Accounting for Beginners #40 / Inventory / Asset / Journal Entry / Purchasing Inventory

Accounting for Beginners #40 / Inventory / Asset / Journal Entry / Purchasing Inventory


you know welcome to FB boy you know what
it is this is at 40 I try to get it to the ceiling baby I feel yeah go see the
baby the seal let’s go you ain’t heard you ain’t heard Vince the CPA strength I
am the strongest licensed CPA in the state of Florida you know what’s
happening you know what’s up what is going on you’re like who is this guy yo
he see pitch strength he’s strong as lark anyways I am the strongest CPA in
Florida let’s go I got this thing called accounting for beginners it’s the
classic series it’s my series it has my DC idler into it let’s go you’re
watching I’m into it if you want to watch ones previously here is the
playlist best playlists in the world it’s Saturday morning I’m fired
oh boy I got a working out like 5:22 in the morning this morning that I was
awake for that I already slept the previous night for so I’m fired up man
I’m trying the 30s was like a little bit of come up I’m 40 now these next 10
years stay with me you’ll see husband hair that hair is looking like trap Zola
caring for beginners number 40 inventory journal entry purchase these next couple
we’re gonna work on inventory inventory inventory inventory f7 Tori how you
value the inventory journal entries for inventory different ways of valuing
inventory this one is just gonna be rolling what I thought to be a very
basic leaning in journal entry the only inventory that I’ve done before
was I believe Anthony number 11 which was life FIFO and LIFO which I’m looking
into the next couple videos and I have looked
back at those videos I don’t know what the heck was going on there sorry to say
trash you know at the time I thought it was good just like at the time now I
think this video is decent although when I watch myself back I’m like what a
cringe but I you know I think this is decent so you just gotta keep practicing
you gotta keep on doing homework problems to get better at accounting I
gotta keep making videos and get in front of the camera to make myself
better in front of the camera I had to hit off the tee a million times to have
a decent baseball swing so we’re gonna do a basic inventory in number forty
forty I am forty right now can you believe it forty I am over the hill one
of the top four favorite rappers I have is e forty housekeeping this is DC a
blur this is my mapping system already helped thousands of people pass their
accounting tests get jobs because then it’s like an idiot ur interview anyways
DC aid work debit card that’s the draw expense liability equity revenue this is
my mapping system it works boom now we’re hopping off into inventory so we
want to let’s think about this here inventory is an asset alright like I
have a journal entry with with inventory I see inventory somewhere we’re talking
about inventory it is an asset lapses nice I did a video on assets a few
videos ago in the classic series of course so you can go to the playlist and
look but pretty much I believe the definition was a resource in your
business to help you acquire more resources so it’s like I got my chipper
chipperz chipperz chipperz chipperz owns shipping Boyd Superdome like chippers
these chippers are gonna help me get more trooper so um inventory inventory
is an asset so everybody’s going to be here so that’s what the inventory is
inventory is an asset widgets is what I’m winning is for inventory and the
thing about the widget everyone’s like oh this we just have no widgets or
widget okay listen people I’ll let you do whatever you want
say whatever you want which it’s a freaking widget man it’s supposed to
where you go this is a widget this is a widget pretty much anything that a
tangible item I will call a widget the inventory is a tangible and this is my
difference event with word because I found trash definitions I thought were
trash on the Internet so let’s inventory inventory is a
tangible and tangible can be seen or touched inventory is a tangible hood
held for resale so it’s something that you can hold and touch this is my
inventory I have a bunch of these are different values of these and I’m
calling this no not countenance interracial pencil widget the reason I’m
not calling eraser and for the business and for my future videos why this is
called it why I’m calling it’s a widget is because I’m gonna say I bought five
we look about five which is $100 per widget and then this is the internet so
you knew people going that’s just an air ace bruh
it’s a widget man calm yeah so no everything’s a widget okay that’s
a widget it’s just it’s just so you can think about the mechanics of it and not
get not get a held back or stopped on that this thing would never cost a
hundred dollars because it’s a widget and it obviously does
okay so that’s so far that’s our housekeeping so let’s just do
a journaling let’s just do a journal entry with inventory and see what’s
poppin okay also in inventory you’re gonna have two different things
perpetual in periodic in the next video I’m going to go over perpetual and
periodic but for now just know that we’re going to perpetual inventory
mostly a lot of inventory is done perpetually so it’s more it is more
accurate sometimes let’s do a journal entry here for for inventory perpetual
inventory okay but and to go before we do the century it gets a little dicey er
when you are selling the inventory or just buying we’re just buying an
inventory right now so that I’m breaking it up into sections so this is really
this is going to be easy so you’re like about 5 widgets 100 per widget perpetual
inventory perpetual inventory right there like did I’ve never you’re like
I’ve never seen inventory before I’m scared I’m scared so it’s inventory so
you know there’s some the resale in these widgets they’re gonna hold them in
their their their warehouse their office until they resell the widgets so like
I’ve never seen inventory I’m scared but don’t be scared don’t be scared of the
inventory we’ve already gone you know the inventory is an asset because you’ve
got these widgets and you’re gonna resell these widgets for like double the
money you’re sitting on them buy low sell high it’s business right business
oh my go let’s do this journal entry you guys love these journal entries almost
as much as me now I’m sure probably not as much as me
if you were gonna journal entry in your sleep I get a lot of people let’s say DC
you’d learn their sleep I think I’m yeah definitely not that
I’ve done journal entries in my sleep before I’ll try to get it to the ceiling
beer bag about five midgets 100 dollars per
widget all right do we have any cat dude look look look let’s make our do we have
any cash yes thank goodness without five widgets at $100 per widget UPS $500 we
have $500 cash you buy if you buy something do you have cash coming in or
going out you have it going out if you bought something cash we no cash is an
asset DC Ahlers if in the positive form R if it’s going up we have cash leaving
the business so that is going to be our credit $500 $500 cash that’s going to be
leaving our business well it’s gonna be the debit of our journal entry hmm well
what did we get we got we got widgets we got widgets that’s what we got
oh hi we spent the money over here what did we get we got widgets we know
widgets we’re gonna resell them later time for more money
so it’s inventory we know inventories an asset oh well so if you can’t remember
this stuff write it down on your morning paper like you do DC Aylor you know
that’s what I would do so oh we already know this is $500 because you know they
always have to equal all right you always know they have to equal and what
do you what are you getting here you’re getting widgets so widgets inventory now
all you have is widgets so go to your chart of accounts and the
only the only chart of account you have a fur inventory under assets is just
inventory so you just have inventory it’s just widgets so anyways that’s
gonna be your debit and vent Hori five five ladies four hundred dollars per
widget that’s five hundred dollars so you have five hundred dollars leaving
your company let’s go to me a credit for five hundred dollars cash what’s gonna
be your debit well you know it’s five hundred dollars because they always
equal and you’re getting inventory inventories and assets so that’s going
up so that’s gonna be your debit yo thank you for watching once again happy
happy Monday morning to you TG I am thinking it’s Monday let’s bust this
week wide open let’s grind let’s go hard you know we’ll just go hard to have a
great week and then we can relax spend spend doing things you like to do I like
to grind grinding is fun anyways if you like this video please give it a like
please leave a comment below it helps the channel more than you would ever
know it let’s it lets the video reach a wider audience and who doesn’t need to
know about accounting am i right deuces

43 thoughts on “Accounting for Beginners #40 / Inventory / Asset / Journal Entry / Purchasing Inventory

  1. Great video – I'm looking forward to adjusting entries for when actual counts of inventory produce different amount than what's on the books.

    Keep up the great videos/content. It is very much appreciated.

  2. Great video man. Keep up the good work and I owe you if I can pass my interview accountancy test in two days time.

  3. AfB Video 1-40 watched it back to back in 2 days and here I am knowing more accounting stuff than anyone in my entire MBA class, even more than the hot chick who thinks that she knows everything.

    IMMA GONNA KILL IT IN THE EXAM THIS WEDNESDAY.

    Thank you Mr. DCADELER

  4. Bro You'r So DOPE. My only request is to do more complicated Journal Entries other than that you rock and cuz of you i got a B on my mid term

  5. LOVE YOUR VIDEOS, CPA STRENGTH I PASSED MY FIRST ACCOUNTING EXAM THANKS 2 U. ALSO YOUR VIDEOS ARE SOO ENTERTAINING, THEY MAKE ME WANT TO MAJOR IN ACCOUNTING.

  6. Thanks for the vid but take my advice…no matter how bro-like you are, No one can make Accounting cool, not even Ben Affleck. Okay I'm actually fcking with you… I cant believe im actually interested in this shit now…good job man

  7. 5 years till military retirement without any transferable skills to the civilian side. i have a young daughter and baby boy on the way so with them as my motivation to learn a new skill I switched my degree path to accounting. I had some serious doubt as to whether or not i could learn and be successful in accounting but your videos are doing a lot to ease that doubt and even inspire confidence. thanks so much for the time and effort you are putting into these videos. i really appreciate you!

  8. have watched 1-40 of your series. and truly, it is the best accounting playlist IN THE WORLD !!!
    continue to be a blessing to others by sharing your knowledge. 🙂 Thank you.

  9. Accounting is no joke. I use to love math but dealing with all this, I'm starting to hate it! This Inventory part really sucks!

  10. I cant find my old comment here
    It's about me retaking the fundamentals of accounting and reporting.

    Update: i got 90 on my prelim. Last sem, on my first take to that subj i only got 79.

    Thank you for that dc ade ler.

    We're now on merchandizing topic

  11. You're Amazing brotha 💪💯 I learned so much More from you than I did from my teacher. Thanks for the videos 👍 truly has helped me with my homework and tests 😁🤗

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