you know welcome to FB boy you know what it is this is at 40 I try to get it to
the ceiling baby I feel yeah go see the baby the seal let's go you ain't heard
you ain't heard Vince the CPA strength I am the strongest licensed CPA in the
state of Florida you know what's happening you know what's up what is
going on you're like who is this guy yo he see pitch strength he's strong as
lark anyways I am the strongest CPA in Florida let's go I got this thing called
accounting for beginners it's the classic series it's my series it has my
DC idler into it let's go you're watching I'm into it if you want to
watch ones previously here is the playlist best playlists in the world
it's Saturday morning I'm fired oh boy I got a working out like 5:22 in
the morning this morning that I was awake for that I already slept the
previous night for so I'm fired up man I'm trying the 30s was like a little bit
of come up I'm 40 now these next 10 years stay with me you'll see husband
hair that hair is looking like trap Zola caring for beginners number 40 inventory
journal entry purchase these next couple we're gonna work on inventory inventory
inventory inventory f7 Tori how you value the inventory journal entries for
inventory different ways of valuing inventory this one is just gonna be
rolling what I thought to be a very basic leaning in journal entry
the only inventory that I've done before was I believe Anthony number 11 which
was life FIFO and LIFO which I'm looking into the
next couple videos and I have looked back at those videos I don't know what
the heck was going on there sorry to say trash you know at the time I thought it
was good just like at the time now I think this video is decent although when
I watch myself back I'm like what a cringe but I you know I think this is
decent so you just gotta keep practicing you gotta keep on doing homework
problems to get better at accounting I gotta keep making videos and get in
front of the camera to make myself better in front of the camera I had to
hit off the tee a million times to have a decent baseball swing so we're gonna
do a basic inventory in number forty forty I am forty right now can you
believe it forty I am over the hill one of the top four favorite rappers I have
is e forty housekeeping this is DC a blur this is my mapping system already
helped thousands of people pass their accounting tests get jobs because then
it's like an idiot ur interview anyways DC aid work debit card that's the draw
expense liability equity revenue this is my mapping system it works boom now
we're hopping off into inventory so we want to let's think about this here
inventory is an asset alright like I have a journal entry with with inventory
I see inventory somewhere we're talking about inventory it is an asset lapses
nice I did a video on assets a few videos ago in the classic series of
course so you can go to the playlist and look but pretty much I believe the
definition was a resource in your business to help you acquire more
resources so it's like I got my chipper chipperz chipperz chipperz chipperz owns
shipping Boyd Superdome like chippers these chippers are gonna help me get
more trooper so um inventory inventory is an asset so everybody's going to be
here so that's what the inventory is inventory is an asset widgets is what
I'm winning is for inventory and the thing about the widget everyone's like
oh this we just have no widgets or widget okay listen people I'll let you
do whatever you want say whatever you want which it's a
freaking widget man it's supposed to where you go this is a widget this is a
widget pretty much anything that a tangible item I will call a widget the
inventory is a tangible and this is my difference event with word because I
found trash definitions I thought were trash on the Internet
so let's inventory inventory is a tangible and tangible can be seen or
touched inventory is a tangible hood held for resale so it's something that
you can hold and touch this is my inventory I have a bunch of these are
different values of these and I'm calling this no not countenance
interracial pencil widget the reason I'm not calling eraser and for the business
and for my future videos why this is called it why I'm calling it's a widget
is because I'm gonna say I bought five we look about five which is $100 per
widget and then this is the internet so you knew people going that's just an air
ace bruh it's a widget man calm yeah
so no everything's a widget okay that's a widget it's just it's just so you can
think about the mechanics of it and not get not get a held back or stopped on
that this thing would never cost a hundred dollars because it's a widget
and it obviously does okay so that's so far
that's our housekeeping so let's just do a journaling let's just do a journal
entry with inventory and see what's poppin okay also in inventory you're
gonna have two different things perpetual in periodic in the next video
I'm going to go over perpetual and periodic but for now just know that
we're going to perpetual inventory mostly a lot of inventory is done
perpetually so it's more it is more accurate sometimes let's do a journal
entry here for for inventory perpetual inventory okay but and to go before we
do the century it gets a little dicey er when you are selling the inventory or
just buying we're just buying an inventory right now so that I'm breaking
it up into sections so this is really this is going to be easy so you're like
about 5 widgets 100 per widget perpetual inventory perpetual inventory right
there like did I've never you're like I've never seen inventory before I'm
scared I'm scared so it's inventory so you know there's some the resale in
these widgets they're gonna hold them in their their their warehouse their office
until they resell the widgets so like I've never seen inventory I'm scared but
don't be scared don't be scared of the inventory we've already gone you know
the inventory is an asset because you've got these widgets and you're gonna
resell these widgets for like double the money you're sitting on them buy low
sell high it's business right business oh my go let's do this journal entry you
guys love these journal entries almost as much as me now I'm sure probably not
as much as me if you were gonna journal entry in your
sleep I get a lot of people let's say DC you'd learn their sleep
I think I'm yeah definitely not that I've done journal entries in my sleep
before I'll try to get it to the ceiling beer bag
about five midgets 100 dollars per widget all right do we have any cat dude
look look look let's make our do we have any cash yes thank goodness without five
widgets at $100 per widget UPS $500 we have $500 cash you buy if you buy
something do you have cash coming in or going out you have it going out if you
bought something cash we no cash is an asset DC Ahlers if in the positive form
R if it's going up we have cash leaving the business so that is going to be our
credit $500 $500 cash that's going to be leaving our business well it's gonna be
the debit of our journal entry hmm well what did we get we got we got widgets we
got widgets that's what we got oh hi we spent the money over here what
did we get we got widgets we know widgets we're gonna resell them later
time for more money so it's inventory we know inventories an
asset oh well so if you can't remember this stuff write it down on your morning
paper like you do DC Aylor you know that's what I would do so oh we already
know this is $500 because you know they always have to equal all right you
always know they have to equal and what do you what are you getting here you're
getting widgets so widgets inventory now all you have is widgets so
go to your chart of accounts and the only the only chart of account you have
a fur inventory under assets is just inventory so you just have inventory
it's just widgets so anyways that's gonna be your debit and vent Hori five
five ladies four hundred dollars per widget that's five hundred dollars so
you have five hundred dollars leaving your company let's go to me a credit for
five hundred dollars cash what's gonna be your debit well you know it's five
hundred dollars because they always equal and you're getting inventory
inventories and assets so that's going up so that's gonna be your debit yo
thank you for watching once again happy happy Monday morning to you TG I am
thinking it's Monday let's bust this week wide open let's grind let's go hard
you know we'll just go hard to have a great week and then we can relax spend
spend doing things you like to do I like to grind grinding is fun anyways if you
like this video please give it a like please leave a comment below it helps
the channel more than you would ever know it let's it lets the video reach a
wider audience and who doesn't need to know about accounting am i right deuces