yoyoyo cpa strength strongest Sipan
Florida back at it again
accounting for beginners number 21
number 21
we're going to do a t-account example
today example of a t-account i was going
to do a video on trial balance but to
have kind of because I've been getting
questions on trial balance to do the
trial balance you need example of a
account i wanted to do it in different
videos is one of you guys suggested
before you know it should break down my
videos into smaller chunks of
information which I totally agree
so this one's example of t count number
21 kind of foreigners were 21t counts as
accounting for beginners number 17 i'll
put a link for atty count for beginners
t-accounts you want to watch that before
you watch this one these are journal
entries and these journal entries come
from accounting for beginners number
four
so if you want to know how I got these
journal entries how I came out to their
a debit or credit or their asset or
liability you might want to watch number
four
also if this is the first video you're
watching out me he'll do
I'm a fucking weirdo so also is the
first one this is kind of white thing
here is DC a blur Democratic asset draw
expense and liabilities equity ratio
kind of my thing I have a lot of videos
on my watch my card series is our
journal entries from accounted for
beginners number four and really the
next step would be to to make a
t-account it makes it easier in my
earlier days of accounting and my
dumbness I just I i got the the balances
of these accounts by just adding
subtracting I got so many questions or
how did you come up with that how did
you come up with that because i didn't
really answer i didn't want to go step
by step by step I kind of just go soon
and then you would know that and we
don't do that we don't want to assume
anything
oh sure my favorite shirt is what POS a
hang drywall jelly roll
so these are journal entries that we've
already done regarding determined that
these are debits and these are credits
and debits and credits always always
always equal an hour up to speed now you
have ways have five journal entries
I don't know when you're in your
classroom exercises you might have 20 25
or 30 that's why the t counter important
every journal entry every account see
every every account that we have like we
have a cash account alone account a
truck help a rent account a service
income account and draw count
well you can have whatever account on
your chart of accounts that's number 20
interested accounted for here is number
20 which is chart of accounts all
yeah i was just going to say that a good
teacher but thanks to you guys you guys
have been on my ass for saying that i
should use up on myself and my decent
teacher so I am my worst credit i have
so many issues that really want to start
with that but thank you very much for
giving me props or whatever and i am a
teacher account so when you're ready
journal and threw down you're going to
create an account
it's kind of a simultaneously
simultaneous thing wherever just going
from like when I do it from for
quickbooks and stuff and in my business
to make a journal entry you have to have
an account chart of accounts quickbooks
kind of does the T counter-examples the
t account is just to get any balance for
each account basically that's what I
would think and you have to know debits
and credits so we've already established
that before so let's take the journal
entries and transfer them over to the
t-accounts that's what we're going to do
we turn offers to t account go jerk
let's go find journal entry so let's go
step-by-step and and do it down on the
left corner on the right now always
always equal always always always cash
for 10 to a debit cash
for 10,000 so we go in the cash account
debit for 10,000 yes we have that for
the quiet for first country of loan for
10,000 we were alone account and we have
a credit for 10,000 so so we so we've
done the first one second journal entry
dead truck for 5,000 truck
this is the truck counterpart of
accounts debit for 5,000 credit for that
cash 5004 cash five credit cash for
5,000 so down the second one third row
entry debit rent for 500 we go to the
rent t account debit 500 cash 500 credit
cash for 500 go to work cash account
required for 500 we've teamed counting
up 23 23 journal and forth journal entry
catch debit 800 cash account deputy
hundred what's the credit for that
service income 800 we're going to
service income account credit for a
hundred good i've done the fourth
journal entry now we're gonna go for
fifth journal Nature debit draw 100 we
go to draw into account the other one
hundred dollars now we go to the credit
credit cash in 100 credit cash 150
countries done you notice that we've
just taken whatever is a debit over here
whatever is a debit we put on the debit
side when I was a creditor journal tree
goes on the credit side
Oh like chop some of this output a boy
likes to talk it anyways so we get to
get out of the way so here's our two
accounts this is over here now so the
ones with only 11 number in it or that's
going to balance alone or
ten-thousand-dollar Carter truck
five-thousand-dollar debit balance rent
five-hundred-dollar it
balance service income in our card
balance draw one dollar debit balance
cash is the one that we're going to work
with and in my infinite wisdom before I
thought you don't need unity accounts
are stupid but then I got so many
questions on they had how did catch how
did you get cash to equal 5200 dollars
think in my account for beginners number
five
I just tell it i just i skipped i
skipped account i skip trial balance and
I just went to the income statement i
skipped you just skipped so much sorry
and I got so many questions on how did
you get the cash to be 5200 because I
just went in for his way
Oh 10,000 minus five thousand minus 500
plus 800-900 that confuse everybody i'm
going to show you how I got that we
transferred for cash is the kind of the
hard-won we transfer for each debit or
credit in our journal injuries in the
cash account there's a bunch of
different ways that you can get the 5200
I by I just you know you can you can add
these up 10,800 minus 5600 it's 5,200 I
probably just take out I probably just
take a calculator start with e so you
kind of know 10,000 you got 10,000 in
your account minus five thousand that's
five five-thousand-dollar balance at 800
feet a hundred minus 550 300-350
200
so these are the account balances and I
already know what my next three was
going to be look for it's going to be
just kind of extension of this one it's
going to be about trial balances I
appreciate everybody watching these i
get so much enjoyment and satisfaction
out of making these it's i never i never
thought i would enjoy this so much but i
really really do I know that's your boy
but he kind of corny i will leave your
dog stretched out like slinky from toy
story