Name: 會計1：方案7--"借記和貸記" (Accounting 1: Program #7 - "Debits and Credits")
Uploaded: 2021-01-14T07:54:16.000Z
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Alright here we are back again, Okay if you by chance didn't watch the last lecture then

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why didn't you? You shouldn't be skipping any of these. You might even want to watch

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the last lecture twice even because it was so important and this one is an important

one as well. Last time just to review real quickly, we talked about, going to the screen,

debit is the left side of the T account, credit is the right side of the T account. And we

talked about how an account that is called a debit balance account increases when you

debit it. And credit decreases when you credit it. We talked about a credit balance account

that increases when you credit it and decreases when you debit it. All accounts are both debited

and credited, we just need to know if they are increasing or decreasing. Which accounts

are debit balance accounts, which accounts are credit balance accounts. Now there was

a document I was fishing around for last lecture that I didn't have and I was mad at myself.

But for you folks at home it is in Angel under the handouts for chapter two. But it looks

like this, it looks like this. Does everybody here have one of those? Ok I have got a few

so why don't you pass those around. Now this is how you should do your; these are what

you should put on your flashcards. I'm giving this to you so that you can make your flash

cards. But don't let this replace the flashcards; don't try to learn this by going ok let's

see. Cash is a debit balance account; accounts receivable is a debit ok good I'm doing great.

Inventory... debit... No they are all together. Okay. What I want you to do is make your flashcards.

Okay. Again there is so much of this that is analogous with learning your multiplication

tables. You need to know this stuff real quick. Build this foundation of accounting. You know

some people say this is an online media class. Why don't I do tests where you can take them

online? For the folks who do the online media classes they actually have to come to campus

to take the tests in the testing center. And I don't let them take their tests online and

at home. And some people don't like this. And the reason I do this is because if you

allow people to take their tests online and at home you are basically saying it's an open

book test. Aren't you? Yeah it's an open book test. Now think about if you were a kid and

you were trying to learn the multiplication tables and you had a test that said 6 times

9 equals blank. 4 times 3 equals blank. 2 times 9 equals blank. But you had sitting

to the side, your multiplication grid. How much learning actually takes place by you

just saying ok 2 times 9 equals 18. 6 times 9 equals 54. Is there any learning that is

going on? You are a good copier right? So I just in good conscience just cannot do open

book tests that you take in front of your computer. Now I could ask please don't use

your book but I don't know how you would monitor that. So that is why you folks at home; I

had you come to campus. Because I feel like I am doing you a major disservice in this

class if you don't leave with a strong foundation of accounting. Accounting two, managerial,

your other classes in accounting will be bad. Just like I would be sending you into the

world for geometry and calculus and statistics or advanced algebra if you didn't know your

multiplication tables. And I can't do that, I couldn't live with myself. Ok so do your

flashcards, Kim you did a great job on your flashcards. Okay I'll give you an example.

Equipment on one side is a debit balance account, it's an asset, and it's on the balance sheet.

Okay. Notes receivable, debit balance account, okay, Income tax receivable, it's a credit

balance account, and it's on the liabilities sheet, great job, great job. How many people

have as we speak, and be honest, how many people have done their flashcards? Raise your

hands high. How many people haven't done them but they are going to do them eventually?

For those who have done their flashcards, you get a Hershey's Kiss, okay. For those

of you who have done your flashcards you get a Hershey's chocolate kiss. For those of you

who haven't, not only do you not get a Hershey chocolate kiss, I want you to pick up the

wrappers of the people who have them done. Okay, remember the difference is not between

those who want to do flashcards and those who don't want to do them. The difference

is between those who do them immediately and those who... "I can wait until tomorrow morning".

Hopefully Kim you already have a day or two of learning these balances, cool. Okay I also

recognize that we are going to go over the homework here in a second and I realize it's

going to be a lot of "credit, debit, credit, credit" okay and it's kind of boring. I mean

this is the very basics of the basics. However once again, I want to develop that foundation.

Mr. Royal, did you make your flashcards? Yeah they are right here. Okay because I saw you

eat the kiss I was going to tell the cameras to come off while I struck... Ok you play

soccer correct? I do. Do you remember when you were a little kid and people were teaching

you the very basics of soccer? Maybe you had a coach, your dad or your mom or something?

Don't toe kick, remember when you were a kid you wanted to kick it with your toe. Well

theoretically no you aren't supposed to but there are times you can use it. Or where you

head the ball right? And there are those basics of sports that you learn as a kid; How do

you hold the bat, how do you throw the ball in. And those aren't very fun right? Kids

just want to play soccer. Let's not learn the basics, let's go play soccer. But you

have a lot more fun playing soccer in life if you have a good understanding of the foundational

principal's right? Have you ever played with somebody even at your age that does not have

a good understanding of the principals? Yes. And it's frustrating isn't it. So that is

what we are trying to do in accounting, I know it is kind of tedious. "Debit, credit,

credit, debit" But I want to get that foundation. Sot ah way you will enjoy your classes and

enjoy your business career even more. Alright so let's go over the homework, alright. The

first one I assigned was quick study 2-1 so let's go through that. Alright quick study

2-1 I guarantee you will have one like this on the test. I guarantee! Alright identify

the following income statements where the following items appear. Use I for income statement

of equity and B for balance sheet. Ok accounts payable is on the balance sheet right? Cash

is also on the balance sheet; rent is on the income statement. Office supplies is an asset,

it is on the balance sheet. Prepaid insurance is a prepaid asset; it is on the balance sheet.

Revenue is on the income statement. Office equipment is on the balance sheet. Cash withdraw

by owner is on the what; statement of equity. And unearned rent revenue, where is that one;

balance sheet. That is a liability correct? "Unearned." Alright let's hop down to quick

study 2-4. Okay, identify the normal balance for the following accounts. Now once again,

when I ask you the normal balance of accounts it's the same thing as asking you, how do

you make that account increase; with a debit or credit. Okay, what is the normal balance

of equipment; debit. Wages expense is debit. Repair service revenue, credit. Office supplies;

debit, owners supplies; debit. Accounts receivable, debit. Prepaid insurance, debit. Wages payable,

credit. Owner capitol, credit. Very good. Okay now we are going to ask in quick study

2-5, indicate whether a debit or credit decreases the following of the normal accounts. So how

do you decrease land, you credit it. How do you decrease service revenue, you debit it.

How do you decrease interests payable, you debit it. How do you decrease accounts receivable,

you credit it. How do you decrease salaries expense, you credit it. How do you decrease

owners capital, you debit it. How do you decrease prepaid insurance, you credit it.

How do you decrease buildings, you credit it. How do you decrease interest revenue,

you debit it. How do you decrease owners withdraws, you credit it. How do you decrease unearned

revenue, you debit it. How do you decrease accounts payable, you debit it. Questions?

Okay. Now let's hop over to quick study 2-3. Now I guarantee that you will have a test

question like this as well. This is a great way to understand what is going on. Identify

whether a debit or credit will indicate a change in the following accounts. Ok how do

we increase store equipment, we debit it. How do we increase land, we debit it. How

do we decrease cash, credit it. How do you increase utilities expense, debit it. How

do you increase fees earned, credit it. How do you decrease unearned revenue, you debit

it. How do you decrease prepaid insurance, you credit it. How do you increase notes payable,

credit it. How do you decrease accounts receivable, credit it. How do you increase owner's capitol,

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會計1：方案7--"借記和貸記" (Accounting 1: Program #7 - "Debits and Credits")

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