Homework Problems Solved: Accounting Equation Transaction Analysis

In this video, we’ll review how to fill out a Transaction Analysis form. These forms display the accounting equation (Assets = Liabilities + Equity) and are used to track individual transactions as well as account totals and account type totals. See the image below for the examples covered in this video.

Video length in minutes: 12:19

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Homework Problems Solved: Depletion

In this video, we’ll review how to calculate the acquisition cost of a natural resource, depletion rate, depletion expense, accumulated depletion, and book value for a natural resource. See the image below for the examples covered in this video.

Video length in minutes: 4:46

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Homework Problems Solved: Depreciation

In this video, we’ll review how to calculate depreciation expense, accumulated depreciation, and book value using the following methods; Straight-Line, Double-Declining Balance, Sum of the Years’ Digits, and Units of Production (also known as Units of Activity). Additionally, you’ll see how to calculate partial and full year depreciation for each method. Sum of the Years’ Digits is sometimes taught in your first accounting class…you can skip Sum of the Years’ Digits method if you’re not required to learn it for your class. See the image below for the examples covered in this video.

Video length in minutes: 25:59

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Homework Problems Solved: General Ledger

In this video, we’ll review how to post Journal Entries to a General Ledger. This is an important part of the Accounting Cycle and can take a lot of time if you don’t have a good system for posting. See how I solve this homework problem using an efficient system. See the image below for the examples covered in this video.

Video length in minutes: 6:17

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Homework Problems Solved: Inventory Costing Methods Periodic Inventory

In this video, we’ll review how to calculate Ending Inventory and Cost of Goods Sold using FIFO (First in, First out), LIFO (Last in, First out), and Average Cost (aka Weighted Average) inventory costing methods for Periodic inventory. See the image below for the examples covered in this video.

Video length in minutes: 13:48

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Homework Problems Solved: Notes Payable

In this video, we’ll review common journal entry transactions associated with a Notes Payable, Accruing Interest, and paying the final payment on the Note. See the image below for the examples covered in this video.

Video length in minutes: 10:39

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Homework Problems Solved: Notes Receivable

In this video, we’ll review common journal entry transactions associated with a Notes Receivable, Accruing Interest, and receiving final payment on the Note. See the image below for the examples covered in this video.

Video length in minutes: 10:21

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Homework Problems Solved: Petty Cash

In this video, we’ll review common journal entry transactions associated with a Petty Cash account. See the image below for the examples covered in this video.

Video length in minutes: 8:01

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Homework Problems Solved: Purchase Discounts and Purchase Returns and Allowances

In this video, we’ll cover what you need to know about Purchase Discounts and Purchase Returns and Allowances. These accounts are Contra Expense accounts and can be a little tricky. We’ll cover how to record journal entries for both the periodic and perpetual inventory system. See the image below for the examples covered in this video.

Video length in minutes: 9:56

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Homework Problems Solved: Sales Discounts and Sales Returns and Allowances

In this video, we’ll cover what you need to know about Sales Discounts and Sales Returns and Allowances. These accounts are Contra Revenue accounts and can be a little tricky. We’ll cover how to record journal entries for both the periodic and perpetual inventory system. See the image below for the examples covered in this video.

Video length in minutes: 12:33

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