Great Explanation.. But sometimes I wonder, what the use of Income Summary then, if we only use it when closing process.. Why don't we do step 1 : Service Revenue to Elli Capital $20,000, Step 2 : Exp to Elli Capital $9,860.. Then we don't need to do Step 3 and Elli Capital status is $10,140 in Credit. Sorry if this seems an elementary question. But is Income Summary has any other purpose?
Professor Lazarus, Thank you for all the uploads, excellent!!! Do you have for Adjusting Entries for Accruals? I couldn't find in your video list, Thank you :)
I took accounting at the University of Alabama which has a good accounting school. The first time I took the course I did not do well, so I dropped the course before the drop date. The second time I took the course I made a "B" in the course and when on to take cost accounting, the second accounting course at the U of A. The accounting courses were the only courses, including my MBA courses that I could apply after college. You may hate accounting but you are a fool if you are in business and don't know some accounting.
Thanks sir its awesome ! I like these Accounting Closing entries, It would be great help for me if you show Inventory closing entries for Periodic inventory ? Thanks again !
Yes Service Revenue is a Credit, and you must take that account to cero at end year How: A debit to Service Revenue and Credit to Income Summary, ISum then its close to Retained Earning or Owner Capitall How: Debit To ISum (lower it or close it to cero) and Credir to RE or capital (increase and reflect year end gain)
this guy is the biggest beauty i've ever seen on you tube. saved the day for my quiz tomorrow. Brian Lazarus for prez
Great job explaining how to perform closing entries. Salute sir Lazarus!
Dear Mr Lazarus! I am so happy to meet you again, via youtube! I was your student in Intermediate I in Towson in 2010 summer. Miss you!
Ive never loved a stranger so much in my life. Thank you for being the prof i've always wanted
Same thing I've felt after viewing this video
This summary is very helpful. The sports metaphor did it for me. Thank you for making this video!
By far the most helpful analogy that I have heard yet. Thank you so much this really helped me.
Great teaching!
Thanks my friend
you are just awesome ....keep posting more lectures on accounting
Very clear ,precise and detailed info ,Thanks a ton.
what happen if is negative? 10:08 do I post it to overdraft account instead of capital?
Way to go! You give my professor a run for his money. Thank you for your instruction it was clear and concise.
Thank you Mr. Lazarus. Finally I understood closing enteries
This guy teaches better in 10 minutes than my college professor in 50 minutes.
Worst....course....of....my.....life!!
Can't wait for this semester!
You raised me from the dead
You are awesome! I'm so going to pass this test tomorrow. Closing entries really worked my assets off lol!
Really you know how to explain the things and you are an experienced teacher. thank you so much.
very clear and nice way of explaining. Your students are lucky
Great Explanation..
But sometimes I wonder, what the use of Income Summary then, if we only use it when closing process.. Why don't we do step 1 : Service Revenue to Elli Capital $20,000, Step 2 : Exp to Elli Capital $9,860.. Then we don't need to do Step 3 and Elli Capital status is $10,140 in Credit. Sorry if this seems an elementary question. But is Income Summary has any other purpose?
You only have to step out of screen for a second then we can pause the video and copy it down saving you and us time.
this is best explanation of closing entries in financial accounting, thank you so much, hope you make more vids
This guy is legit! Very informative and he doesn't seem like an annoying tool like all the other people trying to teach acct on TH-cam ha!
Hey just wanna confirm in Income Summary ledger don't you think balancing figure should be on the Dr. side ?
Your handwriting is amazing.
Thank you so much! I was so confused with the closing entries and thank God I saw this video~ 😄
Professor Lazarus,
Thank you for all the uploads, excellent!!!
Do you have for Adjusting Entries for Accruals?
I couldn't find in your video list,
Thank you :)
Really appreciate these videos.
Professor Lazarus... You're a king!
holy shit struggling for days and in 10 freaking minutes i got it, now its clear as the water... thanks prof lazarus ur a genious @ teaching
I took accounting at the University of Alabama which has a good accounting school. The first time I took the course I did not do well, so I dropped the course before the drop date. The second time I took the course I made a "B" in the course and when on to take cost accounting, the second accounting course at the U of A. The accounting courses were the only courses, including my MBA courses that I could apply after college. You may hate accounting but you are a fool if you are in business and don't know some accounting.
thank you so much! much easier to understand it when you are explaining it!
thank you very much for explaining accounting to us.
thank you based Lazarus
Fantastic, clear explanation. Thanks.
Thanks sir its awesome !
I like these Accounting Closing entries, It would be great help for me if you show Inventory closing entries for Periodic inventory ?
Thanks again !
the best tutorial i have seen so far. thank you!
Thank you for making these videos. Really helpful.
thanks sir these are really useful and even better and far better a class room,
This is more helpful than my accounting teacher
OMG...I'm still confuse :( I still don't get it. :( :(
Great video. I understand my homework now.
Great teacher. Thank you!
Thank you so much!! Extremely helpful video to accommodate my book.
Thank you sir. You are an excellent professor...
You Are Great Sir..Always Awesome ! Thank a lot.
what if it is net loss?
I like vey much the way you teach. Thank you!!!
thank you so much! very helpful i was so confused before!
You are a legend sir, thanks for the help!!
Please make a tutorial for reversing entries☺
a very great explanation...tnx professor.
boutta teach myself a semester of accounting in the next 30 hours... lets see how this goes
I just dont understand why service revenue a debit.. Isnt a service revenue a credit? Thanks
Sure is, but to close Revenue, you must give it a Debit take it to cero {0} and were did the money go whell to the counter account is Income Summary
it is a credit...but u make it a debit to close it
Yes Service Revenue is a Credit, and you must take that account to cero at end year How: A debit to Service Revenue and Credit to Income Summary, ISum then its close to Retained Earning or Owner Capitall How: Debit To ISum (lower it or close it to cero) and Credir to RE or capital (increase and reflect year end gain)
because you are emptying, it was a credit of 20000, so you debit it 20000 so it balances at 0 for the new fiscal period
Greatly appreciate sir...
Thank you prof. With out you as a supplement I would be in real trouble.
Final today and the only thing I've struggled with is closing entries.
Professor are you Trinidadian or Guyanese?
Thank you so much professor! I understand closing entries and ready for closing entries question in my exam :D
Thanks Dr. Lazarus! "We work our assets off!" Haha
Get out of accounting...run...just...run
🏃🏃🏃🏃🏃🏃🏃🏃🏃🏃 🐉
does this guy know we can just pause it and copy?
We accountants work our 'assets' off. That made me like him so much ;D
Thank you. Now I will work my assists off for my big test tomorrow =)
Thank you profblazarus
nice & easy to understand...m
What is your ethnicity?
always helpful videos
Very informative
Thanks
This is perfect, thank you so much!
extremely professional. thanks
thanksss this prove very very helpfull for me...
Bravoooo
Wooow you are so helpful ! Thank you so much :)
Thanks! You save my summative!
Very helpful, thank you :)
Thanks for the help!
amazing i was cracking head for two days and in just 10 min I GOT IT!!!!!!!
Me too
you are a LEGEND!!!!!!!!!!!!!!!!!!!
Good job!
Muy Bueno, GRACIAS
so nice to listen!
Thank you!
Thank you so much Sir!!!
Great lecture!
tnx prof. u r great.
thank u u r god sent :---)
Amazing explanation!! Thank-you!!
AND he's an Orioles fan! #awesome
super helpful!!
we do work our assets off! hah killin me
you should see my professor for accounting! disaster! you are legend i wish you could teach at our university! THANK YOU!
thank you so much!
Amazing .. Thank you
thank you very much... is very understandable....
good explanation !
i like to know ca you help me
Thank you so much
we work our... assets off.
11/10 neat
"Work our assets off" :D
Thanks for the video
thank you!!! this was super helpful