yo yo what up fam my accounting family my squad
guess what we's back what are we back for we're back for a FB number 36 this
is my classic series you know what it is man number 36 adjusting entries we're
gonna do a summary this is going to be we're going to adjust some entries today
we're gonna do a summary the preceding videos we've done adjusting entries we
did depreciation expense prepaid expense on our revenue accrued revenues accrued
expenses so I've done those videos along with currently about 30 other ones and
I'll put the playlist of your best accounting playlist in the world the bar
none on the planet so check that out if this is if this is out your first time
and you want to learn how to do accounting like a lot of other people
have been also this is kind of this is the mapping system DC Aylor to Democrat
asset draw expense liability equity revenue this is my mapping system that I
pretty much use I passed the CPA exam with this and I pretty much still use it
today although I just put up mmm I was kind of seed in my head ever did
thousands of thousands of thousands of times because I'm not lazy and I used to
write out every day in them the top of my paper you know sacrifice Hustle
grinds I wouldn't feel like you know out of bad and I'd be like oh they hatin on
your to write that on the very top whenever we're getting motivated to
study so I look at that the whole day a lot of studying and I'd also write down
DCL or new sheet every day I wouldn't just go with the old sheet and look at a
new sheet every day because when you're right it goes down so great this I also
had this when I was studying for the CPA exam because I just I was very very very
very bad with the cruise I didn't understand those for like four or five
years of a caffeine pretty much I had my degree and I didn't write know what a
cruel was so I just I went deeper into it
and I figured out that hey accruals no cash so I started writing that down with
paper every day maybe not this scenario of the adjusting entry scenario but I
would take something that I didn't quite understand and I would just break it
down with like you know my friend borrowed five bucks or I borrowed five
bucks I bought this for two bucks sold it for four just small things in my real
life that happened and you know it would I would do it for an hour since maybe I
have like a basketball game on behind me on the TV so I just feel like just
really thinking like outside the box about something and that helped me a lot
too although it would take more time a couple hours to do that I would know
kind of my own way intuitively so this would be like something that I would do
you know if I was learning and I wish maybe I would have done this earlier is
if I were to watch my favorite my favorite accounting instructor to
adjusting entries and I kind of get him and I kind of don't and he doesn't have
the summary for me so he moves on from adjusting entries and I'm like oh I
don't understand it let me just you know myself start writing stuff down and see
if I can get things to summarize for myself but luckily for you I've done it
on here I love doing this this is what we do come on man this is fun what are
some similarities what are some similarities that I see here accrued is
no catch these are these are the Latvia adjusting entry videos I did now
depreciation expense is kind of its own it's not in this these for starting like
a box its own thing download videos and depreciation depreciation expense create
accumulated depreciation it's kind of its own thing over here we're gonna
we're going to look into these for prepaid expense right here our known
revenue right here revenue right here accrued expense right
here in these four different boxes and you know something I would notice right
off right off the bat here accrued revenue I mean I know crew is no cash
we know crude there's no cash so there's no cash over here where we're accrued is
there's no cash okay we're accrued is there's no cash so does
that mean if it's not accrued that there is cash in the back yeah
yes that's what it means so over here up here there is cash kind of I kind of I
deletion or whatever so that's that's in summary kind of what I noticed also
you've got to get cash no cash then you've got to two of the adjusting
entries that end in revenues all right and then you've got two of the adjusts
just you know true these are our expenses there are similarities let's go
so let's go to the accrued expenses wages that there are an expense that
have been they've been an expense but no cash so something about if there's no
cash something also had to happen right so the expense had to happen so that's
so that's this one so let's go to the other accrued revenue no cash so
something had to happen so this one says something had to happen revenue no cash
so I worked but didn't get didn't get the cash yet so if that's
if that's these let's flip let's flip and go from accrue revenue to earn
revenue now they're both I guess both revenues but ones we know Croods no cash
so that's no cash so accrue revenue is did did work no cash Malo bad bad that
sucks so what's the opposite of that earner in revenue will it's not a crude
so so then so we do have a cash outlay and it's unearned so we have the cash
and we didn't didn't do the work that's why it's our nirn yet and this is not
actually this is a rubber this is actually a liability so it's one of the
only liabilities without a payable and then the accrued expense was or no cash
start accrued is no cash so we had an expense it was we owed wages and that
example no cash so we accrued it so it didn't pay them so what would be maybe
the opposite of that adjusting is we've already we've already paid out the
expense prepaid expense it kind of move all prepaid for something I think so you
just you gonna break it down and go slow and and then it's a prepaid expense so
it's kind of the opposite here a crude expense no cash the
opposite of that prepaid expenses yes cash cash won't help but I didn't get
the service yet and so anyways this is just a nice little little summary video
we're going to talk about being consistent and and being a motivating
and inspiring factor for my viewers now I can't I can't get it I I just I just
love it and I never set out to be motivational be inspiring to anybody but
I guess I looked towards other people for inspiration motivation
and I get inspired that they they consistently do their thing do their
hustle do their grind you know for all the people that that I can help motivate
and inspire I mean I never thought that that would be my space I never thought
that could happen for me to anybody but if it does then you know what I'm here
for you cuz I'm gonna grind I'm gonna be consistent I'm the underdog I've been
the underdog my whole life I'll K ever since I can remember no one's had
anything good to say about me until the last couple years
grinding new videos every three three new accounting videos every week along
with everything else that I do because I love it I love the grind I love the
hustle till next time deuces