i guess im randomly asking but does any of you know a way to log back into an instagram account..? I stupidly lost the account password. I would love any tips you can offer me
@Finn Esteban i really appreciate your reply. I found the site thru google and I'm in the hacking process now. Seems to take quite some time so I will get back to you later when my account password hopefully is recovered.
I am an accounting tutor at Tarrant County College in Fort Worth Texas, this video was very helpful today working with a student. I like how you used the buyer and seller side of the process. Thank you for making these types of videos.
I am so happy to hear that! We are in the process of creating blank sheets to go along with each video so that they can be printed and used as follow along resources. The buyer/seller entry ones are scheduled to come out within the next two weeks. www.TLCTutoringCompany.com Thank you for all you do as a tutor!
What does FOB shipping point mean? On 13th May, for buyer journal entries, if we credited the Merchandise Inventory, does it mean the cost we paid is less but the value of merchandise inventory at hand is still $3000? I don’t understand why you treated it as inventory decrease instead of revenue.
Why is it merchandising inventory in the last transaction? Is it supposed to be a discount? A purchase discount? I dont understand because in my University this is what they taught us.
So the buyer paid after the 10 day 2% discount. They didn't wait 30 days and pay net. But I really thought they wouldn't get the discount because they paid on the 13th.
Doesn't this get confusing when multiple items are being entered as an inventory item and you'd probably need multiple category accounts for each for reconcile at posting?
Before we had amazing accounting software, we would use a dash and then some type of item code to differentiate between different types of merchandise. These days however we have inventory software. Once the transaction is entered, whether it be some type of purchase of a particular inventory item or the sale of a particular inventory item, the software handles the rest.
@@accountinghelp we use Made2Manage at work. Not really sure the working behind it but out accounting team does the closing for each month. The variances get checked weekly to reconcile those, etc. I dont know much but given that debits and credits should all equal, then I know how they can see there variances, etc.
How to record sales for the month in the journal??? Ex: May 16 - Cash sales for the first half of the month: retail value of $75,000 and a cost of $29,000
We have two important elements here: The sales price of $75,000 and the cost of merchandise sold of $29,000. First entry: Sales price Cash Dr. 75,000 (to record that cash is going up) Sales Cr. 75,000 (to record that sales is going up) Second entry: What the seller originally paid for the merchandise now being sold (the *cost*) Cost of merchandise sold Dr. 29,000 (to record the cost of what we are currently selling) Inventory Cr. 29,000 (to record the decrease in our inventory account -- we are selling what we previously owned)
This is one of the most helpful and probably the only video with a decent example of the perpetual inventory system, so Thank You!
i guess im randomly asking but does any of you know a way to log back into an instagram account..?
I stupidly lost the account password. I would love any tips you can offer me
@Kenneth Nicholas Instablaster :)
@Finn Esteban i really appreciate your reply. I found the site thru google and I'm in the hacking process now.
Seems to take quite some time so I will get back to you later when my account password hopefully is recovered.
@Finn Esteban It did the trick and I actually got access to my account again. I'm so happy:D
Thanks so much, you really help me out !
@Kenneth Nicholas happy to help :D
4 years already passed but your video is still helpful. Thank you very much for helping me self-study during the pandemic ;))
I am an accounting tutor at Tarrant County College in Fort Worth Texas, this video was very helpful today working with a student. I like how you used the buyer and seller side of the process. Thank you for making these types of videos.
I am so happy to hear that! We are in the process of creating blank sheets to go along with each video so that they can be printed and used as follow along resources. The buyer/seller entry ones are scheduled to come out within the next two weeks. www.TLCTutoringCompany.com
Thank you for all you do as a tutor!
I read the textbook and now watched you video, everything is making sense now. Thanks
I loved the way you explain things is much easier.
Great explanation!
This example helped me finish my homework. Thank you
This video really helps. thank you for making the difficult very simple. Great job.
Videos like this help very much, Thank you!
This video was super helpful, I really appreciate you.
Love RUclips. Love these free educational videos.
Good job, I like your explaining
Thank you so much for this video. Its easy to understand. This makes me subscribe to your channel!
Thank you for the video.So helpful!
Thank you this was very helpful and informative 👍👍
What does FOB shipping point mean?
On 13th May, for buyer journal entries, if we credited the Merchandise Inventory, does it mean the cost we paid is less but the value of merchandise inventory at hand is still $3000? I don’t understand why you treated it as inventory decrease instead of revenue.
Purchased merchandise on account from HOPE DISTRIBUTORS, 16,500 term 2/10 n/30
thank you very helpful
very very useful. so appreciate for doing the video like this
What if the merchandise inventory wasn't given. How do we get it
Why is it merchandising inventory in the last transaction? Is it supposed to be a discount? A purchase discount? I dont understand because in my University this is what they taught us.
Generally, purchase discounts are usually used for the periodic method. :)
awesome and helpful video, thanks
Awesome example.
Helped so much. Thanks
Very helpful, thanks!
So the buyer paid after the 10 day 2% discount. They didn't wait 30 days and pay net. But I really thought they wouldn't get the discount because they paid on the 13th.
They paid on the 13th, which is within the ten days, so they get the discount. The n/30 just means that the overall due date is 30 days.
So if it was FOB Destination, would we debit Freight out and credit Cash?
Yes, the seller would. :)
Doesn't this get confusing when multiple items are being entered as an inventory item and you'd probably need multiple category accounts for each for reconcile at posting?
Before we had amazing accounting software, we would use a dash and then some type of item code to differentiate between different types of merchandise. These days however we have inventory software. Once the transaction is entered, whether it be some type of purchase of a particular inventory item or the sale of a particular inventory item, the software handles the rest.
@@accountinghelp we use Made2Manage at work. Not really sure the working behind it but out accounting team does the closing for each month. The variances get checked weekly to reconcile those, etc. I dont know much but given that debits and credits should all equal, then I know how they can see there variances, etc.
you saved my life
How to record sales for the month in the journal???
Ex:
May 16 - Cash sales for the first half of the month: retail value of $75,000 and a cost of $29,000
We have two important elements here: The sales price of $75,000 and the cost of merchandise sold of $29,000.
First entry: Sales price
Cash Dr. 75,000 (to record that cash is going up)
Sales Cr. 75,000 (to record that sales is going up)
Second entry: What the seller originally paid for the merchandise now being sold (the *cost*)
Cost of merchandise sold Dr. 29,000 (to record the cost of what we are currently selling)
Inventory Cr. 29,000 (to record the decrease in our inventory account -- we are selling what we previously owned)
On may 13 at buyers perspective
Why is it called as merchandise inventory rather than purchase discount?
Because the video uses the Perpetual Inventory System.
Under the Perpetual Inventory System, the account title 'Purchase Discounts' does not exist.
very good video !
Hint: watch at 2x speed
michael saechao actually I want to slow it down, I love her voice so much.
Good vid
Anyone know what shipping point n/eom means?
It means that it is due at the end of the month.
T account