Adjusting Journal Entries Part 2

Adjusting Journal Entries Part 2

Category:

Education

Tags:

• accounting
• business
• education

[walapera1]

Excuse me sir! how will i know how much depreciation amount has been charged against the assets?

thank you

god bless

[mwhite1249]

@walapera1 depreciation charged in the past is accumulated in the Accumulated Depreciation account. Most companies keep records of assets under depreciation and any past depreciation.

[ColdBoi]

@mwhite1249 part one of your video shows revenues on the left and Accounts Receivable on the right. If that being left for debit and right for credit, than why do you say in this video revenues are credited?

[mwhite1249]

@ColdBoi If you look again you will see Accounts Receivable is on the left (debit) and Sales Revenue is on the right (credit). The only exception would be to correct an error.

[walapera1]

@mwhite1249 thank you sir!! :)

[guitarlearner89]

Thanks.

[diwan14]

@kareemtehdream

i thnk it because......revenue account comes for OE and it is in credit form and intreset recievable is like accounts recievable that comes from assest and it is in debit form....i thnk it works like this

thanks

[diwan14]

@kareemtehdream 

i thnk it because......revenue account comes for OE and it is in credit form and intreset recievable is like accounts recievable that comes from assest and it is in debit form....i thnk it works like this

thanks

[dchak67]

thank you very much!!!

[the8ight]

in the video he is showing the end year procedures so simply he is:

dr accounts receivable control account (balance sheet) and cr revenues (income statement)

[kareemtehdream]

@ColdBoi that confused me as well. Why did he say interest revenue is credited and interest receivable was debited? Isn't it the other way around?