Thanks a lot

10 years later and these videos are saving me as I study for a midterm. Thanks for your contribution and the free education!

Just fucked up my exam. Posted balances at wrong place. Thanks for the knowledge tho, prof couldnt teach this but u did in 6 minutes tysm 👾✨

Thank you

prepaid exp is a current asset

BU INDRIII, THIS IS MY HOLY GRAILLL

This was so helpful. Fast and to the point.

this is great thank u so much

10 years ago huh, I wonder what used to go in their minds at those times, I mean no virus, no diseases, not much online meetings and classes.

One sided errors require a suspense account Two sided errors don't require a suspense account Great video

Even in 2024, this video helps sm !!

Thank you

Thank you very much!! Your instructions and examples were very easy to understand and follow along.

God bless

this is so informative

Sir, thank you so much. God Bless You, Sir.

Karishma is getting married next year😅😅😅😅😅

Awesome lesson, thanks much, cheers from Jamaica

Here upon recommendation from CA Ram Harsha Sir

You are an amazing instructor!!! God bless you and thank you for relieving my anxiety on a lot of accounting stuff that you have made so clear and easy to understand. 🙏😊

Can someone please tell me what is the difference between notes payable and account payable i can't understand

So.... - Unearned revenue happened when the firm providing the goods/service received the money/payment inadvance but haven't done the work - Since the firm hasn't done their work, we can't record it by crediting Revenue account in place of the debit in Cash (the firm received money). We credited at Unearned Revenue account instead - Unearned revenue is a LIABILITY account - The moment the firm actually does the work, the Unearned Revenue becomes Earned Revenue. Now we can credit the Revenue account and debit (decrease) the Unearned Revenue account to reflect this change

Thank you for the tutorial. So what I gained from this video: - Revenue, Expense and Dividend accounts are TEMPORARY accounts and we need to close them. To close them we either debit (if it's credit account like Revenue) or credit (if it's debit account like Expenses and Dividends) to net those account into 0. However, since the debit/credit action occurs, we need to credit/debit these amounts in somewhere else - The first way is to debit/credit thoss amount straight into the Retained account (note that this is a PERMANENT account => don't need closing). The final balance will be put into the balance sheet as Retained earning - The 2nd way is to debit/credit the amounts from Revenue and Expense accounts to an account called Income Summary. We then also close the Income Summary account together with the Dividend account and credit/debit the amount to Retained earning account.

Thank you for this tutorial. Helps me a lot in reviewing basic accounting concepts ❤

Thank you for making this video ❤ From what I got in the video: - prepaid account is an ASSET account => it is located in the Asset section within the Balance Sheet - despite some place refers it as prepaid [name] expense, it is still an asset account and not an expense account - as the company made prepaid, credit in Cash (money goes down as payment is happening), debit in Prepaid [name] account - periodically/monthly (not always the case but in the video it is monthly) throughout the duration of the prepaid as the expense occurred the [name] expense account (this is an expense account) debit (expense occurred means there need to be recorded), by the same time the Prepaid account credit by the same amount (the prepaid account is used to "pay" for the periodic expense). Every period/month there will be debit the expense account and credit to the prepaid account - by the end of the duration the final balance of the Prepaid account will be 0, and the sum of the expense account will equal the initial (at the start) amount of prepaid account

Thank you!

أحسنت ، ممتاز 🎉❤

Does representative expense and prepaid expense are the same?

May i ask what if credit on a asset account is larger than DEBIT WHERE SHOULD I PUT IT

thanks sir i have been struggling to understand for past 1 months thank you finally understood his

Very well explained! !!!

Is prepaid accrual like wages, interest, sales tax, on account sales products

Accrual revenue is doing service on credit or on account like service done but money not received. So Accrual will debit account receivable, once money received then debit would be cash

Kudos to u for such an explanation

𝐓𝐡𝐚𝐧𝐤𝐬 𝐬𝐨 𝐦𝐮𝐜𝐡

𝐕𝐞𝐫𝐲 𝐡𝐞𝐥𝐩𝐟𝐮𝐥 𝐯𝐢𝐝𝐞𝐨

Question, Am I taking money out of the depreciation expense and putting it into accumulated depreciation account?

Thank you ❤

How are you

These skin colored explanatory paper videos are the best

Thank you for the great detail

Thanks a lot

How to record if the payment in advance was not required. Just make monthly payments?

Thank u sir,this really helped a lot even if it's just basic,it helps big

hello why the 20k is notes payable it was not stated there that the business borrowed from the bank with a promisory notes to pay

God bless you

Well explained! Helps a lot in learning accounting/bookkeeping!

This was so helpful. Thank you so much!

Bro just dropped knowledge on us and dipped 😢

the video's quality killing me