Accounting 1: Program #12 - "Adjusting Journal Entries"

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  • เผยแพร่เมื่อ 29 ต.ค. 2024

ความคิดเห็น • 71

  • @urguu
    @urguu 8 ปีที่แล้ว +10

    Professor David Krug, you are an amazing accounting instructor so far i have seen. I am Mongolian student in Alaska. Thank you again.

  • @ericwaite5179
    @ericwaite5179 5 หลายเดือนก่อน +1

    He did not, in fact, edit out the sneeze.
    Thanks for helping me refresh on the accounting basics. You’re great

  • @punishmentdue73
    @punishmentdue73 หลายเดือนก่อน

    Lol. This is the only reason why I'm passing Accounting right now. As a truck driver, my time is VERY limited. But, I can listen while I work. Thanks for putting these vids online

  • @chandanbhadrala5749
    @chandanbhadrala5749 8 ปีที่แล้ว +7

    Dude you are SOMETHING....im an electrical engineering student...even working as an engineer.......never knew a word abt commerce subjects.....have a family business to run so i started studying it.....n you took me away from lect 1 to now n i believe to the end of accounting 2 so swiftly.....i can not tell.......so you are Something...Hats of to you Prof David Krug......N Thanks alot Sir.

  • @artemismalos
    @artemismalos 6 ปีที่แล้ว +2

    Mr. Krug, Thank you very much. Before I started watching your videos, I felt very stupid with Accounting. With your help and a tutor's help, I will be able to do this Accounting class at the Graduate level without ever having taken Accounting before. Thank you very much. God Bless you.

  • @alvaroe2704
    @alvaroe2704 ปีที่แล้ว +1

    Learning accounting -again- from Spain. Amazing teacher!

  • @shenelldixon-transformyour4237
    @shenelldixon-transformyour4237 6 ปีที่แล้ว +8

    This is what helped me: Anything that is used up needs to be expensed

    • @leefranklin6808
      @leefranklin6808 4 ปีที่แล้ว

      8:25 at December 31st 2011 how much it was used up ? where is that part of the question written in the worksheet? I do not see that question in the paper ?

    • @jeffreyhuang3814
      @jeffreyhuang3814 4 ปีที่แล้ว +1

      @@leefranklin6808 It is there, on the very first page after the one with the t-accounts.
      Check page 15 here:
      blogs.jccc.edu/accounting/files/2014/12/accounting1.pdf

    • @lillyknopf9487
      @lillyknopf9487 4 ปีที่แล้ว

      @@jeffreyhuang3814 thank you so much for sharing!

  • @eldersneeds
    @eldersneeds 10 ปีที่แล้ว +1

    I want to take a minute to THANK YOU for simplifying accounting to a person that has no clue what the heck is my professor talking about. I am currently attending BCCC and my professor SUCKS, she rambles on and on and on with out taking into consideration to slow down and explain what is she talking about. I believe my professor has been a professor for many years and now when she lectures she starts from the middle of the, ( as you call it) foundation and instead of building up our brains brick by brick. We all have NO clue what is she talking about and now we are covering chapter 6, reporting and analyzing inventory. I had done nothing over this Spring Break but try to catch up with your lectures and write as many notes as I possible can. I am determined to succeed in the accounting industry. There are still many things I don't get but I am trying to catch up to our chapter six in your teaching before I go back next week and over the summer break, I can go through your lectures once again. I just need to pass this accounting class by D.
    Thank You , Thank You , Thank You.

    • @VM-iy1mf
      @VM-iy1mf 8 ปีที่แล้ว

      My advice is to tell your teacher to watch Mr Krugg lectures so she can learn a thing or two on teaching

  • @doremifacito4060
    @doremifacito4060 ปีที่แล้ว

    This channel is recommended by my prof. This helped me a lot! Love from Philippines

  • @doremifacito4060
    @doremifacito4060 ปีที่แล้ว

    Thank you for the lectures and subtitles!! English is my 2nd language so it helps a lot with subtitles so even if it's in English, I understand these lessons easily than on my own class! You are a great teacher! 😊

  • @jessevjnr
    @jessevjnr 9 ปีที่แล้ว +4

    Looking for handouts? blogs.jccc.edu/accounting/
    Like Mr. Krug's FB page: facebook.com/davekrugvideoinstructor?fref=ts

  • @kevinq6628
    @kevinq6628 9 ปีที่แล้ว +8

    you are a great teacher

    • @leefranklin6808
      @leefranklin6808 4 ปีที่แล้ว

      8:25 at December 31st 2011 how much it was used up ? where is that part of the question written in the worksheet? I do not see that question in the paper ?

  • @burninhellnsa8388
    @burninhellnsa8388 10 ปีที่แล้ว +1

    *Easier way to remember this is by paring them up like this*
    SE > S
    EX > PP (Prepaid Expenses) paid in advance
    EX > AP (Accrued Expenses) used it have not paid
    AR > R (Accrued Revenue) did it have not paid
    UR > R (Unearned Revenue) pay me have not done it
    DE > AD
    *learn the left column first and later the second on the right is is easier*
    S: Suupplies , Ar: accounts receivable, Ex: Expenses , Ur: unearned revenue, Ap: Accounts payable , R: revenue, De depreciation , accumulated depreciation

  • @mikeappleby9814
    @mikeappleby9814 9 ปีที่แล้ว +2

    Great teacher, have learned so much from these lectures. Just one question though, when he talks about the homework (supplies) at 9:57 or so, he explains how if a company has 300 bottles of beer in the fridge and sells 190 they would have 110 left and then you would make the adjustment like he has done. The fact is, (if im not mistaken, (I usually am)) that would not be an adjustment account (beer inventory) it would be more to do with COGS and revenue. or am I missing the point of comparison? In my understanding, there would be no adjustment for inventory like there is for supplies because inventory is auto reduced by sales (using COGS) please advise me if I am mistaken...

    • @richardsull119
      @richardsull119 9 ปีที่แล้ว

      mike appleby I think you are right. The fact that a restaurant is (presumably) selling the bottles of beer confuses things a little. I think he's just using that analogy to illustrate a simple subtraction problem. You have 300 to start with, and 110 at the end. So you have 190 fewer than you started with.

  • @yizhang1302
    @yizhang1302 6 ปีที่แล้ว +1

    Great great teacher!

  • @prajay123456
    @prajay123456 11 ปีที่แล้ว

    Awesome.........love from INDIA.......

  • @iament100
    @iament100 11 ปีที่แล้ว +4

    this guy is great... I feel like Peyton Manning is teaching me accounting

    • @leefranklin6808
      @leefranklin6808 4 ปีที่แล้ว

      8:25 at December 31st 2011 how much it was used up ? where is that part of the question written in the worksheet? I do not see that question in the paper ?

  • @doremifacito4060
    @doremifacito4060 ปีที่แล้ว

    5:24 Handouts
    29:32 3 handout
    44:54 answers
    48:40 HW

  • @kathyhuang8200
    @kathyhuang8200 10 ปีที่แล้ว +1

    Great lecture~

  • @shynggysseitekov8592
    @shynggysseitekov8592 9 ปีที่แล้ว +1

    is there any way to get a book that he use (not handouts) to give a hw to students?

  • @janeyue9535
    @janeyue9535 9 ปีที่แล้ว

    Beginning Balance + Purchases - Ending Balance = Cost of Good Sold
    About leasing: maybe I remember a little different, but needs to pass at least one of the T- BPO-75-90 rules.

  • @jiezhang3775
    @jiezhang3775 8 ปีที่แล้ว

    At 21:10-22:00. If that piece of vehicle is still being used, why the salvage value is 0 instead of $4,000 or $5,000(for example)? Thank you!

    • @jeffreyhuang3814
      @jeffreyhuang3814 4 ปีที่แล้ว

      He probably set it to $0 for simplicity, but if the car prematurely breaks before a year is up and you have a hard time finding someone to sell it to for scrap, this forces you to dispose of it ($0).
      If a piece of equipment is still being used after being fully depreciated it just means your cost has been fully recovered. This is a good thing as it (probably) means your investment was worth it.

  • @mariashibennett1900
    @mariashibennett1900 4 ปีที่แล้ว

    Emailed him but no response... i guess he is not there anymore but love this guy

  • @cegielski
    @cegielski 11 ปีที่แล้ว

    Could anyone help with these queries:1)If final depreciated value doesnt reflect market value, how is book value determined in the 1st place? 2 Once an asset is fully depreciated to net value 0, is its asset/contra asset entry shown in the BS each subsequent year while the asset still in use? (3) As the revenue recognition principle states that a service must be provided before revenue is recognised, does this mean that the recording of unearned revenue in the books is an exception to this rule?

  • @BueTAnderbeest
    @BueTAnderbeest 11 ปีที่แล้ว

    Tip for AJE's:
    CRED (Credit Revenue, Expenses Debited).

  • @ski34able
    @ski34able 6 ปีที่แล้ว

    Awesome professor

  • @keithhudson3138
    @keithhudson3138 5 ปีที่แล้ว

    Great videos, but when you use Elmo, but when you show worksheets, the problems are very blurry.

  • @Theme_Park_Troubadour
    @Theme_Park_Troubadour 7 ปีที่แล้ว

    In the basketball season tickets example, why wouldn't you recognize the revenue after each game instead of at the end of the period (year)?

    • @krishnapatel3877
      @krishnapatel3877 7 ปีที่แล้ว +1

      I think the reason is - practically they have recognized the revenue after each game, but they formally don’t record it on their financial statements until the financial statements are due at period end (usually monthly, quarterly, or annually). That why all the adjusting journal entries are made at closing period end. It is really more of a convenience to wait till period end because can you see how a large public company might have undue costs and hardship if they have their accountants constantly updating their trial balances every hour/day to reflect the most current activity/balances? Think of the prepaid supplies account. If an office buys 100 post-it notes and 100 pens to be used over the course of one year, their accountants wont make an adjusting entry every time they use one pen up or one post-it pad to reflect the expense. So they have to draw the line somewhere to wait to make the AJEs (period end).

  • @katrinawilliams8150
    @katrinawilliams8150 8 ปีที่แล้ว +1

    Hi everyone.... Thank you so much Mr Krug for simplifying accounts for me. These are helping me alot. Can you (or anyone here) please direct me to the text book so that i can practice.

  • @burninhellnsa8388
    @burninhellnsa8388 10 ปีที่แล้ว

    8:25 at December 31st 2011 how much it was used up ? where is that part of the question written in the worksheet? I do not see that question in the paper ?

  • @inhabitantofearth
    @inhabitantofearth 4 ปีที่แล้ว

    How do we determine "useful life" or "salvage value" in the real world?

  • @SecantStudiosMusic
    @SecantStudiosMusic 8 หลายเดือนก่อน

    4:13 Bless you!

  • @dulcecorazon1506
    @dulcecorazon1506 12 ปีที่แล้ว

    you are the best!!!!!!!!!!!!!!!

  • @lillyknopf9487
    @lillyknopf9487 4 ปีที่แล้ว

    why does it say 60,000 of unearned revenue at 25:45?

  • @edibledragon81
    @edibledragon81 11 ปีที่แล้ว

    as well as asset valuations being too subjective, isn't it also better to use this method of deprecation when trying to evaluate the profitability of a company per period?

  • @subodhjain4110
    @subodhjain4110 5 ปีที่แล้ว

    Is there any way to check answers of books suggested by David

    • @mthomas1160
      @mthomas1160 4 ปีที่แล้ว

      He gives the answers while watching the videos

  • @aquarius5033
    @aquarius5033 10 ปีที่แล้ว

    if capital and drawings on trial balance is 40000 and 10000 respectively. The owner withdraws 1000 from the bank for his personal use then how will you adjust the trial balance??? If I get the answer it would be helpful Thank You!

    • @SpyderJayohee
      @SpyderJayohee 8 ปีที่แล้ว

      Debit Drawings for 1000 and Credit Cash for 1000.

  • @britbrown9030
    @britbrown9030 5 ปีที่แล้ว

    How do I find the lessons tab?

  • @thomaskinyaha8666
    @thomaskinyaha8666 10 ปีที่แล้ว +3

    how does one get the handouts

    • @jessevjnr
      @jessevjnr 9 ปีที่แล้ว +2

      thomas kinyaha blogs.jccc.edu/accounting/

    • @Fu4li
      @Fu4li 6 ปีที่แล้ว

      Wow! Amazing that David Krug is willing to share the handouts with people who aren't even his students. Great teacher and an even better person, thank you so much professor.

    • @yizhang1302
      @yizhang1302 6 ปีที่แล้ว

      I totally agree with you! He is such a good teacher and person!!!

  • @gujabber2582
    @gujabber2582 4 ปีที่แล้ว

    "Cuz that's just too simply subjective"

  • @jiezhang3775
    @jiezhang3775 8 ปีที่แล้ว

    Bless you!

  • @Clifffffffffford
    @Clifffffffffford 6 ปีที่แล้ว

    Thanks!

  • @jamesmerch3430
    @jamesmerch3430 9 ปีที่แล้ว

    How can I get the power points to the lecture?

    • @dinael-masry9468
      @dinael-masry9468 8 ปีที่แล้ว

      highered.mheducation.com/sites/0078110874/student_view0/index.html

  • @KrugAccounting
    @KrugAccounting 11 ปีที่แล้ว

    So do I, Navjot...so do I.

  • @lungashaun526
    @lungashaun526 9 ปีที่แล้ว

    also needed to ask where can I get all the hand-outs for the exercises done and if can or anybody else have them can they email them to me

    • @jessevjnr
      @jessevjnr 9 ปีที่แล้ว +1

      LUNGA SHAUN blogs.jccc.edu/accounting/

    • @jenzeng829
      @jenzeng829 9 ปีที่แล้ว

      +VJ NR thanks very much. what a life saver.

    • @botany42pu24
      @botany42pu24 8 ปีที่แล้ว

      thank youuuuuuu honey thanks alot i appreciate it

  • @manoclocknews
    @manoclocknews 11 ปีที่แล้ว

    guys, he doesnt watch the comments here, the videos are posted by a technician, you can email your thanks to him directly : dkrug@jccc.edu

  • @doremifacito4060
    @doremifacito4060 ปีที่แล้ว

    44:52 lecture 12 handout answers

  • @KrugAccounting
    @KrugAccounting 11 ปีที่แล้ว +1

    I wish I looked more like Tom Brady.

  • @jsmultani100
    @jsmultani100 12 ปีที่แล้ว +2

    i wish i could buy a car for u :(

  • @nchessie1
    @nchessie1 11 ปีที่แล้ว

    Buy for me instead