Accrued Expenses - Ch. 3 Video 5

[LKJPDUR]

why Jan. 7? you said we get pain Jan 9?

[WealthCatalysts]

There is a mistake with the journal entry date. It should have been Jan 9th because that's pay day and wages expense incurred was 7 days. There's nothing wrong with the chart. 3rd and 4th of Jan are non-working days because it's the weekend.

[Imagynuity]

Smudge.

[TJmax0318]

thank you so much...I wish I could get all the lectures, nit partially. TT

[selfmutilation100]

thanks!! i understand so much better now!!

[vasilias2006]

I still am lost... If i record something into expenses (salery or paperclips) then it no longer shows in my assets... but I do still have that money in the bank account so my bank account statement wont reconcyle with the asset account ledger - sorry that is the bit that I can't get my head around

[rodctenis]

@vasilias2006 Bank account balance is cash basis, accounting is accrual basis.

[TheNemeson]

So, someone already answered my question. Haha sorry

[TheNemeson]

At 2:14 , it should be Jan. 9 not Jan. 7 right? Since payday is Jan. 9.

[AR3ID]

@TheNemeson yes

[cskylark9]

the second entry that was done, was that not supposed to be the january 9? i dun understand why he did an entry of the january 7.

[rrayoflight]

@cskylark9 I believe there is a mistake in that chart.it must be:

29 30 1 2 3 4 5 6 7 but due to a mistake he has written:29 30 31 1 2 5

that is the reason.so you are right.it must be January 7.

[Godfather001001]

@rrayoflight I think he didn't count 3 and 4 because they are a weekend and maybe employees don't get paid for the weekend

[micciloi]

@Godfather001001 yeah.....i do think , too.

[fka0006]

you made it so simple and plus you made it more clear by comparing adjusting entries with another year....thnx alot..i am feeling so good....

[dentma11]

wow i get it now, thanks for the vid (:

[vinumji666]

@dentma11 same here... :)