FA15 - Adjusting Journal Entries - MORE EXAMPLES

[@PunmasterSTP]

Adjusting? More like "ignorance busting", because you're helping to teach people so much!

[@iamyourfathernamjoon7202]

HA

[@PunmasterSTP]

@@iamyourfathernamjoon7202 I'm glad these random comments are getting an audience 😆

[@bryanguerra3683]

My accounting professor is nowhere good as you are in explaining these topics. Thank Christ for your in depth analysis

[@idkwhatimdoing361]

I don't really understand part c at 8:51. In the previous exercise (exercise 3-1A) in order to calculate the accumulated depreciation and depreciation expense, we had to do value of asset/# of years x 12 to get depreciation rate per month. Then we had to multiply this number by the number of months that have passed to get the accumulated depreciation, or, how much the value has depreciated in this time/reduced in value. I understand that in this example since we are not dealing with months we just do value of asset/# of years to get depreciation rate per year instead of per month (in this case, the depreciation rate per year is 214000/10 = 21,400 per year). I don't understand why, in the previous example, we had to multiply the depreciation rate by number of months, but in this example we don't have to multiply the depreciation rate by number of years, and instead you just leave it as 21,400 in the adjusted journal entry? Why is that? Shouldn't we instead multiply the depreciation rate by the number of years to get the accumulated depreciation? (Although in this example you can't even do that because you aren't given the number of years, it just says "years ago")

[@margerymartin3313]

I think the underlying assumption here is that, the A.D was recorded for the last fiscal year, and we are to adjust it for the current fiscal year.. It didn't mention that piece of info in the book, but I guess that's what the implication is judging from the answers..

[@pbbtrk]

@@margerymartin3313only explanation that makes sense, wish prof. elaborated more explicitly in the video

[@mathialagangopalakrishnan6100]

I got so confused with preparing AD JE but with your lectures i am able to understand now .Thanks sir

[@JessicaFisk-w4h]

your videos are still getting me through accounting! Im PASSING my class with an A because of the time and effort you put into your videos! THANK you so MUCH Tony Bell! Your appreciated.

[@kelvinotieno4381]

Thanks a lot for these videos. I have made sure to download all of your problems and now they are mine 😅😅😅

[@ethanneu3209]

Thank you so much for your help, helped me learn right before the exam and you were as straightforward as can be

[@shamsamuhamed9306]

I am from Kenya your videos are very beneficial. THANK YOU VERY MUCH

[@ottomcannick7698]

Thank you so much for these videos. They make this topic much easier to understand.

[@3912James]

Yesterday I struggled mightily in understanding adjusting entries. Today it's starting to slow down for me to the point where I'm attempting to work out these exercises. Will keep getting at it until I grow comfortable in doing adjusting entries.

[@PrasannaThawait]

Thanks for making such good videos. They are very helpful.

[@makiyamcdaniel1736]

GOD BLESS YOU for these videos!!!!

[@d4114s4]

I have just found the channel & it is interesting & made me refresh my old forgoten knowledges, thank you Tony

[@chefartykbaev2796]

Such a gooooooood teacher. Amazing explaination, thank you so muchhh!!!!

[@bkosimi]

Excellent teaching! You do really make accounting sound easy and fun. :) Well done. 👌

[@Sean-d4u]

Thank you very much. Your lessons are very helpful. Respect!

[@chocymachado]

this was awesome!!! first video that has adjusting entries like i get in my studies everyone else just seems to do basic purchase entries. do you have a video where you explain your cheat sheet? though i do get the idea just wondering if some details would help in apllying it...but very cool. i have never come across the account security revenue what else do you think the entry could be if it wasnt there can you please give me a brief explanation on the account? great work on to the next part

[@einszweiweltstein2574]

Thank you for your videos Tony, very helpful indeed.

[@ismailismaili0071]

I love to adj the rail balance it's really fun for me

[@jaimiechen7034]

You video is very useful and informative. Thanks

[@jen8802]

Thank you so much. Extremely helpful videos!

[@efecavus5423]

Did Tony record all those videos in a row? He has the same shirt and a broken finger in all his videos as I can remember😆

[@efecavus5423]

Also, I want to contribute to your channel but the fee for Turkey is very much a Turkish student... (60₺ is almost 1 day earning for a minimum-wage worker in here) I share you with everyone I know, wish you the best!!

[@Tony-Bell]

@@efecavus5423 Several of the same shirt - and no broken hand - just needed something so I wouldn't trigger my touch screen when I was writing! I'm sorry about the price - $9.99 USD - I wish I could do different prices in different markets, but KZbin doesn't allow it.

[@efecavus5423]

@@Tony-Bell Yes, I know, 10 bucks is very affordable in most countries but... Thank you a lot for your effort and your answer, it really makes me feel like we are in touch (actually in person, creepy😅). Maybe not now, but as soon as possible I'll try to return you your effort. Thanks a lot, again. Note: If you can do one-time deals (not a monthly subscription), I'd be very glad.

[@talliiii1345]

QUESTION , what was the chart he was using as rule of thumb and is there any videos where he breaks it down?

[@neisycenteno3377]

Beautiful!. thank for your clear explanation.

[@YASUMINNAMYALO-m1p]

you have a good handwriting😃 for me i balm the computer

[@davenwijaya4063]

So helpful, thank you so much

[@JamesBwanali-uq2lc]

Thank alot now am understanding this

[@she3598]

Which videos should I be watching for 'Accounting for Merchandising Operations'

[@gianfrancoide4801]

I have a quick question. For question C, why is the Depiction Exp $214,000, wouldn't have to be $46,000?

[@scottcarman6514]

I agree as well; TY Scott

[@davidvaro9418]

i love your vids Really helpful

[@juliacorcoran2845]

why is supplies a prepaid expense?

[@Tony-Bell]

If supplies are purchased and used immediately or within the same accounting period, they are simply recorded as an expense.... But! In my course - When supplies are purchased they are not used immediately, so they are recorded as an asset under "Supplies" (or "Prepaid Supplies"). This is because they have value into the future that the company will use over time. As the supplies are consumed, the amount used is transferred from the "Supplies" asset account to an expense account, typically called "Supplies Expense".

[@cathynabatanzi6058]

I now feel I can go for that job

[@jayamaheshwari78]

why not prepaid supplies(7:25)

[@TanyaNagar-ez7ds]

can someone explain , while adjusting the third entry c) part that is , why did we assume two years of depreciation , when the question doesn't specify it

[@Tony-Bell]

It's not two - only one - 214000/10 = 21,400 per year and we take 21,400 in depreciation...

[@yamaan9528]

@@Tony-Bell why is it only one year when the question says that the computer was bought years ago?

[@Tony-Bell]

@@yamaan9528 We only ever depreciate for one year at a time on financial statement dates.... So last year we would have depreciated the asset, and we do it again this year.

[@yamaan9528]

@@Tony-Bell Makes sense, thank for answering!

[@sumeyyearslan8073]

@@Tony-Bell Don't we make this adjustment for the first six months? Why didn't we divide it in half again?

[@andreannebutuan]

can g) be account receivable & account revenue?

[@juneirarnab2006]

Sir is this course and principles of accounting same? Or is it different?

[@Tony-Bell]

Yes - this class should be a reasonable match for principles of accounting.

[@WillyJuddovitch]

Thanks

[@weijunye5560]

Thanks a lot

[@Thepianobird]

when I balance this out I have a 3666 dollar discrepancy. It has to do with b. but I cant figure out why.....

[@alyaniali6829]

Helpful

[@danamuskego2285]

My course is following the same concept except we use capital and draws. And different closing entry methods. That’s too bad you don’t use capital and draws. You would get more subscribers and People joining.

[@marwanhussein9846]

What about 3-2A

[@tshetansherpa2270]

I want to become a member , please help.

[@peterdoka9731]

Can not see where the joining can be done

[@Fatjucvhg]

🐐

[@dhruvpadhiyar05]

i love u

[@MdPipe-vs3ok]

Sir,