yo yo yo what's going on everybody welcome back I did not lose my mojo
I just am filming this in the middle of the day so there's people who can't hear
me and I don't want to get kicked out of an office as I do the majority of my
filming or early early in the morning like three four five six in the morning
when there's nobody in this office so basically they have no idea how crazy I
am and mmm I'd like to keep it that way a
little bit anyways oh boy happy happy joy joy I've listened to a lot of
motivational YouTube today like different motivational speakers and and
I'm just fired up and right go it was like and this is what I'm doing this is
this is like I finally found what I like doing which is teaching the world
accounting by basic blocks and I just love it sounds like well why don't you
film a video anyways I am CPI strength and that's what I do is teach the world
accounting building block by building block this happens to be your first time
watching me check out this playlist over here this car that I'm illustrating over
here hey best playlist in the world make our dreams come true
I think it's like a genie in a bottle kind of it's pretty much exactly like
that so if you like that you'll like this what are we doing in number 56 keep
around 56 30 and 56 we're doing hanging a long back 55 we got a loan anyways
we're and so we got a loan let's see in 55 we got alone so we got money we got
10 K actually at 55 now this is number 56 we're paying a loan back so there's
some indicators on how you would do this but anyways how would you how would you
pay the lone back that's what we're going to
do tonight we're going with helping for ICP that's us that's the Hat we're going
to wear the business that's what we're going to do so we're the business you're
going to today and we paid back mmm thank you thank you to create guts and
chippers payback cpa strengths they're both they're both me but what you going
to write this is this is us for our problem
we paid back this pay back this come over here 5,000 the $10,000 so I change
this around a little bit this is this is my dc-8 or democratic asset draw expense
line on the equity revenue this is my wrapping system then I get that I made
up with that I'm working with still every day and teaching thousands of
people accounting and I'm always changing every day by every time I talk
which is a lot so we're going to do internal interview for basically paying
back a loan couple things you're paying you paying back alone that means there's
probably others are you know there's already a loan on the books so I would
look in the chart of accounts I would look in they say this is this is a pain
pain back somebody so say well that means I owe somebody I would look at the
liabilities and see what in the chart of accounts there is and you'll see in the
liabilities trust there's going to be a liability of and it's going to take loan
from CPA experience that's going to be pretend out $10,000 that's what we got
before so you're going to know okay there's a loan there's a liability on
the books it's alone from CPA strength we're paying we're paying him back so
it's going to lower that loan amount and I'm going to use this this this account
this account and the tour of accounts because
I'm going to lower it so if I use a whole different one I wouldn't lower it
anyways that's what I move ahead of myself sometimes we are going to do this
journal entry and what do we know when you we know debits equal credits alright
we know that any transaction is either going to be is either going to be in one
of these six boxes any transaction that we have is there going to be an asset
drop expense liability equity or revenue going to one of those six buckets and
after we figure out which one of the six buckets it is then you're going to then
you're going to figure out it could take debit or credit and how do you do that
it depends really if it's if it's increasing or decreasing so there's a
couple things so let's go let's go with let's go with Union if you know where
I'm going first right Dornan CPA payback secret strength
$5,000 so you know you know what's the first thing stop what's the first thing
you think I'm going to do what do you think there is well I know you see the
journal entry but anyways what's the first thing there's cash man it doesn't
say it doesn't say catch it just has $5,000 you're going to have to infer
that it's cash because basically it's cash cat and caps equivalent cash checks
money like all is all the same so we're just going to put you don't have to put
this here but I'm going to put it here to make easier for maybe somebody so we
that our business that's us who are doing this journalist for this is what
hat we're wearing the dorm CPA hat we paid back somebody will pay back
somebody $5,000 okay $5,000 cash we know cash is an
asset so we figured out we figured out here that we have cash and time we have
cash we have we have cash that's an asset now is it going up or down as our
as our cash going up or down you're paying back somebody that means you you
have less cash I had five I had $5,000 and I paid you back so now I have well I
don't have that $5,000 so I have 5,000 less than I just had so I have less cash
and if your cash was going increasingly to be a debit our cash is decreasing so
it's going to be a credit and so it would find its way up over here so the
cat so our credit is going to be a cash all right and how much $5,000 so if
there's our cart at $5,000 cash is our credit we figured we know we know the
cash is an asset and reason to support our claim or our claims that white
captures a credit is because you know it's nonsense it's going down snow and
ounces were paying somebody and repentance would have less money so it's
going down what's what's our debit going to be well first thing I would do is I'd
put $5,000 in as you know debits equal credits always always always done its
equal credits I'd put that in now let's try to look at the problem and turn
figure out what's going on here so we paid back we paid back CPA strength we
talked about a little before it but we paid someone back well that means we owe
them something right we paid back CJ strength let me look at
let me look at my books let me look at my balance sheet and see what's on
liabilities does it saying I pay your back that means I want
Odum so how much shell where I am so I'm looking at my balance sheet and we had
one we had one transaction where this gentleman CJ strings actually wound us
money so you loaned us $10,000 so there's a liability on the books under
liabilities is loan from CPA strength $10,000 so we're going to lessen that
account because think about there's there would be $10,000 in a liability
account that means that we owe somebody we don't see please drink $10,000
now we paid him we paid back in strength 5,000 over $10,000 so we owe him $5,000
now and we've looked we know we owed him so we know that has to be a liability so
that's a liability now this liability account is called loan from CPA strength
is this transaction making the loan is increasing the loan amount or is it
decrease in the loan amount is d keep decreasing the loan amount because we
owe him less now we know CJ strength less now so soon would figure out you
owe somebody or anything of liability and then another it's decreasing in a
negative fashion so would be a debit because if it was incredible at
abilities increasing it's a credit it's a lot it's a liability is decreasing
it's a debit increasing credit decreasing debit go my
salute the who baby let's do this so anyways what's up what's up for this
jerk a Jenna and Trey so let's get our debit
side is going to be a $5,000 loan from CPS strength how do we how do I support
that because it's a loan from somebody long from that means I have to pay them
back that means that the liability the reason it's a debit is because it's
going down we're paying someone back and reducing the amount owed
so anyways there's there's a so I just did we just did a last two videos we did
getting a loan paying back loan paying the loan back so basically all we did
would reverse the journal entries kind of thought that's all I really did
anyways I hope you like to play ourselves instead of a bunch of
motivational um motivational stuff on YouTube and it's just really good it
seems to be all about mindset mindset mindset Mark Cuban
was on for a second he he he owns Adele the Dallas Mavericks and he's off he he
may as my up internet or something he's also on what is that when you try to
pitch your product shark tank these are things like that show like this and it
has up Anton Loretha have a hand with hand
I don't know Lauri you know socially cuz I didn't have a Canton but he's like you
know success is if you're having fun doing what you're doing and you know
what I didn't for a long long time I used to just I I used to just wait till
it gets dark so I'd go to sleep and severe depression and now I can't go to
sleep because I'm so excited about things
anyways he'll next time Cheers