what up it's your boy CPA strength yes
it is me again first time filming and
six months want to get this video up I'm
like crazy like what do I talk about
what do I say this and that or look in
the camera am I going yes I'm going
anyways okay I'm getting back into it
GIMP break into it this is your first
video or you've seen the seeker the
first two kfb kind of for beginners
video that I did almost two years ago
welcome if this is your 25th video
watching me your first video watching me
your second video watching me thank you
welcome back to the classic series a FB
23 accounting for beginners number 23
it's going to be cash cash catch that
money don't ship urge the don't knockers
you know what makes the world turn
around you got money it's like you got
money
I always saying cash because like in my
little green my little paw my hands you
know do I have I have it some sticky
little greenbacks here some 20 some 20s
you some hundreds the simplest level
it's like am I getting more these little
monies am i getting more of these monies
or do I have to give away my monies now
my monies conceptually I just think of
like this opening to opening it wallet
on my my hand but really I have written
down you know my bank America joke code
are born back so you get the idea
Bank America trace was part your bank
account your checking account of savings
checking account that's considered cash
in my business and I and I would say
most businesses I got a question from
somebody that says for example when I
posted to bank account I don't know what
account I have to post the other one to
because apparently there's always two
different accounts so I never know which
ones go together
please hell
oh man now that is a problem that I had
when I started it was really really hard
for me
apparently there's two separate
transactions yes correct that I always
struggled with that and what helped me
out was I just started thinking I just
started following you know if there was
cash in a transaction then I was good
and I would at least have half of it
correct I'm a process of elimination and
on games and on GP on games played not
you know on examples done practice that
I've done I got to see what was most
likely to happen and if I had no idea I
would just put the most likely thing to
happen like on an exam or whatever let's
all grab this cat a cash cash you know
checking account and bank account
wherever is an asset cash is an asset a
cash it cash let's just say we're good
on that
everybody good on that cash is an asset
you're like no I'm not good on that bro
okay I'm he sorry that's probably one of
the best things that happened to me I
got a job or an accounting firm and I
have time to be like I don't understand
everything you know I understood a
couple things and I just did it I just
kept on doing it kept on doing it kept
on doing monthly monthly journal entries
once through journal entries monthly
journal entries and I tell you what you
know six seven months something clicked
another couple months something else
clicked you know
so I forget for a year then it was
clicking I didn't have time to get
bogged down in everything because then I
wouldn't do it you know anything so if
you're like I don't understand why cash
is an asset or why the bank account is
an asset because I understand thoroughly
sometimes I just had to say hey it is it
is what it is and I'm just going to go
with it so that's what I want everyone
to do now with the cash account these
are the positive forms here the positive
forms alright so you're saying you're
saying apparently there's two different
sides to everything's you have money
leaving your cash account
all right now all right back boom are
you spent $300 $300 at AT&T for
telephone now you're like there's
supposedly two parts I don't know I
don't know anything I don't really know
anything
questioning oh you spent $300 on a 84
cell phone okay great
was there any learning that is there any
cash Bing Bing Bing Bing 300 dollars
great okay so that's that's our first
thing we have cash cool okay I know that
I'm about to get at least half this my
mug right ding ding ding ding ding we
have cash cash is an asset in positive
form it's a debit and it's mirrored I
think number a connect for beginners
number 16 I go over this the mirroring
effect all right so we've got the cat
cash for $300 that we already know cash
as an asset and we're spending $300
negative a negative asset to journal is
you're going to credit that money
leaving the bank account you're going to
credit mmm maybe this'll help if it is
cashed receive cash going up cash is an
asset it's a debit of positive debit
with cash is going if cash is receives
going up at the debit if cash is spent
you spend money it's decreasing that's a
credit okay so you spent $300 on AT&T
for telephone you know DC lers in the
positive form okay great yeah I know
that so why do I care are no we're going
to figure it out you spend $3 cash we
cash I know what cash is cash captures
an asset and positive form you spread
through the rollers okay if I spend cash
stop stop and think I spent it now you
know you go and buy you go buy clothes
you go buy whatever you have less cash
you have cash in a negative form hmm if
if cash is a positive form is debited I
have cash in a negative form because I
spent it so that is going to be a credit
so here's our here's our credit so
here's our one half of our journal entry
we have one half of you know 50% of the
question right and we're well on our way
now
$3.00 cash is our credit journal entry
it is a negative asset
it's money leaving the bank account and
now we have to match on the debit side
$300 let's finish up this question
because now this kind of goes back
around into apparently there's two parts
to a question I don't know what to do
with the other big part of the bank
account well that's assuming that this
person with the question knew what to do
with the bank account but I think most
people get all crazy and it's going to
break it down sometimes you got to break
it down like caveman like oh spent money
for one you know and so anyways we got
one half of our journal entry done now
we're going to go and finish the other
half spend $300 at 80 for telephone what
has to match is the met what has to
matches the amounts on the other side
jump cut back in boy Harrow fleet boy
who's my barber actually on my own
barber now so I love my haircut what
would it go dog yeah I feel back I feel
back boy
do you know about that son huh yeah hmm
now that I've been filming for like half
an hour talking front of the camera half
an hour although hopefully I won't
subject you to too much of this maybe
this will make the cut here this won't
but I'm feeling good it's very
nerve-wracking filming and
you know as I was setting up for this
this morning I was like I know so many
people are going to love it and you know
some people are going to hate it and
that's good too and I just love love
making the youtubes and I promise I'm
going to keep trying to get better and
make this into something you know so
which I have miraculously
and I'm looking into the camera now
which is hard exact at the viewfinder
but everything comes in steps so anyways
I just was like yeah I'm feeling this
now I'm more comfortable in my office
I've been here almost two years now my
office but I first started making these
videos people are like is he drunk is he
high what's wrong with him although I am
a mess I probably have so many different
kind of disorders and whatnot but
anyways I'm a CPA though so huh alright
so you've got you spent $300 we already
know that because there's your $300 cash
that you spent over here
alright so I've already about that all
right
apparently there's two parts to a
question yes there is the other half of
it is what did you spend the money on
you to match the $300 so there's going
to be $300 debit for sure so what did
you spend the $300 on now if it's for
business if it's for if you spent money
and your business most likely it's going
to be an expense now the main thing is
there's two separate two separate
accounts two separate transactions and a
journal entry so we've already discussed
that probably nauseam cash cash leaving
is a credit so you have $300 leaving so
that's three rows credit so now you need
a $300 debit dang we already know the
amount of debit so you've already got
just by going you sprint through her
elders you've already got most of this
jerk
we're done monthly bill 18 to 4
telephone one zero zero monthly bill
that's an expense so you point so you
just write telephone expense here
telephone so that would be telephone
expense here 300 or telephone anyways I
did not like this video much at all as
my first one back
it is 31 minutes right now hopefully
I'll snap it down to 10 I don't know I
got to do way better on these but I
gotta start earlier because it's getting
crazy in my head now but I'm going to be
back a lot didn't get more me I hope you
learned something from this video I love
doing these and I'm going to be back
soon so until next time
while I'm talking down