Accounting - Chapter 1-4 Review (Final Review)

[@meeposkii]

Your incredible! Taught me more in 40 minutes than my professors had taught in 2 months!!

[@Jai-nj4se]

Exactly he explains it’s so simple and easy

[@abdelelamroussy6069]

these are the best accounting explanation videos, and the most accurate for a class environment. most other videos are accounting for businesses, so thank you very much.

[@rominnoodles]

I am currently taking accounting 2301 and this video is really helpful because you provide good examples

[@leynaly520]

thank you for helping me understand this foreign language

[@anthonydegelman]

So helpful! Clear and easy to follow walkthrough,100x than my prof.

[@stevenforce3344]

Glad it helped!

[@ammararafa6967]

In q2 total revenue = 70,500 not 69,500 but other wise u saved me from failing the exam. Thx❤

[@saulocastro9747]

I started this video 50 minutes before my test and this saved me, thank you so much 🎉

[@stevenforce3344]

Glad it helped!

[@beebless2358]

7/10/21 Dear Steven, prayers were answered 🙏👏👏 when your video suddenly popped on my feed. A 42:18 video took me 9 hrs to complete because I took NOTES!!!!. I am in college. I told my child he covered half this book and a semester. My child said so give him a like. I said I already did and leaving a note. You are gifted in delivering information. You're clear voice, pace, and explanation are so key. Please teach other KZbinrs' this method of recording then branch out to universities, colleges and schools. Be well and be prosperous. Thank you so much.

[@beebless2358]

My child said, AND TUTORS!!!

[@stevenforce3344]

Thank you! I'm glad you found it helpful!

[@torijackson3024]

The first minute is the MOST IMPORTANT THING TO KNOW IN ACCOUNTING TY SO MUCH FOR THIS!

[@TuMusicLyrics]

Total Revenues 64,000+6,500 = 70,500 thank you !

[@MurangiraTindyebwa]

i really thought i was the only one who noticed this 😂

[@Strein86]

This was very helpful. I have my ACCT 121 midterm in a few hours. Wish me luck!

[@TinaSimasiku]

Thank you so much sir you just saved me from failing

[@elijahj-l825]

Great, Great video. I am studying for an Accounting Midterm for Thursday and this really helped. Thank you

[@stevenforce3344]

Glad it was helpful. Good luck on your midterm!

[@ailoading1149]

This came in so clutch. You’re a legend. Now i might pass my midterm. Hopefully

[@stevenforce3344]

Good luck on the exam!

[@bluebioluminescence]

update???

[@elsieatieno4421]

This was so helpful, and so well explained!!

[@stevenforce3344]

Glad it was helpful!

[@nathanmakdessi8355]

Great video, one thing: 64,000 + 6,500 = 70,500, not 69,500 @ 33:40

[@lando_jm4609]

absolute beauty of a video, cheers Steve

[@gabrielciment5332]

at 31:30 is your math correct with the revenues?

[@stevenforce3344]

There is a mistake in the video. The total revenues should be 70,500.

[@kjohnson8517]

Thanks for that because I caught it too. Also, the assets minus liabilities was off by 1000.

[@AC-if4sz]

my professor is teaching us by using corporate accounting terms (common stock, dividends, etc) am i missing out on something if the terminology are differently taught?

[@stevenforce3344]

This would be the terminology if you're working in a sole proprietorship. Owner's Equity becomes Stockholder's Equity (or Shareholder's Equity) when you are working in a corporation.

[@dxraelenaa]

I have an exam soon and this was very helpful!!! thank you

[@stevenforce3344]

Glad it helped! Good luck!

[@elizabethmills1286]

Also the fact that I needed this video a yearish ago and it just came up on my home feed😐

[@bluebioluminescence]

the search bar was always there lol

[@Oscar-rd3bm]

Question you said the second way to get the ending owner's capital was using the accounting equation and you said total assets of 27,120 minus liabilities of 6020 equals 20,100. but I get 21,100. can you please explain what I am missing here? Thank you

[@stevenforce3344]

There was an error made when calculating the net loss, and that affected this calculation. If you don’t make a mistake like I did, you should be able to use the accounting equation!

[@Oscar-rd3bm]

@@stevenforce3344 Okay Thank you . Btw you're an excellent teacher . You explain everything in slow a voice you don't rush through. I learned a lot from you. I appreciate it.

[@caitlinsheffy4524]

Thank you! My current online professor is to lazy to upload videos or explain anything to us

[@stevenforce3344]

Glad this helped! Feel free to check out the rest of example videos on the channel.

[@danielfrank5342]

Yes

[@lankstaroutdoors7333]

31:59 total revenues is 70,500 not 69,500?

[@stevenforce3344]

Correct. There was a mistake in the video when calculating the net loss. Total revenues should have been 70,500, but in the video it shows 69,500. That error led to the wrong amount for the net loss.

[@dubiousjesse]

your videos are amazing!!! Is owner's drawings the same as dividends?

[@stevenforce3344]

Owner's Drawings is similar to dividends. Dividends would be used by corporations, and owner's drawings would be used by partnerships and sole proprietorships.

[@dubiousjesse]

@@stevenforce3344 thanks for the reply. I have my first exam today on chapters one two and three. And I’m a little nervous about the two-part questions in regards to adjusting entries

[@stevenforce3344]

Here's another video with more about adjusting entries: kzbin.info/www/bejne/q3nSYaanbph9iqs Good luck on the exam!

[@shaneladkins2227]

Thank you so much ❤We appreciate you 😊

[@userlol.5011]

Im so confusing how to use the correct word like account payable something i really dont know and the proposition on my test also confusion for me, maybe because english is not my first language could you please explain if u can thanks in advance 😸

[@stevenforce3344]

Accounts Payable means that we owe someone money. One way to remember this is that "payable" means that you will "pay" in the future. If we are going to receive money in the future, we would use Accounts Receivable. "Receivable" means that we will "receive" money.

[@userlol.5011]

I don’t understand why expenses is debit could u please explain for me

[@stevenforce3344]

Expenses increase with a debit because it needs to reduce the company's equity. Since Owner's Capital increases with a credit, expenses (along with Owner's Drawings) need to be the opposite.

[@-qv7eu]

Hello, can you help me please I need for the inventory in financial Accounting

[@Aqilahjuhari]

Hi can I combine rent expense and salaries become expenses only ? So in the trial balance I only write expenses and dr 3900 (2800+1100)

[@stevenforce3344]

Every account that has a balance needs to be listed individually on a trial balance. That way, you can explain what those expenses are (Rent & Salaries) rather than combining them.

[@Aqilahjuhari]

@@stevenforce3344 okay thank you

[@yummyasmr33]

Such a great teacher!

[@rabbirra714]

thanks more. god help you and with you

[@Aqilahjuhari]

4.12 can I know why you debit rent expenses on the 3rd transaction ? Expenses is on the credit side isn't ?

[@stevenforce3344]

Expenses increase with debits, so to record Rent Expense and make the balance of that account increase, we will debit Rent Expense. Assets, Owner's Drawings and Expenses increase with debits (decrease with credits). Liabilities, Owner's Capital and Revenues increase with credits (decrease with debits).

[@Aqilahjuhari]

@@stevenforce3344 oh okay thank you !

[@JayLewTheTruth]

Very nice. Finals week and I’m using this to study

[@stevenforce3344]

Good luck on your final!

[@tonphirea1599]

Prepare a budgeted balance sheet as of June?

[@beenay18]

Which books should i refer to?

[@elizabethmills1286]

Is this from a textbook if so which one is it from? I am not taking Accounting right now but I am going to need to take it at one point and I am going to need to pass it at one point so I might want to use this

[@hercules-atlas]

Great explanation 👏👏👏

[@stevenforce3344]

Glad it helped!

[@corywells21]

Helped a lot! Learning from online text is not something for me

[@stevenforce3344]

Glad it helped!

[@fretaybrah9677]

Clear and very easy. Thank you Dear

[@stevenforce3344]

Glad it was helpful!

[@the3hockeytv]

Is this for Wiley plus chapters 1- through four?? Thanks so much 🙏🏻🙏🏻

[@stevenforce3344]

Yes, it's a basic overview of pieces from those first four chapters. I have a more in-depth review of the chapters here: kzbin.info/www/bejne/jpSwaqKZd5aEmLM

[@danieltella5514]

Great presentation

[@vitamobley5001]

Hi Steven, do you have a course for very beginners?

[@kimcomer3636]

this was extremely helpful...thank you so much.

[@stevenforce3344]

Glad it was helpful!

[@sonapetrosyan3970]

But if we in this example subtract from total assets (27120) total liabilities (6020) we will get 21100, which is not what you got.

[@stevenforce3344]

Hi Sona. There was a mistake in the video when calculating the net loss. Total revenues should have been 70,500, but in the video it shows 69,500. That error led to the wrong amount for the net loss, and then we ran into problems when calculating ending owner's capital.

[@sonapetrosyan3970]

@@stevenforce3344 thank you for your response

[@danielbautista2934]

Very helpful for the admission test that im gonna take

[@stevenforce3344]

Good luck!

[@mudanalocheryl6607]

Thank you for making accounting easier

[@stevenforce3344]

Happy to help!

[@lankstaroutdoors7333]

Net Loss* -8100 at 33:25

[@cairopapers4521]

Many thanks. That was s superb lecture

[@stevenforce3344]

Glad you liked it

[@1damien1231]

Been looking for a video like this thank you so much

[@stevenforce3344]

Glad it was helpful!

[@chumpholsrithulee6742]

Can I have questions about this transaction? thanks in advance.

[@dilloniquepatrick3427]

This video was soooooo helpful, thank you so much !

[@stevenforce3344]

Happy to hear that!

[@manalifetv5636]

Thanks for helping. Now I get it

[@stevenforce3344]

Happy to help

[@xshylgefexali9506]

Really helpfull

[@1hassan12]

You are my legend but I have a problem I don't know how to put them in debit and credit

[@stevenforce3344]

Here's a video about debits and credits: kzbin.info/www/bejne/o4maZoOGrtF8r9k Hope it helps!

[@aliciaocampo4822]

thank u sooo much! how about the previous' years adjustment entries? shall we put the previous balances as beginning balance in the taccount? like a/r , a/p , prepaid exp balances on the previous year.. thank u in advance for the response! more power!!!

[@stevenforce3344]

Balances in permanent accounts like assets and liabilities will carry over from year to year. For example, your beginning balance in Accounts Receivable for 2021 would be the same amount as the account's balance at the end of 2020. Hope this helps!

[@aliciaocampo4822]

@@stevenforce3344 thank u for the response! should it be adjusted in t account? or trial balance? thanks in advance!

[@stevenforce3344]

You can show the adjustment in both. First, use in the T-account to calculate the new adjusted balance of an account. Then, that new adjusted balance can be shown on the adjusted trial balance.

[@aliciaocampo4822]

@@stevenforce3344 thank u thank u! always watching, from Dubai, UAE!!

[@baobaoafrica7792]

Thank you very much

[@khalaflatifi6056]

Nice teaching

[@stevenforce3344]

Thanks for watching!

[@rysgulbekbaeva1278]

Thanks, super👍

[@daisyannan7301]

thank yo so much! you're a life saver :)

[@stevenforce3344]

Glad it helped!

[@jamalbismark]

Thank you for this with world

[@Gojobet_Tube]

Wow much helpful, thx.

[@abdikadirsalad1572]

good job sir

[@kuachriakmutnen8652]

Thanks for the great work, but you added the value of your revenue wrong The balance would have been 70,500 instead of 69,500

[@asitdas4083]

Sonar Kala keep saying?

[@MgoreWambura]

Thanks much

[@americab1462]

Thank you so much for this I wanted to cry cuz I couldn’t get it you are helping out so much

[@stevenforce3344]

Glad it helped!

[@awolyeman5486]

Thank you Dear!

[@iirsos]

Idk what grade this is for but this came up on my recommend🚶

[@jurrylamitie6578]

Thank you sm

[@ayounglad7304]

So you learned accounting in uni right? Me: Yeah... How I actually learned accounting:

[@lillykeith9571]

great !!!!!!!

[@stevenforce3344]

Glad it was helpful! Feel free to check out the other videos on the channel.

[@dukekv4869]

By the way, you got the total revenue wrong, it’s actually 70,500.

[@verdaisey1030]

Thanks... That was clear :)

[@headshot9487]

Have my first exam today thanks for the review

[@stevenforce3344]

Best of luck!

[@headshot9487]

@@stevenforce3344 got an 81 but this stillhelped a lot. My exam was more on the terms in chapter 1-4

[@KevRisi]

revenue should’ve been 70500

[@BonaaAbdii-e9j]

T

[@tiktoksardarniii7059]

Seriously I madly fan of u sir....I have 0% knowledge of accounting...bt after attending ur video lecture....serious I feel happy ..I got lot of knowledge