5 Debits and Credits Practice Problems and Solutions
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Practice 5 Problems and Solutions with Debits and Credits.
Test questions can be very challenging so I created 5 Problems and Solutions on Debits and Credits. We go over each question and discuss the strategy for answering test questions. We start with easier questions and slowly move up to moderate difficulty. Enjoy!
0:00 Intro
0:30 Problem 1
2:05 Problem 2
4:05 Problem 3
5:22 Problem 4
6:44 Problem 5
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Comment Below if you have any questions!
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Can the argument be made that, “when the employee is paid”, implying Cash out (I.e CR Cash), you could also DR Wages payable to reduce the liability?
Im currently doing a University course in Accounting online. Lectures are very brief and reading notes on my own very intense. Your videos have helped immensely. Breaking it all the down the way you do, rewinding it many times so I get it, is gold. Thank you for making videos like this.
Thank you so much for your kind message! I will be making more videos like this every week 😃
i did my bachelors way 2019, currently about to go for Msc only to discover i have forgotten alot about the field because i haven't practiced since i graduated. i searched online on tutorials for basic accounting guide videos and i found this channel, thank you so much for giving us this tutor it really help revived some basic back in me, gracias!!!
please more advance tutorials would be appriciated even if its once in a week
thank you
thank you
thank you!!!
great video man keep it up👍👍👍
Comment below if you like these styles of videos! I will make more practice problems and solutions for different accounting topics 😀
These videos are so helpful! I'm taking an accounting class and my professor doesn't actually teach anything, so I'm having to watch so many youtube videos to try and figure out what all this means.
Happy to help!
Currently, I'm taking up BSA program, 1st Year, and this kind of videos really helps me in practicing my current knowledge about this topic. Very thankful to you sir in uploading this kind of contents. Hope to watch more videos like this. Once again, THANK YOU VERY MUCH!!!!
Happy to help!
Solid video 👌
Thank you so much for watching! I’ll make more practice videos like these
where i get confused is when I look at cash and operating expenses, they are both the same to me. Cash is changing from one place to another why would it not be cash?.
For the second problem why is 'wages payable' not the best option. It's liability, we pay our employee so wages payable decreases and liabilities debit when they increase so this account should be debited. And it's more specific to this problem than operating expenses, in my opinion. Can you please explain why isn't this correct?
Wages payable is owed to the workers but not given to them yet. Since the employer is paying this one in Cash it will credit the Cash account and debit the Operating expenses. Thats how I understand it. Could be wrong though
I’m having trouble knowing when certain things can be cash or debit
Which accounts are you needing help with?
@@Accountinguniv it's more knowing how to tell what the acount is like supplies exspence or supplies
Can the argument be made that, “when the employee is paid”, implying Cash out (I.e CR Cash), you could also DR Wages payable to reduce the liability?
Not necessarily. This case you’ve mentioned can only be possible it an employee has earned a wage within a certain month but has been told by the firm that he will be paid later (at a time agreed by both parties). In that case when that transaction happens, the wages payable would be affected together with cash