I actually like his voice. Its like a serious whisper which makes you concentrate because you get the feeling that this is serious stuff, which is his intention by using that tone of voice.
Great stuff, had to replay it a couple of times to fully catch everything but much thanks!
I am very new to this and trying to just loosely grasp these concepts and then gain a deeper appreciation through repeat viewings. This seems like a very dangerous tool in its simplicity...for people who want to hide bad debts or other dirty assets or something though. Am I thinking clearly on this concept? For anyone who might look at this lol.
Initially how MF drawing was done, in other words , how the original journal looks like ? I can see MF drawing was debited but what was credited in that transaction?
this video really helps... do you have more video that helps with the next steps of accounting?? i want to get ahead of my class.. i have the book but the video helps a lot more... so you have any video like this one explaining the next thing after closing entries?
Man this guy's voice makes me want to fall asleep! It's great that you show the easiest of the closing entries that are typical of the perpetual inventory system (using Cost of Goods Sold). However, what about closing entries that go along with using the periodic inventory system? Now those are a little more difficult and certainly not as simple as these closing entries are. Would you be able to post a video about closing entries associated with the periodic invertory system?
Sorry about the sleep-inducing voice; coffee is recommended!
Good point about periodic closing entries: I close Purchases as if it were an expense account, leaving only the entries for beginning and ending inventory counts. The trick is to know that ending inventory must be on the ending balance sheet as a debit, so credit Income Summary for that. Beginning inventory needs to be purged from the ledger account with a credit, so debit Income Summary for that & you are done!
I've decided to get my accounting concentration my last semester of my senior year. I haven't had an accounting class in two years and your videos are a good review when I start intermediate 1 and 2 this summer.
I actually like his voice. Its like a serious whisper which makes you concentrate because you get the feeling that this is serious stuff, which is his intention by using that tone of voice.
Great stuff, had to replay it a couple of times to fully catch everything but much thanks!
Hopefully I'll pass my test in 2 weeks :P
gohabs1119 2 weeks ago
Thanks Man! It Helped a Hella Lot! :]
NaLDoIzMeH 9 months ago
Seriously, all the other videos only helped a litle, this helped a lot! I understand it. Thank you so much :)
Also, the voice was fine
xxjordie 10 months ago
This was extremely helpful but your voice is so god damn boring.
parismccullough1 11 months ago
@parismccullough1 His voice is excellent. As is his manner, and style of teaching.
w0mblemania 3 months ago
perfect
aerothunder104 1 year ago
gosh this was really helpful. thanks!
pinkpeachz 1 year ago
The income summary is something like the income statement right? Shouldnt depreciation be included in this example?
Ramadog 1 year ago
Very very helpful for me to understand the closing process. THANK YOU!!
bobichina 1 year ago
I am very new to this and trying to just loosely grasp these concepts and then gain a deeper appreciation through repeat viewings. This seems like a very dangerous tool in its simplicity...for people who want to hide bad debts or other dirty assets or something though. Am I thinking clearly on this concept? For anyone who might look at this lol.
buckoe132 1 year ago
Thank you so much! And the voice isnt sleep inducing at all lol. This really helped me. Really appreciated.
xodorianleexo 1 year ago
Initially how MF drawing was done, in other words , how the original journal looks like ? I can see MF drawing was debited but what was credited in that transaction?
habozaid 2 years ago
this video really helps... do you have more video that helps with the next steps of accounting?? i want to get ahead of my class.. i have the book but the video helps a lot more... so you have any video like this one explaining the next thing after closing entries?
flavito8 2 years ago
OMG, THANK YOU!
AlihasADD 2 years ago
Got it! Thank you very much!!! :)
imnotandrew1 2 years ago
Man this guy's voice makes me want to fall asleep! It's great that you show the easiest of the closing entries that are typical of the perpetual inventory system (using Cost of Goods Sold). However, what about closing entries that go along with using the periodic inventory system? Now those are a little more difficult and certainly not as simple as these closing entries are. Would you be able to post a video about closing entries associated with the periodic invertory system?
imnotandrew1 2 years ago
Sorry about the sleep-inducing voice; coffee is recommended!
Good point about periodic closing entries: I close Purchases as if it were an expense account, leaving only the entries for beginning and ending inventory counts. The trick is to know that ending inventory must be on the ending balance sheet as a debit, so credit Income Summary for that. Beginning inventory needs to be purged from the ledger account with a credit, so debit Income Summary for that & you are done!
Hope that helps!
enlight09 2 years ago
I've decided to get my accounting concentration my last semester of my senior year. I haven't had an accounting class in two years and your videos are a good review when I start intermediate 1 and 2 this summer.
Thanks bro
chris850t 2 years ago