I wish this man could record more videos on advanced topics. I can’t thank him enough for how much difference he has made in my accounting studies - I almost gave up just before I found his videos. Professor Krug you’re simply the best - I don’t need to attend classes to study accounting.
My man Dave Krug, missed his calling to have his own RUclips channel explaining this stuff, he’d be right up there with the other few go-tos for accounting info. He has an incredible ability to simplify content into easily digestible info. I appreciate you.
what would the journal entry look like for the example of the interest expense error made in the previous period? I get that we would credit Retained Earnings, but what would we debit?
why is he debiting cash and crediting interest rev? If a company bought a LTI, they debit long term investments and credit cash. Since they are the company that bought the investment, why do you debit cash and credit interest rev later on instead of Interest payable and cash?
Interest payable is a liability account, only if you are making an adjusting entry at the end of the year , you need the payable account if you haven't paid the interest yet. Since the interest in the vedio is recieved each time no payable account is required, instead for the adjusting entry a receivable accounts is debited. Also, Note that Interest Revenue is a Credit account, when interest is paid it increases and is therefore credited . Hope that answers your question.
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I wish this man could record more videos on advanced topics. I can’t thank him enough for how much difference he has made in my accounting studies - I almost gave up just before I found his videos.
Professor Krug you’re simply the best - I don’t need to attend classes to study accounting.
lecture starts at 15:35
My man Dave Krug, missed his calling to have his own RUclips channel explaining this stuff, he’d be right up there with the other few go-tos for accounting info. He has an incredible ability to simplify content into easily digestible info. I appreciate you.
Who are your other go-to people?
Great lecture God Bless you and your family-
Great lecture!!! thank you!! from addiss!!
what would the journal entry look like for the example of the interest expense error made in the previous period? I get that we would credit Retained Earnings, but what would we debit?
don't we need to amortize the costs of the interest revenue as interest payment periods come?
ex 13.11 - 12:52
why is he debiting cash and crediting interest rev? If a company bought a LTI, they debit long term investments and credit cash. Since they are the company that bought the investment, why do you debit cash and credit interest rev later on instead of Interest payable and cash?
Interest payable is a liability account, only if you are making an adjusting entry at the end of the year , you need the payable account if you haven't paid the interest yet. Since the interest in the vedio is recieved each time no payable account is required, instead for the adjusting entry a receivable accounts is debited. Also, Note that Interest Revenue is a Credit account, when interest is paid it increases and is therefore credited . Hope that answers your question.
Laraib Rabeel exactly my point.
I want u to be my Professor real bad
Watch his videos with 1.25 speed, thank me later ;D
edu I’m doing now... I will see if thank you or not 🤔😉