Name: Accounting for Beginners #4 / Income Statement / Revenue - Expenses
Uploaded: 2017-06-23T13:55:13.000Z
Duration: 8 min 44 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

Jonathan Dorn, CPA  Licensed CPA state of Florida

we got accounting tips 4.   We're going to do some stuff and then work into the

Income Statement, so hopefully this won't be too long

let's get it in, we are going  to erase this, because, if nothing else

now, if you don't know what those are watch the first one please.

Debit, Credit, Asset,  Draw, Expense, Credit Liability,  Equity,  Revenue. Did i say that right?

Debit, Credit, Asset, Draw, Expense, Liability Equity, Revenue DC/ADE/LER

ok,  i did want to change this one one example from last time

i just wanted to have a positive Income Statement

so I want to change this we want to change it TO  $500 ok?

the income we got, I'm sorry we want to change the income to $800

because i want a positive Income Statement

so we're going to say that for the service we did we got $800

so anyways,  these are positive sides, debits and credits

we did these journal entries in the 3rd video, so I'm going to put a line

down here and we're going to have DEBITS  on this side and we're going to

that's pretty much all the journal entry is doing, is just separating the Debits and the

Credits,  so,   we're going through each journal entry and explain and label them you

you know if they're an: Asset, Draw, Distribution, Expense, Liability, Equity,

Revenue,  so we're just going to work is going to go down the list and label

these, so anyways, What do i always say first ???  Let's do let's do cash first !!!!!

because of well every every example i have has cash, but mostly every example

in real life will have cash in it too, so if you know what cash is, what

cash is, and it's in  every journal entry.  It's going to be one of these one of

Ok,  so, we know what cash is right??? cash is $$$$ money  $$$$$$$

this is an Asset, and we know this is an Asset

A loan,  is a Lability you owe somebody. it's a payable !!!

however, almost every single Liability will have a payable in it

remember, we borrow ten thousand dollars from the bank.

we paid that in hopes of making some money

we've got money coming in, thats a Revenue

now we've got, the only one we don't have left,  is a Draw.  ADE LER or Distributions

it's pretty much the other side of Equity, but we know,

the Draw, is going to be a Draw, is the Draw  account

now, the Income Statement, like it implies is how much income you made during. it is

so usually the Income Statement run from  the calendar year like

businesses will be so we run from, say January, from January 1st     01/01

will say 15 / 15 now through 12/31/15 and that will be the Income Statement

certain period of time with Income Statement, and this is Income

Statement here. But anyways you're going to have the Income Statement is the

Income Statement its Revenues minus Expenses. So we got eight hundred dollars

$800 - $500 for rent. And this is just kind of uh

I guess accountant speak for a negative number you put the brackets around it so

just put a negative in front so we have 300 of net income

so is there is a very abbreviated Income Statement and now that when when you

start next year you will start a new Income Statement.  Income Statements only

that'll be it for this one. the next one will go over the Balance Sheet.