39 thoughts on “Accrued Expenses Broken Down | Adjusting Entries

  1. What is the best way to know what account is a balance sheet account or income statement account?

  2. Godddddd your amazing .. thanks a lot for making me get this ……. finalllllllyyyyy …. got this accrued thing into my head

  3. Hi! I came across on your YT channel and i wrote to you on Instagram, could u check it please? It is about some accounting issues. πŸ™‚

  4. Thanks for this video James. I'm getting a better handle on the different types of expenses now. The Dealer formula you provide helps alot. Could you do a video on earnings not generated by a business? For example in your window cleaning example. Say you made $20 on the side for helping a friend move and you decided to put that $20 into the window cleaning business, how does that get recorded? (Since inventory remains the same, the books get more complicated right?)

  5. Hi James, important stuff! THANKS! so would you say accrued expenses get released into an account payable once the invoice is received/recorded

  6. Excellent teacher. But is accounting all about over complicating every financial transaction??? It all just seems a little silly. Who invented all this stuff and methods?

  7. Hi James! first off – thank you for all the time you've taken for these vids. My accounting class is getting easier the more I watch! Secondly, I'm still a little lost with these adjusting entries – Moreso because I've been taught there are 5 adjusting entries and the one I can't seem to find you do a video on is accumulated amortization or depreciation. If you have done one and I've just completely overlooked it please tell me where to turn! Thanks again.

  8. Hey James, my textbook seems to skip over the accrued expenses account- for example debiting Interest Expense and crediting Interest Payable, or using Salaries & Wages Expense and S&W Payable. Then, releasing the Payable amount when crediting Cash later.
    I was wondering if you could tell me why this is?

    I'm guessing my class is doing it the easy way by not using accrued expense accounts.

  9. So it still hasn’t been paid even though we credited A/P?

    So then what happens when it is actually paid? Nothing? Is that because we’ve already accounted for it.

  10. I don't understand, James. All my life i worked in huge manufacturing companies (overseas) and we didn't know what really happened in the manufacturing side of plant: what thay order, what row materials or supplies they use, etc. Only time i knew of any activities – it's document. So how it's posible then? And if period is closed and you already made fin.statesments you cannot really do anything in past period.

  11. Hey I haven't watched your video for a while, but I still love it so much. Keep on it! Surely recommending it to people I know struggling with accounting!

  12. Thank you so much.. this really helps a lot.. I liked the method you used in this video it's very clear and easy to understand.

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