Accounting Basics - Accounts Receivable for Services - Journal Entries #6 - Accounting 101
Автор: Ambition, Aligned with Devon Coombs
Загружено: 2020-06-08
Просмотров: 360
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In this journal entries series, Devon Coombs, CPA goes over all of the journal entries for starting a business for accounting 101 students, as well as the accounting basics, T account, and financial statement impacts of each transaction. This series is meant for any business owner who wants to learn accounting, for CPA prep, or for accounting 101 students.
In this video, Devon covers the entry of a business (a C corporation) selling consulting services on a time and material (T&M) basis. Devon discusses accounts receivable journal entries for consulting services. Devon also explains the business reasoning behind this transaction at an accounting 101 level. In addition, Devon discusses the accounting basics for the income statement, balance sheet, statement of shareholders' equity (statement of retained earnings), and statement of cash flows impact from this transaction.
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