I am from Dominican Republic. Thank you very much for posting these videos, so we can easily go on in our accounting career. I am following all of the videos and taking notes and studying them as I watch de videos. Thanks God with these classes I am updating my accounting Practical knowledgements. Thank you David.
I was 4 weeks behind because of an eye infection. I just got through 2 chapters in 1 day and did well on the quiz and homework. Can't wait to get caught up using your videos. Mahalo!!
Watching this in 2018! My accounting teacher just shows powerpoint, doesnt really explain things. Rambles on about irrelevant stuff. This is a huge help, thanks!
I am so thankful for these videos, I am taking an accounting class online at another school and I feel neglected because it is not am able to understand the material on my own without the demonstrations. Thank you so much
I am not formally an accounts student rather Science. But I love business. So, here I am learning from the best person I possibly could. And the best part is. I understand it. I learned the flashcard, solved questions along with you. Thanks sir.
Your videos are amazing, I'm currently taking Accounting 1 and my professor does not compare to you at all! I'm not sure if you read your comments but you're an amazing professor! Thanks for your help!
I found this video while searching how to make a spreadsheet for my accounting class. This video makes learning my accounting a lot easier, and with 4 weeks left in my class I will continue to look for these videos. Not sure if my school provides this or not but I comfortable with listening to this teacher. I am also using Connect for my homework assignments. I hope you don't mind me sitting in on the videos and thanks for the help. This is great!
I am having to take a levelling course in Accounting for MBA and I found your lectures very useful. We dont have a great teacher like you and few of my fellow MBA students with whom I shared these videos are greatly benefiting as well. I can't thank you enough for these lectures.
I am looking forward to this part of the course. i have learned more about accounting through Professor Krug, than anywhere else. i wish i knew you a year ago. Thank you so much.
Tomorrow got my Accounting test and this is helping me a lot. Thank you for posting this video and helping students like me. I hope for a 25 out of 25 for my Accounting test.
Wow, wish I found you earlier. I like the way you explain things and relate them to real life situations. I'm currently studying Accounting at a University, but always look forward to watching your videos because they make much more sense! ;) Thanks! NYC
re: 45:08 actually, it doesn't matter to the ending balance whether it's a credit normal or debit normal account. You just add up both columns, subtract the smaller from the larger and put the result under the larger, whether it's credit or debit. If it's a credit normal account, and the balance is under the credit, then it's positive, but if it's a debit normal account, the math is the same, but the balance would be negative. It's a beautifully simple thing. Don't over think it.
Please come and be a professor at University of Texas at Arlington (UTA), professors here don't explain if it wasn't for you i would probably fail the class. Thank You!
Unearned Revenue is about"Prepaid", which means you get the money in advance, but have NOT FINISHED your service or selling process! So "Unearned Revenue" goes to Liabilities and "Prepaid XXX" goes to Assets. But Account receivable is you have FINISHED your selling or service, but the buyers have not paid them and promised that they will pay for it later(ex. in 30 days), so "Account receivable" goes to Asset(since you almost get the money!!! But not yet, calm down), and " Revenue" goes to equity, since you finish the purchase even though you have not gotten the money! This is what I think, I can not guarantee that it's reasonable. Still, hope it will help you. Good luck! : )
Unearned revenue has nothing to do with prepaid we have two main divisions: 1-prepaid Expenses(Such as insurance,rent or magazine subscription) 2-unearned(Such as revenue). 1-Prepaid is the money which we pay in advance but not yet incurred so it's an asset when we use then we transfer the amount used to expenses. -Suppose you have a prepaid insurance of 2400 for 24 months and one month passed so now we have 100 as an expense and 2300 as a prepaid expense which we still recognize as an asset (Not fixed or current). 2-Unearned revenue is the money which will be received later for a good or a service which has been provided earlier -Suppose you made a shipping service for 100 dollar for 10 months and you will be paid in 10 dollars each month so each month you are paid you receive 10 dollars as a revenue and subtract 10 dollars from the liabilities until the 100 dollars are received in full amount.
The confusing part is when I post a credit account to a ledger and I have beginning balance, I'm having trouble where should it go and how should I compute it.
When there is a beginning balance to a Cr its always posted on the Right. In a journal entry All DR 's are on the LEFT and all CR's are on the RIGHT. Don't forget: Assets = Liabilities + Owners Equity. If your account begins on the right it should be balanced on the right.
lorenzeil inciong,i know you asked question one year ago,but you want to have debits on liabilities,this means you paid the bill. on balance sheet liabilities are subtracted from net income. debiting a liability means liabilities has gone down and less you owe. liability credit means you have racked up a big bill,liabilities debited means you paid it off
You are great. but in (Dr & Cr) you make it hard to the students, if you simply told them that; {The account that gives is the creditor, and the account that takes is the debtor} i am sure they will never ever forget that.This rule from accounting in Arabic.
not sure you still need this answer, but revenue is not an asset it is capital this is found on the income statement in the revenue section. In the comments to another video (I believe video #6) someone posted a helpful acronym WADE (withdrawals, assets, dividends, expenses) these are all debit balance accounts and CLR (capital, liabilities and revenue) these are all credit balance accounts.
it is a credit balance because it is a LIABILITY. Since cash was paid out, the asset account Cash is credited and another account needs to be debited. ... on the other hand, If for example your company did not yet pay the wages of your employee then Cash account is not credited, instead, the credit is recorded in the liability account which is the Wages Payable. A credit to a liability account increases its credit balance
I am clueless to the reasoning of why the revenues are credits and expenses are debits. I know in pertaining to equity, but aside from that what is the logic.
22:39 I"m still trying to understand how the expense is being recorded as debit. So let's forget the cash part cz i understand easily, but focus on expense. According the matrix, expense is a Debit Balance Account. So increases in expense is recorded as debit and vice versa. So if the company had an increase in let's say having to pay additional utilities expense, it means the expense is increasing so it's debited. But in this example it's the opposite. Expense got reduced (meaning credited). It is basically getting decreased which is the opposite of it's original debit balance account status. Thus, it has to be credited. SO WHY DOES HE FKING DEBIT IT??? I read this: www.accountingcoach.com/blog/why-are-expenses-debited but i still don't understand shit I need baby step explanation with examples plz :D I studied banking and finance and work at financial control depart of a bank.. and i still dont understnad simple shit like that.. plz some1 explain.
Abdulla - Greetings, my friend. Here is a brief video for understanding Debits and Credits, including Revenue and Expenses. I think it's the best. - th-cam.com/video/uXZM57mN8U8/w-d-xo.html
Look at it this way Abdulla, Expenses decrease equity, equity increases with credit and decreases with debit, so when ever there is an expense, equity has to be reduced or decreased, and equity only decreases when debited,. So expense has to be recorded as debit. And it's debited to the equity account. Hope this helps
ON TRIAL BALANCE I REALIZED THE INSTRUCTOR COUNT UTILITY EXPENSE TWO TIMES ON AS CASH T- ACCOUNT AND THEN AGAIN AS DEBIT. HOW IS THAT HAPPEN? I KNOW EXPENSE IS ALWAYS DEBIT ACCOUNT BUT I DO NOT KNOW...
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1:03 Quiz
9:02 Homework
11:29 Exercise
19:55 Quick study 2-6
29:54 Exercise 2-7
41:23 Answers
The best professor of Accounting :)
I am from Dominican Republic. Thank you very much for posting these videos, so we can easily go on in our accounting career. I am following all of the videos and taking notes and studying them as I watch de videos. Thanks God with these classes I am updating my accounting Practical knowledgements. Thank you David.
I was 4 weeks behind because of an eye infection. I just got through 2 chapters in 1 day and did well on the quiz and homework. Can't wait to get caught up using your videos. Mahalo!!
your videos are a life saver and you are gifted with a teaching ability. thanks for making accounting fun.
Watching this in 2018! My accounting teacher just shows powerpoint, doesnt really explain things. Rambles on about irrelevant stuff. This is a huge help, thanks!
You saved my accounting life! I cant thank you enough!
Just can not stop studying this class!
I am so thankful for these videos, I am taking an accounting class online at another school and I feel neglected because it is not am able to understand the material on my own without the demonstrations. Thank you so much
Probably the best teacher I've ever had period.
best teacher ever, even my uni professor doesn't teach us this way.......
I am not formally an accounts student rather Science. But I love business. So, here I am learning from the best person I possibly could. And the best part is. I understand it. I learned the flashcard, solved questions along with you. Thanks sir.
Your videos are amazing, I'm currently taking Accounting 1 and my professor does not compare to you at all! I'm not sure if you read your comments but you're an amazing professor! Thanks for your help!
Hi..Krug you are one of the best teachers, i have ever met....
I found this video while searching how to make a spreadsheet for my accounting class. This video makes learning my accounting a lot easier, and with 4 weeks left in my class I will continue to look for these videos. Not sure if my school provides this or not but I comfortable with listening to this teacher. I am also using Connect for my homework assignments. I hope you don't mind me sitting in on the videos and thanks for the help. This is great!
I am having to take a levelling course in Accounting for MBA and I found your lectures very useful. We dont have a great teacher like you and few of my fellow MBA students with whom I shared these videos are greatly benefiting as well. I can't thank you enough for these lectures.
I am looking forward to this part of the course. i have learned more about accounting through Professor Krug, than anywhere else. i wish i knew you a year ago. Thank you so much.
tiene un don para explicar, este señor. Saludos desde Argentina
You are the best teacher ever. Thank a lot teacher.
The lecture series is just amazing, just as helpful as it was when it was initially done. 2021
ooh my God this professor is doing great explanation.yes all those Expense are consider as debt. Aw Aw professor you make me love this course greatly.
I consider that a compliment! I love Tom Hanks!
Tomorrow got my Accounting test and this is helping me a lot.
Thank you for posting this video and helping students like me. I hope for a 25 out of 25 for my Accounting test.
Wow, watching in Oct 2020. Amazing.
Thank you very much for making these helpful videos available in TH-cam.
It helped me a lot and made accounting easy and interesting to learn.
Wow, wish I found you earlier. I like the way you explain things and relate them to real life situations. I'm currently studying Accounting at a University, but always look forward to watching your videos because they make much more sense! ;)
Thanks!
NYC
Love the 1990s sitcom intro music lol
Are there other modules for Accounting 2, Intermediate accounting, Cost accounting, Taxation? You know, the all shebang. I just wanna keep going.
i love your teaching style... you are awesome.... From Trinidad
OMg this is sooo helpful. thank you so much for the video. I wish I have him as my accounting professor, this instructor is such a blessing !
students on the front row keeps on skipping class lol
Thank you for these lectures. You are a very good teacher.
Nice work prof , really helpful course 😊
Thanks a lot for tis great course! Much appreciated, but in 2.56 Why do you take wages expense as a credit account ? Should not it be a debit account?
re: 45:08 actually, it doesn't matter to the ending balance whether it's a credit normal or debit normal account. You just add up both columns, subtract the smaller from the larger and put the result under the larger, whether it's credit or debit. If it's a credit normal account, and the balance is under the credit, then it's positive, but if it's a debit normal account, the math is the same, but the balance would be negative. It's a beautifully simple thing. Don't over think it.
I want my Hershey's kiss. I got a perfect score on the quiz.
U are my hero
great teacher thank you sir its good lecture i`ve ever seen
Please come and be a professor at University of Texas at Arlington (UTA), professors here don't explain if it wasn't for you i would probably fail the class.
Thank You!
Thanks alot sir......i have got 18 out of 20 in debits and credits test.
thank for these lectures.a lot of thank.
Thank you so much for these vids! Helped me a lot!
Hello sir,
Grating!
could you clarify please, "Account receivable" why we can't put here unearned revenue?
Unearned Revenue is about"Prepaid", which means you get the money in advance, but have NOT FINISHED your service or selling process! So "Unearned Revenue" goes to Liabilities and "Prepaid XXX" goes to Assets. But Account receivable is you have FINISHED your selling or service, but the buyers have not paid them and promised that they will pay for it later(ex. in 30 days), so "Account receivable" goes to Asset(since you almost get the money!!! But not yet, calm down), and " Revenue" goes to equity, since you finish the purchase even though you have not gotten the money!
This is what I think, I can not guarantee that it's reasonable. Still, hope it will help you.
Good luck! : )
Unearned revenue has nothing to do with prepaid we have two main divisions:
1-prepaid Expenses(Such as insurance,rent or magazine subscription)
2-unearned(Such as revenue).
1-Prepaid is the money which we pay in advance but not yet incurred so it's an asset when we use then we transfer the amount used to expenses.
-Suppose you have a prepaid insurance of 2400 for 24 months and one month passed so now we have 100 as an expense and 2300 as a prepaid expense which we still recognize as an asset (Not fixed or current).
2-Unearned revenue is the money which will be received later for a good or a service which has been provided earlier
-Suppose you made a shipping service for 100 dollar for 10 months and you will be paid in 10 dollars each month so each month you are paid you receive 10 dollars as a revenue and subtract 10 dollars from the liabilities until the 100 dollars are received in full amount.
hello teacher, very interesting this class. im new in this are like accounting student
The confusing part is when I post a credit account to a ledger and I have beginning balance, I'm having trouble where should it go and how should I compute it.
When there is a beginning balance to a Cr its always posted on the Right. In a journal entry All DR 's are on the LEFT and all CR's are on the RIGHT. Don't forget: Assets = Liabilities + Owners Equity. If your account begins on the right it should be balanced on the right.
is it possible to have a negative value of accounts payable on the trial balance but you still put it on the credit side with parenthesis..??
lorenzeil inciong and it is still balance..
hope for an answer
lorenzeil inciong,i know you asked question one year ago,but you want to have debits on liabilities,this means you paid the bill. on balance sheet liabilities are subtracted from net income. debiting a liability means liabilities has gone down and less you owe. liability credit means you have racked up a big bill,liabilities debited means you paid it off
Great Instructor
How to register ?am religiously following each and every step .
Are u the one selling the work sheets (working papers) whatever u call that?
Lecture Number 8 = Done
Thanks!
You are great. but in (Dr & Cr) you make it hard to the students, if you simply told them that; {The account that gives is the creditor, and the account that takes is the debtor} i am sure they will never ever forget that.This rule from accounting in Arabic.
Expenses are given from the company to merchants yet that is debted
Thank you!
WHY WOULD CONSULTING REVENUE BE A CREDIT ACCOUNT? isn't this an asset? I am confused and assets are debits account
not sure you still need this answer, but revenue is not an asset it is capital this is found on the income statement in the revenue section. In the comments to another video (I believe video #6) someone posted a helpful acronym WADE (withdrawals, assets, dividends, expenses) these are all debit balance accounts and CLR (capital, liabilities and revenue) these are all credit balance accounts.
could you send old test if you had it?
الحساب وصف الحساب طبيعة الحساب + -
the balance specification account + -
credit debit debit/asset cash
how to register to connect homework
buy the book
Thanks.
"As that snazzy JCCC music plays" haha
David = Давид =Bulgarian= Russian alphabet≈ Дима )) 1. Dr David lessons Cr Accounting knowledge 98% 2) Dr Accounting knowledge Cr David's equity 100%.
thanks
How come wages payable is credit balance account?
it is a credit balance because it is a LIABILITY. Since cash was paid out, the asset account Cash is credited and another account needs to be debited. ... on the other hand, If for example your company did not yet pay the wages of your employee then Cash account is not credited, instead, the credit is recorded in the liability account which is the Wages Payable. A credit to a liability account increases its credit balance
I am clueless to the reasoning of why the revenues are credits and expenses are debits. I know in pertaining to equity, but aside from that what is the logic.
That good for me.
Yes, that spells David in bulgarian :)
I still have a problems with the registration to connect assignment even so, I watched intro. lecture 😩
thanks to you but i want theory as soon as possible to practical videos plz gv me
давид круг :-)
I want a Hershey
Why are debits "dr"?
ask my accounts lecture that question once she said she is still trying to figure it out
its from the latin word decere
22:39 I"m still trying to understand how the expense is being recorded as debit. So let's forget the cash part cz i understand easily, but focus on expense. According the matrix, expense is a Debit Balance Account. So increases in expense is recorded as debit and vice versa. So if the company had an increase in let's say having to pay additional utilities expense, it means the expense is increasing so it's debited. But in this example it's the opposite. Expense got reduced (meaning credited). It is basically getting decreased which is the opposite of it's original debit balance account status. Thus, it has to be credited. SO WHY DOES HE FKING DEBIT IT???
I read this: www.accountingcoach.com/blog/why-are-expenses-debited
but i still don't understand shit
I need baby step explanation with examples plz :D
I studied banking and finance and work at financial control depart of a bank.. and i still dont understnad simple shit like that.. plz some1 explain.
Abdulla - Greetings, my friend. Here is a brief video for understanding Debits and Credits, including Revenue and Expenses. I think it's the best. - th-cam.com/video/uXZM57mN8U8/w-d-xo.html
I must add that this teacher is excellent! He is way above average and I appreciate the way he wants the students to excel.
Look at it this way Abdulla, Expenses decrease equity, equity increases with credit and decreases with debit, so when ever there is an expense, equity has to be reduced or decreased, and equity only decreases when debited,. So expense has to be recorded as debit. And it's debited to the equity account. Hope this helps
Bulgarian's use the Cyrillic language, same as Russians. That's your name in Cyrillic. :)
thanks sir
woah hershey kiss? heck yeah
still waiting for my hersheys kiss....
Hello everyone,
Is it possible to get a copy of the class tests?
Thank you
ON TRIAL BALANCE I REALIZED THE INSTRUCTOR COUNT UTILITY EXPENSE TWO TIMES ON AS CASH T- ACCOUNT AND THEN AGAIN AS DEBIT. HOW IS THAT HAPPEN? I KNOW EXPENSE IS ALWAYS DEBIT ACCOUNT BUT I DO NOT KNOW...
08.05.23
nazi jccc music play? :)) did I get it right?
ok,,,
Anyone else just doing this for no reason?
Peep the 3G interference.
blogs.jccc.edu/accounting/
A lot useful info on the course - handouts etc