Placeholder Image

Subtitles section Play video

  • 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

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

  • it is an Asset. Accounts Receivable is an Asset

  • alright, so you got your DC/ADE/LER

  • 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,

  • it could be anything

  • 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????

  • Your going to give it to me tomorrow???

  • 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

  • positive side, this is Assets

  • 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 !!!

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

Subtitles and vocabulary

Click the word to look it up Click the word to find further inforamtion about it