yo yo yo yo yo that's 1/3 yos welcome back I am CPA strength I am the
strongest licensed CPA in the state of Florida maybe going for the Southeast
Regional I don't know cuz your boy is getting jerked okay you know it's what's
up what do you do CPA strength I motivate educate and inspire and I teach
the world accounting the world over by basic bucks basic basic blocks mainly by
my math main system DC a blur debits Credit acid drugs offense liability
equity revenue I'm fired up today's gonna be a good one I think every video
I'll try to get better and this is the best video I've ever made coming up
right now I think it's like 150th video let's go this happens to be the best
place in the world over here if you just hit this card and all your dreams will
come true I'm a I guarantee that a personal promise all your dreams will
come true yeah yeah what is this this is this is my classic series but this is a
sub classic series of the main classic series this is number 76 this is service
revenue more importantly than being accounting for beginners number 76 this
is a road to 100 and we started on 73 73 74 75 76 in our own little business
would you think and we're selling widgets
we're selling widgets and that's what we're doing for our business and we're
running through road 173 through 100 is just our business and if you would like
to if you would if you like this if you like the series please give it a like it
really helps really really really helps my videos out now if you have any ideas
for videos please leave in the comment down below I mean like if you want you
if you want us to not have any money I don't know why you would want us to not
have any money to have an office dispenses but if you want to make us
have like a really high service month or something sort of swimming in the money
so we can so we can freakin do stuff anyways let's get into this one I'm
pumped up a bit listen to music Oh more and I think I found one thing up on my
schedule I don't know whoa 76 service revenue so
we get some service revenue so what's going on here widget incorporate
makes two thousand dollars from widget repairs all right widget widget
incorporated and that's us that's where our widget incorporated had and we are
shareholders I'm Tom on the books of shoulders but you guys are on our show
we're gonna do a journal entry we're going to do a journal entry and then you
know if you've been watching the I started from 73 if you know we're going
to adjourn on sugar going to chart of accounts we're going to general ledger
we're gonna do income statement and balance sheet let's go to a journal
entry for this is there cash is there cash yeah we're actually getting cash in
this so we love this this should be our favorite journal entry so we should know
this one inside now because this should be our journal this is my favorite
journal entry debit cash a credit service revenue that is my favorite
journal entry so I don't know like tell me your favorite journal entry if this
is not your favorite journal entry is this fun or what you know people say
accountants don't have any imagination I had to imagine making a hundred a
hundred video series and I'm going to a thousand so you've got to have
imagination I'm doing this business here I'm having imagination anyways what's up
with the journal and you get we're getting cash so if we're getting cat or
we're getting we're getting cash and we're gonna put it into our checking
account so mmm I mean I guess in real life you would look in your bank
statement or your bank would have two thousand dollars coming into it so you
would know that it's revenue so sometimes you wanna know you know is
this revenue is this an expense or just trying to think logically and do the
best you can and everything will be fine and practice practice practice we move
on that I gotta move on out of this board what the floor
something's something right see if I'm feeling good or everything so I'm always
tries to deflect me out but it ain't gonna happen
ain't gonna happen let go come on please
so yes we're getting money we're getting cash and $2,000 we're getting $2,000 so
that would so cash checking account whatever is an ass
and we're getting it so it's coming into the business so it's going up so let's
go over to our GC and lurch our where's the assets going up assets going up
debit so there's our debit I can account two thousand dollars which is an asset
what's our credit what's our credit well why did we get
the two thousand dollars because we we serve it we did weighted repairs who
serviced widgets and that's our main thing we service them we might sell them
later I don't know but we just service them now we don't have the all the
equipment and all the inventory and whatnot we got we got money for doing
stuff for an ordinary course of business that's a revenue a revenue accounts
going up so that's gonna be our credit it's either a debit or credit so there's
our there's our credit widget service mm revenue so our journal entry is four
which is incorporated makes $2,000 for widget repair our journal entry is debit
$2,000 checking account which happens to be an asset credit widget service $2,000
which happens to be a revenue all right Becky and Becky and now we go to our
chart of accounts what did we what did we add in our journal and what do we
have in our journal journal entry we're checking account we already had that in
our chart of accounts and we also had revenue widget services which we did not
have in our chart of accounts so we added so we just added it in we added in
a widget service under revenue is our first revenue so here's our chart of
accounts currently we have a checking account we have a truck which is a fixed
asset we have liabilities we have a loan from shareholder that's only liability
our only revenues widget service are only expenses rent but as you can see
every time we do a journal entry and we do not have an account for that journal
entry on our chart of accounts we just simply add it it's just it's easy like
that we just add it inside every count in our chart of accounts is the activity
that happened so let's start with our widget service with the activity because
there was only one transaction on for 30 15 oh that's when we did our journal
entry this time for 30 15 is our fourth one that's April so it all happened was
it increased by $2,000 or just service on fourth
fifteen our general ledger for weighted service now the fun one I think of
course is our checking account and I've tried to maybe it'll come more if
someone hasn't seen it before or you're watching the series for the first time I
just wanted to be very very evident that most mostly you know keeping the books
for a business or doing this I guess this is keeping the books keeping up on
you know journal entries chart of accounts general ledger balance sheet
income statement it is mostly it was it is night you know if there's a hundred
journal entries or one hundred transactions 9595 or up it's good ninety
five ninety five percent is gonna be from the checking account so what
happened in our what's going on there general ledger checking account this
time at four thirty fifteen we added two thousand dollars and started at 115 with
ten thousand - four thousand - four thousand plus two thousand so it has
four thousand so our checking account has four thousand dollars now so what
happens over here check account four thousand dollars energy in our general
ledger checking account which is serviced two thousand dollars in our
widget service general ledger account now now I'm gonna have super fun if you
thought the checking account was fun alright looks great jump cut back yeah
boy now if I said if you thought that was fun this is a lot of fun this is
like super duper fun now this is the balance sheet and the income statement I
want to say again the reason why because when I started working somewhere I had
the income statement on top of the balance sheet and my like mentor a guy
said no no balance sheet goes on first and I'm like why and he goes just
because it's just is but through the years this is about four years ago or
something three four years ago so now I figured out the reason the balance sheet
goes on top is because the income statement is revenue minus expenses
equals net income so the totality of the income statement in net income flows
over to the balance sheet so we've looking at the balance sheet being on
the financial statements you can see what's out what's going on with assets
equal liabilities plus equity so you can see all that and you can see the
totality of revenue expenses so you can see the whole business and a snapshot
into it in like two seconds with the balance sheet now the income statement
for now is one one fifteen that's when we started our business to four thirty
fifteen that's how it is now so it's the period income statement is a period boom
boom as you can see it's January to April in
2015 the balance sheet is one point in time it's just for right now right today
or the time now because it was probably sometime in May by the time we're doing
these journal entries because you're in accounting you're kind of working behind
right
so balance sheets for thirty fifteen what did what happened this time this
time we we finally made some serve we finally made some revenue so so we got
two thousand minus 4 thousand equals negative two thousand net income see I
think it was we did have we didn't have this so it was negative four thousand
net income was negative four thousand over here but now we made two thousand
dollars so now we have only negative two thousand dollars net income so we made
two thousand we've decreased our our lost by two thousand dollars so that
slides over to here now what's with it what's over there balance Jim for thirty
fifteen a couple things changed over here and are attracted account we went
from having two thousand dollars and we made two we made two thousand dollars we
have four thousand dollars in our checking account and our truck is still
in the books for four thousand dollars so we have a total of eight thousand
dollars in our assets now is that going to equal is that going to equal our
liabilities plus equity the liabilities didn't change the equity did change
because it was negative four thousand dollars but now it's negative two
thousand dollars so our equity is negative two thousand
dollars our liabilities ten that's $8,000 for liabilities and equity
does that match libel assets yes it does well well well that was the oh well well
well well though is that I always look up there that was never 76 so can you
believe we're almost on 76 I'm going to try to do this more often
to where go faster and not talk so much about anything else but the actual
problem at hand and then if I have because my my camera when he goes to 16
minutes and then it shuts off so I'm gonna run it out to 660 I'm gonna
basically I'm going to talk try those times as I can so I can talk at the end
of the video and so you don't have to like skip through the videos because I
talk to my sure that we're getting enough to skip through the Hat find out
where I started I don't know I'm talking a lot right now but just something goes
through my head I finally I think I finally found a good time to film and
just do my life now Express and really until next tax season so what I'm gonna
do I'm gonna be professional about it I'm gonna keep all the negative thoughts
out of my head because I have so many negative thoughts going running through
my head it's really a full-time job like I don't know how many hours I guess
you're awake 16 hours a day I'm trying to fight off the negative voices in my
head like 14 of those day 14 of the 16 hours and I'm awake it's true
it's really hard for me and yeah I try I just I am really trying to do it and I
guess doings doing stuff that I like doing helps me stay in a positive mood
so I like getting here in the morning at 3 o'clock and doing these accounting for
beginners I love it actually anyways I'm bad at time look stay positive don't
hate people be nice uplift people why you gonna remember to be a piece of shit
fucking scumbag hater right like be remembered
uplifting people deuces nothing shaking about my goddamn car keys