearned revenue on usually there's nothing no
it's just revenue so I guess it's you have to know that it's you if if it if
it's not specified it is earned revenue it's just revenue usually just revenue
revenue revenue but then you're going to see something you didn't do you didn't
do the work you got the money you didn't earn it unearned revenue so that's what
this is unearned revenue here's what happened on 1010 one on October first
you mow you mow lawns for a living and that's what you do so you got you know
put your hat on you got to figure out who you are per question you know on
this question it's you you're lent your landscaper you're going around you get
your meeting with a new client you say yeah I do I do all this for I do a 100 a
month I cut I come once a month I do everything I trim I cut grass I do this
I do that 100 a month you know and your your client or whatever says that sounds
great listen I'm a really busy guy and I just want to pay for a year up front I'm
going to pay you here's $1,200 for a year okay don't bill
me for a year now I say oh I know I don't usually account for that I usually
just go month by month so just give me a hundred and keep the 1,100 he'll know my
number one rule is give me that money I'll worry about it later so basically
yeah I just got a $1,200 check I'm pretty happy I'm like you
I don't like I don't know how to account for this I just watch a CPA strength
video and I'll figure out how to account for this okay get that money dawg get
that get them chippers up first I'll never pass up a buck I'll never pass up
a penny I don't care if it's heads up or tails down get my money on ten one song
a new client says I'm just going to pay for the whole year right now gives you
$1,200 cash now that's going to be your debit think about it we've gone over
this at nauseam you've got money you're getting money cash is an asset normal
balance going up that via debit cash $1,200 what did you get the cash for
what did you get the cash to mow lawns that's my normal operations is how I get
how my business makes money and I didn't mow the lawns yet though he just fronted
me all the money I haven't mowed a lawn yet he just fronted me all the money so
I didn't earn it yet our nuran revenue our revenue is going to be your credit
of twelve hundred dollars even if you didn't really know this yarding you know
cash is gonna be your debit fill our dollars so our in revenue of $12 is
gonna be your credit under revenue is most most liabilities or the accounts
payable wages payable taxes payable payable payable payable but if you think
about it I run revenue is liability because you still you owe you owe
somebody you're liable for work that was our journal entry and we got these
chippers so think about it so so our so on the books here we have X on the books
here we've got 1200 cash 1200 under rubber if this is the only journal entry
you've ever made alright I did not do any work yet so we have to add we're
adjusting for the end of the year we're on the end of the year in a year twelve
thirty two years twelve oh my god it is it is the end of the year really 1231
yeah I swear to you I wouldn't lie to you it is let's figure out per month how
much this is now we're going to right now we're
to do now we're trying to make our adjusted entry here without the cash
what do we get paid we got paid $1,200 for 12 months it's 100 ollars per month
all right now how many months is it from here 10 1 all right I'm going to do my
hands because this is the easiest for me all right so 10 one to ten thirty one to
eleven thirty one to twelve thirty one three months we have three months that's
going to be $300 yeah I'm just getting me I'm feeling bold I'm just going to
put watch this three months we got to our adjusting journal entry of three
ones here 100 110 one to twelve thirty one years three months come on it's
three months I use what a little blue debit 300 hours you know they have to
equal I'm gonna credit it for $300 this is our adjusted entry we don't have cash
sadly enough so what are we gonna do I don't know
no I dunno I'm saying for you you might not know now what's what's this
associate we have to do with we're so shooting our adjusting entry here with
unearned revenue we have Lucia our revenue on the books you're like did we
earn any of that revenue yeah three hundred dollars for three months we
earned it okay so now we have earned revenue or just regular revenue where
would that go on a journal entry because that's what we're doing we're making
another journal entry for this adjusting entry our rec room we turn it into
revenue revenue as a credit so that would be that's give your credit three
dollar revenue you're not going to mess with this cash account because you still
what we're doing this entry there's no cash involved so you still just have
1200 dollars cash
but now earning revenue was $12 we've used $300 of this of the earner revenue
and made it earned now now you would want to take off on
a revenue or you would want to lower it or in revenue
I know is a liability it's one of the it's one of the only liabilities been
payable so I want a lower earner in revenue because I've used some of it
with revenue so it's going to be going down so if it's going down it's gonna be
a debit alright folks there's the journal entry debit for your
dollars are in a revenue credit $3 revenue that's the adjusting entry for
unearned revenue basically are going to revenue think about it you've got the
chippers but you didn't Ernie that's why it's unearned anyways thank you very
much thanks for being here CPA strengths loves these I actually do this first
thing in the morning wake up at 5 o'clock get to my office by 6 and do
these videos and I love them but then I added it down and stuff and and it's
like I'm really on my flow doing these so hit a like share subscribe get these
out to more people for good because everyone should know accounting alright
everyone everyone loves money everyone needs money please