after 2 weeks of confusion and finally this! This is a gift to humanity.
@sosanmehmood8904
5 жыл бұрын
😂I still don't understand
@tathaixc3797
3 жыл бұрын
True☺️
@marajoya8724
8 жыл бұрын
Thank you. Your explanations are very helpful. I am having a very difficult time in my accounting class and your videos are EXTREMELY helpful.
@naweedullahazizyari4118
5 жыл бұрын
Mara Joya hi dear
@shayalkumar7616
4 жыл бұрын
thanks for the explanation as I was having difficulties in understanding
@morehn
3 жыл бұрын
Your pace of speaking is so calming and helpful to relax and understand without getting overwhelmed with the details
@rina.2832
3 жыл бұрын
The best one I've ever had. 4 weeks of theory torture and now these amazing tutorials. You are magician 💯
@zongyaoxiao7919
Жыл бұрын
Whenever I am struggled by accounting class,I will go to watch this channel.It helped me a lot.Easy to understand,and to the point directly.Thank you!
@stffaluffagus
3 жыл бұрын
This is such a great explanation. Clear, to-the-point, and concise. Thank you!
@惢心-g2f
8 жыл бұрын
Thank you, it really helps a lot, I now finally understand why prepaid rent is an asset.
@arib.h8821
3 жыл бұрын
it's 2021 i found these videos and now I can get full full mark in all my exams I'm really thankful for everything teacher
@indigom.5274
7 жыл бұрын
Mr Lazofson, thank You so much for these videos! You have helped me very much in my understanding of financial accounting.
@AllIsWellaus
5 жыл бұрын
I've seen quite a few videos about this and they tended to concentrate on the logic only. I understood that sude but really needed to see some working examples. This was great. :)
@surgingtides
Ай бұрын
Thank you for making this video ❤ From what I got in the video: - prepaid account is an ASSET account => it is located in the Asset section within the Balance Sheet - despite some place refers it as prepaid [name] expense, it is still an asset account and not an expense account - as the company made prepaid, credit in Cash (money goes down as payment is happening), debit in Prepaid [name] account - periodically/monthly (not always the case but in the video it is monthly) throughout the duration of the prepaid as the expense occurred the [name] expense account (this is an expense account) debit (expense occurred means there need to be recorded), by the same time the Prepaid account credit by the same amount (the prepaid account is used to "pay" for the periodic expense). Every period/month there will be debit the expense account and credit to the prepaid account - by the end of the duration the final balance of the Prepaid account will be 0, and the sum of the expense account will equal the initial (at the start) amount of prepaid account
@bhraniaseel4197
8 жыл бұрын
Thank u man i am from bahrain u r not only better than our doctor but u r the best really keep up uploading for accounting
@astromicwm
10 жыл бұрын
You sir made a very good series of videos, it really helped me a lot.. I hope to see more of these great material on youtube rather than the nonsense we see!. keep up the good work.
@nezaradwan8805
3 жыл бұрын
This is simply awesome clarification. Very neat and clear .. Thanks a million !
@aquayum72
9 жыл бұрын
Yeah, Excellent Video. Very Easliy explained and I've benefited alot am sure did alot of other people aswell. Thanks Again.
@ptseti
3 жыл бұрын
Your videos are SOOO good- the best tutorials for Business students. Thank you
@olenashablii8116
Жыл бұрын
you're the best, you solved my two months headache in just 9 minutes!!! Thank you so much!!
@DavidTexas340
Ай бұрын
Thank you very much!! Your instructions and examples were very easy to understand and follow along.
@sonikx38
7 жыл бұрын
better than my school prof ... thank you
@ube-23s
8 ай бұрын
Good Job, very clear. Somebody made a comment saying, """"I still don't understand."" I think it is, because he explains then he does not finish the entrees. He leaves it up to us. To a beginner it is hard to understand, he does not finish the entrees all the way till Zero.
@ay_beats
3 жыл бұрын
7 years later, this helped alot to dis very day !
@cherrygaming7100
6 жыл бұрын
That was a spectacular video. Thank you very much, sir 😊
@isaacedwards8601
3 жыл бұрын
2021 you still saving lives..... Thank you
@RK-wp3bt
6 жыл бұрын
Extremely necessary videos for beginners like me ;), thank you
@chazieutube
6 жыл бұрын
THANK YOU! By far the best example of Prepaid Accounts
@waleedjafrawi8966
6 жыл бұрын
you are the best accounting teacher ever with all love
@yolandacamargoaponte2658
3 жыл бұрын
Excelente video. very clear explanation and good examples 👍🏽
@cookfaster3169
8 жыл бұрын
Thank you professor. I learned a lot. You explain so easy to understand. Grate job.
@ABDULBASITH-t7z
2 ай бұрын
thanks sir i have been struggling to understand for past 1 months thank you finally understood his
@rachelvega7139
5 жыл бұрын
Thank you for making this information more clear, I subscribed!
@ABMArnelManaloTV
5 жыл бұрын
Rachel Vega Hi Rachel, I started my accounting basic also in my channel 🙏🙏🙏
@christineayo4023
4 жыл бұрын
KZitem's is very wonderfully educative and interactive
@eternallygyu08
6 ай бұрын
You helped so so many people! I hope you’re doing well sir :)
@Miriam-jy7tgz
5 ай бұрын
Thank you!!! Finally this is clear to me.
@nagam9246
6 жыл бұрын
You better than my professor thnk u sir
@joshuatruong3637
8 жыл бұрын
Excellent video, this was extremely helpful. Thank you!
@JoyPatrao
4 жыл бұрын
thank you for uploading crystal clear videos :)
@scottabergermd
3 жыл бұрын
Phenomenal tutorial, really helped.
@azalald
5 жыл бұрын
Perfect. Even if you neve had experience on it you will have a chance to become a professional in accounting
@hovhadovah
6 жыл бұрын
6:10 brilliant, makes perfect sense
@TheFreeBard
9 жыл бұрын
Thank you for this. It really helped me for our exams
@Abdulstechvidoes
9 жыл бұрын
oo
@milan4935
4 жыл бұрын
Thank you so much, you are saving me tons of time!
@jeongyounism4282
4 жыл бұрын
thank you! this is a big help for my financial accounting class : )
@Pardesibaatein
7 жыл бұрын
Finally Confusion is clear, Great Thanks a lot Sir)))
@augustayarteh7524
4 жыл бұрын
Yes that the way i know how to do it. Is a bill that the Utility expense you are spending money to pay out. That debit is uitily expense and credit cash right there. I am responding to some of these teaching i need feed back if I am doing it rightly. So we can work on it together. to get more knowledge with any professor explanations. Your T accounts is great powerful explanations. You have to give update to the balance sheets account sir.
@mistyschearback2854
3 жыл бұрын
Thank you so much. I am struggling with my class. You helped explain so much.
@arlene5990
3 жыл бұрын
Wow this made perfect sense. Thank you!
@moin04
8 жыл бұрын
Am I the only one who is Shivering while he's writing on the paper with the marker and that makes the sound ? :P Nice Video BTW ! Thanks For The Help !
@burrri
8 жыл бұрын
yep u r
@moin04
8 жыл бұрын
HA Ha Ha ! burrri
@tajlika8707
2 жыл бұрын
Thank you for your explanation. I am appreciated 🙏
@sonusimon10
6 жыл бұрын
you are wonderful thanks a ton mate . keep doing what you are doing.
@Etntr
4 жыл бұрын
Pls make more videos your videos are great , amazing I enjoy them
@teejay2323
6 жыл бұрын
thank you..this was just perfect and more than perfect for understanding prepaid expenses.i got it perfectly ..i was so confused before.thanks a lot dear
@MampsUK
2 жыл бұрын
Excellent explanation thanks very much
@Camaroo-ty
Жыл бұрын
i want to make sureI understand 3:31 -is the only reason we debit prepay rent and credit cash because of money leaving making cash( and asset) a negative and a credit?
@adimmathiang11
Жыл бұрын
What a great teacher 😮
@jovankakucinar2077
3 жыл бұрын
You are so amazing to explain.
@shashikantjanganwar543
6 жыл бұрын
Awesome vedio .....all my doubts are clear now...thanks
@casillashouse1
5 ай бұрын
What happens when you receive a refund for an insurance premium you have in prepaid and have like 5 months left to amortize? Do you amortize the refund against the same insurance expense?
@romeshkirpalani848
8 жыл бұрын
Great way of explaining....beautiful.
@evolvingguy2766
5 ай бұрын
Larry you have saved me !!!! 5 TIMES!!!
@devinho9596
3 жыл бұрын
this is the details i needed , thanks alot
@mohammadumarsaleem3686
5 жыл бұрын
In this video what is book first in book of accounts accrual or incurred expense please guide us
@mohammadfaris8711
8 жыл бұрын
excellent great job man
@keniacoton9905
11 ай бұрын
Do you do this for cash basis or accrual basis or both? Can’t seem to get an answer
@bhumikapatel1727
4 жыл бұрын
Thanks for the nice explanation 👍
@ladyshiloh19
11 ай бұрын
Very well explained. Thank you!
@QML153
7 жыл бұрын
Give you big a Thank. you make it so easy
@CuervoBoxingTalk
5 жыл бұрын
Shouldn't we start off with a 3000 credit in the rent expense t account as well. Then we debit it until zero?
@harrya4755
5 жыл бұрын
Eric salazar 56655gr42212q17 no bc that would mean you recognize 3k of expenses on day 1 but you haven't. You've simply transfered cash (asset) to prepaid account which is also an asset bc the money hasn't been earned yet by the person you prepaid. You accrue the expense only when it's used
@asapmandlah89
5 жыл бұрын
Thank u sir, for sharing!!!
@life-tz7rg
2 ай бұрын
Is prepaid accrual like wages, interest, sales tax, on account sales products
@falatsi6096
4 жыл бұрын
This video was very helpful
@XanRussell
3 ай бұрын
How to record if the payment in advance was not required. Just make monthly payments?
@aarondallasii9303
4 жыл бұрын
Good example
@AaronHernandez-ko6rr
Жыл бұрын
Great video! Question, what if you expect a prepaid to be booked but the invoice has not come in yet, how would you accrue for it? Debit prepaid expense and credit accrued expense as a reversal until the invoice comes in?
@amandavaldez2462
8 ай бұрын
It would be an accrued expense. Expense is debit Payable is credit Then payable is debit Cash is credit.
@damu26basky
5 жыл бұрын
Sir Thanks for your video , one doubt , if any tax involved in rent, example like real estate tax , how do u suggest, to amortize the tax or take it to tax expenses ?
@agnieszkamodelowska7456
4 жыл бұрын
Thank you , that is very helpful!
@nasm5542
5 жыл бұрын
Thankyou Sir! for teaching us.😊
@islamicreminders1276
6 жыл бұрын
Absolutely brilliant thank you
@anacaldas791
5 жыл бұрын
Please, can you let me know where I can purchase the textbook you are referring to throughout your videos?. Many thanks
@robertasalatioan
4 жыл бұрын
Best video
@shadaedove3887
5 жыл бұрын
Life saver! THANK YOU!!!
@crazygaming-vm7kr
2 ай бұрын
Does representative expense and prepaid expense are the same?
@lisal4257
5 ай бұрын
Are Prepaid accounts always worked as T accounts?
@Diptknowledge
7 жыл бұрын
Awesome explanation
@zozomajed5383
4 жыл бұрын
Thank you so much that was so helpful
@summerjho2781
2 жыл бұрын
Thank you!! Very clear!!
@kyashiicha
4 жыл бұрын
Thanks! This is helpful.
@chameerali1
3 жыл бұрын
Very useful, thanks
@aaroncuenco4026
6 жыл бұрын
Very informative!Thank you sir!
@guzbass
2 жыл бұрын
very usefull💯
@user-pb8fy6fu8u
5 жыл бұрын
when doing prepayement do you not credit prepayement on the expense account
@Camaroo-ty
Жыл бұрын
can u explain why you debit and credit the 1,000 at 4:24
@almuslimun99
7 жыл бұрын
Great video!
@talebbagazi1435
5 жыл бұрын
Hi, I want to know what will happen after the prepaid rent account come to zero? the cash account will be one side and the rent expenses account will be one side too. do we close the cash accounts with the rent accounts? please I want to hear ASAP.
@perennialistperspective
6 жыл бұрын
can't wait till i pass accounting and then avoid it the rest of my life. all the little details and rules are tedious!
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