| 1 |
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.
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10:04 | |
| 2 |
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.
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11:53 | |
| 3 |
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.
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11:51 | |
| 4 |
Normal Balance Shortcut: DEAD Mnemonic
You'll be DEAD if you forget this. Forgive my cheesiness.
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2:36 | |
| 5 |
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.
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14:00 | |
| 6 |
The Multistep Income Statement
The single step Income Statement is what we're used to dealing with, but the Multistep Statement gives us much more visibility into the information that actually matters.
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12:44 | |
| 7 |
Gross Profit vs Net Profit
Gross vs Net? What do those words mean? What's the difference between those two "profits"?
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6:15 | |
| 8 |
Profit Margin
Profit Margin is crucial for businesses to optimize. Let's take a look at what it actually is.
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3:22 |
| Click Here to View All Chapter 3 Problems at Once | View | ||
| 1 | Account Classification | Easy | |
| 2 | Journal Entry - Inventory | Easy | |
| 3 | Journal Entry - Sales | Easy | |
| 4 | Land Purchased With Cash | Easy | |
| 5 | T/F: Liabilities and Equity | Easy | |
| 6 | Normal Balances | Moderate | |
| 7 | What Should Be Journaled | Moderate | |
| 8 | Calculating Operating Income | Hard |