| 1 |
Current Assets
We've already learned about assets, but now we're going to break it down a bit further and differentiate between current and non-current.
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9:57 | |
| 2 |
Non-Current Assets
We've already learned about Assets, but now we're going to break it down a bit further and differentiate between current and non-current.
|
10:25 | |
| 3 |
Current Liabilities
We've already learned about Liabilities, but now we're going to break it down a bit further and differentiate between current and non-current.
|
6:24 | |
| 4 |
Non-Current Liabilites
We've already learned about Liabilities, but now we're going to break it down a bit further and differentiate between current and non-current.
|
2:00 | |
| 5 |
Contributed Capital
Shareholder's Equity is made up of two different components: Retained Earning and Contributed Capital. Here, we try to figure out what contributed capital is all about.
|
5:10 | |
| 6 |
The Classified Balance Sheet
The Classified Balance Sheet lets us see our assets and liabilities by groups, which gives us a little better overview.
|
4:48 | |
| 7 |
Retained Earnings vs Shareholder's Equity
What is the Statement of Shareholder's Equity? Let's make it up together.
|
6:41 | |
| 8 |
T-Accounts
T-Acounts are the 30,000 ft. view of your accounts. They help you quickly glance at an account and see what is going on inside of it.
|
3:15 | |
| 9 |
Debits and Credits
Debits and Credits are the words of accounting. You must understand debits and credits if you want to be able to pass this class.
|
6:49 | |
| 10 |
Determining Normal Balances For Assets & Liabilities
A "normal" balance just means what side of the account the increases go on. Here we're going to determine normal for Assets and Liabilities.
|
10:04 | |
| 11 |
Determining Normal Balance for Shareholder's Equity
Shareholder's Equity has a normal balance, just like every other account. It's pretty simple to determine, not unlike Assets and Liabilities.
|
11:53 | |
| 12 |
Normal Balance Shortcut: Double Entry
I told you that understanding normal balances is super important, so we're not done yet. This shortcut has to do with Double Entry Accounting. Excited? You probably should be.
|
11:51 | |
| 13 |
Normal Balance Shortcut: DEAD Mnemonic
You'll be DEAD if you forget this. Forgive my cheesiness.
|
2:36 | |
| 14 |
The Journal, Ledger, Trial Balance
The Journal, Ledger, and Trial Balance are how we keep track of what is going on day-to-day in our business.
|
14:00 |
| Click Here to View All Chapter 2 Problems at Once | View | ||
| 1 | Account Classification | Easy | |
| 2 | Current Assets | Easy | |
| 3 | Journal Entry - Inventory | Easy | |
| 4 | Journal Entry - Sales | Easy | |
| 5 | Land Purchased With Cash | Easy | |
| 6 | Retained Earnings | Easy | |
| 7 | T/F: Liabilities and Equity | Easy | |
| 8 | T/F: T-Account Logic | Easy | |
| 9 | Normal Balances | Moderate | |
| 10 | Solving for Missing Amounts | Moderate | |
| 11 | The Effect of Journal Entries | Moderate | |
| 12 | What Should Be Journaled | Moderate | |
| 13 | Account Classifications | Hard |