How to record a journal entry in a way that’s easy to remember. I will walk you 3 steps to record any business transaction.
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How to record a journal entry the EASY way!
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How to record a journal entry the EASY way!
financial controller
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19 comments
This is the best description I've seen so far. It's very helpful, and I'm currently using it for a homework assignment.
Wooow Action and Reaction and DEALER really helped me. And to know that thinking through it does not make you look stupid is a bonus. Thank you soooo much for your tips
This is exactly i was looking for . 9 mins but so helpful . some people are taking more than 50 minutes but i failed to understand
Hi Sir-Please help me with this Journal Entry-Scenario is-My Company's Rent for year 2020 is $120,000/-.I received the invoice from Real Estate on 5th Jan 2020.But I will be paying the entire $120k only on 10 of April-2020.Can someone help me with the complete journal
another acronym is DEAD CLIC (Debit Expenditure-Assets-Drawings / Credit Liabilities- Income- Capital)
Can you go over the chart of accounts of different industries for classifying expenses for accounts payable? Example: like raw material freight in expense is classified as inventory, but what about freight out for a manufacturer? Still inventory? A retailer? Selling expense? Sometimes signs are classified as signage, but other times it is classified as supplies, advertising, building improvement or building maintenance.. Building a ramp for the disabled customers is supply or building maintenance, how about a ramp for disabled employees? Is there a difference between accrued telephone, telephone, communication account titles and if so, does it depend on the industry. A fence around an apartment complex is land improvement, but what about the security gate or the fence around the pool (a legal requirement) for safety and to keep non-residence out. What is coaching expense for a real estate agent? The repaving of parking lots? Capitalized to land (cannot be depreciated) or land improvement or building repair? Etc…
Beautifully depicted and spoken.
Mind blowing! This is not taught in school. Booo
That 'DEALER' stuff is misleading. Journal entries should be recorded using basic, direct rules of debit and credit. I don't like cutting corners.
Thanks so much for the tutorial🙏🙏
You are awesome, thanks for take the time to created this videos. I am learning a lot from you
Great video. However, isn’t office supplies an expense that hits the P&L and not an asset on the balance sheet?
Well understood
Thanks Bill, I missed this video 🤭 Thanks for another brilliant explanation. DEALER is a much easier way to remember my Dr/Cr.
This is a precious 9 minutes of learning, compared to credits I’m taking in uni 🥲thank you for making this video sir, looking forward for another updatess! #autosubscribed
Thank you, this video was very helpful 😊 please do more videos like this 🙏👍
How about recording a business loan?
Would it be a dr to cash and a cr to notes payable?
you did a great job sir. I could not understand easily while studying my B.COM Graduation but you make me to understand its very easily..
wow, Thankyou sir.