Accrued Expenses Broken Down | Adjusting Entries
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- เผยแพร่เมื่อ 30 พ.ค. 2024
- 💥Adjusting Entries Cheat Sheet → accountingstuff.com/shop
🖊Adjusting Entry Practice Questions → accountingstuff.com/practice-...
To accrue or not to accrue... that is the question. Accrued Expenses are one of the most common types of month end adjusting entries. In this video, you'll find out what they are, and how to accrue an expense using Journal Entries and T Accounts.
I'm creating a whole mini-series devoted to this topic which will include worked examples for each of these four types of Adjusting Entry...
▪ Intro to Adjusting Entries → • Prepayments and Accrua...
▪ Prepaid Expenses → • How Prepaid Expenses W...
▪ Deferred Revenue → • Deferred Revenue Expla...
▪ Accrued Expenses → • Accrued Expenses Broke...
▪ Accrued Revenue → • Accrued Revenue MADE E...
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#accounting #adjustingentries #accountingstuff
Accounting teachers need to learn from this smart young man !!!
Why they dont teach like this?!!!!
Amazing how clear you explain everything, the video editing is also the best. Such a talent!
Thanks for your kind words!
I agree.
yes i agree great job
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Cheers mate!
@@AccountingStuff tomorrow is my job interview in central bank. Though I have no accounting or financial education background. Any tip or trick?
Hey, am I too late? How did the interview go? My advice is to relax as much as possible. Try to be present and connect with the interviewer. Good luck!!
@@AccountingStuff I think I did it horrible. Totally nervous. I knew each and every thing they asked and answered them rather jittery way. BTW thanks for your response.
@@randomdosing7535 Sorry to hear that. Hopefully it didn't go as bad as you think! I have bombed a few interviews in the past. It has helped me to think of them as learning experiences. What do you think went wrong, and how can you prepare for it next time?
I Found A Gem Right Here.
This channel is an Asset.❤
My most preferred you tube teacher for accounting !
Wooo, thanks buddy!
8 years of studying accounting and just now that I get it 😅 thank you so much for the helpful video!!
This man is literally carrying my grades, thank you!
No worries, hope it's all going well!
Same as mine. I got the solving thanks to this man. Genius.
Currently preparing for my first exam for ACCT 2101, you're a lifesaver!!!
Good luck!!
Lockdown marathon update: 27 videos watched 10 videos left to go. Phew
Are you in the penitentiary?
How did you get locked up?
This channel literally change the way accountants see accounting, i never had a creative mindset to see accounting like you sir. Keep up the good works!
Thanks Rido!
Can you do a video about contra- accounts
You really have no idea how amazingly you make the concepts looks so very easy. You really are wonderful tutor with great in-depth knowledge & have awesome way to teach. ❤️ Thank you 🙏
Never seen anyone make learning as fun as you do! Thanks for the great video.
Cheers Christina, hope it helped!
Thank you! This is the best accrual video ever! Not only it is clear but it also goes beyond the basics :)
These videos perfectly sync with my lecture content! Thanks so much for making these videos to such a high standard!
Best of luck with your studies!
I have been grinding these videos for the past week. You are so much appreciated my man. Thank you!!!
No worries Timothy!
I've been searching for this whole day. You have covered the end bit when invoices receive what you should do. Thank you so much x
No worries, hope you found it useful!
I've just finished my AAT Level 2 course (and passed, thankfully!) and am about to start Level 3, which talks about Accruals and Prepayments.... I had a quick peek in the Tutorial book and sort of understood what they were talking about - but your easy to understand - and very likeable way in which you explain, has really helped me to see 'how' all the transactions are posted in T-Accounts (as I use an Excel spreadsheet for my accounts currently! Thanks for taking the time to post... I will be be making time to watch (and like) all of them!!!!!!!!! :D
You’re actually helping me rekindle my love for accounting. Thanks mate!
That's great to hear!
Your videos are the easiest to follow that I've seen. Thank you for making these!!!!
Cheers! I'm happy to help :)
Thank you so much for all your videos, by far the most informative and high quality out there.
Cheers Lewis :)
probably best accounting videos on YT. and as an accountant I've seen a lot of them. loving it.
Thanks!!
Thanks for explaining it in detail and simple to understand! I've been struggling trying to understand other tutors, but your explanation is to the point and very clear! You have the potential to become an accounting lecturer!
Great to hear it's making sense, thanks Lana!
If you ever are a tutor online I want to sign up 😉
I love this channel! Going from nursing to accounting in about 2 months helped me become incredibly confident in how to do this whole new career for me, and I am loving every minute of it thanks to you James. Can't wait for more content from you, keep up the awesome work!
I went from nursing to accounting too! People look at me with so much confusion when I tell them hahaha
@@landonwilliams610 Yeah me too! They get very confused as to why and I just say, "people destroy themselves easier financially than physically". So I want to help prevent that.
same here
Thank you so much.. this really helps a lot.. I liked the method you used in this video it's very clear and easy to understand.
You've explained everything very clearly as always. Thanks a lot!
Hey I haven't watched your video for a while, but I still love it so much. Keep on it! Surely recommending it to people I know struggling with accounting!
Thanks, that would be much appreciated! I'm working on some new videos as we speak
This is just what I was looking for. My profs defined debit as "left" and credit as "right" and asked us to memorize it. Great explanation!
Thanks Amit!
That definition is kinda what professors only remember
I wonder, are profs even accountants? How can they teaching accounting if they aren't' even an accountant themself
This is amazing!!! your 10mins video explains the same thing that my CPA 500 pages book does!!
i think its great you sell these cheat sheets, thank you they are great! Keep posting those videos Handsome!
Great video, you explain things well and the editing is very nice too! This helped me understand it better rather reading the textbook which is really boring. I watched each video in the series, great work
Thanks! Great to hear it's making sense :)
I love this tutorial is very clear to me. understandable than any other tutorials..❤❤❤
Thank you !! The whole series is SO helpful. Watching from Toronto :)
Cheers Julia! All the best with your studies :)
You are the best teacher
dude I give you credit, your channel makes a good attempt at making accounting cool, if that is ever possible
Haha, thanks!
Your videos are always so helpful. I have a quick question about 9:28. You said invoices are accounting triggers but if I'm not using automatic accounting software and inputting the water bill invoice manually into the GL, could I just use the journal entry below instead of overstating Utilities Expense by 100 and then having to correct it? Thank you.
Debit Utilities Expense - 53
Debit Accrued Expenses - 100
Credit Utilities Payable - 153
I just love you man . I understood very clearly. I have been struggling for a long time.. so much love and strength to you.❤️
Great to hear it's making sense :)
I really love and appreciate how you presented the topic! Salamat! From The Philippines.
I can tell that you got together for a laugh with your friends and come up with the exaggerated accentuations, but it's a great idea, working well. I even bought all your help sheets.
Thanks for your support!! All the best :)
your TH-cam videos are awesome and it's very easy to understand, It helped me a lot as I never understood accrual and now I am sure what is exactly accrual means and entries. one more thing- you told about the word 'DEALER' in your earlier videos that's also very easy to understand and while doing journal entries I am applying this logic. Please keep posted this kind of videos and you are wonderful tutor. Thanks again sir .
I cannot thank you enough for this video. When you talked about the two accounting triggers, the context made sense.
I agree with all the comments, you are a Star !!!!!
Great to hear it's making sense :)
Your videos really help me understand my accounting textbook. Thanks.
🤯 You make it so easy to learn accounting!
This was what I used to do at work but it is still good to review😊👍Thank you James
Sometimes it's worth revisiting the basics. Glad you enjoyed it
I have my accounting midterm tomorrow and these videos are reallyyyyy helping me understand the material!
Good luck!!!
thank you for making me enjoy in learning more in accounting rather than being exhausted as I suck up these things in my head.
No worries, I'm happy to help!
Thanks, man. Your videos are a breath of fresh air. Thanks for making it interesting, man.
Cheers Tony :)
You're such a light to this world
Just purchased all of your cheat sheets! Wanted to support my virtual accounting professor lol, keep up the great work!
Cheers Juan! Thanks for your support :)
Another amazing video, super helpful, as always!
Cheers Michele!
Your videos were totally incredible! I've never commented for any videos before except yours haha
Thanks! I'm honoured to receive your first comment! All the best
Videos are super high quality. Love it.
Cheers Matt!
I appreciate ur time to make these great videos that i find extremely helpful.
No problem at all :)
thank you for explanation! your video editing is a another amazing stuff !
Cheers, glad you enjoyed it!
I am two months into my first accounting class. Your videos are easy to follow and understand, unlike my instructor. Amazing job! Thank you tremendously
Cheers Kacey!
Heck same
You are wonderful.Your explanation is very impressive.Thanks so much .
Another great video. Thank you!
This is really helpful! Thank you!
Thanks for this detail video..you go to the indepth concept so we are able to understand it clearly.
No problem, happy to help :)
Wow ! You make accounting so easy. Thank you
You're most welcome :)
Excellent explanation. Many thanks for your easy way of let one understand.
Thank you thank you
Thank youuuuuu for theses videos , you're way better than my uni teacher!!!!
No worries Victoria, you are most welcome
You are so great sir, as your videos are helping me a lot. thanks
Fantastic explanation as always!
Thanks!
Thank you so much! Great staff...simple and easy
No problem, you're welcome :)
i like the method you use to teach ... keep it up ...
Cheers mate
You're the accounting god❤️❤️
💛 thank you! I’ve finally stopped banging my head against the desk
No problem, hope it helps!
Godddddd your amazing .. thanks a lot for making me get this ....... finalllllllyyyyy .... got this accrued thing into my head
Hey Thasleem! Thanks, glad to hear it's making sense for you!!
Amazing brilliant and talented. Makes it so easy to understand
Thanks for your kind words!
thank you so much for this.
So accurals are accounting tools to account for when an expense is accured but not paid. And their purposes are so that the financial statements are more accurate :)
Pretty much! But be careful because 'Accrual' can also mean 'Accrued Revenue' so the definition is broader than Expenses
Excellent explanation, I am an italian bookkeeper but the rules are the same and it has helped me so much !
Thank you! Yes, these basic principles are universal
Thank u sm for your great works and efforts you put into this video helping me so much for further exams
This channel is very essential it build up my knowledge. Please sir I need economy from a to z
Thank you for this amazing explanation!
You're most welcome :)
Wow.... This Video is too Helpfull for my Accounting knowledge Thankyou so much....😊
No worries Vikesh :)
YESSSSS I NEED THIS SO MUCH
very clear and fantastic explanation.
Thanks! All the best :)
This is soo helpful thank you soo much !
Thank you so much for this!
Amazing you explained clearly and supper pronounced. Thank you so much dear😍
Glad you liked it :)
Great video, very explicit
Cheers Ambroise
Amazing content brother!
Thanks mate!
Spot on!! Love the way you explain accounting stuff. Would it be kosher to split the invoice when recorded in QB to show the expense for the current period and $100 to the accrual account instead of creating an AJE? I know it's not the GAAP way, but it saves on time. Is this an accepted practice?
Thanks!!!!!!!!!! High quality content.
No worries, all the best!
Very nice how you explained everything 👍
Thank you 🙂
You are just amazing!
That intro song today...YESSSS. Got me hype for accrued expenses even though I'm brutal at accounting haha
Haha, glad you enjoyed it :)
Thanks, now i got better understanding about AE
Nice one! Adjusting Entries can be tricky at first, but they really aren't too bad once you get your head around them
All this for a flipping water bill? Accounting is so complicated! Thank you so much for making these awesome videos, I'm brand new to accounting and have to do it online with a textbook our professor has stated is terrible so this is really helping! Can I adopt you as my tutor??
Holy fuckin shit this is the only accrual video on youtube that actually makes sense. Thank you!!!!
Well explained. Thanks.
Cheers Frank!
Thanks for this great video James... accruals explained to a T 😁🔥👍🏽🧡🕉
Thanks, I'm glad you enjoyed it
I don’t understand anything in school, this will definately help me get a good grade in account.. bless you !✨❤️
You've got this!! Best of luck :)
Great Channel!
Thanks Akanksha!
Thanks James for the awesome video! For the last journal entry, can it be: Dr. Expenses 53, DR. Accrued Expenses 100, Cr. A/P 153 ?
i needed this thanx man
No problem Tanaka :)
Great video 👍🏼
Thanks!
My accounting guru(teacher) 💕
Hey Munesh!
Accounting Stuff what’s up you are rocking the channel
@@HOMEFOODMANIACS Yeah the channel is growing nicely these days. Just focussing on putting out a new vid each week. It's easier said than done! How are things with you?
Accounting Stuff thumbnail is also good
@@HOMEFOODMANIACS Thanks mate!
Thank you for your video, it's amazing.
I have a question though, what if we have a tax on the bill? Shall we separate expense and tax in the first place?
Dude, you awesome!