Prepare Journal Entries Part 1 (Filipino)
Summary
TLDRThe transcript discusses fundamental concepts in basic accounting, focusing on the accounting cycle and the steps involved in preparing journal entries. It explains how to record transactions in chronological order, detailing the process of transferring entries from the general journal to the general ledger. It emphasizes key aspects such as debits, credits, and how to balance accounts. The script also touches on the role of adjusting entries and preparing financial statements. Additionally, it outlines the importance of understanding account types and their normal balances, such as assets, liabilities, and equity.
Takeaways
- 📚 The script discusses the accounting cycle and the steps to prepare journal entries.
- 📈 It explains the importance of recording transactions in chronological order in the general journal.
- 🔍 The general journal is described as the book of original entry, and there's mention of general ledger as the book of final entry.
- 💼 The process of transferring from the general journal to the general ledger is highlighted.
- 🔑 Key elements of a journal entry are outlined: date, account name to be debited, account name to be credited, explanation, and reference.
- 💡 The script emphasizes understanding the accounting equation and how debits and credits affect it.
- 🏦 It mentions the use of accounting software like SAP, Oracle, QuickBooks, and Xero for efficiency and convenience.
- 📝 The concept of normal balances for different types of accounts (assets, liabilities, equity, revenue, expenses) is explained.
- 🔄 The script touches on adjusting entries and the preparation of financial statements.
- 🌐 There's a mention of the impact of technology on the accounting process, moving from manual to computerized bookkeeping.
Q & A
What is the main topic of discussion in the provided transcript?
-The main topic of discussion in the transcript is basic accounting, specifically focusing on the accounting cycle and steps to prepare journal entries.
What are the two types of books mentioned in the script related to accounting?
-The two types of books mentioned in the script are the general journal, which is the book of original entry, and the general ledger, which is the book of final entry.
What is the purpose of recording transactions in the general journal?
-The purpose of recording transactions in the general journal is to document business events in chronological order, which serves as the original source for accounting entries.
How are transactions transferred from the general journal to the general ledger?
-Transactions are transferred from the general journal to the general ledger through the process of posting, which updates the final accounts with the recorded transactions.
What is the significance of the term 'accountability' in the context of the script?
-In the context of the script, 'accountability' refers to the responsibility and accuracy in recording and managing financial transactions, ensuring that the books of accounts accurately reflect the financial activities of a business.
What are the five components typically found in a journal entry as described in the transcript?
-The five components typically found in a journal entry are: 1) date, 2) account name to be debited, 3) account name to be credited, 4) explanation of the transaction, and 5) posting reference.
What is the normal balance of an asset account according to the script?
-The normal balance of an asset account is a debit balance, meaning that assets are recorded as debits in the general journal.
How does the script describe the relationship between debits and credits in an accounting transaction?
-The script describes the relationship between debits and credits as a framework where debits represent what is received and credits represent what is given in an accounting transaction.
What is the purpose of adjusting entries as mentioned in the transcript?
-The purpose of adjusting entries is to prepare for the preparation of financial statements by ensuring that all transactions are recorded and accounts are up-to-date, reflecting the true financial position of the business.
What are some examples of accounting software mentioned in the transcript?
-Some examples of accounting software mentioned in the transcript include SAP, Oracle, QuickBooks, and Xero.
How does the script differentiate between simple and compound journal entries?
-The script differentiates between simple journal entries, which involve one debit and one credit, and compound journal entries, which may involve multiple debits and credits.
Outlines
📚 Basic Accounting Cycle and Journal Entries
The paragraph introduces the accounting cycle, focusing on the step-by-step process of preparing journal entries. It explains the role of the general journal as the book of original entry, where transactions are recorded in chronological order. It also discusses the general ledger, which contains final entries that are used for accountability and financial reporting. The paragraph outlines the components of a journal entry, including the date, account names to be debited or credited, the amount, and a brief explanation of the transaction. It emphasizes the importance of understanding the accounting equation and the normal balances of accounts, such as assets, liabilities, and equity.
💼 Understanding Normal Balances in Accounting
This paragraph delves into the concept of normal balances in accounting, explaining how certain accounts like assets, expenses, and revenues typically have a standard balance (debit or credit). It discusses how these balances are reflected in the accounting equation and how they affect the financial statements. The paragraph also touches on the idea of 'normal' and 'not normal' balances and their implications for financial analysis. It provides examples to illustrate how to identify and record transactions according to their normal balances, ensuring that the accounting entries are accurate and consistent with standard accounting practices.
🔍 Journal Entry Examples and Accounting Software
The final paragraph provides practical examples of journal entries, demonstrating how to record various types of transactions. It explains the difference between simple and compound journal entries and provides a step-by-step guide on how to create an entry. The paragraph also discusses the use of accounting software in managing and recording transactions, mentioning popular software options like SAP, Oracle, QuickBooks, and Xero. It highlights the efficiency and convenience of using such software for automating the recording process, generating financial reports, and maintaining accurate accounting records.
Mindmap
Keywords
💡Accounting Cycle
💡Journal Entries
💡General Journal
💡General Ledger
💡Debit and Credit
💡Accounting Equation
💡Adjusting Entries
💡Financial Statements
💡Normal Balance
💡Accounting Software
💡Compound Journal Entry
Highlights
Introduction to the accounting cycle and its steps.
Explanation of journal entries and their role in recording business transactions.
The difference between the general journal and the general ledger.
How to record transactions in the general journal.
The process of transferring entries from the general journal to the general ledger.
The importance of accountability in recording transactions.
Details on how to prepare adjusting entries.
The role of financial statements in the accounting process.
How to balance accounts after recording transactions.
The concept of normal balances for accounts.
Explanation of the accounting equation and its components.
The process of recording transactions in the journal entry format.
The significance of debits and credits in accounting.
How to identify which accounts are debited or credited in a transaction.
The use of accounting software in managing transactions.
Examples of accounting software used by businesses.
The benefits of using accounting software for efficiency and convenience.
The process of recording transactions in both manual and computerized accounting systems.
The impact of technology on the accessibility and management of accounting records.
Transcripts
hai hai blessed day Welcome to where the
topic for discussion in basic accounting
Dedes tapi Israel about accounting cycle
Step to prepare journal entries geng
Hai game inti step we record account
about events in chronological order in
the genre Jones Lahat no account about
events ini recorded in celebron bisnis
atlet Dong Yi record Una subgenre
journal bearing casing Dalung general
books angin sang entity or business face
is what we call general journal How nice
book of original entry and second is
general ledger oleh Jonas Books of final
Kyle warga Books of original m3ke singa
bledos in a big lihat nah accountability
Benz ID tomuna dadaan Hoi record batang
general ledger nyaman creatine awak
netbook final entry daily mengendarai
chord Muse general journal Ita transfer
MNC general ledger gusandi Nugroho pun
adanya menggapai Hong accountable
transaksional accountability Benz itu
new puding papa slowbro namanya account
about transactions kece after this
recording PC Imo Anda recordnya TNI
dadanya sesama racing PC Neng general
yang terakhir balanced adjusting entries
preparation of facial financial
statements repairing closing and
refreshing enrich Leon beli Thai Static
preview Jones How to jurnalis E63 free
account about transaction
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number 2 account name to be defeated
number three account name to be credited
number four drive explanation of the
transaction number five pause reference
Olson ask for your Endi seishounen
Treasure kode in general journal sokmo
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accountable transactions column For
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account Oh ya County tenebit ending
respective amalnya nah di debit Anda
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transfer Nasa respective Ledger account
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tetapi Klaten Andrea accounting cycle
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debit Which is debit furnitures
accounting tutup botol 100 admin account
namun dana kredit Which is credit cards
account amounting to 2001 Deni
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Papua use the book natin Nawang Tanjung
panyo daging m3do you remember Classy
discussion with debit dan kredit
Framework Sabrina Tin debit is what we
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show ytn Byson the brief explanation
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Saya memilih yang bisnis yang prematur
it is an asset accounting administration
itu enam khas Which is an asset account
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karena khas pea sang Nara kredit Bos
amounting to the thousand sempre dapat
memimpin premium ekuilibrium yang
accounting equation kumuda badan sprint
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sementara yang normal balances menang
liability equity Hoyong kapital atau
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By the way how vanished account kadang
normal bales sangsang aset idbyte tak
Husain pesona binatang normal Balance
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angkutan umum Thomas Bang aset
Oh yes casing enggak bumi DC bisnis yang
frenikus dacf gold aset itu mata aspek
debit anda namanya mag babi itu
Hai sama Babang aset ke begitu nama
dainaka kredit saudara balik berenang
stress saxon bini Aren Tama aku be near
and the bahwa senang kaseng bisnis atau
engkau sangat setahun pada masa Binga
bahwa sedang pas dapat neraka kredit
sodet sudah logic behind the dash tgb
tips How to properly Nick Ajun entry
guna dapat Neng tim dan metode dakwah
noneng nyaris accountable transaction
tangannya Wah dapat ada Moyo
mengefektifkan accounts at banget loh
dapat familiar Gaza simpel gaib NATO NB
stands for normal Balance the Instance
for debit site for credit is then forced
Instance for lability istans for equity
Ijen sport news TNI extents for expenses
I hope di memang jadi top are most
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the normal penenang asetat expenses
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equity out nothing kapiten revenues
kredit tegel dalam menyongsong debit
protes kredit so para pantai dagang
natin deg-degan Attenang Withdrawal
Asabri Beyblade double you
Hai dekhe dibangun Withdrawal items
mengikutinya netfabb Abadi toh Kama piro
pinatri tayang lihatin Dito punya
purpose of isi familiarization and
guidance pagmer jurnalis #tetew Ilham
example shogen tandan nang WAGs Browns
asetat expenses normal Balance Yeni
debit atau pegang website maka debit
ibiza biyen Tata as cara balik Taran
kyyngg sabyan kepegang wx nah credit
imvu sabyan bapak
g-shock bilang udah aku tenda enak
angler lebih equity atreming news all
normal Balance nyantai kredit atau apa
gangler Aina kredit IB sabyan Tata as
sabalik terangkai tinating sabyan
kepegang leur maka debit IB sabyan Bapak
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Risna ten kumapan Sinyo itu Young debit
nah memakai hitam Oh Esa bab of the
recorded kredit karena sudah dapat
konsisten taichan latteung debit bfdia
County telen its respective almond dapat
nasi baunang credits 0,8 Sinyo hitung
kredit nasabah basah tradisional pantai
Nung debit account name my intention
enggak papa sok naon Teh Yung credit.com
titles in your respective Ambon nama
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Bli identify Which Which kuaiyong debit
atau kredit the new brief explanation
gentenh nasabah bank polisional debit
kredit tak Boss me in the ndak Apa
supnang ponte itu Young inch TV karena
malingsial entry itu udah mandi ke sekum
apa pancinya Young Chris accountnya
kredit banget punya sobek kesini sama
basah the same time intensional pasok
semining Grand Edition become papan sih
your respective amalnya rainaka debit
tama-tama nama anak debit keset total
debit issei country thousand vital
Selain itu sampeyan titip vital sign by
kredit.id Android alesan softlens Soetta
mendekat debit yang Seven hundred fifty
thousand insoo dapat maka debit bingung
accountnya
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Mampang Allah mending balik Unes adat
dapat bangunan antara demo Ayung
parasite debit editor lumayan Abbas
kredit Agan M3 jenazah tak sempat sound
Which made the same time menit agar bisa
brief explanation dan precise furniture
so dapat debit venishoes kejadian kesian
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dapat nah kredit itu new accounts
payable Dito I should be ridden as
kredit berdokumen papancen maka debit
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problema saat County tendang sabiqoh
dapat Jung Nasa proporsional memang
hdbitz Arjuna Shadow Poison kredit speda
dapat mengintensifkan IDP debit dan
kredit dan debit LED vice versa old
debit first denol grade
next with intention of course itu memang
gelas IPDN thailad so gimana alam anoang
debit etanoat credit loans Payday loans
with bad credit here so dapat Tapaso
Conte dancing with its corresponding
amount should pahit aku oleh-oleh dong
Tam long journey and Risk and crack
dagang informasi online class There are
two kinds of journal entry price is
simple join m3n second compounds and
trik simple Jones andreesen entry with
one debit online credit check sampel
naten enjoyment and trust me one debit
online credit Tama Nyong julai it in
July Eleven transactions to this example
of simple journal entry will complete
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Hai aku megah Bustami medali auto debit
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triliun kuasai bangsa B Kompang Journey
antrian kepegang journal entry ide iseng
debit advice and credit langsung Tama
sadis resonated paling examples no
complain jurnal
Hai korek yang julai one azulay then now
let me add some thing in reality kelas
medium time difference much for being
nenteng by the business merentang manual
+ live at computerized Books of accounts
in Well this is the hundred and
wavrecord ding accountable transactions
yuswadi in general journal general
ledger and other Books of the business
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hours kehilangan pada registry ansabi
air tatakannya nabi air Fortuner ya naik
office box non-bisnis Moh murah atmosfer
TK Desa mengawali Litbang ngegosok itu
memang Blues live printed oh
di compile and book bantet kedadasan
there konco-turu Microsoft Excel maskun
bingen kesehatan dimulai langit ulat
gamet angka main infobyip selden print
Tapos fabok by mohd itu memang komplit
rsw obviously megah tuh ke tsukumogami
tenang accounting software billing semua
example is now accounting software Ayung
sap Oracle quickbooks xero Advan Ami
penghibah usul Desa being used by large
companies casing efisien very convenient
and Central AC once recorded in posted
Neymar transaction otomatik meng-cover
on keenam reports pointed out that
influence stickmans iPhone Generations
accounting software Neon
Hai new LED some example transactions
lihat to prepare journal entries for
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