Greatest accounting teacher in the whole world. Because of the way he teaches with such an ease and keeps students engaged. I wish him and his family all the best. His knowledge is helping people all over the world.
still watching as of July 8, 2023!! Great teacher than my own professors in college who will just read and say the lessons but never engage with students. English is my 2nd language but I can understand this better!! I wonder if Mr. Krug also teaches Taxation or Law, I bet it will be interesting and easy too! 😊
watched on March 26, 2014 U are very professional. I am just brushing my skills after 33 years. You are giving the accounting lessons in a way which are wonderful. Thanks
Just watched #2 to #14 the last few days to learn a little about double bookkeeping accounting. While these lessons turned out to be great for that, they turned out to be an even better lesson about how to teach!
Homework Assignment Questions: Profit margin = Net income/ Net sales QS 3.11: Yang Company reported net income of $37,925 and net sales of $390,000 for the current year. Calculate the company's profit margin and interpret the result. Assume that its competitors earn an average profit margin of 15%. Ex 3.3: Prepare adjusting journal entries for the year ended December 31, 2011, for each of these separate situations. Assume that the prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities. a. Depreciation of the company's equipment for 2011 is computed to be $16,000. b. The Prepaid Insurance account had a $7,000 debit balance at December 31, 2011, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,040 of unexpired insurance coverage remains. c. The Office Supplies account had a $300 debit balance on December 31, 2010; and $2,680 of office supplies were purchased during the year. The December 31, 2011, physical count showed that $354 of supplies were available. d. One-half of the work related to $10,000 of cash in advance was performed during this period. e. The prepaid Insurance account had a $5,600 debit balance at December 31, 2011, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $4,600 of coverage had expired. f. Wage expenses of $4,000 have been incurred but are not paid as of December 31, 2011. Ex 3.6: Paolo Management has five part-time employees, each of who earns $100 per day. They are normally paid on Fridays for work completed Monday through Friday of the same week. They were paid in full on Friday, December 28, 2011. The next week, the five employees worked only four days because of New Year's Day was an unpaid holiday. Show (a) the adjusting entry that would be recorded on Monday, December 31, 2011, and (b) the journal entry that would be made to record payment of the employees' wages on Friday, January 4, 2012.
38:00 you did not mention if income Summary is a credit or debit account ,however you wrote 27,000 in the credit side (right side) thus suggesting it is a credit account, later on minute 44:42 you say that Income Summary is a temporary account no debit no credit , so then why did you write 27,000 on the credit side first and not 10,000 first ?
2024, still relevant and helpful. Thank you!
Greatest accounting teacher in the whole world. Because of the way he teaches with such an ease and keeps students engaged. I wish him and his family all the best. His knowledge is helping people all over the world.
still watching as of July 8, 2023!! Great teacher than my own professors in college who will just read and say the lessons but never engage with students. English is my 2nd language but I can understand this better!! I wonder if Mr. Krug also teaches Taxation or Law, I bet it will be interesting and easy too! 😊
You are great Dave. I hope they pay you well ;-)
still watching in 2020... thank you so much for being such an amazing teacher!!
watched on March 26, 2014 U are very professional. I am just brushing my skills after 33 years. You are giving the accounting lessons in a way which are wonderful.
Thanks
My word. I would have absolutely gone panic had someone else was explaining this...born to teach is this guy❤️
Great Explanation! You were born to teach!!
I took a 3 month course on personal finance back in 2001 that included learning double-entry accounting. Great refresher course for 2021!
Just watched #2 to #14 the last few days to learn a little about double bookkeeping accounting. While these lessons turned out to be great for that, they turned out to be an even better lesson about how to teach!
I am with you Dave, great lecture as always!
Watched it on 15/4/2019 , thank you .
Temporary accounts:
W-I-R-E (withdrawal, I/S, Revenue, Expenses)
There are a few more: Petty Cash Overage & Shortage, Manufacturing Overhead and Factory Payroll are temporary accounts too.
watched 9/19/13.
Videos just awesome! So much easier to understand Accounting! LOVED IT!
watched 16/11/2015.Great lectures, easy to understand!
Thank you sir ! Watching it 1/03/2020 !
is there anyone from 2018 here?
Homework Assignment Questions:
Profit margin = Net income/ Net sales
QS 3.11:
Yang Company reported net income of $37,925 and net sales of $390,000 for the current year. Calculate the company's profit margin and interpret the result. Assume that its competitors earn an average profit margin of 15%.
Ex 3.3:
Prepare adjusting journal entries for the year ended December 31, 2011, for each of these separate situations. Assume that the prepaid expenses are initially recorded in asset accounts. Also assume that fees collected in advance of work are initially recorded as liabilities.
a. Depreciation of the company's equipment for 2011 is computed to be $16,000.
b. The Prepaid Insurance account had a $7,000 debit balance at December 31, 2011, before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $1,040 of unexpired insurance coverage remains.
c. The Office Supplies account had a $300 debit balance on December 31, 2010; and $2,680 of office supplies were purchased during the year. The December 31, 2011, physical count showed that $354 of supplies were available.
d. One-half of the work related to $10,000 of cash in advance was performed during this period.
e. The prepaid Insurance account had a $5,600 debit balance at December 31, 2011, before adjusting for the costs of any expired coverage. An analysis of insurance policies showed that $4,600 of coverage had expired.
f. Wage expenses of $4,000 have been incurred but are not paid as of December 31, 2011.
Ex 3.6:
Paolo Management has five part-time employees, each of who earns $100 per day. They are normally paid on Fridays for work completed Monday through Friday of the same week. They were paid in full on Friday, December 28, 2011. The next week, the five employees worked only four days because of New Year's Day was an unpaid holiday. Show (a) the adjusting entry that would be recorded on Monday, December 31, 2011, and (b) the journal entry that would be made to record payment of the employees' wages on Friday, January 4, 2012.
Thank you so much!!
Thank you!!
watched 10-10-2013, this really help me a lot.. thank you
Excellent great way ....i don't need to memories it automatically memorized-10/10/2016
Watched 24/12/13, thank you, great teacher
Nice Lecture!
nice explanation...)
Watched on 6/5/2018 from Texas~~~
instead of income summary acc can we just do total revenues- total expenses and add to capital
thanks !!!
I have a question someone know the answer of problem 3-3A? please help me out?
Thanks
Watched 8/11/13 (I'm in UK so apologies for different date format!)
where's the pdf file for the book?
34:46 Does depreciation expense also get zeroed?
Yes, Depreciation Expense is a temporary account and it is closed to the income summary.
38:00 you did not mention if income Summary is a credit or debit account ,however you wrote 27,000 in the credit side (right side) thus suggesting it is a credit account, later on minute 44:42 you say that Income Summary is a temporary account no debit no credit , so then why did you write 27,000 on the credit side first and not 10,000 first ?
This is a college accounting class right?
I memberized temporary account by the word "WIRE"
"You don't want to make a whole lot of Journal Entries to the CAPITAL account "
15:29 "Alrighty..."
watched feb 2018 :)
watched 9-4-2013 :-P
watched 06\11\2013 :)
Watched 2013/09/20
International date form FTW!
watched 3-7-2012
watched 4-16-2012
watch 6-19-2013 ;-)
watched 5-30-2013 lol