字幕列表 影片播放 列印英文字幕 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.
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 更多分享 分享 收藏 回報 影片單字