what up everybody CPA strength here strongest CPA in the state of Florida I
don't even think anybody's messing with me on that anymore I don't even know I
have to go to South East region who knows many ways this is the classic
series man you're back again you love it I love teaching I love doing it this is
awesome let's go accounting for beginners number 26 the classic series
what are you going to say about that we having fun yet let's go okay does this
transaction increase assets I don't know this is our third one in a row does the
transaction increase assets but of course we're going to make our journal
entry first and then see what it does what the dude what it is where does yeah
I just squat PR today three fifteen five sets of 10 reps 50 reps beltless let's
go let's go let's go I got that dopamine rush let's go back just a little bit to
accounting for beginners 25 I know you just came from there anyways thank you
very much okay for beginners 25 we did a service
and they said hey a bro we're going to pay you later
so basically you front you fronted your workout in twenty five someone owes you
money that was an accounts receivable the
transaction for FB 26 is receive cash as payment from customer account for two
thousand dollars so thank God the mug finally paid up so he finally paid the
two thousand dollars we're going to make our journal entry of course and then
we're going to see if the assets went up and answer the question thank you very
much Oh boom oh yo he's having some big time week I just bump that I don't know
where I was so we're just going to go in in into the question here I know I know
that you already have DC aid ler written on your paper debit credit I said draw
expense liability equity revenue I already know you have that on your paper
thank you very much we have DCA ler written down what's next
let's write a journal entry for the transaction receive cash as payment from
customer on account for $2,000 do we have cash
we have cash Bing Bing Bing Bing Bing Bing Bing we're going to get half the
journal entry correct hmm receive cash
received so I'm getting cash cash is it a positive form we know that that's
going to be our debit because the dca blur is in the positive forms here so
just look receive cash getting cash getting money we know cash is an asset
we received it so it's going up so that's going to be our debit cash is our
debit how much cash did we get this payment from customer I kill for $2,000
we got $2,000 that's our debit cash $2,000 receive cash as payment from
customer okay so there's half MIT nobody that we've already got this done on
account for $2,000 so now he paid it to me so that means he owed me the money if
he owed me the money it was an account receivable so on account on account
receivable on account on account receivable let's just say that's all
that was on the accounts receivable was $2,000 so someone owed us $2,000 he they
paid us the $2,000 so that means what is owed to us is nothing so our account
receivable went down $2,000 we know from before that account receivable is an
asset because like in place of cash and cash is our ass that we love cash so you
know that it's an that we know that accounts receivable is
an asset and it went down because they paid us what they owed us the $2,000 so
if an asset is negative that's a credit all right so if an assets a negative
it's a credit so we're going to credit accounts receivable for how much for
$2,000 it went down for $2,000 all right look so there's this is this
our journal entry debit cash 2,000 credit accounts receivable 2,000 cash is
an asset it's a debit so that means the asset is going up accounts receivable
for 2000s or credit accounts receivable is an asset and since accounts
receivable is an asset on the credit side that means it is going down debit
cash asset going up a credit accounts receivable asset going down up down up
up down that's kind of how I see it's like any huge does this work
receive cash as payment from customer on account for $2,000 receive cash $2,000
so that means cash going up debit it boom from customer on account on account
let's see so he paid me so the account that must have been must about accounts
receivable because he paid me if it was an accounts payable to paid him so must
have been accounts receivable great so accounts receivable we already have our
debit so I need a credit accounts receivables are credit we got $2,000 so
it must have lessened what he owed us right so the accounts receivable
accounts receivable account must go down that means it's going to be a credit and
of course the amounts equal 2,000 equals 2,000
boom check done green okay now this kind of work is tricks we have our journal
entry so let's answer the question does the transaction increase assets does it
why don't you think about it for one second hit pause hit pause once he does
it increase does it increase we have a two thousand dollar asset going up and
then we have a two thousand dollar asset going down so no they're the same so it
does not know does not increase assets are the same thank you very much for
watching this if you've liked it please subscribe for more because I'm doing
lots of these accounting for beginners over become the accounting man on the
YouTube what up with it peace cauliflower and broccoli pizza this is
Frank's redhot this more crystal
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