yo yo yo CPA strength here back with his 100th Accounting for beginners video that’s the confetti yo thanks for being here thanks for everybody supporting we’re gonna have more fun in this one you might do it possible another video about about 100 ridiculous of accounting for beginners I just want to say you know when I made my first accounting video accounting for a beginning video I’m going to have like five or ten subscribers and when I started with one just like everybody else now up to about sixty seven thousand subscribers but anyways check this playlist out that’s where I have 99 other videos another accounting for beginners videos please like the video that’s how you can support me that’s really all I ask comment that helps the channel grow to like and comment you could share on social medias if this helps you also check out my live streams I’d be doing live streams I’m doing a 30-day push-up challenge I had some people actually do push-ups with me today in the live stream.
So I do that a noon Eastern anyways let’s get into it let go 100 y’all can we believe it we’re just sticking we’re going to the basics there’s a lot of new people taking accounting for the first time maybe you’ve been taking accounting for a while and you know what we’re just gonna we’re just gonna pick we’re just gonna pick this bone right now I’m just gonna we’re gonna pick this bone almost shake a stick at this okay that’s like that’s like an accounting textbook the reason you’re here is because your accounting textbook is so dry and you’re not getting any value from it because it’s just a plus B equals C ba ba ba one plus two equals three bum bum ba and there’s nothing no contacts no humor no nothing about it so I understand I I elaborate and I make something small you know I could do this whole video in a minute it might be five or six seven minutes.
I don’t know now conversely you know you go really fed you go really really fast in your textbook it’s like just give me the answer like okay I got the answer Chrome and then guess what you don’t really know it you might have been oh well this said you don’t really know it so you so you got to relearn it so you’re going fast all the time and not really learning anything okay.
Maybe if you just relax take six seven minutes so this is like for all of my accounting for beginners videos pretty much I do do some fast ones like five-minute ones but um yeah I mean I hope you can just relax a little bit yeah it’s gonna take four or five six seven minutes it’s gonna take a lot of extra time you know what’s five six minutes I mean come and then maybe I’ll I’ll tell a story or so the way I say something and it’ll stick in your head and then you don’t have to remember this again you don’t have to relearn it.
Big Improvements Right Boy These Liabilities
You don’t have to watch the video again so that’s my little rant and anyways let’s get into this all right this one is look this one is number 100 of course I already mentioned the boy let’s get a bicep shot in there boy white anyways logical liabilities equal 18,000 equity equals 32,000 what are the assets what are the assets hold on a second not inconvenient or oh no I still don’t have the lighting down for this I still don’t have the lighting down I don’t like it when I’m over here really yeah one take one take Timothy oh that’s way better brother than that way before his big improvements right boy these liabilities 18k equity 32k assets.
I’m sorry I like to abbreviate 18,000 liabilities equity 32,000 what are the assets and you’re like you might see your first quizzes are coming up your first tests are coming up you’re like I have no idea about it but you have been writing dc8 ler on your paper every day from the from accounting for beginners 99 so you have been doing this debit credit acent and I put withdraw that’s my new thing I wish I were to start with that and then the expenses so and then and then liability equity our owner’s equity in revenue so you’ve been d DC a blur so you already have this now this is mainly for journal entries but I’m going to show you just playing a question about this D Sailor also does apply and it’s also like a t-account too but anyways this does apply I’ll show you look it look it has liabilities and that’s right here equities and the question that’s where here and assets it wants to know how much assets and assets is right here so you have those three here.
Debits equals Credits
you have been knowing assets equal life oh let me say debits equals credits always always always so you’re probably gonna have an equal sign here okay you know I know we’re not doing that but you’re like hmm and you’re just gonna it’ll make I put this is my little house right here or this is my a building warehouse this is a bit office building warehouse type thing that a business owns that’s the asset I don’t want to say like what assets assets right let’s go let’s go over here so so anyways you have you have a house and that’s an asset I think you have an office building and that’s your asset right now I think this will over the door the dormant window move the transposed a but now that is your asset of office building a house you’ve been writing down different kind of assets so you can try to think of an asset okay now because it wants to know what are the assets out of this equation they’re like.
I don’t know bro I don’t know bro we’ll just chill think about you you haven’t you have an office building what is normal what is normal on an asset like an office building you you buy a mortgage sometimes you don’t have a mortgage if you would if you would pay for cash for the whole business or for the whole for the whole building right when you started so you either oh right you have a house you either owe somebody either.
Oh a bank money or you own it yourself right so NASA you either oh oh somebody right or or the biz or the building the owner the owners of the corporation own the building so either you also or so either you have you have a building either you owe somebody a third party or or or the owners own it okay and now I’ll say the office building is an asset right like what’s an asset oh man he’s an asset to the team he goes fast.
Accounting terms liability
He goes hard you know is is a is a building an asset yeah it’s it’s it’s an asset it’s gonna help you it’s gonna it’s gonna help you make money over the long term you know you’re gonna store stuff in there you’re gonna go there to work you’re gonna transport stuff so we can all agree on a building as an asset what is it what is it when you owe somebody in accounting terms you know it’d be a liability think about a liabilities if you can think about it like sports terms like he is a liability he can’t he can’t catch the ball you know he’s slow he’s a liability for the team now would you think now in accounting terms and business and money you’d be like hmm if I owe somebody some money that’s a liability for me so owing somebody money is a liability owing money is a liability.
and now if the owners owners own it you always think of you always hear of you know equity in a house you know oh oh I’m mostly equity I don’t know much of a mortgage you know mortgage would be a liability and equity equity in the house owner’s equity that’s what you have in it but in a business that’s what the owners owned that’s how much the owners own out of the Hat out of the building so owners of the owners own it its equity and I need to start 20 owners equities that makes more sense to me now I know right after a hundred I started putting owner’s equity after hundred okay so you have an asset and who owns the asset do the owners or just a third party I guess is how you can think about it so the basic accounting equation and the balance sheet are both alright we’re gonna get rid of this uh he did her the nice house balance balance sheet and the basic accounting equation are both just of both the same things and its assets equal liabilities plus owner’s equity or equity.
so they’re its indc abler in front of you and you can just start circling that as well like if you want to start writing down your DC everyday some assets liabilities some equity I believe I should have showed you that in the previous video but maybe that’s too much or I forgot at the time but you can you can circle this put an equals and a plus so you know that’s your balance sheet well you know you need to say oh a balance sheet well I don’t want to I don’t want to abbreviate because you’re like what BS that’s for that bullshit no it’s for the balance sheet okay.
so assets equal liabilities plus owner’s equity assets equal liabilities plus owner’s equity we are going to worry about running out of time sorry for all that so your assets is your building liabilities 18,000 owners equity 32,000 assets equal liabilities plus owner’s equity so the house is worth 50,000 does that does that make sense so assets equal 50,000 and does that make sense you have a $50,000 house you have liabilities you owe the bank 18,000 on it and the owners of the owners of the company own 32,000 of it so anyways I hope that helped that was a pretty long actually and anyways until next time I’ll see you later and this is CPA strength deuces