yo yo yo what's good CPA strength
stronger CPA in the state of Florida
look at the boy go I'm jumping out the
roof frame alright enough of this I kind
of for beginners the classic series the
classic series of the classic series
accounting for beginners 24 does the
transaction increase assets I don't know
does the transaction increase the assets
let's figure this out
together there's this was a viewer
question there's three or four parts to
it we're just going to take every part
so let's just go through and get her
then look at the end it's gonna be got
her done you know what I feel in his hat
ripping up Florida doe Florida one of
the craziest mugs live I think might be
the Sun or the transient nature I don't
know
I'm forty I've lived in South Florida
for 2509 four years you know I'm just a
mess just a mess I'm the strongest CPA
in Florida also the messiest the hot and
I'm a hot mess - boy mmm long hair don't
care well so would i Dan cuz I got
shredded AF alright let's get on to this
now junk up ye so DC a blur would be
your first thing to know you put on your
paper I would write out
I'll write out in full I would at first
just put I put dc8 learn okay that's the
first step then the next step is
remembering what the heck they stand for
so once you have this you're going to be
good this might take you a minute your
first day and you might not remember
what all these are for what all these
letters even mean so then you look at
your review and trust me if you write
this down every morning for a month
straight
you will have it in your head forever
it'll be burning your head forever
that's what I want you to do on your
scratch piece paper on your test while
you're doing your homework your test
whatever now I'll show you what I will
do okay I'm going to read does the
transaction increase assets okay so okay
it's a question give me the transaction
boy borrowed cash on a note payable
50,000 all right so that's a transaction
we're going to have a journal entry and
this goes kind of perfectly into
yesterday's video about cash we have
cash here we have a question about the
journal entry there's two separate parts
to the journal entry so I'm going to
show you how I would do it meaning like
I want to do a journal entry I don't
know would you know how to do a journal
entry at this point I hope so because
every transaction it has a journal entry
and then we can figure out if this
journal entry those transaction
increases assets or not I just put a
line through that's for me I know debits
over here
I know credits over here let's see what
we got first things first is the Izzard
is there any cash in here borrowed cash
okay okay okay
borrowed cash I see cash ding ding ding
ding ding ding ding ding ding ding ding
ding ding cash cash cash cash cash cash
cash cash cash are we getting more cash
first of all we have cash Bing Bing Bing
Bing Bing we have some cash boy yeah
that's what's up we know cash is an
asset we know these are in positive
forms here we borrowed cash so I
borrowed another thing with accounting
there's no feelings
oh you borrowed money and you have you
owe them a lot of money and you're going
to pay interest on feel good about no
one gives us don't cares ok we didn't
ask that that's how the question we're
is that's not a journal entries there's
no feelings in journal entry was it a
good move was it a bad mood I feel good
about it do I not figure out I got
hoodwink don't matter leave your
feelings out of this borrowed money
borrowed so here's what I do I borrowed
now I know this thinks is fifty thousand
dollars on a note payable whatever I'd
like to say I borrowed five dollars from
my best friend do I have to have more
money or less money borrowing I have
more money okay I have more money we
have cash going up we borrowed cash cash
is going up we see we know cash is an
asset
DCL or these are in positive side so if
it's going up cash is going up it's a
debit so we have cash going up so we're
going to put cash in a debit here see
this is why this is my line this is my
debit and credit line my debit card so
we got cash over here
how much cash should I give boy 50k 50k
how much I got 50,000 cash cash is an
asset on a note payable or note payable
all right I don't know anything I don't
know what to know payable is I don't
know anything okay wholly lost well you
know from other other videos you've
watched of mine I know you've watched a
bunch of mine thank you well you're
welcome
I don't even know anyways you know these
always have to equal every time every
time every time every time every time
Baga cash 50,000 borrowed cash unknown
payable so here's the here's one half of
the transaction here's the other half
you're just beginning you don't really
know anything there's the cash it has to
equal equal equal so I'm just going to
even put in 50,000
here on the credit side we've got our
category its cash we've got the amount
$50,000 we've already got our credit we
got the route $50,000 now the only thing
we need is to figure out what box that
our credit is in all right note payable
I don't know what to pay I don't know
what I know payable is I've said before
that liability is payables note payable
note payable look I don't know anything
but I know that the liabilities are
payable so I'm just going to put note
payable over here so that is the journal
entry note here is your note here so you
got to think of what's actually going on
I'm I'm getting this is the 50k oh thank
you now you gotta remember you know
nothing's free in this world absolutely
nothing is free you just gave me 50k
what am I giving you a note payable
let's write this down a note payable so
no here's my note here so obviously I'm
getting fronted some money I owe you the
money you know I'm getting fronted I owe
you a note here I will pay CPA strength
we'll pay you when you need to spy okay
here you go so that's a liability no
payables liability let's answer it
let's and so now let me jump cut boy
backing it e does the transaction
increase assets what transaction
I borrowed cash on a note payable for
$50,000 let's make a journal entry
borrowed cash that means I'm getting my
chippers look I'm getting money that's
going to be the debit debit cash $50,000
now I need a credit how did I get this
money I know payable that means like a
Friday that means I owe you money
I owe you is liability I liable for it
on my note payable so no payable
$50,000 is the credit of the journal
entry okay
now I have a journal entry so now we can
answer this little question here does
the transaction increase assets started
with zero assets how many assets do we
have now what is cash
we know cash whose nose is that what's
note payable
note payable payable liability because I
owe I'm liable for it I signed a note
with my CPA strength so the liability an
asset going out fifty thousand we have a
liability going on 50 thousand drive it
credit d.c aid Oh were anyways so this
transaction increase assets yes it does
by fifty thousand P