I am an Accountant and practicing it for so many years, the way you present your tutorial videos are so easy to understand. This is really very relevant for refresher course and for those who are studying Accounting. You are making it easy to comprehend the effects on the books of the company.
I just wanna say thank you, because I've been searching educational video for hours but only found explaination about defferal transaction that is a repaid rent etc.
Easy way to memorize Debit balances is the acronym ADE. Assets, Dividends, expenses. unless it is unearned revenue which is a liability. Hope that helps. In debit balances Debit increase and Credits decrease. Revenue is usually an asset unless it us unearned. Great teacher man keep up the great work!
Thankyou for the video. I learned a lot now. Im 1st year college in BSA i felt nervous because of that but i want to pursue and i want to be an accountant. I always motivate my self. Thankyou for that sir from philippines 🇵🇭
Sharp explanation professor professional explanation. The name of the account we should record is unearn revenue. Unearn revenue is a revenue that have not yet received the money then remember about the cash or service revenue.
Sir your voice is so crisp and clear, your way of teaching is amazing.. I would like to advise one thing, along with income and expense accounts if you can please draw balance sheet too and show the adjustments practically there , it would really be very helpful..
Loved the example and teaching, and I know this is one person, but felt tip pens on paper send chills up my spine like nails on a chalk board does for some. Will have to fight through the to get the good instruction.
Thank you. Could you please tell when it is possible to write revenue as a credit? I thought that all revenue recievied in advance before providing goods is Credit.
Incorrectly You cannot record revenue into it earn. We receive cash in advance but didn't perform the service so this goes under unearned revenue as liability meaning we owe the customer service. So if we complete the whole service then you record revenue.
This is how i've been handling this for 20 years. Lately the auditors have been saying that deferring revenue has been phased out by the accounting standards board. And that non-profits no longer defer revenue. I am a bit rusty so I came out to see how things are done now.
unearned revenue is a liability account. not sure why no other source helped me figure that out. all revenue accounts are asset accounts EXCEPT unearned revenue.
I am an Accountant and practicing it for so many years, the way you present your tutorial videos are so easy to understand. This is really very relevant for refresher course and for those who are studying Accounting. You are making it easy to comprehend the effects on the books of the company.
I just wanna say thank you, because I've been searching educational video for hours but only found explaination about defferal transaction that is a repaid rent etc.
Awesome man. you are better than our professor in terms of teaching
Easy way to memorize Debit balances is the acronym ADE. Assets, Dividends, expenses. unless it is unearned revenue which is a liability. Hope that helps. In debit balances Debit increase and Credits decrease. Revenue is usually an asset unless it us unearned. Great teacher man keep up the great work!
this guy is awesome. I wished that you were my accounts lecturer.
I feel like continuing my course to Accountancy now that I have found someone who can explain accounting terms/principles better
I am a french accountant. Thank you very much for your work. It is very helpful. Merci beaucoup
You saved my accounting career. Thank you so much.
Nice explanation Larry. This was really helpful. Thanks a lot for your efforts to make the learning a pleasure.
Thanks for spending time to teach accounting students worldwide
I have masters in commerce and never got journal entries right until I watched your videos
Your lectures rock Larry
You are the best accounting tutor.
Your teaching is good sir, I understood the topic and example.
I am really! going from struggling to starting to get it. I have been at this (learning thing) for quite a few weeks. Very grateful.
Thankyou for the video. I learned a lot now. Im 1st year college in BSA i felt nervous because of that but i want to pursue and i want to be an accountant. I always motivate my self. Thankyou for that sir from philippines 🇵🇭
hows it going?
What an awesome explanation,which directly goes to long term memories,thank you so much
I have learned more from your videos than my actual teacher's lectures
who are here in 2020 ha ha. Thank you so much, i have to take online class due to Corona and i didnt understand much until your video.
2021
Nice and clear explanation....Great.
Thanks and regard.
Thank you Sir! You took your time explaining the whole thang
Sharp explanation professor professional explanation. The name of the account we should record is unearn revenue. Unearn revenue is a revenue that have not yet received the money then remember about the cash or service revenue.
Your lecture is the best of best.
perfect. I checked others video, but yours perfecttttt
Thank you Sir, I understood the lecture very well. the way you are teaching is just simple but great.
Very good explanations and it really helps!
Wow you have a talent in explaining well sir
This helps big time. Thank You for making the video.
Sir your voice is so crisp and clear, your way of teaching is amazing..
I would like to advise one thing, along with income and expense accounts if you can please draw balance sheet too and show the adjustments practically there , it would really be very helpful..
Clear as it can get... Thank u professor
Very clear explanation. Thank you for your work.
Thank you so much for your kind support. i appreciate; it.
great video, I'll remember what a deferral is now
LIFE! This was great.
thank you for the lecture!!!
Thank you, I was so confused on this particular aspect
You rock Mr. Larry !!
Thank you! Very simply explained.
best explain ... thanks man
You are the best, thanks a lot .
Loved the example and teaching, and I know this is one person, but felt tip pens on paper send chills up my spine like nails on a chalk board does for some.
Will have to fight through the to get the good instruction.
Very helpful! Thanks so much !!
Thanks, better lecturer than the one I have at uni lol
it's such a useful example! Thanks!!
hello Mr.Larry how the adjustment journal if this transaction is immediately recorded as a service revenue?
Thank you sir ,this is very helping me
Can you explain when an account is overstated and understated?
Thank you for your video! Can you please explain retainer that the vendor paying to law firm, if you still record lessons. Thank you
Is this also called, Accrued Income? I'm studying through AAT in the UK.
THANK you prof much ppreciated of all ur videos I absolutely benefited from .. if u teach online am interested sir .
Thank you. Could you please tell when it is possible to write revenue as a credit? I thought that all revenue recievied in advance before providing goods is Credit.
Incorrectly You cannot record revenue into it earn. We receive cash in advance but didn't perform the service so this goes under unearned revenue as liability meaning we owe the customer service. So if we complete the whole service then you record revenue.
thank you for being so clear!
do we call the prepaid expense also a deferred expense?
thank you
Crochet LouLou prepaid expenses are assets.
professor you are the best
Wow amazing lecture
This is how i've been handling this for 20 years. Lately the auditors have been saying that deferring revenue has been phased out by the accounting standards board. And that non-profits no longer defer revenue. I am a bit rusty so I came out to see how things are done now.
This was so helpful, thank you!
Sir, when preparing the T accounts,do we need to use the information in the trail balance or only those which have been adjusted
Thank you this was very helpful and informative 👍👍
Wow.. Finally, I get it. Thank you
With respect to the Journal Entry of Cash advance received from customer, won't we Credit "advance received from Customer"?
What a great tutorial! Thanks much
Great tutorial, thanks sir.
Very good tutorial
Do you have a course or a website?
Great Work! FR
Thank you!! This helped me a lot!
this is great thank u so much
When I learned this better in this video than I did with my professor it says something
Hi, I want to ask what an unearned revenue account represents, short-term liability, am I right?
Yes
Why can't you credit customer?
so much understanding merci
unearned revenue is a liability account. not sure why no other source helped me figure that out. all revenue accounts are asset accounts EXCEPT unearned revenue.
Good tutorial
Excuse me sir, are you following the GAAP principal or IFRS principal?
Thank you sir.
Very helpful, thanks.
very helpful video. thanks.
Isn't the revenue considered as liabilities too? I'm confused 😭
gooooooooooooood!!!!!!!!!helpful!
Thanks +Larry Lazofson
Thank you so much!!!!!
Thank you so much
Thank you!!
i love youuuuu sir you are amazingg
Thank you sir 🙏
God bless you
Thank you
👌👌👌👌👌👌
that was helpful
Helpful
that is awsome
thank you sir
Im new here😁
thanks sir
thank yoy and you
Service Income
Permission to use the video for my Senior High School Students. Thank you.
Dennis: Yes, of course you may use this video or any of my other videos here to present and provide to your students…Larry
@@theaccountingtutor1 Thank you so much!
thanks so i watch over and over. repititive
hello