The quality of his teaching is the reason, I plan to study at JCC. I am glad they offer online courses, people from out of state too can enjoy accounting classes there. Thanks Krug!
Honestly, a lot of the professors doesn't spend so much time going through the homework. They simply go from lectures to lectures. I wish I had prof who goes over homework.
Homework Questions: QS 3.2: a. On July 1, 2011, Baxter Company paid $1,800 for six months of insurance coverage. No adjustments have been made to the Prepaid insurance account, and it is now December 31st, 2011. Prepare the journal entry to reflect the expiration of the insurance as of December 31st, 2011. b. Tyrell Company has a Supplies account balance of $1,000 on January 1, 2011. During 2011, it purchased $3,000 of supplies. As of December 31, 2011, a supplies inventory shows $1,300 of supplies available. Prepare the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2011. QS 3.3: a. Carlos Company purchases $30,000 of equipment on January 1, 2011. The equipment is expected to last five years and be worth $5,000 at the end of that time. Prepare the entry to record one year's depreciation expense of $5,000 for the equipment as of December 31, 2011. b. Chaves Company purchases $40,000 of land on January 1, 2011. The land is expected to last indefinitely. What depreciation adjustment, if any, should be made with respect to the Land account as of December 31, 2011?. Ex 3.5: Determine the missing amounts in each of these four separate situations a through d. Supplies available - prior year-end................... $ 300 $1600 $1,360 ? Supplies purchased during the current year.... 2,100 5,400 ? $6000 Supplies available - current year-end................ 750 ? 1,840 800 Supplies expense for the current year............... ? 1,300 9,600 6,575 Ex: 3.4: The following three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the subsequent entry during May to record the payment of the accrued expenses. Total weekly salaries expense for all employees is $9,000. The amount is paid at the end of the day on Friday of each five-day work week. April 30 falls on Tuesday of this year, which means that the employees had worked two days since the last payday. The next payday is May 3rd.
God bless you Krug,I am from and i have watched all of your lecteres and they have halped me a lot in my accounting education.Love and respect from George (Europe)
professor you are a sound Accounting teacher I am so proud of you so much sir. you really teach like my former teacher who made me to master most of this teaching before. She told me that she is so proud of me to go and do this to any part to further my self. You are so brave sir I don't get all your numbers for me to follow you and do the transaction. with your own numbers but I will give my own explanation and give my own example with a number that i will bring up sir. Journal leader entry is a report name that take record of daily accounting. example if you received 20 dollars and spend 10 dollars then you balance your 10 dollar in the journal. Look again here suppose management purchase a fleet cars for 150, 000 dollars. paying 30 thousand and getting a loan for reminder what does the accounting equation means my Assets increased to 150, 000 and credit 30, 000 dollars and also your account payable should be increase to 150 , 000 which I subtract good sold is equal to gross profit. i saw some of this number and try to use it to explain on how to work on your journal entry.3.5. what is the number of it let me follow it Sir sound solid professor.
I think what tends to confuse students when it comes to adjusting entries is that for ACCRUED revenues and expenses, the FIRST set of journal entries is the adjusting entry, while the second set of journal entries involves recognizing the receipt or payment of cash. Its kind of confusing, because with deferred revenues and expenses, its just the opposite (and more sensible).... the FIRST set of journal entries recognizes the receipt or payment of cash while the SECOND set of journal entries is the adjusting entry.
On company A and company C it would be a great idea to mention in the question that the company performs yearly accounting periods, one has to assume that the AJE has to be done on the last day of December , but it could easily be done on the last day of September as well since in the question it is omitted what type accounting period the company performs..... anyhow great video congrats
I would love it if the homework was public so i could work along with these videos. My intro to accounting class doesn’t go through enough examples so it would be nice to practice along with these videos. Love them videos though!!!!
VJ NR hi I am dying for the book, i cant download the book form the link you gave. So, can u help me by sending the book to my email my email: caohuu_quocminh@yahoo.com thank you
Quick Study 3.5 Marsha employs one college student in the summer for her coffee shop, the student works the 5 weeks days and is paid on the following Monday. Motor adjust for her books monthly if needed to show salaries earned but unpaid at the month ended. The student works to the last week of July. Friday is August 1. If the student earned a hundred dollar a day, what AJE must they make on July 31 to quickly record accrued salaries expense for July?
The quality of his teaching is the reason, I plan to study at JCC. I am glad they offer online courses, people from out of state too can enjoy accounting classes there. Thanks Krug!
Honestly, a lot of the professors doesn't spend so much time going through the homework. They simply go from lectures to lectures. I wish I had prof who goes over homework.
Homework Questions:
QS 3.2:
a. On July 1, 2011, Baxter Company paid $1,800 for six months of insurance coverage. No adjustments have been made to the Prepaid insurance account, and it is now December 31st, 2011. Prepare the journal entry to reflect the expiration of the insurance as of December 31st, 2011.
b. Tyrell Company has a Supplies account balance of $1,000 on January 1, 2011. During 2011, it purchased $3,000 of supplies. As of December 31, 2011, a supplies inventory shows $1,300 of supplies available. Prepare the adjusting journal entry to correctly report the balance of the Supplies account and the Supplies Expense account as of December 31, 2011.
QS 3.3:
a. Carlos Company purchases $30,000 of equipment on January 1, 2011. The equipment is expected to last five years and be worth $5,000 at the end of that time. Prepare the entry to record one year's depreciation expense of $5,000 for the equipment as of December 31, 2011.
b. Chaves Company purchases $40,000 of land on January 1, 2011. The land is expected to last indefinitely. What depreciation adjustment, if any, should be made with respect to the Land account as of December 31, 2011?.
Ex 3.5:
Determine the missing amounts in each of these four separate situations a through d.
Supplies available - prior year-end................... $ 300 $1600 $1,360 ?
Supplies purchased during the current year.... 2,100 5,400 ? $6000
Supplies available - current year-end................ 750 ? 1,840 800
Supplies expense for the current year............... ? 1,300 9,600 6,575
Ex: 3.4:
The following three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the subsequent entry during May to record the payment of the accrued expenses.
Total weekly salaries expense for all employees is $9,000. The amount is paid at the end of the day on Friday of each five-day work week. April 30 falls on Tuesday of this year, which means that the employees had worked two days since the last payday. The next payday is May 3rd.
Thank you so much! You saved me there.
Thank you !
1:59 Handouts
13:17 Homeworks
QS 3.2 Page 118 (151)
44:32 Quick Study 3.5
49:44 HW
Page 109
QS 3.1.1
Profit margin
Ex. 3.3
Ex. 3.6
God bless you Krug,I am from and i have watched all of your lecteres and they have halped me a lot in my accounting education.Love and respect from George (Europe)
your videos are simply awesome and made me clear my exam.
I wish this was my accounting professor.
professor you are a sound Accounting teacher I am so proud of you so much sir. you really teach like my former teacher who made me to master most of this teaching before. She told me that she is so proud of me to go and do this to any part to further my self. You are so brave sir I don't get all your numbers for me to follow you and do the transaction. with your own numbers but I will give my own explanation and give my own example with a number that i will bring up sir. Journal leader entry is a report name that take record of daily accounting. example if you received 20 dollars and spend 10 dollars then you balance your 10 dollar in the journal. Look again here suppose management purchase a fleet cars for 150, 000 dollars. paying 30 thousand and getting a loan for reminder what does the accounting equation means my Assets increased to 150, 000 and credit 30, 000 dollars and also your account payable should be increase to 150 , 000 which I subtract good sold is equal to gross profit. i saw some of this number and try to use it to explain on how to work on your journal entry.3.5. what is the number of it let me follow it Sir sound solid professor.
He just spoke my mind.... the JCC music does always remind me of some sitcom ROFL 😂
Very good Professor. I wish you were my professor when I was taking Accountancy.
ahh a life where people were not always on their phones
I think what tends to confuse students when it comes to adjusting entries is that for ACCRUED revenues and expenses, the FIRST set of journal entries is the adjusting entry, while the second set of journal entries involves recognizing the receipt or payment of cash. Its kind of confusing, because with deferred revenues and expenses, its just the opposite (and more sensible).... the FIRST set of journal entries recognizes the receipt or payment of cash while the SECOND set of journal entries is the adjusting entry.
On company A and company C it would be a great idea to mention in the question that the company performs yearly accounting periods, one has to assume that the AJE has to be done on the last day of December , but it could easily be done on the last day of September as well since in the question it is omitted what type accounting period the company performs.....
anyhow great video congrats
49:00 "Cool. That is great. Great news." when nobody did their homework.
Thanks!
I would love it if the homework was public so i could work along with these videos. My intro to accounting class doesn’t go through enough examples so it would be nice to practice along with these videos. Love them videos though!!!!
I can send you a PDF of the textbook.
lauren marie could you please, send it to me as well? Thank you in advance! elechka8@mail.ru
@@laurenmarie4753 hi, i hope your account is still active, but may I have a pdf file of that textbook?
12:10 "You always adjust a Revenue or Expense and Asset or Liabilities"
RE/AL
For g)....if we have not yet billed the customer and we debit A/R and credit revenue, what do we record when we DO bill the customer???? Please help
By then we debit cash and credit A/R.
just realize, jake has hair now :) 15:15
Bread winner by running his business...
how could I get a copy of the handouts tho?
blogs.jccc.edu/accounting/
I am trying to obtain the book.
Does anyone know how to obtain a copy??
blogs.jccc.edu/accounting/files/2014/12/accounting1.pdf
Lightning looks much better
VJ NR hi I am dying for the book, i cant download the book form the link you gave. So, can u help me by sending the book to my email
my email: caohuu_quocminh@yahoo.com
thank you
sad to hear, but the file is large. I can't email it.
:(, dont you have dropbox or google drive account, you can share on it. I would really appreciate for your help
Caohuu Quocminh Great idea! I sent it :)
Hi V JNR, thank you so much for your help. I have received all the files, I would like to say how much I am grateful to your help :)
Quick Study 3.5
Marsha employs one college student in the summer for her coffee shop, the student works the 5 weeks days and is paid on the following Monday.
Motor adjust for her books monthly if needed to show salaries earned but unpaid at the month ended. The student works to the last week of July. Friday is August 1.
If the student earned a hundred dollar a day, what AJE must they make on July 31 to quickly record accrued salaries expense for July?