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  • what's good YouTube

  • Jonathan Dorn CPA, licensed CPA in the state of Florida

  • this is basic accounting tips part 2 let's get this shit in

  • if you missed part one go to the homepage CPA Strength and watch that one

  • first because this one Won't make as much sense

  • so anyways now i'm going do to this in all my, basic accounting tips from now on we're

  • going to go

  • D C Debit / Credit ADE LER

  • now i'm a CPA and I still do this, you can do this in the

  • first day of accounting class DC/ADE/LER Debit/Credit Asset Draw Expense

  • Liabilities Equity Revenue DC/ADE/LER

  • alright so now every time you do a journal entry

  • you are going to have at least one Debit and at least one Credit every time you

  • input something into the books your gonna have at least one Debit at least one

  • Credit, you might have 20 Debits a lot of times you'll have 20 or 30 Expenses and

  • money coming out of the bank over here so you might have twenty-twenty Debits

  • one Credit and no matter how many different entries you have on each side

  • it's always always going to be equal

  • always always always always always equals a lot of accounting

  • software won't let you leave the page or whatever if the Debits don't equal the

  • Credits, so that's a that's a steadfast rule take that one to the bank

  • TELL YOUR MAMA, it's always going to happen so

  • now you're just gonna have to remember that Debit is always on the left

  • always always always, Credit is always on the right, now

  • one is not good / one is not bad

  • see I i got confused for, i'll be honest about two years of my accounting career

  • because I thought Debit

  • I was confused because, I thought Asset is good right ???

  • right, so I thought okay Debit is good but then Revenues is good money is good

  • incoming money's good and so I thought Credit is good so you know that's totally

  • wrong

  • the way to think about this is you know neither good or bad just is

  • neither good or bad

  • ok now, these are these are positive

  • these are these are positive sides so if you have if you have a positive asset if

  • you have money coming in

  • that's a Debit if you have a negative Asset

  • it's a credit so these are all positive sides

  • positive positive positive you'll you'll see where that comes in later because

  • you can have an Asset if there is an asset leaving if there's money leaving

  • it will be

  • it will be a Credit so anyways so these are positive sides DC/ADE/LER

  • all right now you might ask what is you know what

  • where are these?? i'll keep it i'll just try to keep it simple and brief for now

  • now the most most common most common Asset is

  • the most common Asset is cash okay but you can also but you also have accounts

  • receivable, inventory, equipment, equipment, buildings

  • so that's Assets but let's focus on cash cash is the most common in a lot of

  • entries especially in the beginning you know in the beginning you want to know

  • what to do with cash i'll help you so those the Assets. a Draw is when, say

  • when an owner

  • this can also be owner's Equity you might see this

  • owner's Equity but anyways when the owner cuts the check to

  • himself

  • it's a Draw or if it's or if it's a business and it might be a out

  • if it's a corporation

  • it could be a Distribution or Dividend so and it's almost the other side of

  • Equity so DISTRA

  • BUTION is the Draw. Expenses uh you know something you spend in the hopes of

  • making some money for your for your business or whatnot we will say

  • rent utilities

  • you know, and such and such and such telephone, internet, telly , internet

  • alright so now these are all positive positive Debits: ADE DC/ADE

  • now let's go with LER Liabilities

  • these are going to be accounts payable

  • what do you owe somebody wages payable now almost every Liability is a Payable

  • except unearned Revenue, so if you see a payable

  • it's a Liability so the owner's Equity

  • you're not really going to mess with it too much, it's mostly the retained

  • just say it's retained earnings

  • you know what is have it at retained earnings

  • we'll get into that later, but for now just the owner's Equity

  • that's how much you have in the business

  • you know the owner's Equity, the equity, what you have in the business and

  • also Revenue

  • so that's, you make a sale you, do service

  • that's going to be Revenue, so sales

  • service

  • you guys love my handwriting, that's a lefty strength, I think it's August

  • Thirteenth today, it's lefty day, so any of you lefty's out there

  • we are the only ones in our right mind

  • I suck, anyways, so let's get back to this so that's DC/ADE/LER

  • so you know kind of what they are all now we're going to do some journal

  • entries in the next in the next video

  • I just want you to know watching this one that, Expenses and Revenue

  • that's the Income Statement here this is what's on the Income Statement

  • now when, when you file your taxes at the end of the year

  • you pretty much going to give your CPA your Income Statement and you're going

  • to give them the Balance Sheet on the Balance Sheets the biggest the biggest

  • thing that's right

  • you might have heard of it a lot you know Balance Sheet carries over you from

  • year to year and the Balance Sheet is the Basic Accounting Equation which is

  • Assets = Liabilities + Equity and what we'll go over that of

  • course later it's going to show you that the DC/ADE/LER

  • it just works because you have your Income Statement right here and then you

  • also have your Balance Sheet see Assets equals Liabilities plus Equity so

  • there's your Balance Sheet and that the Draw is basically the other side of that

  • what are you so it can kind of be included in there anyways that's that's

  • part 2

  • and I'm obviously not a teacher

  • I just I struggled for years actually had an accounting degree didn't really

  • have a full grasp of this i freakin struggled and I learned this

  • I learned DC/ADE/LER and once i started writing this down every time

  • and referring to allows to in journal entries and problems

  • I it just the light bulb went off side

  • I just I feel like I need to share people to people who struggle

  • you don't need T - accounts with this this this is kind of a t-account this is

  • all you'll ever need

  • DC/ADE/LER really. Anyways you if you Liked the video. Give a thumbs up. Give me

  • a Like. Subscribe to the channel

  • I'm going to have a whole bunch of stuff CPA Strength

  • I love being a CPA and strength because i'm going to be the strongest see our

  • strongest CPA in America. and I'm hella addicted to working out, so deuces

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