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  • yo what up? CPA Strength, strongest CPA in the state of Florida, another video

  • here obviously, gonna be about journal entries just a quick journal entry example.

  • i do too many examples in one video sometimes. we're going to do one example here, its going to

  • be a journal entry, i think a fairly simple one, and it's gonna involve cash,

  • now in my opinion, if you know what happens with the cash of the business

  • whether it's a Debit or Credit, you know you're going to have half your journal

  • entry done, also, $300 dollars spent at comcast,

  • you're doing your homework at night.

  • you've got, you've got a task. Complete this Journal Entry. You don't know anything

  • oh yeah, oh yeah, we can do, we can do, DC/ADE/LER

  • I didn't remember anything else, besides DC/ADE/LER what does that mean??? it means

  • there's a Debit and a Credit ( DC ) and then ADE/LER Asset Draw Expense

  • Liability Equity Revenue, first thing $300 spent at Comcast, ok so we have money

  • deal with the money first, because most transactions are going to have money, as

  • you know from the previous videos look at the other videos Cash in it's

  • positive form, we don't have that we're spending three hundred dollars, i don't

  • care for what, or why at this point, we're just going to do the cash first.

  • so, $300 is leaving our bank account, leaving our business, so that

  • means cash in a negative amount, that means we would credit the cash,

  • it's a negative asset to our bank, is a credit to the cash, so, so look right here,

  • is our Credit, three-hundred-dollar cash that is our Credit !!!!

  • why is it a Credit??? because negative cash, cash leaving our business is a negative

  • Asset, is Credited so and we have $300 leaving, so it's going to be Credited

  • so what's our Debit? Whats our Debit for this?? This is going to be Debits &

  • Credits, so three-hundred-dollar cash, is our Credit

  • so whats going to be our Debit, we can say three hundred dollars. we spent $300

  • at comcast for internet, now thats at your business, why did you

  • spend the money???

  • $300 because i need Internet

  • to do, whatever, everybody needs the Internet, to try to produce

  • revenue, or make money for my business, so it's an Expense, what Expense is??

  • we're just going to say Comcast's. like that's a chart of accounts, but that's

  • later on, so there is kind of how I have it, so look here's the journal entry, Debited

  • $300 comcast, Credited $300 cash, Debit comcast, , that's an expense, so

  • that's going to be in the debit column we're going to Credit cash,

  • that's an asset leaving, with this, this would be a journal entry, we would have a

  • date here, it was like 8 /15/ 16 so you have a date, Debit is always to the left.

  • and then your credit is is the right-hand side, anyways just example it

  • just takes practice practice practice practice practice

  • don't even know how many times but when you do it so much you don't even

  • think about left foot, right foot, left foot, right foot, you just do

  • i used to play baseball, hit off a tee, thousand cut like thousands and thousands and

  • thousands and thousands of cuts, and then people are like "you got a pretty nice baseball swing"

  • Yeah, i been practicing. man. I've been doing this for about eight

  • years

  • learn accounting and stuff, and I am a CPA now, but you know when I first

  • started, something like this, I wouldn't know what to do, i would have throw my book against

  • the wall

  • I just didn't know it, i just didn't know the DC/ADE/LER really, so It was hindering me.

  • now when i see, this ii see the debit, I see the debit as the

  • expense, to see the credit as cash leaving, I just kind of got it, but you

  • you gotta get the basics before you do anything else.

  • thank you very much for watching. I really do appreciate I I I can't believe

  • all the subscribers and positiveness on my channel !!!!!!!! so i really thank you for

  • watching PEACE !!!!!!!

yo what up? CPA Strength, strongest CPA in the state of Florida, another video

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B1 US cash debit comcast credit journal entry

Accounting for Beginners #14 / Journal Entry with Cash / Expense

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    陳虹如 posted on 2017/06/23
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