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T-Accounts
T-Acounts are the 30,000 ft. view of your accounts. They help you quickly glance at an account and see what is going on inside of it.
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3:15 | |
| 2 |
Debits and Credits
Debits and Credits are the words of accounting. You must understand debits and credits if you want to be able to pass this class.
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6:49 | |
| 3 |
Determining Normal Balances For Assets & Liabilities
A "normal" balance just means what side of the account the increases go on. Here we're going to determine normal for Assets and Liabilities.
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10:04 | |
| 4 |
Determining Normal Balance for Shareholder's Equity
Shareholder's Equity has a normal balance, just like every other account. It's pretty simple to determine, not unlike Assets and Liabilities.
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11:53 | |
| 5 |
Normal Balance Shortcut: Double Entry
I told you that understanding normal balances is super important, so we're not done yet. This shortcut has to do with Double Entry Accounting. Excited? You probably should be.
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11:51 | |
| 6 |
Normal Balance Shortcut: DEAD Mnemonic
You'll be DEAD if you forget this. Forgive my cheesiness.
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2:36 | |
| 7 |
The Journal, Ledger, Trial Balance
The Journal, Ledger, and Trial Balance are how we keep track of what is going on day-to-day in our business.
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14:00 |
| Click Here to View All Chapter 3 Problems at Once | View | ||
| 1 | Account Classification | Easy | |
| 2 | Journal Entry - Inventory | Easy | |
| 3 | Journal Entry - Sales | Easy | |
| 4 | Land Purchased With Cash | Easy | |
| 5 | T/F: Liabilities and Equity | Easy | |
| 6 | T/F: T-Account Logic | Easy | |
| 7 | Normal Balances | Moderate | |
| 8 | The Effect of Journal Entries | Moderate | |
| 9 | What Should Be Journaled | Moderate |