yoyoyo I guess that's my signature I don't know who are you bro
I am CPA strength I am the lace I am a strongest licensed certified public
accountant CPA in the state of Florida let's go what are you going to do today
I'm going to teach you accounting that's what I do baby that's what I do I teach
accounting to the world basics by basics by building block by building but
building block by building blocks I don't know what's going on today I
haven't filmed in a couple days I'm feeling outta control I always feel like
I'm doing the wrong thing cept when I'm filming or getting in my flow State with
these fps so let's go I'm excited about this one I think you're going to be
excited about this one we're going to have fun what is this what is this one
this one is accounting for beginners I have a classic series my classic series
this is accounting for beginners number 57 five and then a seven it's it's right
after 56 right before 58 can you believe is 57 can you believe that number oh my
god and it purchased supplies on account I'll tell you how I came up with this
how I came up with it ah but first if you're like hmm how are tips more this
dude out what's going on over here right over here is the best playlist in the
world this will make all your dreams come true it's basically oh there's look
there's a genie bottle of I Dream of Jeannie and you rub that our dreams come
true you basically click this simulates the rubbing of a genie bottle and then
on your dreams will come true over there so let's get into this video let's get
into 57 first have to tell you why I have all these subscribers and I have
all these uses because I came up with a mapping system for beginners and you
will now know where where does this go where does this go where does this go I
have no idea what mapping system is DC a blur it's a lifestyle you know what's up
that stands for debit credit asset draw expense liability equity
just go over a couple seconds of what the DCA's are actually means or where
transaction means we have a journal entry to do we have a journal entry
review then here when you have a journal entry review in accounting
you're going to have transactions you're going to have all these a debit that
equals our credit you're one of my students you've been following my
practices you've you've got a homework assignment you or you're at a test what
are you going to do okay let's get into this man I just want to have some fun
and you know I'm ready to have some fun number two block everything else out
this is just you know some DC Aylor some accounting fun I got people watching for
so many different reasons and I feel blessed to have somebody watch me but
now is you know let's just get our little zone I love doing this right here
I'm thinking how can I teach somebody how somebody going to understand you
know um let's just get into this right now basically you're going to have
you're going to have a transaction here and how something that happens and it's
going to have a debit and a credit and they're going to equal your you're brand
new to this and you see I have to do a journal entry what am I going to do what
are you I don't know don't freak out don't freak out go to your go let's go
you're sort of your mental toolbox here take a file cabinet it's going to talk
to our first thing because we're doing accounting so let's go to that
accounting drawer and top drawer or sorry we're going to our accounting file
cabinet top to our first thing is DC able to write that down debit credit
acid draw expense liability equity revenue DC a blur
oops now you should feel a little better because this right here is more than
most people know to be honest hey you know where does things go so calm down
chill you've got this you're in good hands
you're in good hands with DC a blur Jake from Jake from Allstate I got them
tan khakis boy so that's so you already feel a little bit better now the task is
to write a journal entry you know you know from following along and practicing
or you're coming back to in my videos or this this comes along with a journal
entry you know debits equal credits and that's the journal entry you have a
debit and a credit and a equal so you know that so you can give this and now
let's just go let's go let's go to the question you know so if you sup you got
your DC Euler you've got your journal and your your debits equal and credits
here so you know you're all set up now let's read let's read the oh oh oh and
this is this is accounting for beginners 57 purchase supplies on account I came
up with that because I got a viewer question I looked at my whenever your
question cut in the comment sections and over your question like can you do a
video on this I'd say yeah sure I just add it to my list have a little list
there on my phone and then like what I'm not really sure what video I want to do
I just look down my list and see which one seems the most fun to me and then I
do it that's how I come up with my video idea it's on my video some I think oh
that would be a good video or but if I don't know which one to do Brooke can
you just do the freaking can you just do the journal entry breath yes I can get
some it's a certain part of my lay lunar purchase supplies on account that's what
someone else can you do it can you do a video about purchasing supplies on
account so I say sure that sounds fun as you get to an interesting one so you're
a small business owner so here's the here's what you're supposed to make the
journal entry of this question here make a journal entry out of this right here
small business owner purchase $500 of supplies on account
you know if you didn't know anything you're like dude I just figured out how
to do cash I just figure it out cash I don't know milton elzar doodle cash
though all right cool we don't have captions one but you do
see $500 so you don't know anything and it's going to make you feel better
santino debits equal credit it's going to just make you feel better to put $500
debit equals five her daughter's credit so look you got some of the journal
entry you got you got some already now I tell you what how do you wearing what
how do you wearing we're going to figure out what hat we're going to wear for our
journal entry here small business zone all right so you're a small business
owner whatever but you know whatever it's called probably widgets Inc widgets
Inc over here so but you're a small business owner that's your hat okay
you're wearing this hat so that you know like so your small business you don't
know what hat you are you know are you are you put buying the stuff are either
business owner are you an employee exactly that depends a lot of times what
journal you know how the journal entries me purchase $500 purchased $500 you
purchased $500 you bought $500 of supplies
you bought $500 of supplies on account or something that goes into debit all
right and then there's going to be something that goes in this credit what
goes in there super-strength now let's kind of dig into this together the debit
or the credit is either going to be something inside the asset category
something inside the draw sometimes I the expense something inside liabilities
something inside the equity or something inside the revenue box it's going to be
something at one of these it's going to be a sub I guess the subgroup of one of
these six what is going to be in here purchase $500 of supplies on account I
make I think you've got you've got something with supplies and then it says
on account purchase 500 ollars now what if what if it said because you know how
to do cash you've been doing cash you know you know if cash is coming in it's
an asset and it's positive you debit you know for cash is leaving the company you
credit it because it's going down so you know that savings this is how I would do
it well the small business owner purchase five hundreds of supplies with
cats no you did it wiped out but you can see you what are you doing here what's
on account well they didn't say cash so it means you didn't pay for it
that means on account what that means if it said paid for it with cash it would
say paid for it with cash means unaccounted to do some repetitions in
volume when you purchase something so it means you got something in you've got
you've got supplies whatever supply like supplies to be a lot of different things
you're getting supplies in and nothing in this world is free let me tell you
that ain't not it God dang things for free so you have supplies coming in what
are you giving out what's going out account on account usually would be cash
going out but now you have on account that means that means that what is on
account you're getting supplies on account she basically has to figure out
you go out to $500 you're racing to have to figure out what the heck is on
account a channel on account alright and then he base what the heck is on account
here and then you have to figure out what it supplies alright that's your two
things here for this journal entry what detective supplies oh you know what what
what are these six boxes does it come out of
and on account one of these six boxes is to come out of C this is the great thing
this is a great thing as well as kind you can you can you can arrive to this
journal which goes in here and what goes in here what goes what you're doing
what's required you could arrive with this journal entry of thousand different
ways I want to try to give you the tools to come out of different different ways
maybe and something might hopefully some is going to click for you and one of
these ways that I do it you're like oh I didn't think about it like that but yes
that makes sense let's just let's just be logical you view for a needle or
let's be logical let's figure out on account let's let's do the small
business owner particulars of supplies on account we know debits equal credits
we know 500l are debit we know $5 credit on account
you got you got some supplies you got supplies coming in supplies in this
question we don't really know but I'm in for like what will excuse me what
supplies because these are just a you know in real life you're going to see
like it's not going to be like it you know do this journal entry it's going to
be like you see money coming out of the checking account for four different
things because we pump with your we saw widgets all day long we're starting over
starter we're starting to ramp it up because we're here every day we're
lining hard around here right in so Republicans widgets so we need some
supplies for the widgets but you would have like you know money come out of the
bank for tape and tape dispenser then we need something how many widget boxes and
then we need like no we're out of staples because we got our paper so
those are supplies these are supplies so we have that and I would and I would say
oh at the supply SS supplies so in this journal entry that's what we're doing
the supplies like those are supplies that I mean it's for its for our office
it's for the it's for as far as pumping some widgets so it's kind of I guess
this could be a bunch of a bunch of different things I think the main thing
in this one is that we're not paying cash
- to get our supplies we have it on account that means thing about this
logically here if we don't pay cash we get something we haven't given them
anything nothing's for free so we say I owe you for these supplies mm-hmm
Johnny Hancock you know you sign it or whatever you know it's a liability you
owe them you're liable to them this says on
account so what's in it you know it's an account payable that's you know you know
it's liability and you know on account it's a it's a it's an account payable I
usually I usually pay nothing's for free I got supplies I usually pay cash I
didn't pay cash I owe them I owe somebody $500 for these supplies what
which one of these boxes which one of these boxes I and in create $500 so I
have I owe someone in increasing amount but I owe somebody some money which is
that mask that you also learn any money no one's gonna draw you of somebody no
I'm done expense that you owe somebody money no it's not a liability I know
some bold yet it's a liability I know it's a liability I know what's a
liability okay yeah I owe somebody money a
liability going up going up ooh I know there's a liability in a credit because
I owe somebody money off a liability of going up $500 so I know our liabilities
India credit doggie liability let me look at my chart of accounts under
liability ooh
okay I'm in my chart of accounts and I'm looking out the liabilities all right
and there is there is under current liabilities there's a there's an account
called accounts payable we only have one vendor to make it easy you know
who you owe the money to we're just just one person for now so yes there's aniket
it's called accounts payable that's our credit accounts payable
jeezum crow bars counts payable $500 which is a liability and because we owe
somebody money owe money that on account owned the money what did we get we got
some supplies we've got a bunch of different things to help pump our pump
pump our widgets outrun our run our office to help run our office and what
it or run our caliber nervousness and what is the business what do we do when
we're running a business we're trying to we're trying to make money all right so
we're getting these we're going to need supplies and we already said supplies
we're getting that we're going to tape tape dispenser we're getting boxes to
sell our widgets we're getting organist aple staplers all this kind of stuff all
right so we're just we're just you know it's some so we're getting all this
stuff in hopes to make money later so it's going to help us sell widgets
that's what we do for money so all this stuff is going to help us sell widgets
that's an expense you're you're getting stuff you're going to use it up maybe
less than a year so it wouldn't really be an asset because it's it's so it's us
all stuff that's going to be used up in less than a year bouts there's so many
different supplies I bought for 500 dollars it's going to be worse can
expense it right now and because we're going to use all of it up by the end of
this period or the end of this year that's an expense right oh so sorry
sweet or like we go we're getting we're getting stuff to try to make twenty
flaker we're buying stuff to help us make money is that an asset draw Express
oh that's an expense expense does this expense account going up or down
it's going up by $500 okay so that means it's going to be a debit so our drive
it's going to be an expense we know that it's going our chart of accounts let's
look under expenses and see if we have something to put stapler tape stuff for
our office not so much the widget boxes that might be a cost of goods sold
I don't like it into that but maybe it was but other stuff for our offices
there's a there's an account called supplies expense under our expenses in
our chart of accounts so that's going to be that looks good for us so let's go
applies supply surprise see I'm sweating this is just like so support the
channels so you don't have to watch me sweat so I like doing just think how hot
I am some pit-stained action woman is a super
super long pretty ro I guess talk and talk and talk right I say oh it's going
to be a short one but it turns out to be super long what are you going to do
right think the motivational thing that I want to leave today I had two of them
that I was thinking what was making this board up but number one is just do your
best because that is all you can do really that helped me out so much is
just I get stressed I get overwhelmed I always feel like I'm doing the wrong
thing I just I just feel like like like I'm just always I'm just always just a
huge stress ball and I just try to just say like you know I'm going to I'm going
to get a good night's sleep you know me like I'm going to get a good night's
sleep and want to wake up I want to get some food in my body I'm just going to
do the best I can because then if someone has a problem with it I just say
I gave I did the best I could and that means the most for me internally like
well I tried okay sometimes it's going to be good now sometimes is not but at
least I'll try that's one thing about old GPA strength here he's done a lot of
different things his life will probably do a lot more and
he fell flat on his face flat on his ass 99% of the time like
I've probably done a hundred different things I've messed up I've messed up
9000 losses failures by against those other ten sometimes things work out but
you got to swing man anyways till next time I hope I see you in the next one
what's the next one going to be 58 I hope I see you there thanks for watching
leave a like oh yeah one more thing I do have a patreon page please look in link
description below if if you've got a lot of value and you want to give back all
right deuces
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