This is it! The greatest accounting video ever!! The absolute best presentation of accounting and how to master all the basic accounting ideas right here in 1 big video!! This makes everything as clear as Sesame Street. If find a good, popular, high- rated accounting textbook, then you don’t need a teacher; you have this video and you have me. Just read your book, watch this video and ask me anything you like. You will know the accounting you need, very easily, if you just watch a little bit each day. I hope this helps everyone who needs accounting help and understanding. I would love to hear from all of you. Please click “like” and subscribe. -Mark
I paid my LLC’s annual franchise tax of $800 using my personal credit card. The credit card is not in my chart of accounts as it is personal. Can I record the transaction like this?: Credit Owner’s Contribution (Equity) and debit Taxes and Licenses (Expenses)?
Hey this is a great video thank you and i appreciate your time and hard work. Question is this entire video about accounting specifically, because im just looking specifically for the bookeeping process and i feel like the first 2 hrs of this vid was clear about that and after the 2hrs im confused about the other things so im hoping i dont need that part for specifically booking keeping
I first have an accounting subject in the 90s but never learned, I was confused and I failed. Only now that I understand it properly. If you are capable of teaching and letting a slow learner learn, it means you are a very good teacher. Only a slow learner can truly certify a really good teacher.
Wow o m g that is so nice and I agree with your point The real test of a teacher is explaining to the slow learner , not the fast learner I appreciate those who understand that and i'm very glad the video helped you I hope you will click like and subscribe and let me know if you need anything related to quick books Mark
I also studied an Accounting in 1996 but I was confused, but I passed it by God's grace. But now, I really need 60% for May/June 2025 for UNISA 2026 Bachelor of Social Worker
Wow, thank you! It makes it worth wild when I help good appreciative people I hope you will click like after watching any of the videos to help support the free channel for everyone and please subscribe Mark
Wow thank you so much and I'm really really glad the video helped you I love to help nice people so don't be shy to ask your questions in the comments section and if you need a particular quick book's topic then please ask Mark
Not all heroes wear capes! You are a HERO for breaking this down for us slow people! God bless this man! 👍 Even though I graduated and passed my accounting courses with "A"s and "B"s... I still didn't feel like i learned anything. I learned more from your youtube video than a whole semester in school and I can watch it over if I missed anything! Thank you sir! I will name my first born after you!
Wow thank you so much I guess I overshot my mark.I was just trying to get you to understand the accounting not worship me It does sound great to hear the appreciation.And i'm happy to help good people who Expres. S appreciation so thank you very much I hope you will click like after watching each of the videos of mine that you watch to help support the free channel For everyone and please subscribe and stay in touch Mark
I'm humbled that my videos have helped you; I hope you'll continue to enjoy them! I hope you will click like after each that you watch to help support the free channel for everyone and please subscribe and stay in touch
I appreciate that and I'm glad the video is helping you! It's a pleasure to help nice people and get great feedback and I hope you will click like after each of our videos that you would watch in order to help support the free channel for everyone and please subscribe. Mark
I’m new in this field, just opened up a new company. My first language is Spanish but I definitely can understand you very well. Thank you for being so patient and explain us with no rush!! I really appreciate it
Thank you so much I'm glad it helped you and I hope you will always click like after watching each 12 help support the free channel for everyone and please subscribe Mark
You may have a typo in the First Practice set tab = Transaction list, row 6 says $4000, but the general ledger results says $3000 in both places for the 1/17 date
I'm so excited to see you've released a new video, I can't wait to view it this weekend, thank you for all you do Mark!! We really appreciate your work so much. - Pam in Houston, Texas
Wow, thank you! I'm so glad that you enjoy it and I'm so glad it helped you because that's why I made it Please stay in touch and encourage everyone to click like after watching any of my videos and subscribe to continue to support the free channel for everyone Mark
Thank you for the kind words and I hope you will always remember to click like after each of our videos that you watch to help support the free channel for everyone and please subscribe. Mark
This info is broken down in a way that I just could not grasp in college back in the 90's. It's actually fun. I was a business major but had to switched because of my accounting grades. Life could have been much different. Thanks so much Mark...it's never too late, especially with the cutest teacher's assistant. The biggest thanks to you too Serina!!! 😂
I appreciate your kind words! You're always welcome back here and I hope you'll stick with it and see how much fun this can be! I'm very glad it helped you and I'm very glad you told us and please reach out if you need anything regarding accounting or QuickBooks and I hope you will click like after each video that you watch to help support the free channel for everyone and please subscribe and stay in touch Mark
This is the best learning video on RUclips (not just accounting). It's simple, fun, and relatable. Although this is my first time learning accounting, I feel like I have studied accounting my entire life just watching this video. Keep up the good work, and I wish you all the best!
Wow thank you so much for the wonderful compliment I really appreciate it I hope I will have a chance to improve upon this tutorial and make more accounting tutorials for nice people like you and I hope you will always click like after watching each so it will support the channel for everyone and please subscribe Mark
Thank you so much! Come back for more videos with Serena this coming September you will see when making a home finance video that applies to everyone and she's grown so much so thank you and I hope you will always click like And subscribe Mark
You really broke this all the way down. This helps me so much! You are awesome and the young little lady as well. I spent so much money on a Certification that didn't even come close to what you laid out in this video. Thanks!
I'm so glad! And thank you so much and bless you for the kind words I will tell Serena what you said and you'll be proud cuz she's much older now and you should see how amazing she is I'm very glad this video explained everything the way you needed it and I'm glad that it will help you in the future and I only ask that you click like after each of the videos that you had watched in order to help support the free channel for everyone and please subscribe and stay in touch Mark
I'm here because i started voluntary services in a microfinance institution and honestly, i need Accountancy knowledge to cope. I believe this video will help me. Happy i found this😊❤
I'm very glad it's helping you and I hope you will always remember to click like after each of our videos that you watch to help support the free channel for everyone and please subscribe. Stay in touch and let me know if it's all the accounting you need or if I should give you Accounting in specific areas and I'm happy to do so. Mark
Watching this during winter break, I take my first accounting class next semester. Im enjoying the course so far, hopefully this helps me be prepared for next semester thank you so much for the course!😊
Thank you so much for the kind words and I'm very glad the video is helping you and that you enjoyed it. Please stay in touch and let me know how it helps you in advance with your course and I hope you will always remember to click like after each of our videos that you watch to help support the free channel for everyone and please subscribe. Mark
Wow, thanks! I'm trying to get to 1 million and I'm making the things that I think will help people the most and I thank you for the kind words and I hope you will always remember to click like after each video that you watched in order to help support the free channel for everyone and please subscribe and stay in touch. Mark
Your training is great and explained well. While working through the problems in the excel file you provided for First Transaction Practice, I noticed that on 1/8/22 Video job for $3000 for cash and another Video job on 1/17/22 for $4000 on the account. A total of $7000 for Video income. However, the Trial Balance Results and the General Ledger Results show only $6000 in Video income. Did I do something incorrectly or just missing something, my Video income shows $7000 Another question, on the End Of Month Project Sheet, the Net Income shows 51,500 and is split 50/50 between the owners. Each should receive 25,750. In the T Accounts for the owners, it shows 20,750 for each and the T Account for Income Summary shows Elaine 25,750 and Suzie 20,750. The sum of these does not equal 51,500 for the Net Income. I am not sure if I am doing it right or not.
Thank you for being a devoted student When I get home I will have to take a look at it because maybe You are correct. This video actually sells on another platform that has the same exercises that nobody Mentioned the issues that you mentioned. I don't have the numbers memorized and I made the exercise as a while ago so I promise I'll get back to you with an answer very soon Mark
ive been so scared whenever someone mentions accounting and im so new in it some people studied it in highschool and i didnt- and in the university im studying it for the first time- i remember having a test and i only answered one question in accounting the teacher was so disappointed and she said THIS IS ALL YOU SOLVED?? she gave me another chance and i tried to study using youtube in the same day to retake the test but i didnt understand anything but unfortunately it didnt work since i cant retake the test without knowing the time of the other class- But now i have exams im understanding everything from this video this is so helpful you are my herooo! thanks for making this amaizing video we truly appreciate your time and efforts!!! you are an amaizing teacher im understanding better than from others!
Well thank you so much!! Those are very kind words and I'm very glad that this video helped the very nice person with their accounting issues. I've heard that story a lot and that's the reason I made these videos because I know that accounting teachers can't really teach and people still need to understand it. I hope you will click like after each of the videos you watch to help support the free channel for everyone and please subscribe and stay in touch. Mark
Excellent! I'm very glad, and I deeply appreciate you telling us. Keep going and you will have a strong Foundation of accounting and if you read a good quality Accounting 101 textbook along with this you should get a hundred on every test in your Accounting 101 class
Oh thank you so much for the kind words I'm very glad I helped you and that you enjoyed it and I hope you will click like after watching each video to help support the free channel for everyone and please subscribe Mark
I was struggling to understand the equation ASSET = LIABILITES + EQUITY.... Beautifully explained.... kept simple, with an everyday example..... Thank you, Thank you, Thank you...I was about to give up my career in Bookkeeping, because of that.
Glad it helped! I appreciate the kind words and I hope you will click like to support the free channel for everyone and please subscribe and let me know if you need anything related to QuickBooks Mark
Thanks for this vid Mark, I'll be starting my work this Monday and I'm pretty nervous because I need to know a lil bit about accounting. This is a lifesaver! God bless you!
Thank you for the kind words and I'm very glad it helped you and I hope you will click like And subscribe and please let me know how the job search goes Mark
Wow, thank you! I know it will help you with your accounting and I hope you decide to learn quickbooks and watch the other videos I really appreciate those who appreciate Mark
Just wow! I had accounting units back in college but never understood it. I was amazed on how I was able to answer the worksheet 😍😍😍 Thank you so much for this free learning!
You're so welcome! I'm glad you enjoyed it and I hope it help you and I hope you will always click like after watching to support the free channel for everyone Mark
Hope you enjoy it! Thanks for the kind words and let me know how well you do By the way you should contact me because I think there's a mistake that I made in the exercise and I'm not sure and I really have to republish this all polished up one day but everything takes time It's still the perfect way to learn and believe me you will get the best grade you can in an introduction to accounting class after watching these videos I hope you will click like And subscribe Mark
How do you change a date from where the bank must show transactions. There is a dates to chooses from when you add your bank. I by accidentally chose this year instead of last year?
Thank you but I have absolutely no idea or understanding of what you're asking. This video is an accounting tutorial and all transactions should be recorded on the date that they actually happened Mark
Thank you so much and I'm very glad it helped you and that you enjoyed it. If you love Serena then check out her latest appearance in this special 5-hour QuickBooks online course that teaches QuickBooks Online for home finance and it is a beautiful fun amazing video and I hope you'll at least watch the first part with Serena. ruclips.net/video/Zciw-9gnqds/видео.html I hope you click like after each video you watch to help support the free channel for everyone and please subscribe and stay in touch Mark
This is an ❤awesome video! Ty for explaining it in easy terms. Your better than any professor I ever had for Principles 1 & 2, and intermediate Accounting.
Thank you so much for the kind words and I will tell Serena I hope you will click like after each one to help support the free channel for everyone and please subscribe Mark
Wonderful! I'm glad it's helping you because I put it up for a good appreciative people like you to benefit from I hope you will click like after watching each of my videos and please subscribe to help support the free channel for everyone Mark
You are so welcome! I deeply appreciate students who express appreciation and i'm really glad that videos that I made or helping good people like you Stan touch and let me know if you need anything related to quick boo and I hope you will click like after watching each one to support the free channel and please subscribe Mark
Thanks for the video i didnt take accounting so i been looking to understand debits and credits yours is the first video that made scense to me i like the way you explaned it and have lots of examples
Great to hear! I hope you will click like after you watch this or any other of our videos to help support the free channel for everyone and please subscribe and stay in touch Mark
I just started my studies about accounting through a church leader once a week because our church were training us to become a VA Bookkeeper. I found this video really great! I just finished up to the Practice Exercise Project and there is a wrong entry in Video Income, instead of $4000, in the result is only $3000. What comes into my mind is that you purposely put it that way to know if your viewers really do the exercises. I will surely watch every single second of this video and next is your video on Quickbooks tutorial. I hope to find a job someday as a VA Bookkeeper. Thank you very much for your videos.
Thank you for the kind words and I hope you will always click like after each one to help support the free channel for everyone I regret that I don't have all the numbers memorized but I'll believe you if you say that there's a difference I agree the most important thing is that you're learning If you click like And subscribe it will help support the free channel for everyone Mark
Thank you so much Please let me know if there's any QuickBooks topic that you would like to learn and I will send you the link and I hope you will click like after watching each to help support the free channel for everyone and please subscribe Thank you for your generosity it is so nice to help people who appreciate Mark
I am so glad you found them helpful, please click like. To help support the free channel for everyone and please subscribe and let me know if you need anything else and accounting or QuickBooks. Mark
@@worldwidequickbooks I have likd and subscribed , I believe I have found a new home here, I have just started a full-time degree which has accounting as a major and I did not do any commercial subjects in high school
I've always wanted to understand accounting and learn accounting software like Quickbooks. I'm a programmer but have no accounting background. This video tutorial is a start. It should pave the way for me to get up to speed on accounting systems with the ultimate goal of developing a basic accounting software myself.
I'm very glad it helped you and that you liked it.And I hope you will click like and subscribe to help support the free channel for everyone and i'm here if you have any questions Mark
Special thanks to our very own, absolutely adorable financial statement analysis and teacher, Serina May. Still smiling. Thank you for the wonderful help.
Thank you for the kind words, and I'm glad the video is helping you. I hope you will click like after watching each of the videos to help support the free channel for everyone and please subscribe and stay in touch. Mark
Okay, here's the complete custom study guide covering all of your specified accounting topics from the video transcript: Video Overview: This video aims to introduce fundamental accounting concepts in a clear and concise way. It starts by defining accounting and its essential functions, then delves into crucial elements like assets, liabilities, and owner's equity. The video further explains the practical aspects of recording transactions through the use of T-accounts, the General Journal, and how those relate to the concepts of debits and credits. It then covers end-of-period procedures, including adjusting entries, closing entries, and how income is distributed, particularly in partnerships. The video concludes by explaining depreciation and various inventory systems used in accounting. Detailed Timestamps & Content Description: 1. Introduction to Accounting and Business Basics: 00:02:43 - 00:03:44: Defines accounting as a system for recording, summarizing, organizing, and presenting financial information. Explains how this information is used in documents like profit & loss statements (show business performance over time) and balance sheets (show what a company owns vs. owes at a specific point in time). 00:05:07 - 00:05:41: Explains why accounting is important. Discusses who needs to see accounting information: business owners, managers, and the IRS for tax purposes. 2. Books of Original Entry/Journals: 01:17:06 - 01:18:11: Explains the role of the General Journal. Before computers, it was the book where transactions were initially recorded. Introduces the concept of "posting" - transferring the entries from the General Journal into T-accounts. 3. T-Accounts: 00:26:12 - 00:27:34: Introduces T-accounts and their visual structure (shaped like a "T"). Explains how debits are recorded on the left side of the T-account and credits on the right. 01:10:12 - 01:10:50: Explains the process of "footing" accounts, which means finding the total debits and credits within a T-account to calculate the ending balance. Demonstrates how this ending balance is used to start the account in the following month. 01:12:47 - 01:13:32: Briefly demonstrates how T-accounts were used in "real-life" accounting before computers to track balances after each transaction. 4. Terminologies: 00:06:19 - 00:07:54: Provides definitions for "assets" and "liabilities," emphasizing their specific meanings in accounting compared to everyday language. Assets are things a business owns that have value (tangible items like cars, or intangible like copyrights), while liabilities are obligations a business must pay in the future (loans, mortgages, etc.). 00:07:54 - 00:10:03: Explains the concept of "owner's equity" - the amount of ownership rights someone has in a business, calculated as the difference between assets and liabilities. Uses the example of buying a car or a house to illustrate ownership claims. 00:26:45 - 00:27:34: Defines "debit" as the left side of a T-account and "credit" as the right side. Explains that these terms originally came from Latin. 00:46:48 - 00:59:54: Defines several key accounting terms: Income From Service: Money earned from providing services. Credits are used to record income. Accounts Receivable: Total money owed to the business by customers for services or goods. Debits increase this asset, credits decrease it. Expenses: Money paid out by the business to operate (salaries, repairs, etc.). Debits are used to record expenses. Accounts Payable: Total money the business owes to its vendors. Credits increase this liability, debits decrease it. Owner's Capital: Represents the owner's investment in the business. Credits are used to record owner's contributions. Owner's Withdrawals: Money or assets taken out of the business by the owner for personal use. Debits are used to record withdrawals. 02:15:53 - 02:18:50: Defines "depreciation" as the decrease in an asset's value over time due to use. Explains the difference between depreciation due to usage and obsolescence (becoming outdated or undesirable). Emphasizes using "historical cost" (original purchase price) rather than "market value" (current selling price) for accounting purposes. 02:28:17 - 02:28:44: Defines "useful life" as the estimated time period an asset will provide value to the business. For a car, this is measured in drivable miles. 02:51:48 - 02:53:47: Defines "cost" as the amount paid to purchase merchandise and "price" as the amount received from customers when selling that merchandise. Explains how the difference between price and cost is profit. 5. Trial Balance: 01:14:29 - 01:16:48: Explains what a trial balance is - a report listing the ending balances of all accounts (separated into debits and credits) after a specific period (like a month). Its purpose is to check for mathematical errors in the recording and totaling of transactions before creating formal financial statements. 01:20:47 - 01:21:16: Shows how to access the trial balance report in QuickBooks Desktop (Reports > Accountant and Taxes > Trial Balance). 6. Petty Cash Book: The provided subtitles do not cover this topic. 7. Depreciation: 02:15:53 - 02:18:50: Provides a comprehensive definition of depreciation. Discusses different types of depreciation, the importance of using historical cost, and how depreciation affects the presentation of assets on financial statements. 02:27:46 - 02:37:08: Explains different methods for calculating depreciation: Unit of Production Method: Calculates depreciation based on how much the asset is used. This was demonstrated in the video with the car example, dividing the purchase price by the estimated drivable miles to find the depreciation cost per mile. Straight-Line Method: Depreciates the asset by the same amount each year (dividing the cost by the useful life in years). Accelerated Depreciation: Records more depreciation expense in the early years of an asset's life and less in later years. Explains the concept without going into specific calculation methods. 02:37:08 - 02:47:11: Discusses depreciation for tax purposes using IRS Publication 946. Explains how to find the "class life" of an asset (its depreciation category) and create depreciation schedules for tax reporting. 02:47:11 - 02:51:37: Shows examples of depreciation schedules for different "class life" categories and explains how to find the total depreciation expense for the year. Introduces the concept of "accumulated depreciation," a contra account that tracks the total depreciation recorded for an asset. Explains how accumulated depreciation affects an asset's "book value" on the balance sheet. 8. Inventory Systems: 02:51:38 - 03:03:45: Covers two main inventory systems: Perpetual Inventory System: Inventory value is updated after each purchase and sale. Demonstrates how to record purchases and sales, emphasizing the "cost" and "price" aspects and the impact on income and cost of goods sold accounts. Periodic Inventory System: Cost of goods sold is calculated only at the end of the period, usually by taking a physical inventory count. Explains the four-step process: Beginning Inventory + Purchases = Goods Available for Sale, then Goods Available for Sale - Ending Inventory = Cost of Goods Sold. Shows how this process was handled using T-accounts before computers. 03:29:16 - 03:37:17: Provides a step-by-step guide to completing an income statement for a merchandise company, emphasizing the relationship between different components. 03:37:18 - 03:51:00: Explains the Weighted Average Inventory System, a method for calculating cost of goods sold when items are purchased at varying costs. Demonstrates how to calculate the weighted average cost per unit and how QuickBooks Desktop uses this system. 03:51:13 - 04:11:18: Explains the First-In, First-Out (FIFO) method, where the oldest inventory items are assumed to be sold first. Demonstrates how FIFO works through examples and shows how QuickBooks Online uses this system. Remember, these timestamps are approximate. If you are having difficulty finding a specific piece of information, it might be helpful to rewind or fast-forward a few seconds around the suggested timestamp. I hope this comprehensive study guide proves much more helpful! Let me know if you have any further questions.
Mark, thank you so much for the tutorial. I am sure great effort was put into it. Very detailed, packed with great information, and straightforward to follow. I am especially grateful for practice sheets you put together and I have done all of your work sheets. I think these are great tools to test the knowledge acquired. As some pointed out there were two that did have discrepancy in numbers. I am glad that others reported for it would drive me crazy trying to understand why my numbers are different than what is in the sheets. If you could please update the last sheet, Answer Key For The Inventory Projects, with the answers? As of right now that is missing. I would love to verify my numbers against yours and I am sure anybody else who is completing your practice sheets. Your tutorials are excellent and I am so glad I found them. Thank you.
Thank you for the compliment I don't know what practices or she's your referring to but if you could tell me the name of them and where you found them I could take A. Look. If insect there are some slight discrepancies that have somebody would be kind enough to give me a list of them so I can check them out and make sure students don't get distracted by them. I hope you will click like after watching each one to help support the free channel for everyone and please subscribe. Mark
Mark, The First Transaction Practice, and End of Month Project Sheet. Other people reported exact locations and numbers that are not matching in their comments. And there is no Answer Key for the Inventory Project, last practice sheet is missing results. Thank you. @@worldwidequickbooks
In your end of month example file, if Suzie and Elaine are splitting $51500, both should be 25750, and not one be 25750 and the other be 20750, unless I misunderstood something. Cells B77 and B78 in tab General Ledger After. Also, that 5K error is carried over tho cells C11 and C13 in Trial Balance After. Still, the videos are awesome.
Thank you nancy; I need to re-make this whole thing. Right now, it's just several courses strung together to make a complete 101 course. However, I did check the practice sets and I remember getting the correct numbers. did you double check your steps against the project instructions? Most people are not mentioning that issue so it's been a while and I assumed everytyhing was ok. -Mark
@@worldwidequickbooks Redid it 3 times. Most people don't go the extra steps to point out typos. I used to be a Technical Writer. I did follow all of the logic in you discussion so that was a good thing.
I will like to add that I see the same error Nancy explained above. I have been confused by this and hoping that I have the right understanding. Is there a final copy with the right information because Im stuck.
Wonderful Thank you so much for the kind words and I'm very glad you liked it and that it helped you and that I hope you will click like after each of the videos you watch to help support the free channel for everyone and please subscribe. Mark
Oh thanks dear for adding Urdu captions it is really helping me and others like me. Learning accounting is always challanging it takes time and consistency to clear concepts.If you put effort to make exercises of practical knowledge it will be really useful but still you are doing good so much tysm ❤
It's my pleasure I appreciate the kind words I am happy to help I hope you will click like after watching each one to help support the free channel for everyone and please subscribe Mark
This is an excellent training video. Thank you very much. This must have taken you a very long time to compile and present. So, I'm very appreciative of the time you took to do this. Just wanted to bring your attention to the first project spreadsheet. On the A/R entry for 1/17/22 the amount should be $4k but you're showing it as $3K. So, the final numbers are off by $1K. You may want to update it on your spreadsheet when you can. Again, Thanks a million!
Glad it was helpful! I thank you for the kind words Yes I regret that some numbers are inconsistent because originally each video Chapter was a separate video and I strung it together in one course without realizing that sometimes the numbers are not consistent but anyway I hope the idea comes across and I do promise to make an updated version of this course
Yes I do! ruclips.net/video/2HVHKmkYTpE/видео.html I hope you will click like and subscribe and watch the entire thing including all the links and you will have everything you need. Stan touch Mark
I'm very glad that it helped you and I hope you will click like And subscribe to help support the free channel for everyone and please let me know if you would like any other topic Mark
Eli Neeley of Phoenix, Arizona, passed away many years ago. May God in His Glory bless Eli. He taught me more in five minutes than I learned in five years of accounting courses.
Thank you so much I will tell her We are both very glad the video helped you and we hope you will click like And subscribe to help support the free channel for everyone Mark
Thank you too! For being a loyal student and loyal fan I hope you will click like after watching each in order to support the free channel for everyone, and please subscribe Mark
Thank you, I will I hope you will click like and subscribe to help support the free channel for everyone and please let me know if you have any video topic and quick books you would like to see Mark
Mark: I’m a beekeeper & I sell my honey in local grocery stores. I also purchase bulk honey for resale. To sell honey, I must bottle it (purchase jars, lids, labels & shrink bands). Thus, when the jar of honey hits the grocery shelf, my cost is actually the cost of the honey itself as well as the various bottling components. My question is does every component of the finished product, i.e. honey & bottling components, need to be an inventory item or can only the honey be inventoried and the bottling components simply be expensed by creating a “bundle” in Quickbooks with the honey? Thanks so much for your help.
Thank you very much and I am happy to tell you everything I know about the subject. Let me 1st say, that your question technically, is not really a quick book's usage question but an accounting question about how to categorize certain costs and expenses. So for that question, I would double check with your tax professional and if you need to report financial statements under generally accepted accounting principles I would discuss with your auditors or your accountant advisers which classification would be acceptable for the IRS and who never else you're reporting your numbers to. However, if your question is just for management purpose is, then you have to decide for yourself How you will interpret your reports because only you know what goes into your operations. If you choose to classify them as inventory, then it seems to me that you will Need one of the desktop versions because only the desktop versions like enterprise or accountant or even the manufacturing version is the 1 that has the assembly's feature. If you use assemblies with "work in progress" Then you are accounting for these items as an inventory item that you manufacture when you purchase the jar in the label and put all the pieces together per, if you choose simply to classify everything that you purchase as an expense or something as part of just general cost of good sold, Then you don't need any special feature and you can simply make an item on the items list for each one One factor you should use to decide, is if you often have at any given moment, a sur+ inventory of the parts like jars and labels and lots of honey lying around. If you're inventory doesn't really stay that long then as far as you're accounting reports comparing between periods, it won't make that much of a difference if you use the assembly feature or if you just ride off everything as an expense during that period. But if you very often are faced with end of month reports that need to reflect the surplus of jars or labels or honey lying around and then you give a moment, then it might be better to use the assembly feature and track work in progress. If you're accountant advisers don't mandate any specific method for reporting purposes, then you can just decide what's best for you regarding how much time you want to spend on the data entry compared to how much detail you get out from the reports Mark
Mark: thank you so much for your help. Based on your answer, I will just make an “Item” for each one and account for the costs that way. If I do that, I assume I should still “inventory” the bulk honey itself. Is that correct?
Just as a possible peice of accounting advice, make all of those items connected to "cost of goods sold" and then, whnever you need to report for G.A.A.P. or taxes, just make an adjustmenst for whatever remains. Whatever the cost of the remaining invenoty of anything, should simply be removed form the cost (expense) account and put in to the invenotry asset account with an "adjustying journal entry". Your accountant will know what I mean. Check out this part of the inventory playlist for cost of goods sold....... ruclips.net/video/eFEM-B8i4Bg/видео.html -Mark
Thank you for this video. I am learning a lot. I would love to see the video of you teaching Serena her debits and credits. I am new to accounting. Thanks again!
Sure thing! Thank you for the kind words and Serena thanks you too and I want you to know that at the end of August Serena will be starring in the most extravagant QuickBooks video ever and it will be called QuickBooks Online for home finance and if you like this video you will love that video and you will love doing home finance with Serena So please click like And subscribe so you can get the notification and thank you again please stay in touch
Sorry for my confusing question earlier. I’ll keep it to one question at a time. In the end of year project, shouldn’t Elaine and Susie both have $25,750 as opposed to since the Net Income is $51,500?
Possibly yes This is a good video for learning but it's not one complete comprehensive course it's a series of ideas strung together so it is possible I made a mistake during the exercise but the most important thing is to take away the concept and the idea when you apply it to your class or your business Mark
I am loving your videos and they have been very helpful to our religious non profit. Can I ask you questions which relate to setting up and managing restricted funds in QuickBooks?
Thank you for the kind words and thank you for asking. That's more of an accounting question than a QuickBooks question and I only teach QuickBooks functionality. If you read up on accounting procedures for nonprofit organizations you might get more clear explanation. Mark
Yes of course! I don't come out with a new video every week but you can subscribe and watch your notifications for the new videos and you can go to the channel page and look at the popular ones to watch and they will help you My only ask that you remember to click like after watching each one to help support the free channel for everyone and please subscribe Mark
Hi Mark, I got a question: On the transaction list @ 1:36:42 , there're video income $3000 (Jan 8) amd video income $4000 (Jan 17). Why the video income on the trail balance @ 1:39:15 is $6000, not $7000 in credit?
Thank you so much but I don't have the numbers memorized. I can help you if you're having trouble figuring out how to record a particular transaction or find a particular mistake if you are trial balanced does not. Match mine. Mark
Assuming in the journal entry in excel, u group several items like office computers,printers and laptops under the same sub account say "office equipment" account, on preparing the balance-sheet, do u have to apply depreciation on office equipment as grouped assuming all those items are estimated to last for 8years in bness, or u need to apply depreciation on individual items separately ??
Thank you for asking You actually can choose either way and both would be acceptable because it all depends on when and whom you file your financial statements with I suggest do it the easiest way and if you need to report your formal financial statements to a department of government for some reason, your CPA or your tax accountant will know how to reclassify things because it can be very complicated and depend situation by situation Mark
Great job, I really like this video. My point is that what if it's a Church Account at a point where there is no Liability and Equity, but money enters the account through offerings and other donations. How will the equation look like?
Thank you for the church already not for profit would operate the same way and use QuickBooks the same way. The only difference in accounting are the owner's equity related transactions and ownership related transactions. That's in advance topic and accounting regarding how to record things in the owner's equity section but the rest of the company would record things the same way even if they were not-for-profit. I hope you will cook like after each video you watch to help support the free channel for everyone and please subscribe. I hope by this summer I will have more accounting tutorials and specifically made not-for-profit accounting tutorials for churches and everything else so please check back with us. Mark
This is remarkably well explained and highly useful for beginners . Here is my a question, how and where new learner practice online to get experience for freelancing ? ...Thanks
Thank you for the kind words and thank you for asking The best video I have for Freelancers is how to be a self-employed bookkeeper and you don't need any more accounting but you will need to follow this step-by-step in order and you can be a self-employed bookkeeper from the knowledge you have from this video and the related videos that it will mention ruclips.net/video/2HVHKmkYTpE/видео.html I know they will help you and I only ask that you remember to click like after each one that you watch in order to help support the free channel for everyone and please subscribe and stay in touch Mark
Thank you so much and I will tell her and she hopes that you will click like And subscribe to help support the free channel for anyone and please let me know if you need any QuickBooks videos I can send them to you free
I'd like to ask a question please. On time line 2:05:14 my answer is $33,000.00. Your answer is $23,000. $30,000 plus $10,000 = $40,000.00. Subtract the $7,000 and it comes to $33,000.00. How do you end up with $23,000? Green numbers are adding and red is subtracting. I honestly have no idea how to come up with the $23,000 unless I ignore the $10,000
Yes it should have been $33,000 because it's 30,000 from before minus 7,000 withdrawals plus 10,000 coming in from income summary This whole thing needs to be redone and I might unpublish it and just publish the remake Anyway learn what's best from it for now until I publish the remake
Do you like the direct costing or the full absorption method of accounting? I suggest the full absorption is on the way out. Managers often do not know whether they are coming or going under this method. Your comments????
Serena is lovely! I think her lessons help to show how difficult adults make simple things. The caveat to her lessons is that it is difficult to see the screen that she is using. It might be better to have her narrate in a similar fashion to your section, with an occasional screen presence for the chapter titles.
Thank you so much Yes all the older tutorials that were successful will be remade considering all students feedback and with the better quality for video and audio and it will be great I hope you will click like after watching each to help support the free channel for everyone and please subscribe Mark
Thank you so much I wasn't born yet and Serena really really wasn't born yet but thank you for the kind words and I'm glad the videos are helping you I hope you will click like And subscribe Mark
Where was the bookkeeping period...lol... I used to work in a check cashing store and we had QuickBooks I literally entered in the stuff into the QuickBooks system for years and had no idea about any of this.. geeze
Hello Mark! Thanks for the amazing content. I cannot find answers to the last Periodic Inventory exercise. The file that you have uploaded is without answers.
Thank you for being devoted and watching the videos. The file does not give answers You just have to compare it to what You.earned to make sure that you have everything right Mark
Hi good day. My question is that I studied computer science but I got a job of a logistics company an assigned me as a cashier. What is the basic knowledge I need to have to me to run my position smoothly.
About depreciation in example number 2 why the amount used to puchase a car is $30000 on the debit side??while at the beginning of the question amount used to purchase a car was $15000?
Probably just a marijuana related mistake.So I suggest you focus on learning the idea and not worrying too much about the numbers and I know.I have many things to fix at this tutorial.Before I offer exercises and self check practice cell I do thank you for watching it being a good student The tutorial will still help you.I'm sure and if you need anything related to Quick books.Please let me know and I hope you will click like after Watching each video to help support the free channel for everyone and please subscribe Mark
He periodic inventory lesson, I did not find the answers. Could you please provide them? Also, what is the difference between goods available for sale and the value of inventory?
Hi there! I answered your first practice transaction project on a paper and got a total of 55200. There seems to be a discrepancy in our receivables and vid income - income should have been 7000 and receivables 2000. Perhaps this relates to entry in January 17. Thanks
Nice work! I regret that I don't have the numbers memorized but the most important thing is to get the idea even if the numbers are different and I thank you for being a loyal student and fan and hope you will click like And subscribe
Thank you but all of the other videos on this channel are specifically quick books. This is the only accounting tutorial but I will make one or two more sometime in the future I appreciate you watching and I appreciate you asking. It should not be difficult to look at a basic textbook and take the trial balance that we learn about in this video and simply create a balance sheet and an. Income statement which is also called profit in loss. It's extremely easy and if you use software, it will automatically have the financial statements from the same numbers from the trial balance. Just by clicking to open them the same way click to open the trial balance. Let me know if you finish the tutorial because I think I will even update this one for a lot of things that it can be improved upon. However it will not be a while till I make the others that are strictly accounting and not specifically quick books I hope you will click like and subscribe Mark
Hi! I am loving your videos! I have a reptile breeding business. Would my adult/breeding reptiles be considered assets? How would I value them? The market shifts so much. Would I use the price I paid? Would they stay worth that same price? How would I account for a deceased adult breeder? I just moved over from 1800 acct to Quickbooks, but didn't realize they don't help at all with setup, so your videos are going to help me immensely.
Thank you for asking. You need 3 things.... First, you need the main QBO tutorial ................. ruclips.net/video/aoWghI3kvpc/видео.html Then, you should watch the specific playlist for inventory. ruclips.net/video/qKwCCAEGjSg/видео.html Lastly, if the inventory playlist does not give you what you want, or any ideas on how to manage your particular case, you could contact me again for a live consultation to address any unique and specific issues that only your company may have. -Mark
I think there might be a mistake in the last exercise and in one of the presentations so please don't worry that you have a different number. The most important thing is that you learn the idea and I'm very glad that this video help you learn that idea. You could get a common popular Accounting 101 textbook to check your knowledge and to expand what you learned here but you did a great job! Mark
![BLACK BAG - Official Trailer [HD] - Only in Theaters March 14](http://i.ytimg.com/vi/Du0Xp8WX_7I/mqdefault.jpg)
This is it! The greatest accounting video ever!! The absolute best presentation of accounting and how to master all the basic accounting ideas right here in 1 big video!!
This makes everything as clear as Sesame Street. If find a good, popular, high- rated accounting textbook, then you don’t need a teacher; you have this video and you have me. Just read your book, watch this video and ask me anything you like. You will know the accounting you need, very easily, if you just watch a little bit each day.
I hope this helps everyone who needs accounting help and understanding.
I would love to hear from all of you.
Please click “like” and subscribe.
-Mark
I paid my LLC’s annual franchise tax of $800 using my personal credit card. The credit card is not in my chart of accounts as it is personal. Can I record the transaction like this?: Credit Owner’s Contribution (Equity) and debit Taxes and Licenses (Expenses)?
Gentlèman can you mention a book or a channel that is inclusive of intermediate financial accounting?
Thank u sir
Hey this is a great video thank you and i appreciate your time and hard work. Question is this entire video about accounting specifically, because im just looking specifically for the bookeeping process and i feel like the first 2 hrs of this vid was clear about that and after the 2hrs im confused about the other things so im hoping i dont need that part for specifically booking keeping
I first have an accounting subject in the 90s but never learned, I was confused and I failed. Only now that I understand it properly. If you are capable of teaching and letting a slow learner learn, it means you are a very good teacher. Only a slow learner can truly certify a really good teacher.
Wow o m g that is so nice and I agree with your point
The real test of a teacher is explaining to the slow learner , not the fast learner
I appreciate those who understand that and i'm very glad the video helped you
I hope you will click like and subscribe and let me know if you need anything related to quick books
Mark
I also studied an Accounting in 1996 but I was confused, but I passed it by God's grace. But now, I really need 60% for May/June 2025 for UNISA 2026 Bachelor of Social Worker
Probably the best accounting course I’ve seen, thank you so much!
Wow, thank you!
It makes it worth wild when I help good appreciative people
I hope you will click like after watching any of the videos to help support the free channel for everyone and please subscribe
Mark
I was able to pick up so many useful concepts that I'm able to utilize in my production company. Thank you for making this video, very helpful.
I'm so glad it helped you and thank you
Mark
I just love your training. YOu are one of the greatest Accounting teachers out there. Thanks so much for all you do!
Wow, thank you!I really appreceate the complement. I'm very glad it helped you. I hope you will clcik "like' and subscribe.
-Mark
RUclips suggested this channel and I subscribed yesterday!!! Your information is so informative and clear. You will be getting a lot of like from me👍🏾
Wow thank you so much and I'm really really glad the video helped you
I love to help nice people so don't be shy to ask your questions in the comments section and if you need a particular quick book's topic then please ask
Mark
@@worldwidequickbooks Thank you I will!!!
Hope there will be more teachers like you in this whole wide world. Thank you for sharing your gifts.
Wow, thank you!
That's really nice
I hope you enjoy the rest of the channel and appear if you have any questions
Mark Mark
Not all heroes wear capes! You are a HERO for breaking this down for us slow people! God bless this man! 👍 Even though I graduated and passed my accounting courses with "A"s and "B"s... I still didn't feel like i learned anything. I learned more from your youtube video than a whole semester in school and I can watch it over if I missed anything! Thank you sir! I will name my first born after you!
Wow thank you so much
I guess I overshot my mark.I was just trying to get you to understand the accounting not worship me
It does sound great to hear the appreciation.And i'm happy to help good people who Expres.
S appreciation so thank you very much
I hope you will click like after watching each of the videos of mine that you watch to help support the free channel For everyone and please subscribe and stay in touch
Mark
❤
This is the best teacher have seen dude you are a blessing to us from GOD may GOD the Almighty bless you
I'm humbled that my videos have helped you; I hope you'll continue to enjoy them!
I hope you will click like after each that you watch to help support the free channel for everyone and please subscribe and stay in touch
i am very lucky that this video came across me because I would never have thought of learning accounting without getting bored thank you professor :)
I appreciate that and I'm glad the video is helping you!
It's a pleasure to help nice people and get great feedback and I hope you will click like after each of our videos that you would watch in order to help support the free channel for everyone and please subscribe.
Mark
@@worldwidequickbooks the video was really entertaining and catchy. Greetings from Turkey sir
I’m new in this field, just opened up a new company. My first language is Spanish but I definitely can understand you very well. Thank you for being so patient and explain us with no rush!! I really appreciate it
Thank you so much
I'm glad it helped you and I hope you will always click like after watching each 12 help support the free channel for everyone and please subscribe
Mark
@@worldwidequickbooks Of course you got my like in each of your videos I had watched! And I’m your new subscriber ☺️
You may have a typo in the First Practice set tab = Transaction list, row 6 says $4000, but the general ledger results says $3000 in both places for the 1/17 date
Thank you. I'll check it out and thank you for watching and I hope the tutorial is helpful to you.
Mark
@@worldwidequickbooks same with mine . it says 4000 in the transaction list
still , I enjoyed the practice sheet. Thanks!
Then it shall tally with 55200
change the numbers in question same as results😅
@@Changeyourself-rk1ds I also found 55,200
I'm so excited to see you've released a new video, I can't wait to view it this weekend, thank you for all you do Mark!! We really appreciate your work so much. - Pam in Houston, Texas
Wow, thank you!
I'm so glad that you enjoy it and I'm so glad it helped you because that's why I made it
Please stay in touch and encourage everyone to click like after watching any of my videos and subscribe to continue to support the free channel for everyone
Mark
Finally I get to understand Accounting and don’t need to just learn by heart. It’s ingrained in my mind now. Thanks for the amazing explanation 👏🏼
Thank you for the kind words and I hope you will always remember to click like after each of our videos that you watch to help support the free channel for everyone and please subscribe.
Mark
This info is broken down in a way that I just could not grasp in college back in the 90's. It's actually fun. I was a business major but had to switched because of my accounting grades. Life could have been much different. Thanks so much Mark...it's never too late, especially with the cutest teacher's assistant. The biggest thanks to you too Serina!!! 😂
I appreciate your kind words! You're always welcome back here and I hope you'll stick with it and see how much fun this can be!
I'm very glad it helped you and I'm very glad you told us and please reach out if you need anything regarding accounting or QuickBooks and I hope you will click like after each video that you watch to help support the free channel for everyone and please subscribe and stay in touch
Mark
This is the best learning video on RUclips (not just accounting). It's simple, fun, and relatable. Although this is my first time learning accounting, I feel like I have studied accounting my entire life just watching this video. Keep up the good work, and I wish you all the best!
Wow thank you so much for the wonderful compliment I really appreciate it
I hope I will have a chance to improve upon this tutorial and make more accounting tutorials for nice people like you and I hope you will always click like after watching each so it will support the channel for everyone and please subscribe
Mark
Loved the addition of Serina. Thank you
Thank you Nancy; I will tel her.
This summer, she may be staring in more!!
-Mark
Oh my gosh, what a sweetie! This little girl has a great future ahead of her. Well done on another superb video. Thank you!
Thank you so much!
Come back for more videos with Serena this coming September you will see when making a home finance video that applies to everyone and she's grown so much so thank you and I hope you will always click like And subscribe
Mark
I have finished the lecture and now moving to another one. I will definitely share this YT to my daughter. Thank you Mark and Serina !!!!
Our pleasure!
I hope you both will click "like" and subscribe to help support the free channel for everyone.
-Mark
You really broke this all the way down. This helps me so much! You are awesome and the young little lady as well. I spent so much money on a Certification that didn't even come close to what you laid out in this video. Thanks!
I'm so glad!
And thank you so much and bless you for the kind words
I will tell Serena what you said and you'll be proud cuz she's much older now and you should see how amazing she is
I'm very glad this video explained everything the way you needed it and I'm glad that it will help you in the future and I only ask that you click like after each of the videos that you had watched in order to help support the free channel for everyone and please subscribe and stay in touch
Mark
I'm here because i started voluntary services in a microfinance institution and honestly, i need Accountancy knowledge to cope. I believe this video will help me. Happy i found this😊❤
I'm very glad it's helping you and I hope you will always remember to click like after each of our videos that you watch to help support the free channel for everyone and please subscribe.
Stay in touch and let me know if it's all the accounting you need or if I should give you Accounting in specific areas and I'm happy to do so.
Mark
Watching this during winter break, I take my first accounting class next semester. Im enjoying the course so far, hopefully this helps me be prepared for next semester thank you so much for the course!😊
Thank you so much for the kind words and I'm very glad the video is helping you and that you enjoyed it.
Please stay in touch and let me know how it helps you in advance with your course and I hope you will always remember to click like after each of our videos that you watch to help support the free channel for everyone and please subscribe.
Mark
Thank you! Thank you! Your channel deserves to have a million subscribers!! it's the best accounting channel!
Wow, thanks!
I'm trying to get to 1 million and I'm making the things that I think will help people the most and I thank you for the kind words and I hope you will always remember to click like after each video that you watched in order to help support the free channel for everyone and please subscribe and stay in touch.
Mark
@@worldwidequickbooks You're doing great! keep it up! Thank you again!
Your training is great and explained well. While working through the problems in the excel file you provided for First Transaction Practice, I noticed that on 1/8/22 Video job for $3000 for cash and another Video job on 1/17/22 for $4000 on the account. A total of $7000 for Video income. However, the Trial Balance Results and the General Ledger Results show only $6000 in Video income. Did I do something incorrectly or just missing something, my Video income shows $7000
Another question, on the End Of Month Project Sheet, the Net Income shows 51,500 and is split 50/50 between the owners. Each should receive 25,750. In the T Accounts for the owners, it shows 20,750 for each and the T Account for Income Summary shows Elaine 25,750 and Suzie 20,750. The sum of these does not equal 51,500 for the Net Income. I am not sure if I am doing it right or not.
Thank you for being a devoted student
When I get home I will have to take a look at it because maybe You are correct.
This video actually sells on another platform that has the same exercises that nobody Mentioned the issues that you mentioned.
I don't have the numbers memorized and I made the exercise as a while ago so I promise I'll get back to you with an answer very soon
Mark
@@worldwidequickbooks I noticed the same. Thanks a lot for your lessons, they are so useful for beginners like me. 🙃
I had the same experience! But the Trial Balance still was in balance with the $7000.
ive been so scared whenever someone mentions accounting and im so new in it some people studied it in highschool and i didnt- and in the university im studying it for the first time- i remember having a test and i only answered one question in accounting the teacher was so disappointed and she said THIS IS ALL YOU SOLVED?? she gave me another chance and i tried to study using youtube in the same day to retake the test but i didnt understand anything but unfortunately it didnt work since i cant retake the test without knowing the time of the other class-
But now i have exams im understanding everything from this video this is so helpful you are my herooo! thanks for making this amaizing video we truly appreciate your time and efforts!!! you are an amaizing teacher im understanding better than from others!
Well thank you so much!!
Those are very kind words and I'm very glad that this video helped the very nice person with their accounting issues.
I've heard that story a lot and that's the reason I made these videos because I know that accounting teachers can't really teach and people still need to understand it.
I hope you will click like after each of the videos you watch to help support the free channel for everyone and please subscribe and stay in touch.
Mark
Yesss!!! The first exercise and the Debits equal the Credits...Great Video!! I'm learning at a very fast pace.
Excellent!
I'm very glad, and I deeply appreciate you telling us. Keep going and you will have a strong Foundation of accounting and if you read a good quality Accounting 101 textbook along with this you should get a hundred on every test in your Accounting 101 class
Serena has done a beautiful demonstration, she's brilliant, thank you, both for helping us learn!
Oh thank you so much for the kind words
I'm very glad I helped you and that you enjoyed it and I hope you will click like after watching each video to help support the free channel for everyone and please subscribe
Mark
I was struggling to understand the equation ASSET = LIABILITES + EQUITY.... Beautifully explained.... kept simple, with an everyday example..... Thank you, Thank you, Thank you...I was about to give up my career in Bookkeeping, because of that.
Glad it helped!
I appreciate the kind words and I hope you will click like to support the free channel for everyone and please subscribe and let me know if you need anything related to QuickBooks
Mark
Thanks for this vid Mark, I'll be starting my work this Monday and I'm pretty nervous because I need to know a lil bit about accounting. This is a lifesaver! God bless you!
Thank you for the kind words and I'm very glad it helped you and I hope you will click like And subscribe and please let me know how the job search goes
Mark
Thank you. You're my fav educational channel. 🙂
Wow, thank you!
I know it will help you with your accounting and I hope you decide to learn quickbooks and watch the other videos
I really appreciate those who appreciate
Mark
Just wow! I had accounting units back in college but never understood it. I was amazed on how I was able to answer the worksheet 😍😍😍 Thank you so much for this free learning!
Happy to help!
I hope you will click like after watching each one to help support the free channel for everyone and please subscribe
Mark
Way to go Serina. You can be a great Accounting Teacher someday! Thanks for the lesson :)
You're so welcome!
I'm glad you enjoyed it and I hope it help you and I hope you will always click like after watching to support the free channel for everyone
Mark
Great Accounting Teacher. Thanks for the course. I'm ready to do the first Exercise.
Hope you enjoy it!
Thanks for the kind words and let me know how well you do
By the way you should contact me because I think there's a mistake that I made in the exercise and I'm not sure and I really have to republish this all polished up one day but everything takes time
It's still the perfect way to learn and believe me you will get the best grade you can in an introduction to accounting class after watching these videos
I hope you will click like And subscribe
Mark
How do you change a date from where the bank must show transactions. There is a dates to chooses from when you add your bank. I by accidentally chose this year instead of last year?
Thank you but I have absolutely no idea or understanding of what you're asking.
This video is an accounting tutorial and all transactions should be recorded on the date that they actually happened
Mark
This is fantastic , you and the little girl is brilliant ❤❤❤
Thank you so much and I'm very glad it helped you and that you enjoyed it.
If you love Serena then check out her latest appearance in this special 5-hour QuickBooks online course that teaches QuickBooks Online for home finance and it is a beautiful fun amazing video and I hope you'll at least watch the first part with Serena.
ruclips.net/video/Zciw-9gnqds/видео.html
I hope you click like after each video you watch to help support the free channel for everyone and please subscribe and stay in touch
Mark
This is an ❤awesome video! Ty for explaining it in easy terms. Your better than any professor I ever had for Principles 1 & 2, and intermediate Accounting.
Thank you so much for the kind words and I will tell Serena
I hope you will click like after each one to help support the free channel for everyone and please subscribe
Mark
Greetings from Brazil!
Thank you so much and greetings from New York City
This was great-enjoyed seeing your niece! Very understandable. Really good review.
Thank you so much!
Good Presentation. Best Wishes for Serina. She has the built-in confidence of a good teacher.
Thank you so much and I hope you will click like and subscribe to help support the free channel for everyone
Mark
Thank you! The practice test helped me so much! I learn and understand more with each chapter.
Wonderful!
I'm glad it's helping you because I put it up for a good appreciative people like you to benefit from
I hope you will click like after watching each of my videos and please subscribe to help support the free channel for everyone
Mark
This is a very simplified and a fantastic tutorial for Accounting beginners and I, without hesitation, salute this job well done ✅
Thank you so much
I hope you will click like and subscribe.And please stay in touch
Mark
This is a great video 😊 keep up the great work!!
You will be making my job so much easier!!!
Thank you for all your hard work!! ❤
You are so welcome!
I deeply appreciate students who express appreciation and i'm really glad that videos that I made or helping good people like you
Stan touch and let me know if you need anything related to quick boo and I hope you will click like after watching each one to support the free channel and please subscribe
Mark
Thanks for the video i didnt take accounting so i been looking to understand debits and credits yours is the first video that made scense to me i like the way you explaned it and have lots of examples
Great to hear!
I hope you will click like after you watch this or any other of our videos to help support the free channel for everyone and please subscribe and stay in touch
Mark
I just started my studies about accounting through a church leader once a week because our church were training us to become a VA Bookkeeper. I found this video really great! I just finished up to the Practice Exercise Project and there is a wrong entry in Video Income, instead of $4000, in the result is only $3000. What comes into my mind is that you purposely put it that way to know if your viewers really do the exercises. I will surely watch every single second of this video and next is your video on Quickbooks tutorial. I hope to find a job someday as a VA Bookkeeper. Thank you very much for your videos.
Thank you for the kind words and I hope you will always click like after each one to help support the free channel for everyone
I regret that I don't have all the numbers memorized but I'll believe you if you say that there's a difference
I agree the most important thing is that you're learning
If you click like And subscribe it will help support the free channel for everyone
Mark
@@worldwidequickbooks Done. God bless.
Thanks!
Thank you so much
Please let me know if there's any QuickBooks topic that you would like to learn and I will send you the link and I hope you will click like after watching each to help support the free channel for everyone and please subscribe
Thank you for your generosity it is so nice to help people who appreciate
Mark
Your examples are awesome, think you !
I am so glad you found them helpful, please click like. To help support the free channel for everyone and please subscribe and let me know if you need anything else and accounting or QuickBooks.
Mark
@@worldwidequickbooks I have likd and subscribed , I believe I have found a new home here, I have just started a full-time degree which has accounting as a major and I did not do any commercial subjects in high school
I've always wanted to understand accounting and learn accounting software like Quickbooks. I'm a programmer but have no accounting background. This video tutorial is a start. It should pave the way for me to get up to speed on accounting systems with the ultimate goal of developing a basic accounting software myself.
I'm very glad it helped you and that you liked it.And I hope you will click like and subscribe to help support the free channel for everyone and i'm here if you have any questions
Mark
Special thanks to our very own, absolutely adorable financial statement analysis and teacher, Serina May. Still smiling. Thank you for the wonderful help.
Thank you for the kind words, and I'm glad the video is helping you. I hope you will click like after watching each of the videos to help support the free channel for everyone and please subscribe and stay in touch.
Mark
Sir, this is what I wanted. Perfect accounting teacher.
Glad to hear that
A very happy it helped you And I deeply thank you for the nice Icompliment
I hope you will click like and subscribe
Mark
@@worldwidequickbooks
I will definitely do it Sir🙂
Okay, here's the complete custom study guide covering all of your specified accounting topics from the video transcript:
Video Overview: This video aims to introduce fundamental accounting concepts in a clear and concise way. It starts by defining accounting and its essential functions, then delves into crucial elements like assets, liabilities, and owner's equity. The video further explains the practical aspects of recording transactions through the use of T-accounts, the General Journal, and how those relate to the concepts of debits and credits. It then covers end-of-period procedures, including adjusting entries, closing entries, and how income is distributed, particularly in partnerships. The video concludes by explaining depreciation and various inventory systems used in accounting.
Detailed Timestamps & Content Description:
1. Introduction to Accounting and Business Basics:
00:02:43 - 00:03:44: Defines accounting as a system for recording, summarizing, organizing, and presenting financial information. Explains how this information is used in documents like profit & loss statements (show business performance over time) and balance sheets (show what a company owns vs. owes at a specific point in time).
00:05:07 - 00:05:41: Explains why accounting is important. Discusses who needs to see accounting information: business owners, managers, and the IRS for tax purposes.
2. Books of Original Entry/Journals:
01:17:06 - 01:18:11: Explains the role of the General Journal. Before computers, it was the book where transactions were initially recorded. Introduces the concept of "posting" - transferring the entries from the General Journal into T-accounts.
3. T-Accounts:
00:26:12 - 00:27:34: Introduces T-accounts and their visual structure (shaped like a "T"). Explains how debits are recorded on the left side of the T-account and credits on the right.
01:10:12 - 01:10:50: Explains the process of "footing" accounts, which means finding the total debits and credits within a T-account to calculate the ending balance. Demonstrates how this ending balance is used to start the account in the following month.
01:12:47 - 01:13:32: Briefly demonstrates how T-accounts were used in "real-life" accounting before computers to track balances after each transaction.
4. Terminologies:
00:06:19 - 00:07:54: Provides definitions for "assets" and "liabilities," emphasizing their specific meanings in accounting compared to everyday language. Assets are things a business owns that have value (tangible items like cars, or intangible like copyrights), while liabilities are obligations a business must pay in the future (loans, mortgages, etc.).
00:07:54 - 00:10:03: Explains the concept of "owner's equity" - the amount of ownership rights someone has in a business, calculated as the difference between assets and liabilities. Uses the example of buying a car or a house to illustrate ownership claims.
00:26:45 - 00:27:34: Defines "debit" as the left side of a T-account and "credit" as the right side. Explains that these terms originally came from Latin.
00:46:48 - 00:59:54: Defines several key accounting terms:
Income From Service: Money earned from providing services. Credits are used to record income.
Accounts Receivable: Total money owed to the business by customers for services or goods. Debits increase this asset, credits decrease it.
Expenses: Money paid out by the business to operate (salaries, repairs, etc.). Debits are used to record expenses.
Accounts Payable: Total money the business owes to its vendors. Credits increase this liability, debits decrease it.
Owner's Capital: Represents the owner's investment in the business. Credits are used to record owner's contributions.
Owner's Withdrawals: Money or assets taken out of the business by the owner for personal use. Debits are used to record withdrawals.
02:15:53 - 02:18:50: Defines "depreciation" as the decrease in an asset's value over time due to use. Explains the difference between depreciation due to usage and obsolescence (becoming outdated or undesirable). Emphasizes using "historical cost" (original purchase price) rather than "market value" (current selling price) for accounting purposes.
02:28:17 - 02:28:44: Defines "useful life" as the estimated time period an asset will provide value to the business. For a car, this is measured in drivable miles.
02:51:48 - 02:53:47: Defines "cost" as the amount paid to purchase merchandise and "price" as the amount received from customers when selling that merchandise. Explains how the difference between price and cost is profit.
5. Trial Balance:
01:14:29 - 01:16:48: Explains what a trial balance is - a report listing the ending balances of all accounts (separated into debits and credits) after a specific period (like a month). Its purpose is to check for mathematical errors in the recording and totaling of transactions before creating formal financial statements.
01:20:47 - 01:21:16: Shows how to access the trial balance report in QuickBooks Desktop (Reports > Accountant and Taxes > Trial Balance).
6. Petty Cash Book:
The provided subtitles do not cover this topic.
7. Depreciation:
02:15:53 - 02:18:50: Provides a comprehensive definition of depreciation. Discusses different types of depreciation, the importance of using historical cost, and how depreciation affects the presentation of assets on financial statements.
02:27:46 - 02:37:08: Explains different methods for calculating depreciation:
Unit of Production Method: Calculates depreciation based on how much the asset is used. This was demonstrated in the video with the car example, dividing the purchase price by the estimated drivable miles to find the depreciation cost per mile.
Straight-Line Method: Depreciates the asset by the same amount each year (dividing the cost by the useful life in years).
Accelerated Depreciation: Records more depreciation expense in the early years of an asset's life and less in later years. Explains the concept without going into specific calculation methods.
02:37:08 - 02:47:11: Discusses depreciation for tax purposes using IRS Publication 946. Explains how to find the "class life" of an asset (its depreciation category) and create depreciation schedules for tax reporting.
02:47:11 - 02:51:37: Shows examples of depreciation schedules for different "class life" categories and explains how to find the total depreciation expense for the year. Introduces the concept of "accumulated depreciation," a contra account that tracks the total depreciation recorded for an asset. Explains how accumulated depreciation affects an asset's "book value" on the balance sheet.
8. Inventory Systems:
02:51:38 - 03:03:45: Covers two main inventory systems:
Perpetual Inventory System: Inventory value is updated after each purchase and sale. Demonstrates how to record purchases and sales, emphasizing the "cost" and "price" aspects and the impact on income and cost of goods sold accounts.
Periodic Inventory System: Cost of goods sold is calculated only at the end of the period, usually by taking a physical inventory count. Explains the four-step process: Beginning Inventory + Purchases = Goods Available for Sale, then Goods Available for Sale - Ending Inventory = Cost of Goods Sold. Shows how this process was handled using T-accounts before computers.
03:29:16 - 03:37:17: Provides a step-by-step guide to completing an income statement for a merchandise company, emphasizing the relationship between different components.
03:37:18 - 03:51:00: Explains the Weighted Average Inventory System, a method for calculating cost of goods sold when items are purchased at varying costs. Demonstrates how to calculate the weighted average cost per unit and how QuickBooks Desktop uses this system.
03:51:13 - 04:11:18: Explains the First-In, First-Out (FIFO) method, where the oldest inventory items are assumed to be sold first. Demonstrates how FIFO works through examples and shows how QuickBooks Online uses this system.
Remember, these timestamps are approximate. If you are having difficulty finding a specific piece of information, it might be helpful to rewind or fast-forward a few seconds around the suggested timestamp.
I hope this comprehensive study guide proves much more helpful! Let me know if you have any further questions.
Thank you, What do I owe you?
Mark, thank you so much for the tutorial. I am sure great effort was put into it. Very detailed, packed with great information, and straightforward to follow. I am especially grateful for practice sheets you put together and I have done all of your work sheets. I think these are great tools to test the knowledge acquired. As some pointed out there were two that did have discrepancy in numbers. I am glad that others reported for it would drive me crazy trying to understand why my numbers are different than what is in the sheets. If you could please update the last sheet, Answer Key For The Inventory Projects, with the answers? As of right now that is missing. I would love to verify my numbers against yours and I am sure anybody else who is completing your practice sheets. Your tutorials are excellent and I am so glad I found them. Thank you.
Thank you for the compliment
I don't know what practices or she's your referring to but if you could tell me the name of them and where you found them I could take A. Look.
If insect there are some slight discrepancies that have somebody would be kind enough to give me a list of them so I can check them out and make sure students don't get distracted by them.
I hope you will click like after watching each one to help support the free channel for everyone and please subscribe.
Mark
Mark, The First Transaction Practice, and End of Month Project Sheet. Other people reported exact locations and numbers that are not matching in their comments. And there is no Answer Key for the Inventory Project, last practice sheet is missing results. Thank you. @@worldwidequickbooks
Well done Serina. its good job. 😇
Thank you so much
I hope you click like and subscribe
Mark
In your end of month example file, if Suzie and Elaine are splitting $51500, both should be 25750, and not one be 25750 and the other be 20750, unless I misunderstood something. Cells B77 and B78 in tab General Ledger After. Also, that 5K error is carried over tho cells C11 and C13 in Trial Balance After.
Still, the videos are awesome.
Thank you nancy; I need to re-make this whole thing. Right now, it's just several courses strung together to make a complete 101 course. However, I did check the practice sets and I remember getting the correct numbers. did you double check your steps against the project instructions? Most people are not mentioning that issue so it's been a while and I assumed everytyhing was ok.
-Mark
@@worldwidequickbooks Redid it 3 times. Most people don't go the extra steps to point out typos. I used to be a Technical Writer. I did follow all of the logic in you discussion so that was a good thing.
I will like to add that I see the same error Nancy explained above. I have been confused by this and hoping that I have the right understanding. Is there a final copy with the right information because Im stuck.
Thank you for sharing your wisdom. May God and the Universe bless you more!!!!!
You are so welcome!!
I hope you will click "like" and subscribe.
-Mark
Loved this class ❤❤ ,
trust mean it 🙏💞💞😊
Wonderful
Thank you so much for the kind words and I'm very glad you liked it and that it helped you and that I hope you will click like after each of the videos you watch to help support the free channel for everyone and please subscribe.
Mark
Great class! Thank you!
You're so welcome!
I hope you will click "like" and subscribe.
-Mark
Oh thanks dear for adding Urdu captions it is really helping me and others like me.
Learning accounting is always challanging it takes time and consistency to clear concepts.If you put effort to make exercises of practical knowledge it will be really useful but still you are doing good so much tysm ❤
It's my pleasure
I appreciate the kind words
I am happy to help
I hope you will click like after watching each one to help support the free channel for everyone and please subscribe
Mark
@@worldwidequickbooks sure!
This is an excellent training video. Thank you very much. This must have taken you a very long time to compile and present. So, I'm very appreciative of the time you took to do this. Just wanted to bring your attention to the first project spreadsheet. On the A/R entry for 1/17/22 the amount should be $4k but you're showing it as $3K. So, the final numbers are off by $1K. You may want to update it on your spreadsheet when you can. Again, Thanks a million!
Glad it was helpful!
I thank you for the kind words
Yes I regret that some numbers are inconsistent because originally each video Chapter was a separate video and I strung it together in one course without realizing that sometimes the numbers are not consistent but anyway I hope the idea comes across and I do promise to make an updated version of this course
Hi. I noticed that as well. Thanks for posting this question.😎
Hey Mark, do you have a video that explains onboarding a new client? Pass Word and Document storage? Thanks for your help, Charles
Yes I do!
ruclips.net/video/2HVHKmkYTpE/видео.html
I hope you will click like and subscribe and watch the entire thing including all the links and you will have everything you need.
Stan touch
Mark
Thank you! Mark and Serina. I found the video so helpful and easy to understand.
I'm very glad that it helped you and I hope you will click like And subscribe to help support the free channel for everyone and please let me know if you would like any other topic
Mark
Eli Neeley of Phoenix, Arizona, passed away many years ago. May God in His Glory bless Eli. He taught me more in five minutes than I learned in five years of accounting courses.
Yes that's very interesting but this is not the place to be mourning him
People have actual questions that will help them
The bright beautiful little girl made my day ❤❤❤ thank you guys may God bless you
Thank you so much I will tell her
We are both very glad the video helped you and we hope you will click like And subscribe to help support the free channel for everyone
Mark
Thanks so much for great dimonistration... I like quickbooks too.. I will keep follow you to lesrn more. Appreciate for that great job.
Awesome! Thank you!
I hope you will click like after each one to help support the free channel for everyone and please subscribe
Mark
Thank you for Great Lessons
I'm glad you like it!
I hope you will click like And subscribe
Mark
thank you so much !!! this is adorable !!thank you Serena
I'm glad you like it we are both glad it helped you and we hope you click like after watching each of our videos and please subscribe
Mark
Thank you , you are a great trainer
Thank you too! For being a loyal student and loyal fan
I hope you will click like after watching each in order to support the free channel for everyone, and please subscribe
Mark
Very nice creative work. Please keep it up.
Thank you, I will
I hope you will click like and subscribe to help support the free channel for everyone and please let me know if you have any video topic and quick books you would like to see
Mark
Mark: I’m a beekeeper & I sell my honey in local grocery stores. I also purchase bulk honey for resale. To sell honey, I must bottle it (purchase jars, lids, labels & shrink bands). Thus, when the jar of honey hits the grocery shelf, my cost is actually the cost of the honey itself as well as the various bottling components. My question is does every component of the finished product, i.e. honey & bottling components, need to be an inventory item or can only the honey be inventoried and the bottling components simply be expensed by creating a “bundle” in Quickbooks with the honey? Thanks so much for your help.
Thank you very much and I am happy to tell you everything I know about the subject. Let me 1st say, that your question technically, is not really a quick book's usage question but an accounting question about how to categorize certain costs and expenses.
So for that question, I would double check with your tax professional and if you need to report financial statements under generally accepted accounting principles I would discuss with your auditors or your accountant advisers which classification would be acceptable for the IRS and who never else you're reporting your numbers to. However, if your question is just for management purpose is, then you have to decide for yourself How you will interpret your reports because only you know what goes into your operations.
If you choose to classify them as inventory, then it seems to me that you will Need one of the desktop versions because only the desktop versions like enterprise or accountant or even the manufacturing version is the 1 that has the assembly's feature. If you use assemblies with "work in progress" Then you are accounting for these items as an inventory item that you manufacture when you purchase the jar in the label and put all the pieces together per, if you choose simply to classify everything that you purchase as an expense or something as part of just general cost of good sold, Then you don't need any special feature and you can simply make an item on the items list for each one
One factor you should use to decide, is if you often have at any given moment, a sur+ inventory of the parts like jars and labels and lots of honey lying around. If you're inventory doesn't really stay that long then as far as you're accounting reports comparing between periods, it won't make that much of a difference if you use the assembly feature or if you just ride off everything as an expense during that period. But if you very often are faced with end of month reports that need to reflect the surplus of jars or labels or honey lying around and then you give a moment, then it might be better to use the assembly feature and track work in progress.
If you're accountant advisers don't mandate any specific method for reporting purposes, then you can just decide what's best for you regarding how much time you want to spend on the data entry compared to how much detail you get out from the reports
Mark
Mark: thank you so much for your help. Based on your answer, I will just make an “Item” for each one and account for the costs that way. If I do that, I assume I should still “inventory” the bulk honey itself. Is that correct?
Just as a possible peice of accounting advice, make all of those items connected to "cost of goods sold" and then, whnever you need to report for G.A.A.P. or taxes, just make an adjustmenst for whatever remains. Whatever the cost of the remaining invenoty of anything, should simply be removed form the cost (expense) account and put in to the invenotry asset account with an "adjustying journal entry". Your accountant will know what I mean.
Check out this part of the inventory playlist for cost of goods sold.......
ruclips.net/video/eFEM-B8i4Bg/видео.html
-Mark
Thanks a million Mark. You’ve really been helpful, & I truly appreciate your videos.
Thank you sir this clearly and understanding course
My pleasure to help and I hope you click like And subscribe
in the EOM Project sheet both susie and Elaine capital accounts appear to be understated by 5,000 on the provided trial balance
Yes I have to perfect some things before I republish the next perfected tutorial
Mark
Thank you for this video. I am learning a lot. I would love to see the video of you teaching Serena her debits and credits. I am new to accounting. Thanks again!
Sure thing!
Thank you for the kind words and Serena thanks you too and I want you to know that at the end of August Serena will be starring in the most extravagant QuickBooks video ever and it will be called QuickBooks Online for home finance and if you like this video you will love that video and you will love doing home finance with Serena
So please click like And subscribe so you can get the notification and thank you again please stay in touch
Great lesson of accounting. Thank you
Glad you liked it!
Mark
Sorry for my confusing question earlier. I’ll keep it to one question at a time.
In the end of year project, shouldn’t Elaine and Susie both have $25,750 as opposed to since the Net Income is $51,500?
Possibly yes
This is a good video for learning but it's not one complete comprehensive course it's a series of ideas strung together so it is possible I made a mistake during the exercise but the most important thing is to take away the concept and the idea when you apply it to your class or your business
Mark
@ this is a great video for learning. I’ve learned so much so far from your mastering QuickBooks online to this video. Thanks so much
I am loving your videos and they have been very helpful to our religious non profit. Can I ask you questions which relate to setting up and managing restricted funds in QuickBooks?
Thank you for the kind words and thank you for asking.
That's more of an accounting question than a QuickBooks question and I only teach QuickBooks functionality.
If you read up on accounting procedures for nonprofit organizations you might get more clear explanation.
Mark
I am so very excited to have this accounting teacher, please may I always join the teaching once a week
Yes of course!
I don't come out with a new video every week but you can subscribe and watch your notifications for the new videos and you can go to the channel page and look at the popular ones to watch and they will help you
My only ask that you remember to click like after watching each one to help support the free channel for everyone and please subscribe
Mark
Hi Mark, I got a question: On the transaction list @ 1:36:42 , there're video income $3000 (Jan 8) amd video income $4000 (Jan 17). Why the video income on the trail balance @ 1:39:15 is $6000, not $7000 in credit?
Thank you so much but I don't have the numbers memorized.
I can help you if you're having trouble figuring out how to record a particular transaction or find a particular mistake if you are trial balanced does not. Match mine.
Mark
Thank you again. 🙂
Always welcome
I hope you will always click like after watching each one to support the free Channel and please stay in touch
Mark
Well done!👌
Thank you! 😁
I hope you will click like And subscribe and please let me know if you need anything related to QuickBooks
Mark
@worldwidequickbooks I'm your new subscriber!👌
Do u offer online courses about accounting?
Assuming in the journal entry in excel, u group several items like office computers,printers and laptops under the same sub account say "office equipment" account, on preparing the balance-sheet, do u have to apply depreciation on office equipment as grouped assuming all those items are estimated to last for 8years in bness, or u need to apply depreciation on individual items separately ??
Thank you for asking
You actually can choose either way and both would be acceptable because it all depends on when and whom you file your financial statements with
I suggest do it the easiest way and if you need to report your formal financial statements to a department of government for some reason, your CPA or your tax accountant will know how to reclassify things because it can be very complicated and depend situation by situation
Mark
@worldwidequickbooks Thank u sir.
A miracle. Don’t need to go to university, just watch this course and it is simple. Misleading.
Thank you so much
Great job, I really like this video. My point is that what if it's a Church Account at a point where there is no Liability and Equity, but money enters the account through offerings and other donations. How will the equation look like?
Thank you for the church already not for profit would operate the same way and use QuickBooks the same way.
The only difference in accounting are the owner's equity related transactions and ownership related transactions.
That's in advance topic and accounting regarding how to record things in the owner's equity section but the rest of the company would record things the same way even if they were not-for-profit.
I hope you will cook like after each video you watch to help support the free channel for everyone and please subscribe.
I hope by this summer I will have more accounting tutorials and specifically made not-for-profit accounting tutorials for churches and everything else so please check back with us.
Mark
This is remarkably well explained and highly useful for beginners .
Here is my a question, how and where new learner practice online to get experience for freelancing ? ...Thanks
Thank you for the kind words and thank you for asking
The best video I have for Freelancers is how to be a self-employed bookkeeper and you don't need any more accounting but you will need to follow this step-by-step in order and you can be a self-employed bookkeeper from the knowledge you have from this video and the related videos that it will mention
ruclips.net/video/2HVHKmkYTpE/видео.html
I know they will help you and I only ask that you remember to click like after each one that you watch in order to help support the free channel for everyone and please subscribe and stay in touch
Mark
Great job done from sarina we like what she said appreciate her great job
Thank you so much and I will tell her and she hopes that you will click like And subscribe to help support the free channel for anyone and please let me know if you need any QuickBooks videos I can send them to you free
I'd like to ask a question please. On time line 2:05:14 my answer is $33,000.00. Your answer is $23,000. $30,000 plus $10,000 = $40,000.00. Subtract the $7,000 and it comes to $33,000.00. How do you end up with $23,000? Green numbers are adding and red is subtracting. I honestly have no idea how to come up with the $23,000 unless I ignore the $10,000
Yes it should have been $33,000 because it's 30,000 from before minus 7,000 withdrawals plus 10,000 coming in from income summary
This whole thing needs to be redone and I might unpublish it and just publish the remake
Anyway learn what's best from it for now until I publish the remake
Do you like the direct costing or the full absorption method of accounting? I suggest the full absorption is on the way out. Managers often do not know whether they are coming or going under this method. Your comments????
I say do whatever works for you
thanks for sharing about accounting very nice
It's my pleasure
I hope you will click like and subscribe to help support the free channel for everyone
Mark
Hey I am trying to do the End of period accounting adjustment task but I can't see the information to work out the task
?
Like the data for everything
The same thing with what you shared in the 1st practice
The transaction list
😅 I figured it out 🫢
Serena is lovely! I think her lessons help to show how difficult adults make simple things. The caveat to her lessons is that it is difficult to see the screen that she is using. It might be better to have her narrate in a similar fashion to your section, with an occasional screen presence for the chapter titles.
Thank you so much
Yes all the older tutorials that were successful will be remade considering all students feedback and with the better quality for video and audio and it will be great
I hope you will click like after watching each to help support the free channel for everyone and please subscribe
Mark
Where were you when I had bookkeeping in high school (1956)?
Thank you so much I wasn't born yet and Serena really really wasn't born yet but thank you for the kind words and I'm glad the videos are helping you I hope you will click like And subscribe
Mark
Where was the bookkeeping period...lol... I used to work in a check cashing store and we had QuickBooks I literally entered in the stuff into the QuickBooks system for years and had no idea about any of this.. geeze
Hello Mark! Thanks for the amazing content. I cannot find answers to the last Periodic Inventory exercise. The file that you have uploaded is without answers.
Thank you for being devoted and watching the videos.
The file does not give answers
You just have to compare it to what You.earned to make sure that you have everything right
Mark
Thanks
Wow amazing sir thank you so much for your knowledgeable video ❤
It's my pleasure
I hope you will click like And subscribe
Mark
Hi good day.
My question is that I studied computer science but I got a job of a logistics company an assigned me as a cashier. What is the basic knowledge I need to have to me to run my position smoothly.
I suggest you show up every day on time and that's the best advice I can give you
About depreciation in example number 2 why the amount used to puchase a car is $30000 on the debit side??while at the beginning of the question amount used to purchase a car was $15000?
Probably just a marijuana related mistake.So I suggest you focus on learning the idea and not worrying too much about the numbers and I know.I have many things to fix at this tutorial.Before I offer exercises and self check practice cell
I do thank you for watching it being a good student
The tutorial will still help you.I'm sure and if you need anything related to
Quick books.Please let me know and I hope you will click like after Watching each video to help support the free channel for everyone and please subscribe
Mark
He periodic inventory lesson, I did not find the answers. Could you please provide them? Also, what is the difference between goods available for sale and the value of inventory?
You will see the chapter on the Periodic system and it will explain each part
Hi there! I answered your first practice transaction project on a paper and got a total of 55200. There seems to be a discrepancy in our receivables and vid income - income should have been 7000 and receivables 2000. Perhaps this relates to entry in January 17. Thanks
Nice work!
I regret that I don't have the numbers memorized but the most important thing is to get the idea even if the numbers are different and I thank you for being a loyal student and fan and hope you will click like And subscribe
Thanks Marks for this accounting tutorial. Do you have a video on preparing account for school.
Thank you but all of the other videos on this channel are specifically quick books. This is the only accounting tutorial but I will make one or two more sometime in the future
I appreciate you watching and I appreciate you asking.
It should not be difficult to look at a basic textbook and take the trial balance that we learn about in this video and simply create a balance sheet and an. Income statement which is also called profit in loss.
It's extremely easy and if you use software, it will automatically have the financial statements from the same numbers from the trial balance. Just by clicking to open them the same way click to open the trial balance.
Let me know if you finish the tutorial because I think I will even update this one for a lot of things that it can be improved upon.
However it will not be a while till I make the others that are strictly accounting and not specifically quick books
I hope you will click like and subscribe
Mark
Hi! I am loving your videos! I have a reptile breeding business. Would my adult/breeding reptiles be considered assets? How would I value them? The market shifts so much. Would I use the price I paid? Would they stay worth that same price? How would I account for a deceased adult breeder? I just moved over from 1800 acct to Quickbooks, but didn't realize they don't help at all with setup, so your videos are going to help me immensely.
Thank you for asking. You need 3 things....
First, you need the main QBO tutorial .................
ruclips.net/video/aoWghI3kvpc/видео.html
Then, you should watch the specific playlist for inventory.
ruclips.net/video/qKwCCAEGjSg/видео.html
Lastly, if the inventory playlist does not give you what you want, or any ideas on how to manage your particular case, you could contact me again for a live consultation to address any unique and specific issues that only your company may have.
-Mark
@@worldwidequickbooks Thank you so much!!! Will do!
Great presentation indeed ❤❤❤
Thank you kindly
I hope you will click like after watching each to help support the free channel for everyone and please subscribe
Mark
Love Serina!
Thank you; you should see her now.
She will soon star in another great video so stay in touch!
-Mark
Please I couldn't get the correct amount for cash in bank (the trial balance section) I can't figure out how you got 22,100
I think there might be a mistake in the last exercise and in one of the presentations so please don't worry that you have a different number. The most important thing is that you learn the idea and I'm very glad that this video help you learn that idea.
You could get a common popular Accounting 101 textbook to check your knowledge and to expand what you learned here but you did a great job!
Mark