Accrual Example: Salaries Payable (Updated 2016)

[@Thund3rSt0rm123]

I have no idea why professor stopped posting videos, his way to explain things makes so much sense, his voice is so calm and most than everything he is a great teacher! There are so many videos to be posted related to accounting.. i hope he will come back and post more videos in the future! Kudos professor!

[@hariompathak7395]

Right

[@wildwindownorway]

you are not just a youtuber, you are a teacher

[@paulc6471]

Thank you for speaking slowly, keeping it super simple, and visual. Helped me a lot.

[@399wnka]

Explains it better than a textbook. Everything makes sense and 'clicks' after watching your videos. I love your videos!

[@bobespnza-la7030]

399wnka especially online textbooks

[@shl8531]

You are an amazing instructor! Your students were defiantly so lucky 🙏🏻🙏🏻

[@bobespnza-la7030]

So long yet so perfect ! Thank you

[@DowntonStudios]

Thank you for this informative video. Your years of teaching show as you teach clearly and methodically.

[@DowntonStudios]

Can you create some more accounting videos? I find your videos interesting.

[@koolk3271]

Your videos are very crisp it helped me a lot. Thanks for uploading them.

[@sandiem610]

Thank you so much for doing these videos...I cannot thank you enough...you explain things so simply and clearly..so very helpful...I told all my classmates about tour website

[@nitinalure6432]

This was very well illustrated.

[@chanyuanwen8336]

Thank you so much for your detailed explanation,please make more videos, your videos are easy to understand for beginners

[@bernardgalvez4518]

Such a great illustration! this really helps in refreshing our college lessons in accrual! thank you very much. New subscriber here!

[@jenniferzmal2597]

Thank you so much, I really appreciate your time and effort!

[@ryanwilliammatema6433]

Thank you so much I really appreciate your effort That's a helpful explanation

[@innocentlovablesunny]

Thank you Mr Larry for explaining this in a nice way

[@vinayakjoshi3535]

Explained in very nice and easy way Makes accrual entry very easy to understand

[@augustayarteh7524]

Perfect explanation. The company will aware of any money in the business as long as you know the date you are doing in the business in accounting. We need to know the time of payday like feb,from the first of the week; it will be in five days to give the report of the payment date may be is every two weeks they will pay the workers. It all depends how the payment is going out of the company. Brave explanations sir. After explaining of Acrual then you can explain more of Acrude account. If is on the 26 for the pay day to the end of december You have to debit salary expense and credit salary payable. My own understanding to this topic.nice of you sir start counting the remaining working days to send out the paym Pa

[@denisesmall567]

Thanks, you made it very easy for me to understand

[@balanaveen2845]

you made my life easy...Thank you so much for your clear explanation. Never understood in University. Your 20 minutes video = My 2 years struggle in Uni.....

[@뜌짱-z5r]

lol same

[@tonikawyckoff8781]

Thank you so much !! The best tutorial hands down!

[@toreyburse1324]

Question..... posting the entire $10,000 as an expense ,credit cash for $10,000 like normal in Jan , then accrue and reverse the $3,000 back to December . Would that be any different that creating a $3,000 payable as long as December is still open?

[@222fireant]

Thank you for taking your time to do this

[@Emilyland86]

omg no one can explain better than him!

[@christiancollins4264]

Found you today - what a revelation! Subscribed. 👍

[@trochetiaboutic5278]

I like the T's account, much more clear & the explanation is simple thank you

[@khalilfuller4939]

I don’t know if it’s because I’m still in the introductory stage, but so far comprehending these concepts have been fairly easy

[@felicitymick584]

Thank you so much for this video! I've been stuck on this one question for an hour and a half, and my textbook just wasn't cutting it.

[@Noname-yk1wu]

HUHUUU SO LUCKY TO FIND THIS VIDEO🎉🎉 THANK U SIRR

[@saptamitachakraborty6627]

God bless you sir,your all videos are very much helpful for us

[@abusiam]

This was the thing that I was having trouble with the most... Thank to you that's not the case anymore

[@LettyKetoDiarioFacebook]

loved the explanation, short and to the point.

[@VijayKumar-nm1yj]

Great Explanation Larry ... Thank you So much . I appreciate your videos . Thanks Again Larry

[@gracembuwa6324]

Thank you Larry for these videos. Very helpful for me.

[@Gari-yugure]

Thanks a million. You helped me out, sir.

[@cliffclairespicyreviews3502]

Can you make a spreadsheet on forecast between budget vs actual?

[@Fazilhot1]

What a great video. Simple explanation ❤️❤️❤️😍😍😍

[@user-dx1pr4ge8l]

blew my mind thank you very much, i can now really understand the accruals

[@SRQHeat5]

Thanks so much for this video! Would it also make sense if the accrual entry was recorded as a reversing entry to be revered on Jan. 1, so that the entry on the 9th would DR Salaries Exp and CR Cash for the full $10,000?

[@SRQHeat5]

Reversed*

[@filirojas]

It does makes sense, it just one more JE, but same effect.

[@ngocpham4313]

Thank you for making this video. That really is a clear explanation and useful for beginners.

[@alevgumus8982]

Excellent explanation, thanks.

[@dmdm9198]

This guy still alive? Need to make more videos

[@michellewang5357]

great explanation thx!

[@NoeliaVelasquez-u3p]

Very well explained! !!!

[@hannah3052]

Nice and easy way of explaining. Thank you!

[@jibberjim9499]

Very Detailed, Great Job!

[@mariabrusnevski7895]

Great videos. Can we have more please)))

[@a.bismail6492]

Could you have reversed the accrual the beginning of the year and recorded it all together on Jan 9?

[@Abishek97]

Thank you for explaining this so clearly!

[@StonekeepNeapolitan]

thank you, you are a good teacher

[@sharavv676]

but what is the real impact if we don't perform accrue

[@chloer1620]

Where have you gone, I need you ☹️🥺

[@msjadhav5192]

Don't you need to to Salary payable (or other account) for whole salary of the month? Like when soft ware calculates salary, wich antry it does??? Can somebody reply?

[@AI-pw6dx]

brilliant explanation

[@Raha-fy1vm]

excellent explanation, Thank you.

[@brokenwingsyt]

Nice class. Thanks!

[@j.t.8685]

you're a goddamn godsend. 👌

[@vincenzokassano9325]

Excellent explanation!!! Thank you so much

[@latbakhti8372]

Thank you so much I understand very well now It was confusing for me but now is clear thanks 🙏 again I love your explanation 😍

[@premiumgold6802]

Thank you Sir, you are such a great teacher.

[@kezianalunga3398]

Many thanks 🙏🏻

[@vickyli7149]

can You tell me how to write down a t -account for 9 of January thanks

[@filirojas]

Salaries Payable $ 3,000 - Debit Salaries Expense $ 7,000 - Debit Cash $ 10,000 - Credit

[@sharavv676]

really simply superb

[@unnisridharan3682]

thank you Larry..nice presentation

[@masuphamolapo9560]

Why is Thursday denoted with the letter 'R'?

[@Adriana-pt5pb]

Q. In real life, Is the calculation of accrued payroll expense always computed based on days worked regardless of salary/wages earned per day?

[@fernandabalieiro6831]

Thank you so much! Amazing class!

[@sasosaso5995]

Thanks. Very helpful.....

[@casst346]

if you set up a reversing entry dec31st, in the new year, the entries will only be a debit to the exp acct and credit to cash as usual.

[@M.laura1985]

Very clear tutorial, Thank you

[@priyankakundnani2204]

Suppose in February you hire a contract worker to help you . You agree in advance to pay them $400 for a weekend’s work. However, they don’t invoice you until early March. what would be its journal entry and adjusting entry?

[@sumankhadka9781]

end of february :- Expenses - Debit Accrued expenses - Credit You received invoice in March Transferring to accounts payable Accrued expenses - Debit Accounts payable - Credit Making payment Accounts payable - Debit Cash - credit

[@shrutilohani]

Thanks this was really helpful

[@mohamedhamzeh2959]

great lesson prof. , thanks a lot

[@luobojia9495]

Dear professor, greetings and all best wishes🎊🌹🌹🌹🌹🌹🌹🌹please update more and more. Regards🎀🎀

[@hanygee6048]

Thankyou so much sir. this is very helpful!! 😊☺

[@mrfoshobroful]

Very well explained.

[@XanRussell]

So if you enter 10k cast and run payroll won’t that be 20k total in cash?

[@weilandong5640]

Thank you very much for the explanation.

[@Stitch163]

Great explanation

[@pmittal19]

Thank you so much sir.. U really helped me a lot by this.. #LoveandRespect

[@T.K.Do-Jeddah]

أحسنت ، ممتاز 🎉❤

[@bravocharle8998]

Damn straightforward !

[@reemaroro9581]

thanks so much

[@ccmei85]

Thanks Sir, good job !

[@chrisberry8318]

thank you this helps so much

[@gabrielmagdy7559]

keep going pleeeeeeeeaaaaaaaaaaaaase thanks a lot for your effort

[@gourabsaha9772]

Thank you so much sir..

[@siobhanclaire256]

Is there a tutorial video for bank reconciliation on this page?

[@jpf7942]

Reconciliation is basically Adding outstanding lodgements to your bank balance. Then add your outstanding payments. Then you take the total amount of outstanding payments away from the total amount of your bank balance

[@jpf7942]

For example your bank balance is 125,000. Your outstanding lodgements e.g money coming in totals at 15k when added up. Your Bank balance is now 140,000. Then you add up your outstanding payments, let's say the total of outstanding payments is 45,000. Then all you do is 140,000 - 45,000= 95,000. That's your balance

[@rahelbelete9803]

Thank you !!

[@Driving4bangers]

It doesn’t get better than this

[@MrAswindev]

Thank you. Mr larry

[@tubeitmark]

In a real world example you don’t accrue up to the payday. There would be no time for payroll to process your check. The final payroll day for the 26th, would be Saturday the 20th(real world). So the accrual would be for 8 days not 3 (22 - 31, not including Sat & Sun). I understand this example was simplified, but I don’t see why the audience would not understand or appreciate the usual example used in practice. ❤ your videos. (This one a little bit)

[@1luv2risk]

Thanks

[@luvTokioHotelalways]

you sir should teach in classes

[@thomasscaria9803]

GOOD JOB

[@gguk9731]

Great video! and his voice reminds me of Goofy hahaha

[@muneerabuhussein5251]

Thank you

[@basicinfo6816]

Dear Teacher upload more videos.

[@SeanSKim]

Prolonged explanation..

[@casst346]

you also accrue for vacation, medical, 401k etc...

[@godstimegeorge4911]

Thank you so much Prof.for your explanation.You made it very-very easy for me to understand.Please which website can i get your full Accounting video?

[@636Knight]

Bro just dropped knowledge on us and dipped 😢