yoyoyo definitely no it's goodie with this one this is 50 man this is this is
half a century man this is big for me for me this is big because well and um
I'm in I'm CPA strength me let's get that straight I'm the strongest licensed
CPA in the state of florida I'm a grinder I get a pop and I get it done
I'm up early before the birdies man I'm just popping fresh ball let's go let's
get it I'm doing this doing this with a white board we're the white board and
the cameraman and a couple a couple markers let's do this
I'm CPA strength I already talked about that I teach the world accounting
through basics and fundamental building blocks here's a card to the best
accounting playlist in the world this will make all your dreams come true just
watch the playlist now anyway this is 50 bro I got to get it out for 50
I'm feeling like I'm in a good place I got a lot of summer I got some summer I
got fall I got up till see it's currently at the middle of July 2017 I
have told the end of the year I think five and a half months yeah five and a
half months until tax season rolls around so taking care of some you know
what I need to my business I purposely try to go a little slow on that so I
could focus on the youtubes and I got to tell you I'm loving it I'm loving the
comments I'm loving I'm just loving everything about the house u2's is going
for me right now seems like a lot of people are seeing the accounting if you
if you are liking the accounting for beginner series here are we're on 50 now
oh man so as I've given you some value and you're like how can I give back to
this channel to this guy you can simply just watching this right now you're
simply doing enough I mean for me you're watching this video it's the view it's
great if you want to do more than that you can leave a like or just like it's
an interaction I hope you like it but it's up to you so you could leave a like
or dislike either one that could have that stuff in the channel you want to
further help it leave a comment next channel interaction also I always talk
about my playlists and stuff because I'm trying here's what I'm trying to do
right now especially towards the end of the year as I'm trying to make my I'm
just trying to make good accounting content consistent consistently good
accounting content with every a accounting for beginners hopefully
getting better with the various number of aspects how
you could define better every video but I think you know what I mean and if we
look back from our first morning a FB account for beginners number one to AF
become for beginners number fifty right here that it's a big difference just
just I probably you know the whole gamut it's probably big difference except
that's what I've just spent being me since the whole time so I'm just going
to continue doing me because that's what everybody likes and well that's the
easiest because they just I just go around with my life and just be me a FB
is my classic series accounting for beginners number 50 this is titled DC a
blur it's a lifestyle it's a lifestyle right DC aid alerts a lifestyle
I don't know I heard that awfully some podcasts on weightlifting pot chat say I
listen to I don't know ideas just hilarya it's just like whatever it is
it's a lifestyle so like what does that mean be like just the lifestyle bruh I
figure I see Spicoli he said mr. Han it's lifestyle bro like really get a
piece on class and shit the cool of just to call mr. Spicoli what are you doing
mr. hand it's a lifestyle bro so what I want to talk to you about in 50 I hope
you you can see this this board right now I'm 10 years deep I've been using
the DC Aylor with 10 years deep in accounting I've been using the DC a blur
for about we'll say 5 years to learn accounting for 10 years for using DCF
for five years for putting accounting videos on the internet for two years now
this is my 50th video so with all that and putting videos on the internet you
get questions from beginners and beginners have better questions than
really an intermediate or advanced because they don't have any preconceived
notions all that being said this is where I think it's important if I could
like Marco Rubio right give a guy some water dog damn what the floor it's the
Florida thing it's a flower egg blue follow the Flamingo walk this way hey
walk this way to 7-eleven follow the Flamingo walk this way hey let's go
what's the floor thing dog this is what I would say is the biggest part of it
now I wanted to get to now this is the five minutes where I need you put
everything else way all fun and games away let's just get into the video the
the thing of this video DC Aylor if I if I could try to teach someone accounting
in five minutes which I'm going to try to teach you from nothing like and why
is it DC Aylor I would try to explain like this the lifestyle it's a lifestyle
okay I say DC a blur because if you can't
remember anything you probably remember if you wrote this
out a thousand times let's say one let's take three hundred and sixty five times
you wrote DC a blur out then wrote it out debit credit assets draw expense
liabilities equity revenue throughout DC a learn and debit credit assets drug
spent by building a career every every day every morning for a year you would
know that for six months you would know that if you did it every day for three
months you'd probably know it so don't be lazy just get it done just do that
just write write this down the reason I separate DC and making its
own thing C is because the debit and the credit
is I believe the biggest so I feel if you can remember the first two letters
being debit DC as I say DCA's ler DC and DC Alert so if you can only remember DC
ball you can remember what's the d4 debit what's the seafloor credit I just
want to stop and talk about that because
this does not change get it on the Left credit on the right that's why I try to
draw these big the debits pretty big because it's like half of its just the
left side so I try to put I try to put this equal sign and the orange as
meaning everything equal equally the left side the debit side is equal to the
credit side so this is kind of accounting you're putting stuff in in
different boxes there are inherently one of the best things teaching accounting a
couple of minutes the debit is left the credit is right debit equals credit
credit equals debit one is not good one is not bad it just is a side it just is
the thing to the yang everything you know in accounting pretty much
everything balances we use a balance sheet and life maybe balances out yang
Yang up down this has been for 500 years the Devon left credit on the right ever
since the beginning of the double-entry system since late 1400s and all the
videos online all the books I don't think you will see anything different
than Devon and left pray on the right the reason I make this separates because
I want this this is huge because the rest of these
six letters here are under either a debit or a credit so I have and most
people have as well waiting five bucks I have six boxes in my mapping system
these are if these are the positive form so for positive asset I have this box
asset box a draw a box and expenses box and then I also have a liabilities box
and equity box and a revenue box I have six six different boxes that if
something comes down through the pipeline then if you go to now other
people might call what these six different other accountants might call
these six different boxes something else or they might only have five boxes but
chase beam if if an expense comes through your business or something
happens through your business
accountants through chart of accounts in subgroups is going to put something that
happens in the visits in a certain box and it's most likely going to be five
boxes six boxes whatever like and this is a balance sheet is assets equal I
want to make this very clear this is the left equals the right
damn it equals the purse the yin began you know equals equals whatever these
boxes is whoever the accountant wants to label these I happen to label mind SS
draw expense liability equity revenue mostly every other account will have an
asset box they will label this one assets
or one of their boxes assets they'll also label one of the boxes liabilities
equity they'll probably this is the balance
sheet access equal liabilities plus equity so they'll probably also have
another one called equity or maybe capital I include the income statement
as well in my wrapping system of DC Engler and I think everyone would agree
on an income statement is revenue minus expenses so the only kind of maybe extra
box that we haven't touched on that I might have that someone else wouldn't
have ooh little spicy for the accounting world is
maybe the draw box but not really we've talked about that that's negative equity
so that's how I put my boxes in we're almost done we're almost done I promise
promise we're almost done so that's how I defined my boxes I happen to have
three boxes and well actually positive if it's a debt if it's a positive one of
these three boxes or a negative one of these three boxes it would go under a
debit under a credit I would put one of these three boxes in the positive form
also I put if any of these three boxes were in the negative for my baking a
credit whatever something happens whenever something happens in the
business it comes to the business it's going to go through first year as a
debit or a credit it's going to be either a debit or credit then it's
subgroup sub heading under that and this is something I don't understand that
an asset is either exhibitor credit a draw is either debit or credit and
expenses are debit or credit a liability is either a debit or credit equity is
either debit or credit revenue is either Deborah credit to illustrate the my
point further I want to go through this is a happy in business the blue it's
happening it's happening so something's happening through the business and
everything has to equal so whatever so let's just you know if something has
cash in it and these are all positives over here right so let's just go
something goes down the cash cash would be asset so cash and go over here so
cash would be under a debit boom-boom-boom-boom-boom
also something's coming down something's coming down at dividend what would its
dividend be Oh a dividend would go over here would be the draw well what
happened is he had a Wi-Fi expense coming down Wi-Fi a pay-for weepy weepy
expense right here what happened if you were buying a truck what happened if
you're buying truck old over here under assets what happened if you had a
shareholder distribution coming down through your business Oh shoulder
distribution us is wrong over here what happened if you had fuel expense
for that truck in your business oh it's over here Phyllis Phyllis Prince
it would go in this see all these things with guys another sub group so we feet
Wi-Fi a internet internet expense what is the net expense Louie fee it's a
debit expense
it's an expense and it is a debit it for a journal entry that's what the leaf he
is the leaf he goes in the express box and then the dead ones everything that
comes down goes in in a certain box in one of my six boxes and and then when
the six boxes are either a debit or credit I have a loan to pay loan payable
to somebody when would that be they have been over here that I go to
liability box what if something was coming down and I had a common stock or
a stock to put on the books now go for my ongoing equity what if I sold a
service like I did bookkeeping for somebody I sold bookkeeping down over
here under revenue in the revenue box what happened
if I have my accounts payable I owe somebody money no go over here in the
liabilities box what happened if I have retained earnings have to do something
with retained earnings or Zephie w in the equity box what happened if I sold
about 100 by selling product physical tangible goods inventory herbal goods
that will go over here in the revenue box so there are basically at 50 i1 I
know what over five minutes they did ten or fifteen but and all affected if I
could put all my experiences into this 50 to this 50th video you know and teach
somebody in a compliment its accounting as best of my abilities that's that's
what I'll give you maybe I'll give another one at a hundred or two hundred
the more that I give to the world to the youtubes in my accounting the more I get
back in many different ways so as much as you think me thank you very much
until next time deuces