yo was good when it was happening yo yo yo you know who it is this your boy CPA
strike struck a CPA the boy you know what it is boy I'll fire it up I was I
was tired this morning I get up at 3:00 every day get here my office early in
the morning before no one's here and start record and you know what I'm
saying I'm gonna give some motivation in the beginning this time show me a
successful person and he'll find it you'll find a solution for the problem
find an unsuccessful person be like it's too early in the office I I know where
to film those girls go let's get it I already told you who I am
I'm CPA shrinks I'm strongest I see if you instead of Florida what do you do CJ
strength I teach the world a County and I love it it's my life it's my legacy
and I love it let's go by the basics pile of building blocks
I have the best accounting playlist in the world best plays period in the world
as go let's go it's right over here just click this will make all your dreams
come true boom now what is this one this is number 75 we're buying a truck we
started 73 we started widgets Inc so 73 74 75 we're going we're going every
video we're going to every video we're doing a transaction and we're following
it with we're doing the journal entry and then I'm going to show you the chart
of accounts the general ledger then we're going to the balance sheet income
statement so you can see what one what one journal entry does to all these
different things so let's go let's get into this man let's go we're buying a
truck we've bought a truck before right oh this reminds me dc8 ler this is like
my thing if you're still around this is my thang right here boys my this is my
thang yeah DCA ler Democrat a central expense
liability equity revenue LLL teach you with this a mapping system is come on
come on what are we gonna buy a truck again we've done by truck so we're going
by truck again this is widget Inc widget Inc that's what we'd be running we all
home y'all on it if you're a viewer you own widget Inc you can tell me what you
want to do with widget Inc and that's the beauty of this it's an ongoing thing
we're gonna run it up to a hundred though right fast not even thinking no
negative thoughts no what if bye-bye you suck JD you're a piece of shit JD or
fucking loser JD you're just a scumbag drugged
get out of my head okay it's just positivity positivity positivity top 100
let's go whoo
anyways widget invites the truck for $4,000 out of the checking account I
don't know why I put out of the checking account that's that's obviously where
widget Inc would take it out so you buy a truck what's going on what's going on
with that what happens when you buy a truck now we did it on 3:30 1:15 when
we're buying a truck okay let's follow the cash and a weird Franklin have to
move this from last time because we bought something for $4,000 in our last
transaction on 228 and number 74 where anyways we have we have cash going out
and you're gonna see I'm always cash cash cash because that's what I noticed
when I was doing businesses mostly every journal journal entry every transaction
has to do with cash either leaving or coming in the business so if you can
pinpoint that then you're good so we have cash leaving the business cash is
an asset over here if it was pot if it was positive and going up and being
debit but it's a critter going down it's leaving our business so it's gonna be a
credit boom so that's our credit $4,000 checking account asset or $4,000 cash
that's was leaving our business that is our credit so what is our devil what do
we get for the $4,000 we're getting a truck and we know that's a we know truck
is an asset because we're going to use that we're gonna use this truck to go
sell stuff and service items and make money in an ordinary course of business
certain assets will be depreciated this this the truck happens to be depreciated
because I've gone over this in many other videos and I just I don't think we
have time to do we've already done this journal entry so if you want to know I
have other videos with trucks and we buy a truck and
and whatnot and I'm gonna do wonder we sell a truck eventually to compromise
but anyways that's gonna be our debit because that's that trucks a fixed asset
and assets going up or debit so that's our so that's our journal Insurance 331
when widget in five buy the truck from a checking account we have debit 4,000
truck which happens to be a fixed asset tire credit is $4,000 check account
which happens to be an asset so what did we do we gained a little bit asset here
and we lost a little bit asset here so all we really did was flip-flop some
assets to assets one journal entry all right that's fitting good right
there so now's the fun part of the chart of accounts now we were adding when we
were when we were doing the journal entry with the with the truck we would
say well we don't we don't have a truck on our chart of accounts well you would
you would kind of look simultaneously I don't know how you would do it but you
would definitely figure out that you wouldn't have a truck on chart of
accounts so before you know what you were doing that journal entry for truck
you could also be adding in a chart of accounts and a fixed you'd make it a
fixed asset so I'm not sure how I'm doing that with these boards my third
one out of 27 so far so bear with me please but for our chart of accounts
mining what do we do in that last transaction we use what two accounts did
we used we used a we used truck which was a fixed asset when he's checking
account which was an asset these were our chart these are our chart
of accounts we we had we added we already had the checking account which
is a current asset we added the truck which is a fixed asset so here's our
chart of accounts all the accounts we've used so far since 73 so deaths our chart
of accounts are up to up-to-date now you would say I guess a subset of each the
subset of each chart of accounts is the general ledger and it's the activity I
probably take that out I'll leave it it about avian
who was that what is going on get back to a good dog let's go alright so we're
gonna go inside the general ledger inside each account now let's just go so
the two the two accounts affected were or that we did something there's going
to be some activity in the general ledger so I want to show you that is the
checking account in the trunk account the truck chart of account over here it
was our first first entry and that's for $4,000 and 331 15 but I think it's more
notice I think what's fun or more fun is the checking account you can notice in
the ledger because now we have we've had three different three different
activities on one one 15 we got 10,000 dollars
see I have a that's in orange whatever and 228 15 we spent $4,000 so that's
negative $4,000 and then 331 15 we spent another $4,000 leaving us with $2,000 in
our checking account you so you can see you know every time there's activity
that's what you would do in the general ledger now that we have our totals from
our general ledger now they now now these go to income statement and/or
balance sheet so let's go to that now freakin beautiful living right today I'm
loving life okay what two accounts did what now we're doing the balance sheet
income statement every transaction will effect because every transaction is
either going to have it's gonna have something to do with luffa ready Stabler
it's gonna have to do something with the asset liability equity revenue or
expense alright now that's that's the five chart portions of charge of
accounts we can go into those chart of accounts which also happens to be look
assets liability equity revenue or expense it's gonna every transactions
going to effect one of these accounts two of these
accounts there's going to be a debit to credit on this one we had two assets
right we have we had a current asset we did a journal entry with a fixed asset
and a current asset and that's how I split these up on the balance sheet but
those two assets does that have anything to do with the income statement no
what's the income statement revenue minus expenses equals net income that
did access that's not a revenue or an expense so that didn't affect our income
statement at all the only thing we have in our income statement is a rent
expense for $4,000 so that means we had a net income of negative $4,000 we still
have net income for negative $4,000 on our balance sheet our liabilities and
equity does not change because the two the transactions that we just dealt with
only effects the the assets on the balance sheet so assets equal
liabilities plus equity so this sum liabilities equity was 6,000
it's still 6,000 now we added we added the truck we added the truck for 4000
that was on our general ledger that was our general ledger ending was 4,000 what
was the general ledger ending for the checking account it was 2,000 and that's
because we started with 10 we spent 4 then we spent under 4 for the truck so
that equals a total of 6,000 10,000 minus 4000 is 6000 here again so so it
satisfies the whole satisfies everything
yeah man I had to go a little crazy with my jelly roll in this video you know
what I might just leave that in the beginning I don't know I'm a crazy I'm a
crazy person how will I have a lot of doubts
pretty much all the time I am really really really working on being positive
and happy and more than just my youtube videos I I try you know sometimes I
don't I don't record because I'm not in a good mood and anyways I've talked too
much I don't know if I'll leave this in but I really enjoy your positive
messages now I used to I guess you know I'm changing as a person of every video
I put out I feel like I'm changing as a person I'm evolving now I was meant to
do this hopefully I can make some money and you know a place with air
conditioning and you know not live with my daddy more harder I could say get a
real job yes it's true anyways but with the with the with the
with the comments I used to be such a hateful negative person that's all I
knew it's all I've ever that's all I ever received negativity and hate that
when I would get positive messages on the youtubes I wouldn't know how to feel
it make me feel very awkward and I I didn't know how to receive it when I got
a hateful comment I knew how to receive I was so used to that if that's what
that's what kept me driven and just recently I just can't go on the heat
alone anymore like a hateful comment comes in and it's from Tony Robbins yeah
I said why does that person have to leave any hateful comment like what's
wrong in their life and I'm trying to evolve like that and then when I get a
positive comment I'm like oh this person is learning for my videos and anyways I
hope to see you on the next I hope you like my series I hope you're
learning something you know I mean I got love for everybody man unless you're a
hater don't be hatin let's try to uplift and not tear down people are eight
deuces throw me up a smoke me when I die throw me up a smoke beam when I die