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
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.
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.
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 ?
@@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
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.
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! 😊
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 ?
*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
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...
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.
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 ?
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.
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.
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?
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).
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.
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 ?
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?
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!
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.
![[BAEMON NEWS 7] NEW ALBUM COMING IN](http://i.ytimg.com/vi/wtVeAPimOyo/mqdefault.jpg)
Professor David Krug, you are an amazing accounting instructor so far i have seen. I am Mongolian student in Alaska. Thank you again.
He did not, in fact, edit out the sneeze.
Thanks for helping me refresh on the accounting basics. You’re great
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
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.
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.
Learning accounting -again- from Spain. Amazing teacher!
This is what helped me: Anything that is used up needs to be expensed
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 ?
@@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
@@jeffreyhuang3814 thank you so much for sharing!
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.
My advice is to tell your teacher to watch Mr Krugg lectures so she can learn a thing or two on teaching
This channel is recommended by my prof. This helped me a lot! Love from Philippines
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! 😊
Looking for handouts? blogs.jccc.edu/accounting/
Like Mr. Krug's FB page: facebook.com/davekrugvideoinstructor?fref=ts
you are a great teacher
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 ?
*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
👍🏻
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...
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.
Great great teacher!
Awesome.........love from INDIA.......
this guy is great... I feel like Peyton Manning is teaching me accounting
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 ?
5:24 Handouts
29:32 3 handout
44:54 answers
48:40 HW
Great lecture～
is there any way to get a book that he use (not handouts) to give a hw to students?
Thank youuuu
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.
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!
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.
Emailed him but no response... i guess he is not there anymore but love this guy
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?
Tip for AJE's:
CRED (Credit Revenue, Expenses Debited).
Awesome professor
Great videos, but when you use Elmo, but when you show worksheets, the problems are very blurry.
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)?
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).
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.
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 ?
i am confusing too
How do we determine "useful life" or "salvage value" in the real world?
4:13 Bless you!
you are the best!!!!!!!!!!!!!!!
why does it say 60,000 of unearned revenue at 25:45?
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?
Is there any way to check answers of books suggested by David
He gives the answers while watching the videos
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!
Debit Drawings for 1000 and Credit Cash for 1000.
How do I find the lessons tab?
how does one get the handouts
thomas kinyaha blogs.jccc.edu/accounting/
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.
I totally agree with you! He is such a good teacher and person!!!
"Cuz that's just too simply subjective"
Bless you!
Thanks!
How can I get the power points to the lecture?
highered.mheducation.com/sites/0078110874/student_view0/index.html
So do I, Navjot...so do I.
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
LUNGA SHAUN blogs.jccc.edu/accounting/
+VJ NR thanks very much. what a life saver.
thank youuuuuuu honey thanks alot i appreciate it
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
44:52 lecture 12 handout answers
I wish I looked more like Tom Brady.
i wish i could buy a car for u :(
Buy for me instead