Placeholder Image

字幕列表 影片播放

  • Alright here we are back again, Okay if you by chance didn't watch the last lecture then

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

  • 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,

  • credit it. Okay, that's it for the homework right now. Let me go ahead especially for

  • the folks at home, put the answers up there. Just leave it on the, just while I'm talking

  • just leave it on the answers here. Don't show me. Once again, foundational stuff. All four

  • of these quick studies. If in a week you can cover up your answers and answer these and

  • get them like at least 90 percent or better. Then you are way behind, okay. You are going

  • to be way behind. These quick studies are going to be a good assessment of if you know

  • what you are doing. As a matter of fact, when a student comes into my office and says I'm

  • really having trouble with accounting, I will sometimes get out a piece of paper with this

  • on it and say do this real quick right here. And if they don't do it well, if they don't

  • get at least %80 or better of them I'd tell them here is the reason you are doing bad.

  • You don't know your very foundational debit and credit balances system. You don't know

  • these things, okay. You don't know how to do these, here let me movie it up. If you

  • dot know these things in a week, if you don't know them well, well I'd just go drop the

  • class. I know that sounds dramatic but again you just have to know these principles. I'm

  • going to assume at some point that you know these and that you know them well. Alright,

  • any questions on that homework? Okay. Let's go ahead now and talk about some important

  • stuff now. We'll do a little review here, okay. The chapter one way, going to the LMO

  • okay. The chapter one way of recording transactions. Let's say we used $250 cash to buy office

  • supplies, okay do you remember how we did that in chapter one? Cash decreases by 250.

  • And office supplies increases by 250. Correct, are you with me? Now imagine that this was quick study 2-3

  • and I was going to ask you how do we decrease cash. Do we debit it or credit it. What do

  • we do, we credit it, how do we increase office supplies, we debit it. And we also learned

  • last period about T accounts didn't we. And we learned that; let's do two T accounts,

  • we learned that the left side is always the debit side and the right side is always the

  • credit side correct? And you are going to notice when I do T accounts I'm not going

  • to keep doing debit, credit, debit, credit. Just because of space and time I'm not going

  • to keep doing that. Just understand that left side is always debit and right side is always

  • credit. So let's do a T account for cash and lets do a T account for office. We learned

  • that the way you record this is you credit cash so you write this on the credit side

  • so more appropriately you credit cash for 250 correct? And you debit office supplies

  • for 250. Are you with me? Okay good now I want to actually point out something here

  • that is real important. There is actually a step that comes before this step. And what

  • that step is called is "making the journal entry". Or sometimes we call it "making the

  • JE". And here is how that looks. I'm going to write it out. Here is how this transaction

  • of journal entry would look. Okay that is how that journal entry would look. What I

  • am doing is, a journal entry is a notation that we make that says that we need to go

  • to the office supplies T account and debit it for 250. We need to go to the cash T account

  • and credit it for 250. Are you with me? And that is what we do, we go to office supplies

  • and debit it for 250 and we go to cash and credit for 250. Are you with me? That is called

  • making the journal entry. Have you guys heard of making the journal entry in accounting?

  • This is what we are going to be doing. We are going to be making a lot of journal entries.

  • Now when you make a journal entry, you list the accounts that are being debited first

  • and then you list the accounts that are being credited. Now I didn't say you list the debit

  • balance accounts first and then the credit balance accounts because actually both of

  • these are debit balance accounts. No you list the accounts that are being debited first

  • and then you list the accounts that are being credited. But the journal entry is our way

  • of saying that the next thing you need to do is go to the office supplies account and

  • debit it for 250, go to the cash T account and credit it for 250. Now I want to be real

  • clear here. This is called the journal entry. Down here what we call this is posting to

  • the T account. Or the ledger, we talked about the ledger last week. This is posting to the

  • T accounts ledger; this is making the journal entry. Now lest I forget, on the test I guarantee

  • you I'm going to ask you to make journal entries. And what I'm going to want to see is things

  • that look like this. But what happens is on the test I'm going to ask you make journal

  • entries and I get a bunch of this. Folks, this you see right here, that is not making

  • journal entries. Make yourself a note of that. These are not journal entries. This is posting

  • to the T accounts ledger. This is a journal entry. A couple things more about T accounts,

  • oh I'm sorry about making journal entries. The total that you debit always has to equal

  • the total that you credit it. Now that's pretty obvious in this case because there is only

  • one item being credited and there is only one item being debited. But we are doing an

  • exercise today where more than one item is being debited and more than one item is being

  • credited. Well the total of your debits always has to equal the total of your credits. Are

  • you with me? And you will never ever see a plus or a minus sign in a journal entry just

  • like you will never see a plus or minus sign in a T account. Never ever, ever, are you

  • with me? Let me show you some incorrect ways that people do journal entries, okay. The

  • correct one is up top. Let me show you some incorrect way that people will do these. We'll

  • do this. No. No we don't do that. You list the accounts that are being debited first

  • and then you list the accounts that are being credited next. Are you with me? The other

  • way that I don't like you to do it, or that's not proper, I want you to avoid doing this.

  • No, I don't like that. The proper way is you scoot in; you indent the accounts that are

  • being credited, are you with me? They didn't scoot this one over did they? They did do

  • it right over here, but you list the accounts that are being debited, then you indent the

  • accounts that are being credited. Are you with me? Every now and then I'll get something

  • really wacky. And it'll be something like this. I don't know what's going on there.

  • Okay. I don't know what's going on there. That is incorrect, yes? You said list all

  • accounts debited first, do you mean we list the two that correspond with each other and

  • then do the other ones or all of the debits? You mean if you are like analyzing several

  • different transactions? That's a great question. No you analyze and do a journal entry for

  • each journal entry, each transaction separately. Not summing up the whole - no. you list just

  • that one and then the next transaction, and then the next transaction. Unless it's a very

  • unique transaction where one transaction had that many debits or credits. You probably

  • will not ever see that in this class. The worksheet we are going to do here in class

  • I think is going to be a big help too. Alright going back over to the PowerPoint's here,

  • this is another example of a journal entry. A couple things about here, there is the date.

  • Usually you like to put the date out there. The journal entry that I did didn't have a

  • date. Then you list the accounts that are being affected, you can see that I scooted

  • over that capital for C. Taylor. You can see how they indented it because it's being credited.

  • Then you list the dollar amounts for the accounts being debited or credited. Never a dollar

  • sign, never a plus or minus in a journal entry. And then they do this journal entry description

  • or explanation. I usually don't do those and I don't really require you to do them. Once

  • again going back to the LMO though. This is kind of more of a simplified approach of doing

  • things. And a lot of times I won't even put that D and C there. Okay are you with me?

  • I'm going to put the date here. I'm going t5o say this one more time because it's very

  • important and students get it messed up. This is making the journal entry; this is posting

  • to the T account or the ledger. You do this actually before you do this, because this

  • is telling you how you do this. Alright let me give you an example of what we are going

  • to do. Let's say that we are going to, let's say that one of the transactions that we analyze

  • is we get a loan of five thousand dollars cash, notes payable. Well how is the chapter

  • one way that we would show that? Well we would say cash goes up by five thousand dollars.

  • And notes payable goes up by five thousand dollars, correct? Now to help you transition

  • from that chapter one way to the chapter two and beyond way, kind of think of this like

  • it was quick study two three. How do you increase cash, what do you do? You debit it. How do

  • you increase notes payable? You credit it. So now you do your journal entry. Cash is

  • debit for five thousand dollars. Notes payable is credited for five thousand dollars. This

  • is chapter one and this is chapter two and beyond. Okay are you with me? But when you

  • analyze a transaction, maybe you can't go straight to that. So just do this way first,

  • do it the chapter one way and then ask yourself how do I increase cash, you debit it, how

  • do I increase notes payable, you credit it. And then use that to do this right here. Okay,

  • I'm going to give you, for you folks at home I want you to work on this too, this is a

  • little hand out we are going to do, this is called Mary's garden services. Again folks

  • at home everything should always be under the handout section under the appropriate

  • chapter. But what I'm going to ask you to do is to analyze an account and then make

  • the journal entry, not the T account but the journal entry. And in this particular case

  • you can see that there are three debits and one credit. The total of the debits will have

  • to equal the total of the credits. And then here is where you put your date, okay. Now

  • go ahead and work on that in class, if you have to do the chapter one way first and then

  • transition like I showed you, go ahead and do that okay. So we are going to take about

  • eight or nine minutes, play some JCCC snazzy music for you and lets just work on that in

  • class. Okay you might not be done with this but the nice thing about being at home is

  • that you can just pause this and start us back up when you are complete. We want to

  • have some time to go over the answers. Now let's take a look at this, mine looks a little

  • different than yours because I left this space to do some extra work. I really always encourage

  • people to do that chapter one way and then transition to that chapter two way. But they

  • always seem to kind of resist doing that. But that is the way I'm going to show the

  • answers, okay. On May first Mary contributes four thousand cash and an automobile that

  • is worth sixty five hundred and equipment valued at seven hundred into her business.

  • If this were the chapter one way what I would say is this. Cash goes up by four thousand;

  • we are going to set up an account called automobile. That goes up by sixty five hundred. And then

  • we have another account called equipment. That goes up by seven hundred. And then what

  • else is affected here folks? Capitol, yeah and were just going to say capitol. This is

  • part of owners' equity. This is one of those situations that increases owners' equity right

  • so capitol goes up by what is that eleven two? How do you increase cash? You debit it.

  • How do you increase an asset such as an automobile? How do you increase equipment, how do you

  • increase capitol? You credit it. Okay now let that, see now we're done aren't we? We

  • debit cash for four thousand, we debit automobile for sixty five hundred, we debit equipment

  • for seven hundred, and we credit capitol form eleven two hundred. And then of course here

  • we put the date right? Do the total debits equal the total credits? Yes they do. But

  • do you see how I transitioned from that to this. And some people might say well could

  • you put these both in an account called equipment? Yeah you could. I probably would set up a

  • specific asset account called automobiles but, any questions on that? On May the fourth

  • Mary buys some office supplies at Office Depot for one hundred and eighty cash. Okay, just

  • ignore the journal entry now; let's do the chapter one way. Well cash goes down by one

  • eight, correct? And office supplies goes up by one eighty, correct? How do you decrease

  • cash? You credit it, how do you increase office supplies? Okay, we should be done now right?

  • We debit office supplies for one eighty again never a plus sign, never a minus sign, never

  • a dollar sign in a journal entry. And we credit cash for one eighty. And we put the date.

  • Now make sure you are not saying things like cash contributed. There is not an account

  • called cash contributed, or cash spent. No no, no no, no, just cash. Okay just cash;

  • don't write sentences in your journal entries. Alright any question on this? Let's go to

  • the next one. On May the eleventh Mary provides services to a client, Bob Jones, the client

  • immediately pays one twenty five dollars in cash to Mary but bob will pay the remainder

  • at a later time. So cash goes up by one twenty five correct? We also have an account called

  • accounts receivable. That's an asset because we are going to receive the cash in the future

  • correct? Accounts receivable goes up by seventy five. And then what else is affected? Revenue,

  • we can book the entire revenue because we have provided the services. So revenue goes

  • up by two hundred correct? Alright how do you make cash increase? Good debit. How do

  • you make accounts receivable increase? How do you make revenue increase? Credit. Okay,

  • now don't be thinking that this all has to equal zero as you add it up or anything. No

  • that's not the self-checking mechanism or anything. What the self-checking mechanism

  • is I'll show you in a second. Cash is debited for one twenty five. Accounts receivable is

  • debited for seventy five and revenue is credited for two hundred. The self-checking mechanism

  • is always do the total numbers in the debit column equal the total numbers in the credit

  • column, and it does right? If it doesn't then you have messed up, okay? Learning to do what

  • we are doing here is so important. I guarantee everyone you will have to make journal entries

  • on your first test; you will have to make at least eight or nine journal entries. They

  • will probably be worth two points each; if you can't do them you are going to miss twenty

  • points right there. Eighteen twenty points, okay. Because I'm kind of all or nothing on

  • JE's. You either do it completely right or it's wrong, okay. Alright let's go to the

  • next one. On May the twelfth Mary purchases some more equipment for five thousand by making

  • a down payment of five hundred cash and setting up a note payable for the remainder. So what

  • is affected here? Well cash goes down by five hundred, equipment goes up by five thousand

  • right? And notes payable goes up by forty five hundred, is that correct? How do you

  • make cash decrease? Credit it. How do you make equipment increase? How do you make notes

  • payable increase? Credit it right? So now we have our journal entry right? We list the

  • accounts being debited first. And then we list the accounts being credited, and you

  • can do those in either order. It doesn't matter. Not minus five hundred, just five hundred.

  • And notes payable, forty five hundred and this happened on May the twelfth. On here?

  • Between cash and notes payable no. but on accounts that are being debited first. And

  • see how I'm indenting these? No you could put notes payable before cash if you wanted

  • to. One more! On May twenty second Bob Jones from the earlier transaction pays the remainder

  • of the money that he owes to us. How much did he owe us? So cash goes up by seventy

  • five and account receivable goes down by seventy five. How do you make cash increase? Debit

  • it. How do you make accounts receivable decrease? Credit it. Debit cash, for seventy five, credit

  • AR for seventy five. Total debits equal total credits. This occurred on May twenty second.

  • Don't resist folks to do the chapter one way first, I saw a lot of people not wanting to

  • do the chapter one way. Don't take the short cut, okay. When I'm driving and I say to my

  • wife I'm going to take a shortcut, you know what my wife knows from that point on? That

  • we are going to be later than if I had gone the way that was best, right. It always ends

  • up taking us longer, whenever you try to take a short cut it always ends up taking longer.

  • So do it the right way. Do it the chapter one way until you are one hundred percent

  • confident. This is a skill that you need to have. For those folks who didn't make your

  • flashcards, are you going to make your flashcards? Okay, good. Alright let me give you your homework

  • and for you face to facers after the cameras stop rolling I have a couple of things to

  • say to you real quick. But here is the homework for everybody. There is the homework, quick

  • study two six and two eight. Exercise two four and two seven. That was a good class

  • period I felt like we learned a lot. I felt like we did a really good job there, did you

  • guys? Okay, alright hey we will see you next time, bye-bye.

Alright here we are back again, Okay if you by chance didn't watch the last lecture then

字幕與單字

單字即點即查 點擊單字可以查詢單字解釋

B1 中級 美國腔

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

  • 28 4
    linda 發佈於 2021 年 01 月 14 日
影片單字