yo yo yo what's good with it you know it is CPA Strength back again with another
mother fucking video woo yo if it happens to be your first time you're
like who is a CPA strength guy I happen to teach the world accounting Monday
through Friday mornings yeah eh eh eh Alec every weekday I'm here boy teaching
the world accounting basics by basics by basics by building block by building
block building blocks because guess what you want to learn you want to get to the
more advanced stuff you better have the basics down pat you better have a nice
foundation you wanted you want to build a second third floor you better have a
nice foundation right and here for your foundation better be level tough diesel
doubt that's like your accounting basic you better have a lot of them very good
would it you better be good with it if you have
cash in a journal entry you better know what to do with it real fast and if you
don't stay watching and if you really don't if you're like yo CK a strength I
like you dog what's up what's up with it here's here's a card to the best
playlist in the world all you got to do is hit this playlist watch the playlist
and all your dreams will come true it is like touching a genie bottle basically I
drew and Jamie you seen that yeah it's like that this happens to be number
fifty five Cinco Cinco in espanol si Senor vamos a la playa anyway this is 55
of my classic series I got it's a viewer question it says it was loading their
business money I think it might have been loaning your business money but I
wanted to keep this we are I am loaning my business money because I think that's
where the person the context of the question came from it said say I want to
say I had a business I want to load my business money that's why I think it
gets confusing to some people when you're like because
you feel like the business is you and then you're loaning you money whether
it's your business or somebody else's business
think about treated as a business owner to it as the business and it's its own
entity it has its own tax return if it has its own tax return it's the zone
entity which you're going to loan this business money
number 35 loan in business loaning your business cash that's what it's loading a
business cash flow in your business case you whether it's well turning it out
whether you're loaning your business cash or whether you're loaning a
business cash is still the same journal entry and I like to refer to it as just
any old business which could be someone else's could be yours to be 20 people's
it's the business do not do a quick journal entry this one's kind of fun for
me it's one journal entry one journal entry one transaction so we're just
going to dissect one transaction I listen to her video Roberto Blake's I
like him he helped really he does Terrell and grow my channel and he said
you know there's something there's a certain kind of quality in the quantity
you know because I was if he noticed for my past year and I was not putting a lot
of a lot of content out you know people started watching and I wanted to make
the content perfect and you know I maybe shoot a video and be like that wasn't
good enough and I sound stupid and da-da-da-da-da I wanted to make it
perfect so I wasn't put a lot of content out now I'm just very about having fun
and making sure I put the content on when the people decide so let's get
let's this is this is where this is this is going to be like the five minutes of
funk this is where we're going to get into it I feel like I just want to talk
about this this journal entry and get into it
ah one more housekeeping fact before we start you might have seen this over here
if you're new you're like what is that if you've been around you know what it
is the lifestyle is DC a blur to lifestyle the stands for debit/credit
absent draw expands liability equity revenue we have a transaction here and
through this transaction we're going to have we're going to have one debit at
least one debit that is going to equal at least one credit so whatever happened
whatever this transaction happens in accounting terms it's either going to be
first is there going to be a debit or a credit or that might be after you figure
out probably what box but it's going to be double credit and the debit or credit
is either going to be an asset a draw and expense liability equity or revenues
going to one of those six boxes if it's going up this is on the upside and this
is on the upside so if and this in this question here we have asset and a
liability but we'll get into that now anyways let's go with our let's go with
our clip let's go with our question here is CPH strength captain's is weak Oh wha
it's a boy we're going blue blue grama boarded so I have it to be me and CJ
strength what did you do homie see if they strength loan so I want to that's
kind of the question is loaning a business money so cement strength at
somebody loan Dorn CPA this is who this is who we are you loan to business so we
are the business we're going to wear that we're going to wear the business
hat here we're going to be the owners of the business because we have a journal
entry for the business you don't really do journal entries for a person like
thing right you're a person right watching this I guess
that is the beige fold on all accounts well you're a person I can do you make
journal entries for transit every transaction maybe probably not know you
know what a journal entry is so people don't really need journal entries so you
an get into a journal entry for this so just think let's think logically here
and during it part of your business hat because that's that's who does a journal
entry so look we're going to be doing we're drawing CPA we got loan money
we're getting money we got we got some money we got some money how much should
we just get loan how many chippers did we get we just got ten thousand tippers
now I didn't put in cash because cash a direct deposit check um you know a
liquid form there's a bunch of things up money order beam up a PayPal there's a
bunch of different things that are liquid that all mean the same so if
you've got if you got $10,000 it doesn't specify so in my head I'm thinking it's
chippers that I can spend right so that means I just say cash because if you're
my head it's easier so I got so CPA strength loan Dorn CPA that's us that's
our business right here that's who we are
$10,000 I'm going to say $10,000 cash I want to infer it cash stop hold the
phone put the phone up yo and we have cash or journal entry with cash we just
we just read the sentence we just know I just got loan we're going to get back to
what loan means we just got $10,000 cash we have chippers to spend that we have
sold cigarette what do we have we have inter cash account we just had no money
we just had zero money because this is the first transaction we're doing and
the first thing someone did was loan us $10,000 that
that we have more tripperz we have more cash you with me our business has more
cats remembers we have more cash okay we have more cash what is cash what is cash
cash is an asset okay we have cash which is an asset which is going up okay let's
go to the board I'll go to the board we have tagged to our descaler we have cash
which is an asset which is going up
that's going to be our debit because if an asset see here we have we have an
asset there our cash is in here this is where our cash is all right tomorrow our
cash are we free up cash is an asset and if it's a if assets are going up in
value is a debit if assets are going down in value it's a credit we are
getting money so our asset is going up in value
so that is a good we're getting 10,000 so 10,000 cash is our debit cash as an
asset is going up in value we're getting money now for the now for the credit we
got a low C without no one really anything you know debits and credits
have to equal so you know cash debit was ten thousand sold or equalling ten
thousand so really you've got the amounts right you've got one of the
boxes correct so you've got most a journal entry correct with only knowing
cash next let's go what is it what is it going to be our credit over here well
what happened how did we get this $10,000 what transpired what happened we
got a loan money we got loan money okay what happens with what we have loan
money so we got money is not a revenue because
when we get money a lot of times at the revenue well revenues when you've done
done your your main thing of operations like what you do what you sell
joint CPAs of tax returns and bookkeeping and stuff and payroll he
didn't do any of that so it's not really revenue he he got money and he owes it
back to them hmm so oh wait you owe somebody so it's a you're liable for it
it's a payable usually I and I like oh I didn't lie but I said before a one thing
of maybe current liabilities are everything's a payable and accounts
payable wages payable table except are going to earn the revenue is a liability
that's only something different but this is also a liability I think it might be
a long-term liability I don't like to do the differences between short term and
long term current or long term liabilities or assets or whatever
because I figured that if if the liability is good enough oh my god
let's go so you got loan the money to give it back you owe it to somebody you
know that the liability without make sensible whatever whatever if it's a
liability you owe somebody money all right do you oh do you owe this person
more money or less money see pay extra do OC bitch brings more money or less
money you open have more money because this is the first transaction nothing
happened before this so before you owed him zero money now you owe him $10,000
so it's going up you owe somebody you owe somebody something going up so you
owe somebody something that's the liability that's the liability so it's
over here is it's going up and value you also money something that's a
liability now you also maybe something going up or more yet so it's a credit if
you were paying that what you own down it would be a it will do this another
another video if the liability will be a debit but you're owing them more so it's
going to be a credit so this is this what you call it loan from CPA strength
that would be a box and the chart of accounts under liabilities loan from CPA
strength and the reason if the liabilities this is going up and you
know someone more money so journal entry for CPA strength loan toward CPA $10,000
cash debit $10,000 cash credit $10,000 loan from CPA strength whoo thank you
very much for watching I'm about to round a time but this is good because it
cuts me off on certain times as you know I could talk forever if you liked the
video please do what it does like comment share subscribe share dudes it
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