yo yo yo what is going on I am so excited to bring you this and Who am I
I'm CPA strength I am the strongest licensed CPA in the state of Florida you
better believe it what do you do I teach accounting basic blocks basics building
blocks building blocks building blocks building blocks out so educate motivate
and inspire do it all on this channel just little old me do it all by myself
you know what it is and I happen to have the best playlist in the entire world it
happens to be the counting playlist but it's the best one in the whole world
what's going on with my head and feel a little jacked up I feel good today I'm
feeling good you know huh that's what you get you know you get CPH strength
means feeling good cuz you don't need to know about the CPA strength it's not
feeling good just know that I don't always feel good but I'm feeling good
today I'm feeling good and I'm super excited to bring this this this episode
this is number 73 of the classic series accounting for beginners baby that's my
classic series this is number 73 now it's gonna be a loan from shareholder
but it's gonna be a subset we're gonna run this out to 100 okay well this is
road to 100 we're gonna run these out to 100 we're gonna do a business we're
gonna start a business from scratch okay we're gonna do monthly journal entries
our first journal entry is gonna be one 115 now you're like I don't know what's
going on here just stick with me just stick with me I think you're gonna love
it I think you're gonna learn the most that
you could possibly learn in the next let's see 27 the next five weeks you
know you might be you know you're starting a new class right now in school
or whatever your ear you you know this is this is going to be the best way my
opinion to learn to learn the basics of accounting and you know if I have 70
something videos before this so you can see you know like the dca learn stuff
this is the mapping system this is really why people listen to me mostly I
think I do have a bubbly personality I know I
know but the sodi siedler it's a debit/credit acid row expense liability
equity revenue now just think someone were the whole world threw away and each
thirty came up with this at age 37 and now the whole world knows him over so
just always I'm always trying to progress that I'm always trying to go
gosh you know I can talk forever you know I could talk forever so let's just
get into this so we're gonna start man we're gonna start a business from
scratch okay and here we're gonna do a journal entry on this first board we're
going to do the problem we're going to do what happened every month we're
starting at 1 1 2015 we're gonna go you know 12 27 months or whatever so you so
anyways the name of our the name of our visit
oh so anyways we're gonna - first board is going to be a journal entry I have
another board here with a chart of accounts we'll get that in a second I
have another board chart of accounts and a general ledger then I have a third
board with a balance sheet income statement and we're gonna do all all
once and so we're gonna start from scratch and we're just gonna follow a
business because that's how I learned the most all right this is bothering me
I don't know why's is everything bothers me I think I have a problem II I think I
have a problem please I know I have problems that's that's part of my it's
part of why I got a little squad nobody's perfect right well you ain't
got no problems you just sure you're sore in widgets have a glass house
alright love from um we have a company called widget Inc all right we engine
that's our company widget Inc that's our company now I want to pick widgets
because they could be whatever you want them to be they can fit for your
specific need don't don't focus so much on like the
thing about which is because if it was a piece of pizza you said well what about
this repeat salary what about this and if it was for tax returns what about
this what about this and and I'm kind of it has to be a moldable the widget has
to be moldable like first the specific video I don't know I don't think that
made much sense but it's gonna be a widget and so basically it could make
sense for the particular video whatever journal entry happens for the widget and
also I also want you to you know whenever we do a widget whenever we sell
whenever we sell widgets you know or you know whenever we sell widgets or or I'm
not sure if it's going to be a service or tangible good but it can be either or
but but whatever you know that's what we're doing we're selling we're selling
widgets that's our thing and a widget could be anything I want it to be have
you ever sold anything can you picture your head selling something like like
candy or something you know did you ever sell candy I guess you know to jail
remote lawns did you ever babysit you know I guess
you had a job so you're selling your time so that could be a widget I just
want you to picture you can picture what you want the widget to be so let me just
get started here I'm not really going to go into too much of what the dca there
is or how we get the journal entries I've already gone too far I already have
a loan from shareholder journal entry somewhere in my my playlist so let's
just get let's just get right into this okay and we're gonna just go down the
road to a hundred winter well on the road to AFB 100 let's go
JD that's me the sole shareholder of widget Inc that's the company and just
FYI don't tell anybody but like we all own we all own just for like legal legal
and tax and stuff we all own widget in everyone
watching this has little share little stake in the company just want you to
know that okay so JD's sole shareholder of winning
which is what we're going to more pumping widgets we love pumping widgets
we think they're going to be the best company in the world we think we're
going to make all the money oh it's going to be great it was so easy we're
just somewhat everyone's gonna buy your widget loans widget Inc $10,000 alright
because it's gotta get off the ground the company has nothing right now the
company has nothing would you think it's it has some paperwork
nothing you know what are you gonna do you're gonna you're gonna loan it
$10,000 in the checking account and we're not doing captured on checking
account now you're going to learn a $10,000 so it has some some money to get
going here needs it needs it needs a lot of things before we can start selling
widgets well it's a journal what's the journalists you're going to be for
loaning loaning widget loaning our company loaning the company we're going
to wear our hat our widget Inc at here boom is widget what is there cash
involved yeah there's $10,000 cash we're getting cash no it's a debit so we're
going to debit $10,000 checking account non-cash we're going to debit $10,000
checking account it happens to be an asset cash happens to be an asset the
credit for that is a lot it's a liability because the company owes its
shareholder money so it's liable for that if if you have a liability going up
it's going to be a credit so that's going to be our credit $10,000 loan from
shareholder liability equals $10,000 equals 10,000 dollars after out of one
115 now what we're going to do what happened there - right - right checking
account and log from shareholder those are uncertain that those are in certain
accounts do we have those so what we're going to do is I'm gonna look I'm gonna
look and say I have a chart of accounts here we we wouldn't have anything in our
chart of accounts we just started we just started okay so
I would write in as I'm doing this you know do simultaneously like in
QuickBooks or in some kind of software but you know you would say okay but
anyways you'd say hmm I have checking account and I have a loan from
shareholder do I have do I have those in my charge of accounts yet well no but I
don't have anything in my chart of accounts so I'm gonna write in and the
chart of accounts chart of accounts these two items okay baby was back was
back we've got the the charge of accounts we didn't have any exist was
our first one this is our first journal entry our
first transaction of our business so we had to write in on our chart of accounts
checking account so we can make the journal entry somewhere we have the
chart of accounts checking accounts as we made our journal entry and half of
three and under assets and then under liabilities we have another account that
we created to record that journal entry which is loan from shareholders in
inside of every account on the chart of accounts there's going to be a general
ledger and the general ledger is going to be where if if things happen in
journal entries is going to go to the chart of accounts and then a subgroup of
the chart of accounts is going to be the general ledger so inside our checking
account general ledger right now from r-11 15 we have ten thousand dollars
because we got ten thousand dollars in our checking account also whoo yes is
good I have spent so much photos like this is good right anyways love loan
from shareholders is going to be another subsection of the chart of accounts of
loan from shareholder journal entry right and this is what happened in
inside our chart of accounts in the general ledger only one thing happened
in the loan from shareholders chart of account on 1 1 1 15 it was $10,000 we
out we out JT ain't you $10,000 alright what does that do what would you do
for a Klondike bar you know I do a lot for a Klondike bar
well alrighty then ways back I'll tell you what happens from the balance sheet
and the income statement from those items now I'm going to go fast because
as you can see there's not going to be too much happening because as only we
have one transaction from the one transaction we had an asset ten thousand
dollars in the checking account of ten thousand dollars so we had and as we
know assets equal liabilities plus equity is the balance sheet we also had
ten thousand dollars under liabilities alone from shareholder account and
that's all we did we had the one transaction so there's you know there's
two parts to a transaction so there's our two parts assets ten thousand
dollars equal liabilities plus equity ten thousand dollars because there's no
equity yet is the equity there's no retained earnings there's no net income
but that's from off the income statement now we have it we haven't done anything
with revenues or expenses yet so there's nothing our income statement so income
statement is revenue minus expenses equals the net income and the net income
flows over sorry to from the income statement flows over to the balance
sheet and so that's that's the process it's going to be we're going to do a
journal entry then we're going to see is in our chart of accounts we're going to
go from our chart of accounts to our to our general ledger then we're going to
go from our general ledger to our income statement balance sheet and then see
what what's what's going on and we're going to do that
27 26 more times so it's going to be a lot of fun I hope you enjoy it I love
doing these I'm just I'm just pumped I feel like I'm really doing something
here I can remember my sleep and caffeine scheduler I just did right now
but anyways I hope to see you on the next one it's going to be
good I was gonna look up there what is this 173 hope to see you in 74 it's
gonna be the second one of the set stay positive have fun stay blessed man
just try to keep progressing never stop let's go
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