Name: Accounting for beginners #9 / Accounts Receivable / Basics
Uploaded: 2017-06-23T13:58:47.000Z
Duration: 4 min 38 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...

Yo!! What up Tubes???ready??? Jonathan N Dorn  licensed CPA state of Florida

strongest CPA in the state of Florida let's get in. here, this is going to be on.  you

Modal verbs - B1

see the title.  Accounts Receivable.  you might see it as A/R  Accounts Receivable

it is an Asset.  Accounts Receivable is an Asset

Asset, that right here,  a positive side,  and Accounts Receivable is an Asset

if you don't know DC/ADE/LER  shame on you, watch the old videos,  shame anyways so i'm going to try and break

it down,  and wanted in my head,  I always do small numbers from that you know like

you I like you ten dollars because i can i can see ten dollars i can see what

happens when someone shows me ten dollars.  okay anyways this is Account

Receivable,  alright i fronted you a widget,  which is the accounting term for,

alright,  so here's,  here i'm giving you a widget,

here's your widget,  $10 this is ten dollars,  okay you don't have money for it????

why don't you just get this widget tomorrow,  then when you  have the money??? you need it now ???y

alright so we'll front you ten-dollar widget and you're going to owe me ten

dollars so I'm going to have an Account Receivable for ten dollars

you owe me,  i have a receivable, in  accounting,  it's always about,  what I'm

doing.  what my business is doing.  so you owe me a receivable.  ok obviously i

gave you a product and i did not get paid

all right,  so look, here's our example,  i sell you a widget for ten

dollars.  here you go.  here's your widget.  Give me the $10 I give you

the widget.  I want my    $10   normally i have to cash  transaction done

over with,  right,  but you say i don't have the cash,  i say,   why don't you tell me

you didn't have the cash  for you call me here , then you know i don't show up

i usually receive cash , but,  now I'm receive an IOU,  i'll put it on account

now I have an Account Receivable yeah you tell me you're going to pay for it later . alright

so lets  a journal entry for this,  will do a journal entry,  all right

journal entry is,  we already said,  widgets  its anything you know an asset

really any Asset,  so this is what you know,  its into any Asset,  so is the

this is Asset,  if you don't know that's an asset  shame on you

anyways,  this is the positive,  so a negative Asset  is a Credit

our credit is widget ten dollars you know we need a Debit,  like I said

what did we  receive,  we didn't receive cash we have an account receivable that's going

to go right there.  that's Accounts Receivable    Peace !!!