Hello, I can tell you how helpful these videos have been to me. Have been hanging around accounting studies for a while and I can assure this definitely gave me that foundation andglobal overview I didn't master. am really really grateful!
After watching the whole Playlist of the accounting cycle my most of the doubts and queries are crystal clear, this Playlist is underrated, it deserves morr likes and views. now I am you subscribers from India. ❤️❤️❤️ love your teaching and also your voice
These videos have helped me so much! I've started a business and not ready to invest in accounting software nor an accountant. Thank you for helping me do this on my own. My question is on what to do next. I have closed out 2023 and not sure how to proceed into 2024. What is the proper way to carry over these permanent accounts into my new year? Do I start from a blank journal? Do my current numbers get posted as journal entries to start out the new year? I would truly appreciate some more insight on this. Thank you
Those ending balances in your permanent accounts become your beginning balances for the next accounting period. There is no need to do a journal entry to record these, because they are already balances that are existing in the account.
For yours, you would replace the capital account with retained earnings and the drawing account with dividends. This is for a sole proprietorship while yours is for a corporation.
If a company continually had net losses that exceeded its net contributions, then yes, you would see a debit balance in the owner's capital account. :)
I have a question if I have a disposal income assets of 32k which is a debit revenue how do I close that out for revenue closing entries?? when it is suppose to be a credit it is driving me crazy working it out
I'm not entirely sure I understand what you are saying. Are you saying that you have a debit balance in revenue? A debit balance in a revenue account means that an error was made usually... Now if there is a credit balance in a revenue account, then yes, you would debit it by the balance to close it out.
![3 Easy Steps - How to Record Closing Entries [SUPER FAST]!](http://i.ytimg.com/vi/E6-8SIM1VRc/mqdefault.jpg)
Accounts explained in a very simple way. We need more videos like this, please.
Hello, I can tell you how helpful these videos have been to me. Have been hanging around accounting studies for a while and I can assure this definitely gave me that foundation andglobal overview I didn't master. am really really grateful!
Thank you for the kind comment!
Bless you, this was extremely helpful 🙏🏼
Thank you TLC Tutoring, your such a wonderful help.
Very helpful tutorials, perfectly explained. Thank you.
After watching the whole Playlist of the accounting cycle my most of the doubts and queries are crystal clear,
this Playlist is underrated, it deserves morr likes and views.
now I am you subscribers from India.
❤️❤️❤️ love your teaching and also your voice
I appreciate the kind words! :)
Love your videos. Keep them coming please.
thank you so much 🙏🙏🙏 you saved my accounting subject
These videos have helped me so much! I've started a business and not ready to invest in accounting software nor an accountant. Thank you for helping me do this on my own. My question is on what to do next. I have closed out 2023 and not sure how to proceed into 2024. What is the proper way to carry over these permanent accounts into my new year? Do I start from a blank journal? Do my current numbers get posted as journal entries to start out the new year? I would truly appreciate some more insight on this. Thank you
Those ending balances in your permanent accounts become your beginning balances for the next accounting period. There is no need to do a journal entry to record these, because they are already balances that are existing in the account.
Thank you, Ma'am 😊
For my accounting class- we used retained earnings and common stock. We do learn the two step process just like this.
For yours, you would replace the capital account with retained earnings and the drawing account with dividends. This is for a sole proprietorship while yours is for a corporation.
Very well explained! Thank you so much!
Hello,
If your expenses are higher than your revenue, would the capital account be negative? Or would it go onto the debit side? Thanks, great video!
If a company continually had net losses that exceeded its net contributions, then yes, you would see a debit balance in the owner's capital account. :)
@@accountinghelp Thank you!
This helped very much!
good job
Hi thanks for wonderful videos.
I have problem with accrual, unearned pre payment entries and concept pls help
Hello, it's was very helpful thunks for that and I wanted to ask, how to start with the next month? With 54600?
You must use the end of the prior Balance!
this is great
I have a question if I have a disposal income assets of 32k which is a debit revenue how do I close that out for revenue closing entries?? when it is suppose to be a credit
it is driving me crazy working it out
I'm not entirely sure I understand what you are saying. Are you saying that you have a debit balance in revenue? A debit balance in a revenue account means that an error was made usually... Now if there is a credit balance in a revenue account, then yes, you would debit it by the balance to close it out.
professor i have a question that Are you teaching only ? which school as i m looking for bachelor in accounting
Can you please make these sheets available for download by providing link, thanks!
Hello, we are in the process of making blank sheets for the videos. You can find them at www.TLCTutoringCompany.com
Thank you for watching!
where is your cashflow? (TT)