Accounting 101 with Jimmy Stewart

17 - The Objectives of Financial Reporting & Concepts of Accrual Accounting

I've read a lot of boring stuff so that you don't have to! Today we will summarize some of the useful information in the FASB Concepts Statements and other literature. 

16 - Closing the Books at the End of the Period (The Closing Process)

Example: You own a sole proprietorship. For this period, you had revenue of $100,000, wage expense of $40,000, and computer expense of $30,000 (net income of $30,000). Yo

15 - Adjusting Journal Entries (The Adjusting Process)

 Today we will go over the adjusting process. This is where we make our adjusting journal entries to get from our unadjusted trial balance to our adjusted trial balance,

14 - An Overview of the Accounting Cycle

Today we will discuss the accounting cycle. This is the process taken each period to record transactions, prepare the financial statements, and to reset the temporary acc

13 - How to Dominate Indirect Cash Flow Statements (Fake Cash Method)

Example # 1 Our Accounts Receivable balance increased by $20,000 from the end of last period to the end of this period. 1. Accounts Receivable is an asset, so it must b

12 - FIFO & LIFO (Cost Layering Methods)

Today we will discuss the cost layering methods that are used within the periodic and perpetual inventory systems. Assumptions for purchases: 50 units purchased on Janu

11 - Perpetual & Periodic Inventory Methods & Cost of Goods Sold

In this episode, we will cover the journal entries made when using the perpetual and periodic inventory methods, and we will also go over the formula and journal entry to

10 - Depreciation, Amortization, & Fixed Assets

Today we tackle depreciation and amortization, and we discuss fixed assets. Facts for following examples: Asset cost of $85,000, salvage value of $10,000, and a useful l

9 - Unearned Revenue (Deferred Revenue)

In this episode, we discuss unearned revenue.

8 - Prepaid Expenses (Prepaid Assets)

Today we will discuss prepaid assets, and do some examples with journal entries.

7 - Accounts Payable - Purchases, Payments, Discounts, & Agings

In this episode, we will discuss accounts payable and journal entries related to accounts payable.

6 - Accounts Receivable - Sales, Collections, Discounts, Agings, & Write-Offs

In this episode, we will describe accounts receivable, and we will go over journal entries related to accounts receivable.

5 - Contra Accounts - Understanding Them & Examples

Today we will explain contra accounts, and we will also do some examples to demonstrate how the debits and credits work.

4 - An Introduction to Financial Statements

In this episode, we will briefly discuss the four main financial statements in accounting: the balance sheet, income statement, statement of owner's equity, and statement

3 - General Ledgers & Trial Balances

In this episode, we discuss the flow of accounting from how our journal entries are recorded in the general ledger, summarized in the trial balance, and then presented on

2 - A|LE-R|E & Journal Entries

In this episode, we discuss how each type of account in ALE-RE is affected by journal entries, and we learn the debit/credit language of accounting using A|LE-R|E. The li

1 - Assets, Liabilities, Equity, Revenue, & Expenses (ALE-RE)

In this episode, we briefly discuss each type of account in accounting: Assets, Liabilities, Equity, Revenue, and Expenses.

0 - Introduction

Hi Everyone, Welcome to Accounting 101 with Jimmy Stewart. I hope to explain accounting to you the way I wish someone had explained it to me when I first started out. Thi