yo yo yo yo yo CPA strength here checking in once again I am the
strongest licensed CPA in the whole entire state of Florida yes I am a
little preoccupied with hurricane Irma I believe that's her name hopefully
everything will be right everything will be okay
I'm filming this the day before Friday arking are my supposed to hit let's see
what is it's September it's September 8th right now it's observer 8th right
now parking are we're supposed to hit September it's Friday September 8th
Perkin and we're supposed to hit september 9th to 10th it's early in the
morning Friday it's supposed to hit Saturday Saturday afternoon to Sunday
afternoon I believe so I'm gonna hope for the best anyway so yes I am
preoccupied with that so Wow I already said Who I am what do I do I teach the
world a basic accounting building block by building block by building block by
building block and this happens to be the best playlist in the whole entire
world right here it's the best playlist as a bet it happens to be the county
place which is the best play of this biodegradable Maclaren dreams come true
find you companionship just everything good in life is there everything bad is
not there like my positive thinking this is the DC AIDS or a real spill this will
really help you this is why I have how many subscribers you probably see I have
right now I know it's over 25,000 now anyways yes house blessed at 25k a few
days ago just so much going on anyways DC a blur debit/credit acid drug expense
liability equity revenue this isn't really about the DC Aylor or this
journal entry this happens to be I think number this is number 11 on widget Inc
so I was our own private little company I really
think once this I think I'm going to do like 25 of these or 30 or something I'm
not sure how many would you thinks I'm going to do I really think after it's
all said and done I'm going to make a standalone playlist of widget Inc well
you could do that right now if you wanted and it's going to be a really
good like serious like people are gonna really like it and I don't know I I
think it's good so what we're going to do this is number 83 right here what
we're gonna do in number 83 is its accounts receivable and yeah we've done
this before we're gonna get paid off an accounts receivable so we had an
accounts receivable on the books and now we're gonna get paid so this so I put a
widget incorporated that's our business here against ten thousand dollars from
the vendor that artists money see that I'm not going to write it spell it out
every time oh it's accounts receivable but that's what I'm the vendor that was
this money because there's only one person we'll only one vendor that owes
us money so someone else money there'll be an accounts receivable right
that would be an asset someone owes us money we got money coming in to us so
that would be an asset we look at our chart of accounts our general ledger
well we've seen accounts receivable in our general ledger I mean our chart of
accounts then we pop into that and then go for a general into our ledger and see
that yes we had a certain vendor we had a certain someone that owed us $10,000
so now we're getting paid from him so we know what's going on we look and see
what's going on you gotta be a little tech Tavish so for that we're gonna have
let's say get $10,000 so we're gonna follow the money so we're getting we're
putting our checking account so a checking account is an asset account and
we're getting so it's going up so if an assets going up it's a debit so checking
account 10,000 asset going up as our debit what's our credit
what's our credit is well the vendor that owner's money so that's the
accounts receivable account so it had a balance of 10,000 but then
he doesn't owe us the money anymore so the accounts receivable account is
reducing so that's why that's gonna be our credit because it is an asset
accounts receivable is our asset but it is reducing lessening so that's why it's
gonna be our credit and of course the amount is $10,000 and of course of
course of course of course of course of course of course of course
debits o is equal credits $10,000 equal 10,000 owed of course of course of
course this happened at eleven thirty fifteen
let's go another board yo that's looking good so this is our
chart of accounts in our general ledger board so let's just get through this one
because all this one's important I'd like to move through this one fast
because I don't think there's I think you need to know the information here
but not get bogged down on it or anything so what were the two accounts
that would just use our journal entry cuz we're doing a journal entry then
we're seeing what accounts in effect so we're just pouring our journal entry we
use the checking account and it counts receivable accounts okay did we already
have those in our chart of accounts yes we did we had an accounts receivable
account and checking account because of course their checking account right
because we use that almost every time right yeah so we don't have to add
anything to our chart of accounts but in our chart of accounts these are all
accounts that we've used all the journal entries and accounts that we've used and
we have general Ledger's for but for these two certain accounts to check any
kind of accounts receivable let's look at the general ledger let's go to the
accounts receivable down here first I hope you can see it yeah I believe you
can but it ends up being zero because you had 831 15 see that's when the
person the owner the person over to us money so the accounts receivable account
went up and then 11:30 15 a couple months later is when we got paid the
money the $10,000 so our accounts receivable has a balance of zero but you
know it's still really nice to see what in this account so you would leave it
you know on your books and stuff your books I guess this is what this is are
these are our books I would suppose mmm anyways the checking account now look at
the check-in counter no longer this is what our 11 months I think we've used it
every time but 6 7 8 2 months 2 times 2 times we didn't we haven't used it I
think that was for an accounts receivable and accounts payable see and
then so you can well you got a little deeper in things because then you can
see you know hey we well okay two months two journal entries we didn't use the
checking account what do we use in place of that we used in accounts payable and
accounts receivable one someone owed us and one we owed someone so anyways this
happened to be what we got ten thousand dollars in our checking account so now
we have twelve thousand dollars in our checking account or accounts receivable
is now zero yo I believe you can see everything whoo dang it was getting kind
of jacked all right like six like on the reels oh just saying dog I'm just saying
your boys getting kind of jacked him down I'm taking some gains though Third
Ward let's go let's go all right income statement whoo this the income statement
is for a period of time in our period times from you getting to the company
zero one zero and 15 to 11:30 15 our journal entry which was dang you know
that's 450 you aren't even remember making a freakin an alarm for that my
life is a mess right now 4:50 a.m. I had to log off I don't even know why why did
I have to wake up at 4:50 today to film this video but I was supply will give it
three to film these videos jeezum it was a boom
let's go alright this is somewhere journal entering an
accounts receivable in checking accounts those were both asset accounts as we
specified before so did not mess our income statement that did not change it
and mess it up but it didn't didn't didn't change at all so with the income
statement is revenue minus expenses equals a net income which her net income
happens to be $4,000 the net income is a very big number because it's on the
income statement and the balance sheet the same number it goes from the income
statement over to the balance sheet and incomes under the equity section assets
equal liabilities plus equity that's the balance sheet but whereas the income
statement is for a period of time the balance sheet is just for one day so you
know we're probably we're in December sometime probably doing this November's
journal entries or whatever we're going to go back in time but this is just for
a certain day anyways it has the income statement then the net income what
happened the income statement right here so it's a big it's a big thing you would
always look at what day is because that's big you know anyway assets equal
liabilities plus equity the liabilities and equity data did not change because
we just messed with the assets we reduced an asset the accounts receivable
we reduced it so much it's not even on on our balance sheet anymore alright and
we increased the checking account by ten thousand up to twelve thousand so really
nothing changed the total assets of sixteen thousand didn't change what it
equaled liabilities and equities of sixteen thousand did not change our
liabilities are we have loan from shareholders seven thousand accounts
payable five thousand so twelve thousand and liabilities in our equity consists
of four thousand dollars of net income which is sixteen thousand dollars
liabilities are ass they're sixteen thousand dollars of
comprised of 12,000 in the checking account which which chip we just got ten
from the accounts receivable and the truck of four thousand dollars I want to
talk about the power of positivity I'm seems like I'm very big on that like
with just being positive because I this is September my month of positivity I'm
really trying to be glass half-full try to be everything just very positive
positive positive trying my hardest and then it's only what September 8th that
I'd like I got this big hurricane coming I'm just trying to be positive and and
think of the best you know friend of mine that I don't see that much because
I'm just so busy he's so busy I helped take his I helped clean up his house for
the for the hurricane coming like Pat his patio sibelius patio stuff and put
it in his own garage and I was thinking like you know on the bright side glass
half-full that this is a chance for community to come together possibly you
know Lowe's chance for me to help my friend yard and show them that you know
like I'm here for home and I and I care about them and I don't know like
everybody's worried everybody's worried about me and I'm I mean I'm gonna be
fine I'll tell I'm gonna be fine I'm gonna be fine I can just like feel it
like I'm like yeah there's no way that I'm not gonna be fine because like I'm
loving making these videos too much this feels like so perfect like just me
making these videos just feels too perfect so I'm gonna be fine
but anyways before I might have been thinking negatively about the hurricane
but now I'm thinking just like you know make bring the
um community community together and everything like that and alright anyways
when long enough till next time deuces
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