Flags out now. Here we go! To America, every time that flag's unfolded And gentlemen, may I in the most effective freshman senator of this decade and one great guy, Orrin Hatch. Boy, this is some affair. I'm so happy to be with you today. In 1980, this country turned to a new direction. We elected Ronald Reagan in the first Republican majority in the United States Senate in two generations. And this election is going to determine whether we're going to go forward and continue the work that we started that will pull America out of the mess it's been in or whether we're going to go back to the old tax spend promise inflation quick fix policies of the past. And I say we got to go forward. And with that, I'd like to introduce to you a person who's taken on the almighty Congress and those who have done it to us for all these years, the President of the United States, Ronald Reagan. Well, thank you very much for, believe me, a warm Utah welcome. It's great to be in the Beehive State again. I love to be out West and it's especially good to be able to stop the plane and recharge my batteries here in Utah, a state that's just as famous for its good old fashioned clean living as its fresh clean air. Here you understand the importance of honest work, family life, dedication to those traditional values that made the Utah desert bloom and let me tell you that same American spirit will make this great country of ours come alive again too and I must add and your faith and belief in God as a nation. We've awakened from a long and painful nightmare. We're rebuilding America and ours is the courage of hope charted by the founding fathers.  We aren't there yet, but unlike those before us, this administration intends to get the job done and get it done right. Now our critics are determined to beat their drums of doom and gloom. They say our economy is on its knees. But you know something? If the economy is on its knees, that's quite an improvement because two years ago it was flat on its back. I heard it said recently by someone on the other side that the economy was in a state of boom when I took office. Well, if they mean that was the sound the economy made two years ago when it fell off the edge and hit bottom, okay. But already we've made dramatic progress and four of the five worst economic problems that face this country when we took up the challenge. We've cut the rate of growth in government spending, once raging out of control. We've cut it by almost two-thirds. When we took office, the largest tax increase in history was just beginning to take effect and there are more installments of that tax increase yet to come between now and 1990 built into the law by those who preceded us. But our administration's a little old-fashioned. We still believe that the dollars you work so hard to earn actually belong to you, not to the federal government. So we took on the big spenders, ignored their screams of pain and won the first real tax cut for every American family in nearly 20 years. Inflation was public enemy number one in 1980. It had hit 18% in January of 1980. Well, we're doing a little better. We're doing a lot better. We've brought the inflation rate for 1982 all the way down to 4.8%. Now, that's a kind of an interesting coincidence because the last time that inflation was down at 4.8%, it was when the last Republican president, Gerald Ford, was leaving office. Do you remember those crippling interest rates that sent businesses into bankruptcy and pushed home mortgages beyond reach? Well, we don't have a 21.5% prime rate anymore. We have a 12% prime rate and one major bank is down to 11.5%. Now, we're not out of the woods yet but we can see daylight beyond the trees. We're determined to find jobs for our people, to balance the budget, to protect the tax cut, and to whittle away at the national debt. There's one thing our generation must do before we leave the stage and that is not turn over to these young people that are here today, that trillion-dollar debt without at least making some effort to reduce it before we go. Now, no president can do all that alone. I need all the help I can get in Washington and that brings me to the point of this visit. I count on Utah's delegation in the Congress. I'm talking about Jake Garn, Orrin Hatch, Dan Marriott, and Jim Hansen. And without them, we couldn't have made the progress that we have. Without them, America would risk, without them, America would risk a further slide to economic ruin. The return to bigger, more intrusive government, higher, more punishing taxes, growing deficits, more spending, soaring inflation and record interest rates. Well, we've left that litany of despair behind. Together, we've turned a corner in the history of America. We've put aside the policies of fear and despair and replaced them with a program of hope. Each week brings fresh evidence that our program is working and momentum for recovery is building. Yesterday, we learned that productivity increased sharply in the third quarter. This morning, I don't know whether the news has reached here yet or not, but in the east it has been announced already. Americans awoke to see another patch of blue. The leading economic indicators, which measure the vital life signs of our economy to forecast its future direction, were up in September, and that's the fifth month of increase in the last six months. And I might add that at the same time, the one month out of the six in which those indicators were down, they readjusted and corrected because in August they had said that the economic factors were down 9-tenths of 1%. Well, they were only down 2-tenths of 1%, so the whole six months looks pretty good and those are the statistics, small as they may seem, by which we indicate whether the economy is going up or going down. Pretty soon, even the die-hard doom peddlers will have to admit it. America is on her way back and we will lead the way out of this worldwide recession. America has a future of courage and hope, hope that grows brighter as more people respond to the drop in inflation, tax rates, and interest rates. We've begun to receive reports of a surge in home buying during October that is way above normal for that particular period of the year. As mortgage rates decline, the average monthly payment for a new home has dropped by as much as $200. This makes housing affordable again for up to four million families. As homes are built, more jobs will be created and you and I know that's mighty good for America. Not every statistic is strong yet, but the trend is unmistakable. With all the crying today that the issues of this campaign, based on that one factor of the unemployment, which is always the last to recover, what are our opponents ignoring? What are they trying to keep you from realizing? Listen to this. Real wages are up. Retail sales are up. Housing starts and building permits are up. The value of the dollar is up higher than it has been in the 10 years. Productivity is up. Research and development spending are up. Venture capital in small business near a record. Business starts. In spite of the bankruptcies, new starts of business near a record. Personal savings rate at a six-year high. New IRA accounts pumping 30 to $35 billion into savings and investment for more jobs. Tell me something, would you? Does all this really sound like an economy getting weaker? Or might it just be that our economy is beginning to grow stronger every day?  But is it too much to ask those who controlled the Congress for 26 years and who spent this country to the brink of bankruptcy that they try to stop trying to reap political gain by preying on the people's fears? All they offer is a return to the past, more big spending, big taxing, more regulations meddling in make work, more big government coming through the windows under the door and down the chimney. And that's something the American people don't need. If they can't at least acknowledge the truth and at least encourage, if they can't work with the rest of us, then let them get out of the way because we're going to keep on. Just two years ago, our critics warned that double-digit inflation was here to stay. Well, we ended double-digit inflation and we're putting the age of inflation behind us. One year ago, one year ago, they warned that interest rates would soar back above 20%, breaking all the old records. Well, they were wrong again. Prime rate, as we've told you, had been cut nearly in half and we're not finished yet. We're going to keep it heading down. One year from now, they will be warning us that the recovery cannot be sustained. But with the help of your Jake Garn, Orrin Hatch, Dan Marriott, Jim Hansen, and others like them, we can give the American people something brand new, a recovery built to last, not just another cure of a recession like the seven that we've had since World War II. We can do it if we finish the job and get federal spending under control once and for all. Your senator and my friend Orrin Hatch is one of the leaders in our quest. He led the fight to pass a constitutional amendment to balance the budget this year. That proposal was one of the most important to pass the Senate in this Congress. But as you know, a minority of big spenders in the House blocked it, thwarting the express wishes of the people of Utah and the overwhelming majority of Americans everywhere. The Liberal House leadership claimed the balanced budget amendment was too much of a risk. Well, I think you and I should make something plain. There is no bigger risk to America or to the children we leave behind than deliberate planned inflation that would destroy our country and we will not permit it. Key votes on issues like the balanced budget amendment show why it's so important to reelect Orrin, Jim, and Dan and to send Howard Nielsen to Washington. Utah needs them. You didn't think I was going to leave him out, did you? No. You know, your delegation in the Congress may be small, but they're scrappers. They remind me of something that Dwight Eisenhower once said. It's not the size of the dog in the fight that counts. It's the size of the fight in the dog. As a people, we've suffered setbacks in the past, but we've never given up when the cause was a good one for America. We aren't about to quit now. Together we can make our nation great again. Please do me one favor. I know how you feel, but mobilize an army of Republicans, Democrats, and independents between now and Tuesday. Tell the good people of Utah, vote for your hopes, not your fears. Vote for your children's future. Vote for your children's future and not the failed, the return of a failed past. Vote for the real hope of Utah. Or an hatch, Dan Marriott, Jim Hansen, Howard Nielsen. Let me just interject something here. We've heard cries from the other side that in this time of tragic unemployment and no one could feel worse about it than any of us and certainly not someone like myself and those of you who live through the Great Depression. We know the tragedy of unemployment, but we've heard so much about well we should resort to more make work programs as they have in those seven other recessions in the past, spending money for temporary jobs that don't do anything but add to the deficits and set the country back. And I think we have a better approach. We have passed and are going to put into effect a job training program. It's going to be a little different than some in the past because the federal government is going to work with local officials and community business and industry leaders all across the country to train the people in those communities for the jobs that are open in those communities. And even in this time of great unemployment, the need for this kind of improvement in job skills and training and spreading of job skills to newer lines of activity can be indicated by the fact that well just a week ago Sunday I counted the pages of Help Wanted ads in the Washington Post 34 full pages of employers advertising for people to work. It doesn't mean that people were shirking and not taking those jobs. It means there were people that we lacked the skill and training and enough people to fill them in the same day in Los Angeles across the country. It was 52 full pages in the Los Angeles Times and this is true of metropolitan newspapers on Sundays all over the United States. Well, previous work training programs by the government before averaged spending about 18 cents out of each dollar for training. Our program will spend 70 cents out of each dollar for actual training. For the help that you've given me in our party with leaders like yours and with the help of the people of America and the God who watches over us all. We will secure our way of life for generations to come. Thank you and God bless you. Ladies and gentlemen the president has asked for a special request but before I make this request upon leaving today please leave and through the back gates thank you. He has asked that the J. Welch Coral and the Osmond Brothers sing his very favorite song The Battle Hymn of the Republic.


What's up everyone it's your girl Kenzie here from Leighton Sports Cards and I am ripping a personal year for Jim L. We've got a 2022 Panini National Sports Convention VIP exclusive silver packs. These come in bundles of five. We've got one, two, three, four, and five. Best of luck Jim. First we've got a James Harden and red Jordan Lawler to 99. Call and match on that jersey. Pack two. Got Drake London and Orange to 199 one-soto. Fernando Tautis Jr. base and purple to 25 Kyler Murray. That is 24 of 25. Pack four. Tom Brady base and Orange to 199 rookie Scotty Barnes. Last pack of your free gym. We've got Cooper Cup and red to 99 Russell Wilson in the Broncos uni. Let's ride. Alrighty Jim that'll do it for your packs. Thanks for hopping in and we'll get them right out to you.


Hello everybody. I'm Dr. Jesse LePred, and I'm the safety coordinator for the Alabama Co-operative Extension System. I do farm and green industry safety training for the state of Alabama, and we're here today at the beautiful E.V. Smith Research Center. And we have Mr. Greg Paik here, who is the Director of the Experiment Station. And the subject for today is how to install and maintain your PTO shield on a tractor. Take it away, Greg. Thank you, Dr. LePred. Today we're going to demonstrate the proper installation of a PTO shaft cover for safety. To do this, we'll use a couple of tools. This is very simple operation that requires a flat head screwdriver and a good pair of wire pliers. There are several components that make up the safety system on this. One, and first is the outer shaft cover. And you will notice that on this shaft cover there are warning decals. This one says danger rotating driveline. And this indicates that this piece of equipment will be rotating when the PTO is engaged. Secondly, on the inside shaft, the PTO shaft, you will see a sticker that says danger, guard missing, do not operate. As long as the PTO shaft cover is in place, this sticker will be hidden. If it is visible, then this piece of equipment would not be safe to operate. So to do this today, we will use two shaft covers, an outer cover and an inner cover. Two locking collars, one for each end and a chain. So to begin, we will take the inner PTO shaft and the locking collars. Two locking collars and covers are made of plastic. They are very malleable, very easy to move and install. And you simply slide the locking collar over the PTO shaft. You will notice that there is a groove that is machined into the end of the yoke of the PTO shaft. That groove serves to hold the locking collar in place. You will also notice that there are tabs on the locking collar. And this one has three. These tabs need to be installed such that the bevel part of the tab is pointing away from the PTO yoke. So once we have this locking collar installed, we simply slide it into the PTO shaft cover and align these tabs with preset holes in the cover. Once we have the tabs aligned, we simply take the flat head screwdriver and force the tabs to rotate to the side. Once the tab is rotated, it is locked into place with this red tab on the outer cover. Simply put it into place and you hear the click and that prevents the locking collar from rotating during operation. At that point, the PTO shaft can spin while the outer cover remains still. To the other side, it is an exact same operation. We take the locking collar, slide it onto the yoke, take the PTO shaft, slide it into the cover, align the tabs and lock them into place. Once they are locked into place, again, we will close the red tab with a click and that shaft is locked into place as well. The next thing to do is to install the safety chain. On the outer cover, there are tabs that allow the safety chain to be attached to the plastic cover. Simply slide it in and with your pliers, close the end of the loop. Once the loop is closed, it can be attached to the tractor or the implement and used to hold the outer shaft cover in place while the PTO shaft turns. These PTO shaft covers are made of plastic, ABS plastic. They are very easy to install and once they are installed, there is no reason to ever take them off. The only reason that you would remove this cover is if it were damaged and had to be replaced or if the PTO shaft itself has to be replaced. Everything that you need to do for maintenance can be accomplished through holes in the outer shaft cover. If you will notice, there is a round hole that allows access to the grease fitting in the yoke itself. All you have to do is align that grease fitting with the hole, take the grease gun, attach it and pump your grease. There is also a grease fitting for the bearing that goes on the shaft cover itself. Simply place the grease gun onto that fitting on the red tab and pump grease. Being able to do that will allow you to maintain this system without having to take it off for any reason. Once you have it completely installed, simply imagine aligning the PTO shaft such that the outer cover slides over the inner cover and you want to ensure that the cover will slide completely across the inside cover. At that point, this PTO shaft and its cover are ready to use. Today we learned how to put a PTO shield on a PTO shaft correctly and how to maintain it. That will save thousands of lives of farmers that will just follow these directions. I want to provide a special thanks to Mr. Gregg Pate who did a great job showing you how to do that. For further information on any other subject on farm safety, go to our website which is www.aces.edu.farm safety. Everybody have a great day.


Hello in this presentation, we will continue with a comprehensive problem that problem dealing with putting in the entries from a theory standpoint into an Excel worksheet and then putting those same entries into Quickbooks in an attempt to compare and contrast the two show how everything gets put together similar to basically do in a long hand for example in a calculator Versus putting it into the Quickbooks and having the Calculations be calculated for us and that's going to be the idea of what we're going through here We did two last time if you weren't here last time That's okay because we're going to start from this point going forward If you want to see what happened last time then you can go through those instructional Videos as well and take a look at at those So this time what we're going to do is move to the adjusting process again if you miss the last two That's okay, and we're going to start from here forward and you can just move move from here forward in this Presentation we're going to move to Record and post adjusting entries, so we're going to post the adjusting process we're going to enter adjusting entries to Quickbooks and Then we're going to learn to master Excel and Google sheets as we go So that's going to be one of our objectives as we go would be to master Google sheets And Excel and learn how to put those things together as we go so We all we know that we have the normal rules for debits and credits when we're dealing with debits and credits and Those normal rules are going to be that we need to know how the board is set up our board here being the T account and we know that we have to line up the Accounts or the account types on the board as it's being debit balance accounts normal debit balances Liabilities having normal credit balances Equity like the capital account or retained earnings having a normal credit balance and then income statement accounts revenue having a normal credit balance Expenses having a normal debit balance We're going to keep going back to this using a similar cheat sheet to this the trial balance Always recommend having a trial balance open at least something like this open Or more preferably something like a trial balance open that can really help people out in remembering what the normal balances are Once we know what the normal balances are Then we can basically apply the general rule the simple rule of if we want that balance to go up We're going to do the same thing to it if we want it to go down We're going to do the opposite thing to it as what it is seems simple can be complex We'll keep on drilling this by doing it over and over again Through examples and going through this thought process in the adjusting process You want to keep this kind of separate in your mind from the normal journal entries because in the adjusting process We're going to have a couple of different set of rules that can basically help in In that adjusting process and those additional set of rules will be That all adjusting entries are going to be as of the end of the time period the idea of the adjusting entries is that We want to make the accounts correct on an accrual basis The adjusting process is going to be more than just the data input and it's also one of those areas where people usually have problems so It deals more with accrual basis Accounting so many times People have run into some issues when we're just learning the data input when we're just learning the quick book side of things We often run into problems with these adjusting entries if we can understand the adjusting entries Then we have a better idea of what the accrual process is why it is important And I'm going to also point out when the adjusting entries are going to be you know Something we really need to do to have a good picture of the financial statements and other times when small businesses Unless they're they're at the year-end doing their tax preparation or preparing financial statements for a bank loan or something like that May not be doing some of the adjusting entries. Why or why not? You know, what are the pros and cons of the adjusting entries in the adjusting process? Okay, then we're going to say that the adjusting entries are not going to have something included in cash generally the Adjusting process is going to be something done after oftentimes after the bank reconciliation has been done And therefore that the cash account is actually going to be good most of the time in the adjusting process So unlike normal entries where we said like 75% of the time we're dealing with one of the two accounts being cash The adjustment process we're generally not going to be dealing with cash at all So we're not going to be asking that question. We always ask before is cash affected It's not because it's a not a normal process entry.  They're going to go up with a debit if we can learn kind of these rules Then we can understand what to do in an adjusting process meaning which way we're going to go We're going to debit the account or credit the account without really knowing what we're actually doing Which can be good just to do rogue process at first then of course we want to get a better understanding of why What we're actually doing that's how we'll go through this will basically work out a system Say hey, which accounts going up which accounts going down then ask the question of why and How are we going to calculate that to get an understanding of it? We'll do that theory based in excel and then we'll do it in quickbooks as well The information for those two things excel and quickbooks are in the link below during the presentation So if you scroll down you'll have a link and that link will take you to a download the excel file It will look something like this and it will also have a link to download the quickbooks file It's just a backup file. So you would need the quickbook software to run the quickbooks, but And I don't expect everyone to do that. It's okay if you don't have the quickbooks, but just See that the same information could be in quickbooks could be an excel We're doing the same stuff here want to see how it ties out in excel and then apply it to quickbooks We also have another link to a Google Sheets doc So excel is going to have a lot more detail in terms of what it can do to Google Sheets But Google Sheets does everything we really need it to do right now and when we're learning excel We really want to learn the fundamentals. So I so the fundamentals add an extra tracking. What's the name of a cell? How do I move a cell around? That's really what you can get a handle on doing Problems like this. So that's what we will work through as we go through this This is going to be the quickbooks file The quickbooks file just has some data that we put in before we started off entering the data for the starting of the company and for one month of the company and This is the trial bounce we have here You can see that the trial bounce we have here is the same as the one we're going to start out on our Excel worksheet the order is going to be a little bit different because notice we're not using account numbers and the reason I'm not going to start off with account numbers because a lot of small businesses don't use account numbers it can it could I like account numbers, but it could be confusing at first because Many people don't really understand the ordering of the account numbers meaning we often feel like the account numbers are going to be the Number one driving factor of the order of accounts just like if we don't have the account numbers We might feel that it should be ordered an alphabetical order But it's not even if we put account numbers in there It's going to be ordered by the type of account meaning assets then liabilities then equity accounts then revenue and expenses So Beginners oftentimes when they put in account numbers have account numbers that don't make sense meaning they're out of order Because we applied account numbers out of order So therefore what QuickBooks is going to do is it's going to order these accounts first by account type Then by alphabetical order and the drawback of that is that every time we put in a new account It's going to go into either assets liabilities equity income or expense But within those subcategories it will be ordered by order of accounts also note that we don't have Zero entries here all we have are entries that have actual things in them when we're dealing with QuickBooks All right, so that's going to be the the data we're going to work with and We'll put it into excel first and we'll put it in here We'll do one thing at a time and go through this piece by piece So i'm going to check a few things so i'll be back in just a second here's the first comic of Of the day Okay, so let's see what we have So we're going to put up the excel sheet first So here is our excel sheet and we're going to look at the adjusting entries now what we have done so far We've put all the entries in in this tab over here So if you open up the excel sheet, it's going to have two tabs on your excel sheet mine has more than that But this is what we have entered prior to this time period for the month This is the trial balance that has been generated from that data This is where we're at as of the end of the month these sales this reference you don't need to know this but this reference Is pulling these same numbers from this trial balance So we call this an unadjusted trial balance. It's just a trial balance before We do the adjusting process and the adjusting process might be done oftentimes It could be done like at the end of the year by a cpa firm if it's a small company And you're working with a with a cpa firm or it might be done in a different department an adjusting process And adjusting process often having a worksheet similar to this meaning it's often done in some specialized software or software outside Of the normal accounting system so that we can see these adjustments and we can document these adjustments When we're in public accounting We do similar types of adjustments and similar worksheets to make sure the financial statements are correct As of the specific point in time the end of the year. So that's what we're doing here We're saying what do we need to do in order to make things correct as of the end of the year One thing I want to point out before we do that is that Most people when they when they hear that they think that uh, that means that the accounting department did something Incorrect And that's that's not true that the accounting department did not necessarily do things something incorrect What happens is we set the system up In order to make sure that we're going to have these adjustments at the end of the process Why because logistically it makes more sense. So when we go through these Think about how the adjustment works also note that they're not errors And we'll think about why we would set a system up in which we would need to make these adjustments at the end Why aren't we just running in the accrual process all the times and therefore not needing to make an adjustment at the end Of the month or the year Okay, so let's see what we have Where's our data Data first one we're going to say as of 5 31 the date of the end of the month the time we're going to put this information into the The journal entry we have prepaid insurance of Prepaid insurance 12 month policy 2400 so what's happening here one month has gone by And we have an insurance policy for the entire year So before we get into what we're going to do or why we're going to do it I'm just going to try to figure out which two accounts will be affected Now remember we said that we're going to just going to be one balance sheet account below above the blue line of the light blue line In one income statement account below if we have our trial balance, we can kind of look for those We're going to say him we're dealing with something with insurance. How about prepaid insurance? I'm going to highlight that yellow and say that's the one we're going to deal with on the Balance sheet side. What about on the income statement side? And again, we should have something related to insurance. It's not going to be tricky We have prepaid insurance or insurance expense here So we so we know that we know those two accounts are going to be impacted even if we know nothing else We know that income statement accounts the the dark blue accounts. They only go one way up We know that expense accounts. They only go one way up in the expense direction. Are there exceptions to the rule? There will be we'll talk about those later, but for the most part we pay the insurance The insurance doesn't pay us it goes one way up Expenses have debit balances Therefore, how do we make something go up? We do the same thing to it, which in this case would be another debit So we're going to debit that expense account. So we know that without even knowing kind of why we're going to do it So i'm going to copy and paste this i'm in cell g 22 so rather than typing it into the journal entry i'm going to copy this Right click copy And i'm going to paste it up here. I'm going to paste it in cell c 5 and we're going to right click Paste it 1 2 3 just the values only The date is going to be as of 5 31 And i'm not going to put an amount in yet We'll think about that in a second what I want to know is what's the other account going to be If there's only two accounts that are going to be there One's going to be insurance expense the other is going to have to be prepaid insurance if we debit the expense We're going to have to credit prepaid insurance So i'm going to go ahead and copy this right click copy Put it in c 6 right click and paste it 1 2 3 So without really even knowing what we're doing except that we're doing an adjusting process and we're dealing with insurance We can know which account is going to be debited in which account is going to be credited Now we just need to know the numbers and why why is this happening? So if we think about what happened here, we're going to say okay prepaid insurance has 2400 in it Why is it up there in an asset in the first place and not as an expense? Because we told the accounting department. Hey whenever you pay the bill for the insurance You put it into prepaid insurance. Why because prepaid insurance by definition is something we pay for before We um We use it So this is one of those things we're setting the system up in such a way that the bill can just be paid And always just go to the prepaid account. That's logistically easy to do And then at the end of the month where we are going to then adjust it So that the financial statements are correct as of the cutoff date as of the date we make the financial statements So we're saying okay account department. You just write the check and it'll go into The prepaid insurance now it's the end of the month. We need to make the financial statements We need to see how much of that policy has now been consumed. How would we do that? I'm going to do this with a formula or let's do with a calculator first. We'll Calculator first we'll say that We had a policy of 2,400 For 12 months. So if we divide by 12, that's 200 a month one month has now passed Therefore, we've consumed 200 I'm going to do that same formula here. We're saying this equals 2400 divided by 12 Means that we have 200 that has been consumed We're going to have the credit the same thing credit of 200 Now let's post this out. Let's see if it does what we believe it should do So we're going to say I'm going to post the prepaid insurance first So here's prepaid insurance. First of all, is it an asset liability equity or expense account? It's green and it's up and with all the other assets And so it's going to be an asset account And if we credit it we're doing the opposite thing to it as what it is a debit asset account Therefore, it's going to make it go down. We're going to show that in column i this will be our adjustments So in column i9 We're going to say this equals and post to this credit This is debit. That's a credit that 2400 is going to go down 2200 does that make sense? Well, we had a policy of 200 A month we just figured out and there's 11 months remaining So we would say that should be 2200 that is still prepaid that seems to work out Let's post the other side. So we're down here on prepaid insurance I'm going to post it with formulas notice. We're out of balance down here Equals and we're going to scroll up. I'm going to point to that 200 Scroll down. What's going to happen? It's going to go from zero up by 200 to 200 We're back in balance the debits equal the credits Debits equal the credits the debits minus the credits equal zero What happened to our net income? Well expenses went up net income went down meaning this credit balance is going Down right so it went down by the 200 to the 5400 and 60 So we can do the same information in quickbooks now quickbooks normally tries to Stay away from journal entries But this is the one problem where we can't really stay away from journal entries even in quickbooks We typically will use journal entries. So we're going to go to the company file And we're going to make journal entries And we're just going to put this same journal entry in here And we're going to put the date as of the end of the month 5 31 Make it 1 7 in this case and we're going to call it insurance expense And we don't have that yet Because we told the accounting department to always put their bill to prepaid insurance. So we haven't yet set up an insurance expense Account so we're going to tap. I'm going to set it up And I'm going to make it an expense type of account And there it is same thing here expense type of account It will be for 200 Tab tab tab tab Then the credit is going to be prepaid insurance what we have already set up This is where the accounting department is writing the checks every time they write a check This account probably just automatically populates so we can just put the data input there Really quickly and we're going to say save it and close See if it does what we think it should do So I'm going to say okay And there it is here. So I'm not sure if I Refreshed that I sold it not to refresh it. That wasn't good Trial balance I'm going to change that option. All right. So there we have that We're going to say prepaid insurance and insurance expense 200 on the insurance expense prepaid insurance is now 2200 same idea in both aspects Notice in quick book. We can't really see the links, however In the adjusting process if we use a nice little worksheet like this, we can say Here's where we started. There's where we ended and we can see how everything ties together That's one of the benefits of using a sheet like this I'm going to get rid of these yellow items and we'll do the second Adjusting entry same way same form We're first going to figure out which accounts are going to be affected and then talk about why Okay, so the next one is going to be See I'm going to make this one green that one is done Make it green and see what we have next. They're all on 531 the end of the month supplies on hand At 531 is 800 All right before we even talk about what that means why we're saying that Let's think about which two accounts are going to happen Which two accounts are going to be affected one will be above the the equity balance sheet account related to supplies How about supplies so we're going to say that supplies is going to be one account One account will be below on the income statement related to supplies Again, how about supplies expense supplies expense? Those are going to be the two accounts that we're going to be dealing with at this point And we know that the expense accounts income statement accounts only go one way this time Expenses going up expenses have debit balances. Therefore, we're going to make it go up by doing the same thing to it Which in this case will be a debit So we know that we're going to debit the expense the expense account even though we might not know why So i'm going to copy that And we're going to put that up top. I'm going to paste it in c8 Right click pasting it 123 just the values only If we debit the expense that means we must be crediting this supplies This supplies being an asset indicated by that's next to all the other assets and it's green So i'm going to say that must be the credit. Let's copy that And paste it in c9 c9. It's right there right click and Paste it 123 All right, so again, we know what the debit is we know what the credit credit is just by knowing That we are doing an adjusting process and uh by by applying these rules Of the adjusting process now. Let's talk about why why is this happening? Why are we doing that? And we're going to say supplies is 800. So how did we logistically set up the supplies process? And why does that make sense? Just like we did with the prepaid insurance whenever we the purchasing department buys supplies We're going to tell the purchasing department always debit Supplies the asset not supplies the expense Why because it's easier to do that way and then at the end of the time period We're going to go in and we're going to adjust it how by doing a physical count Seeing how much has been consumed and then making the adjustments Now this does not apply if we're talking about paper clips or something like that very small But if we're talking about fairly large items like ink or paper We're going to do a similar process that we would for inventory And if we just tell the supplies department in a periodic inventory type system to Purchase the supplies put it into the supplies account Then we're going to count it at the end of each month Figure out how much is left make the adjustment at the end of the month That logistically is a good way to do it to make the financial statements correct and make the data input during the month As easy as possible. So that's what we're going to do. We basically had a physical count and said, okay There's 800 left and if we say that that's what we need to make the supplies account be So at this point, there's 1200 in the supplies asset account. We need to make it 800 Therefore, what are we going to do? We're going to subtract those two. We're going to say that we need to take the 800 Uh, I'm sorry, not the 800. We need to take the supplies 1200 minus 800 and that should give us 400 that we need to reduce so the 1200 reduced by the 400 will bring us to the physical count the 800 There's one minor detail here that the 800 obviously isn't a physical count in units. That's dollars So when we count the units, we're going to have to say here's how many units we have converted to dollars Just like kind of any kind of conversion Which is kind of could be a you know a bit of an issue. We'll deal with that later But in essence, we're saying we have 800 dollars worth due to a physical count Meaning we got to take the 1200 down by 400 to get to that count of 800. All right, so let's do that 400 So we're going to say 400. I won't do the formula again Credit of 400. So now we're going to put the numbers in we'll put them in place See if it does what we expected it to do What did we expect it to do that supplies here should go down to 800? So let's see that first. We're going to put the credit here. I'm in cell i 7 equals And we are going to point to this supplies So we've got this debit and that's a credit those are opposites if we hit enter This is going to go down to the 800 that looks correct Now we'll do the other side. We're going to do the expense side. I'm going to scroll down here is supplies Where is it? supplies expense And we're going to say equals. I'm in i 20 i 20 Say that equals Think I must have hit a Oh, there it goes All right 400. All right, so now this is what happened here Then we had the expense go up brings net income down meaning the income Net income is the credit 7400 minus the expenses and the expenses went up So this is not a negative number meaning it's not a loss It's a negative number meaning credit on this worksheet I know that's something we just got to get used to with the worksheet But it is a very useful tool to have in that way Okay, so that's going to be that we're going to do the same thing now in quick books Let's go to quick books All we can do is just do it by a journal entry. So this is Some place where quick books cannot really avoid the journal entry. So we're going to go to company Make journal entries as of the end of the time period 531 That's the date. We're making the financial statements The accounts will be supplies supplies expense And we have to set up the new account and my computer is going slow here We have to set up the new account because we don't have the supplies expense set up We told the accounting department to put it into supplies the asset So we're going to say supplies is an expense account And it's an expense account and we're going to put the 400 And then the other account was supplies just put in the same transaction in And we're going to save it And I'll say save and new this time Then if we go to the trial balance and check it out, we can say that the supplies went to 800 That looks like the same thing there and then we have the supplies expense 400 if we check the other reports profit and loss now We can see is at 5060 and if we look at our profit and loss, we just did the quick calculation Of the trial balance given by the fact that we have debits as positive and credits as negative of that same 5060 All right next one. Let's say 531 let's get rid of the yellows and notice you can't put yellows if you're working through this problem here because I I locked some some of the cells just so you didn't accidentally delete some formulas So I'm trying to help you out by doing that not to Cause any problems from that But you can only enter data in the blue area so that you don't try to try to get rid of or delete formulas that could Not be good. All right, so now we will look at the next one. I'm going to say this one is done I'm going to make it green indicating that it has been done And move to the next one All right, now we're on depreciation equipment It's five-year property cost of equipment was 18 000 Okay, so again before we even talk about what depreciation is Let's just see if we can figure out what the debit and the credit related to depreciation will be It's an adjusting entry. So there's going to be one account in the balance sheet area above the blue line Related to depreciation. How about Accumulated depreciation sounds like it could be applicable. So I'm going to say that's going to be one of the accounts I'm just going to put make it yellow. That's what I'm doing here making it yellow And then there's going to be an account below the line in the income statement related to depreciation How about depreciation expense seems reasonable? And so we will take that I'm going to make that yellow All right. Now the expense accounts all expense accounts have debit balances. They only go one way They go up. So we're going to take this debit and we are going to increase it So we're going to do the same thing to it which in this case will be another debit So I'm going to copy that right clicking on g 21 copy Put our cursor on c 11 right click and paste it one two three The amount we know I'm not going to put the amount in yet. What's the credit going to be It's going to be the other account if we debited the depreciation expense. We're going to credit accumulated depreciation in g Uh 11 I'm going to right click that because I really don't want to spell that one out and paste it one two three All right, and notice if we wanted to make this look nicer with an indentation We could go put our cursor on all the credits go to the home tab alignment increase in dent Next one home tab alignment group increase in dent Next one home tab alignment group increase in dent. All right. Now. Let's talk about what we're doing why we're doing it What's going to be the number that we're going to need to use? So We're going to say let's see depreciation So depreciation is related to the equipment indicated by the fact that we're talking about the equipment here Now when we look at a real financial statements, we might have multiple pieces of equipment and the depreciation schedule Therefore will be quite complex But the concept is pretty straightforward meaning that when just like everything else logistically that we've been looking at Logistically we we told the purchasing department or the accounting department when you buy equipment You're going to debit property planting equipment not equipment expense not tools expense Then in the adjusting process at the end of the year or the month We are going to go in and adjust that that just makes sense or it's the easy It's an easy format to do that and so that means that they put the equipment on the books at 18 000 We then are going to reduce the value of that in accordance with the life of the equipment And so it's a five-year equipment 18 000. So we're going to say 18 divided by five would be it should go down by in value if it was straight line we'll talk about other methods later, but straight lines the baseline method of 3600 but that's for a year and we're only talking about a month So i'm going to go ahead and divide that by 12 And say it's going to go down 300 so 300 is going to be the number that we will use but note that we're not putting it to Equipment expense it's going to depreciation expense and that's that's slightly different. Why is it going to depreciation expense? Not equipment expense There's a couple reasons notice the supplies we did a similar activity here But the supplies we said was related to a physical count meaning we can physically see the deterioration in supplies However, equipment doesn't physically go down if we have one forklift. We still have one forklift It's just that the value has gone down Therefore if we create another account our first contra asset account asset accounts having debit balances Contra meaning it will have a credit balance Is going to be this accumulated depreciation Why do we have it to show our reader a couple things one? Hey reader here's the cost of the equipment and here's the estimate of the reduction in value If you want to know what we think the book value is you'll have to subtract the two And that gives our reader a little bit more information about this item an important item because it's a big ticket item All right, let's re-calculate that same number one more time. I'm in d 11 Equals we're going to put the cost 18 thousand divided by 12 months. I'm just going to divide it again by I'm sorry divided by five years divided by 12 And you could just put the 300 in there But I'm just showing you how to put the formula in Notice that it's almost easier to do that particular calculation in a calculator than in an excel Or at least do it first in a calculator But in any case the debit and the credit will be 300 Let's post that out see if it does what we believe it should do So i'm in i 11 i 11 i'm going to say that equals And point to the credit And it goes up in the credit direction the contra Asset account goes up in the credit direction bringing down total assets bringing down the book value Book value now being 18,000 minus 300 or 17,700 Then we'll post the other side which is going to be down here in i 21 Equals we're going to point to the depreciation expense going from zero up To 300 back in balance by the green zeros here and Net income Has gone down expenses went up brings net income down net income being the credit minus all the debits Let's do the same thing in quick books. So we'll go over to quick books here We're going to go to i i left it open this time i was smart and left it open that time. That's good So we're going to say 531 And we're going to say that we have depreciation I'm going to type in a real slow All right, and it's a new account again We don't have this yet This is the first time we have recorded depreciation expense because this is an adjusting entry and this these are our first adjustments So we're going to say 300 It's an expense type account the credit will be to Accume this is going to be oh, they have that already. So the system let put that in there I think okay, so there's our credit So that's good. We didn't have to type that in so i'm happy about that. So i'm going to say save and new And there we have that let's see if it looks like what we have been doing on the excel side of things we have Let's see Accumulated depreciation there now if it's if like if you're like me it might be very kind of annoying to you that the accumulated depreciation is above The depreciation the the furniture and a fixture And and again the reason that's happening is because both of those are in what quick book sees as the furniture and fixture area And it's in alphabetical order And that's why they did that in order to fix that we would basically need account numbers So that we can have this one traditionally goes before this one But anyways, so then we got the depreciation expense is going to be here if we look at the profit and loss then We see uh four thousand seven sixty. Is that what we calculated over here? four thousand seven sixty is the same So that looks good. That's a good indication That we have done things correctly so far All right next one. I'm going to say this one. I'm going to get rid of the yellow We're going to do on uh b 14 another five thirty one And we are going to have let's see I'm going to make this one green that one has been completed All right accrued wages five day work week uh weekend And pay on on friday. That's what it's going to say if I have the extended sale here I'm going to get friday Month month ends on wednesday. Okay, so this well before we get into what that means what we're trying to say there We're going to just figure out which two accounts are going to be impacted by this We're so we're talking about wages or salary something to do with payroll So if we take a look at our rules, we're going to say here are the accounts above The blue line the balance sheet accounts which ones are going to be doing with have to do with salary or payroll How about let's see what do we have here did did did prepaid insurance How about salaries payable seems reasonable It looks like a liability account it's in next to accounts payable in the liability section How about on the income statement? We're going to say that something to do with salary or wages and we got salaries expense We also know that these are expenses and they only go one way up expenses going up in the debit direction So how are we going to make? This go up we're going to do the same thing to it which in this case is another debit So I know if we're going to do something with this one We're going to debit it even if we don't know why So i'm going to copy that i'm going to paste it 1 2 3 c 14 And if we debit that and there's only two accounts then this one Will be credited so g 13 right click copy i'm going to paste it in c 15 right click pasting it 1 2 3 So we can know all that without knowing why and so that just by knowing those rules So now we're going to talk why why are we doing this? So i'm going to go to our Data here and we're going to say We have a five-day work week. So this is going to be a simplified work week We shook hands with our employee and we said we're going to pay you every friday for five days worth of work Therefore uh as of the end of the month We need to determine Whether or not it landed on friday or not. Why is that important? Well logistically again if if we're just going to say We're going to pay the employee every friday. We're not going to deal with an accrual basis I'm not going to accrual every hour they work and say hey, we owe you an hour's worth of work It makes a lot more sense for us to tell the payroll in our accounting department Hey, just be on a cash basis with this particular thing when you pay when you write the check on friday That's when you record uh the the debit to wages expense and the credit to um wages payable or cash Then when we go in and we see oh, there's some wages that are still owed Then we'll make that adjustment. Why would that be because friday will almost never land On the end of the month the friday is not going to land on the 31st in this case. We're saying it landed on wednesday So what does that mean? It means this employees worked monday tuesday and wednesday And they haven't gotten paid yet Because they're not going to get paid till next month So if we make the financial statements as of the end of the of the time period We're going to have to record the fact that we owe Our employees this amount a liability and that they have earned it We've we've used their services and consumed an expense in that case Recording the expense and the related liability at this time period This is one of those entries that a small business might not do as often If uh, they're not trying to get a loan or something like that Because it's one of those entries at the end of the month. That's a timing difference But on an accrual basis it could be very significant if you if you get a loan or something And the bank wants an accrual basis It could be very significant to accrue the payroll that is owed as of the date that the financial statements were We're generated. So that's what we're going to do and so we're going to say that accrual wages And they we're just going to give the amount in this case, which was a 960 Let's see accrued wages five day work week weekend pay day on friday Month ends lands on wednesday. So I think actually I think what we're saying is this times We're going to say that this this 960 we're going to say that that's for the end of The week which we're not going to pay or we did pay After the month end. So I'm going to say 960. That's for a five day work week divided by five That's going to be a 192 a week And then if they worked monday tuesday and wednesday times three That's going to give us five 76 So i'm going to say this way we're going to say this equals the 960 divided by five times three days And that'll give us the five seven six All right That's going to be the debit and if we debit that then of course, we're going to credit the same amount five seven six And we can record this out see if it does what we think it should do We could indent this I go to the home tab alignment increase indent and we then go to uh Salaries payable that's an i 13 equals point to that credit And that's going to make the liability go up in the credit direction. So that's not going in the hole It's going up in the credit direction Then we're going to go to the salaries expense And salaries expense and we're going to say that that equals and we're going to point to the five 76 And that's going to increase the expense to 1,536 bringing net income down to 4,184 that being calculated as revenue minus expenses All right, so now let's see if that did what we if we can put that same information into quick books Quick books, so we're going to say the journal entries and we're going to say as of 531 They're all as of 531. We have salaries expense. We've already recorded salaries expense So it's popping up automatically for the amount we said of uh 576 576 and then we've got salaries payable That's going to be a new account tab We're going to have to set that account up. What should it be? It's going to be a liability. So i'm going to put it down here in other other current liabilities Continue Same information here and save it All right. So now we're going to save a new And let's see if it did what we should do. We're going to say that we have The wages payable That's accounts payable Where did the wages payable go? Salaries expense. So now i'm going to drill down on this that recorded Oh, here we go. So it didn't record. So this is 576. I didn't put the other side there That's a problem And save and new There we go trial balance And There it is. All right. So there's that There's the salary five one five three six. Is that what we have here? One five three six and net income four one eight four. So let's check that We're going to go to profit and loss We're going to say four one eight four All right. So everything looks okay. So we're going to go back here and I'm going to unyellow these we're going to say that's going to be unyellowed And next one five thirty one as they all are as of the end of the month. That's what the adjusted entries do Um, and we're going to go back to our data I'm going to make that green. We have completed that And see what the next one looks like Prepaid rent as of five thirty one All right. So now we're going to do a similar process again I'm not going to go through why we're doing this prepaid rent what it should be But we're just going to see this is an adjusting process which two accounts will be affected One's going to be a balance sheet account above Of the line here. We'll have a balance sheet account related to something to do with rent. How about prepaid rent? We're going to say that's going to be one of the accounts that we will be dealing with prepaid rent One of the accounts below the line in the income statement having to do with rent in some way How about rent expense? We know that income statement accounts including Expense accounts only go one way up. These are debit balance accounts We're going to make them go up by doing the same thing to them Which in this case would be another debit? So i'm going to say that this is going to be a debit g 19 copy that expense Put it up top in c 17 right click paste it one two three Then uh, we're going to do the same that means that the other account Prepaid rent will have to be the credit. So i'm going to copy prepaid Rent put it on the credit side in c 18 right click paste it one two three And then i'll go out of the home tab alignment and increase the indenting Okay, so i'm going to check something real quick and we'll see our next comic of the day That doesn't want to go to the next comic of the day Do this There you go All right, so let's see what we have here Here Okay, so now we've got the debits and credits again. We can do all that just by knowing it's the adjusting process and Just knowing the rules for the adjusting process without even knowing why we're doing what we're doing Now let's talk about why we're doing what we're doing and we have prepaid rent So we're going to adjust the prepaid rent account And in order to do that we're going to say that we're going to Need to know what's still in prepaid rent in this case being 10 000 What is prepaid rent? How did it get there? So again logistically if the bookkeeper Purchases rent or pays for the rents of the rents of the facilities They could either debit the expense rent expense or debit prepaid rent and then credit Cash when they pay it now If we're just paying monthly The easy thing to do is set the system up so that every time they pay it's just going to debit the expense account But if we typically pay in advance Or if we have a one-time case where we pay in advance For example, if we paid the entire years worth of rent, then we would want to first put that information into A prepaid account for a similar reason as we did with the insurance So we're first going to put it into the prepaid account and then expense it And so we're going to tell the bookkeeper just put it into the prepaid We'll make the adjustment basically at the end. That will be the simplest way to to deal with this So in order to do that, we have to determine we're not going to get into how it was determined in this case But we determined that Pre the prepaid rent should still be 10 000. We have prepaid rent on the books. Let's see prepaid Rent up 12 000. So we need to bring that down to 10 000. That's what we determined it should be So we're going to say, okay, there's 12 000 there. We need to say minus 10 That means we need to bring it down 2000. So that 12 000 minus the 2000 will bring it to what we determined it should be 10 000 So let's do that again. The formula over here is going to be equal to 12 000 minus 10 000 Enter and that will give us the 2000. That's what we're going to bring it down to That will be the debit and that will be the credit of the same 2000 Let's post this out. See if it does what we believe it should do Meaning it should bring that 12 000 down to 10 000 the amount we determined it to be so in i What is that i8? equals and we're going to point to prepaid rent the credit bringing that debit down with a credit to 10 000 then we're going to go to the rent expense. So we'll go down here to rent expense And in i 19 Equals we're going to point to this 2000 that'll bring the zero up by 2000 to 2000 Put us back in balance and it'll bring net income down So there we have it. So we have the uh expense went up brings net income down Let's put that same information into quick books All right, quick books. We got the make a journal entry and we're going to say same thing here We're just going to have to put it in as a journal entry. We're going to say rent expense We don't have it yet because all we did was do a prepaid rent So we're going to tab we're going to set it up. It will be an expense. So expense It's going to be the same information expense And it will be for 2000 we will also have a credit of prepaid Rent make sure you get the rent and not the insurance and uh, that'll be for the same amount save and new Let's see if it does what we think it should It should connect just like we're doing in our worksheet. It should connect everything together if we go to the trial balance We're going to say hmm prepaid rent is now at 10 000. That's what we determined that it should be and we can see that the um Rent expense 2000 that looks the same That looks correct That looks like we could move to the next and final one and we have to stop after this one Because that's our last one. So that's uh, we'll have to really Enjoy this last one. So we're going to say this is also as a 531 as are all of the adjusting entries I'm going to make this green Saying that we have completed that And next one's going to be related to unearned income Again, we might not even know what unearned income is But we are going to look at our accounts and see if we can figure out what the uh, two accounts will be One's going to be a balance sheet accounts above this blue line An asset or a liability account And it's going to have to do with income or unearned income And how about unearned income? So that one unearned income here We might not know what that is But we can see if we have the trial balance that it's next to the liabilities It's orange in this case which means it will be an liability. So we know it's a liability What's going to be the income statement account related to unearned income? A little bit more difficult, but we're going to say it's going to be revenue or income income or revenue and unearned income So those are going to be the two accounts We also know that income or revenue is an income statement account and all income statement accounts only go one way for the most part Up and this has a credit balance represented by the fact that it has brackets How do we make something go up? We do the same thing to it, which in this case is a credit Because it's a credit balance. So we're going to credit it to do the same thing to it making it go up So i'm going to copy the income And we're going to put it on the bottom because credits traditionally go on the bottom in c21 Right click paste 1 2 3 Note this one's a little bit backwards than what we've done before Because most of the accounts we adjust when we deal with timing differences will be where there's more accounts in terms of the income statement Expense type accounts and this one of course has to do with the revenue type account And therefore the revenue is going to go up with this one We can go ahead and indent that as we go go ahead and home tab alignment and indent That means that this must be the other account that must then be the debit So i'm going to say copy we're going to put the unearned revenue of that this unearned revenue account Which should probably name the account but we'll put that on top And we know the debit and the credit therefore just by going through These set of rules even if we have no idea what unearned income or unearned revenue is And now let's figure out what it is and see why we're doing this. Okay, so unearned income as of 531 The reason unearned income is is more unusual to most people is because not all companies will have unearned income It's going to be kind of industry specific in many ways, but it's a really good test of what the revenue recognition principle is and what The accrual principles are so what unearned revenue means is we got paid before We did the work now typically we probably think of it the other way around meaning if we do a service company If we do bookkeeping we often do the bookkeeping or the taxes before we get paid Meaning we didn't get the money, but we did the work. We earned the revenue. We didn't get the money This one is reversed we got paid, but we didn't do the work When does that happen? Well, you can think of it like if you have a rent and the security deposit Is kind of a form of unearned revenue meaning you paid the first month rent the people that received the money Got income, but they didn't earn that income Because you haven't lived in the in the in the Facility for the last month or or the security deposit hasn't been Consumed it probably you'll probably never get it back, but you know it's technically not been there yet So therefore it shouldn't be revenue If you have a concert or something like that clearly you got to sell the tickets before you have the concert If you sell tickets before the concert it hasn't been earned Therefore it really shouldn't be revenue until the point in time that the concert happens Another business is of course a lot of businesses are subscription related So if you're buying a subscription of some kind like a magazine subscription or any other type Of services a lot of the software and stuff is month to month type subscription Thanks if you're buying a year's worth subscription Uh to to a particular software or something like that Those are industries where the payment happens before the service happens So that's why the unearned revenue happens It's on the books because in that particular industry we got money Before we did the work if that's the case if we sell newspapers we get money before we do the work We again logistically we're going to tell our accounting department. Hey Whenever you get money from a client Just uh debit the cash account and the other accounts just going to go to unearned income Just put it into unearned income and then at the end of the month We're going to figure out how much of it has been earned And that's just how we're going to set the system up because it's an easy way to Set the system up. So at the end of the time period we determined after our calculation that we're not going to get into now That the amount that is still unearned Meaning the amount of newspaper subscriptions in the future that we got paid for that we have not yet You know sent out or broken any windows with those papers Is three thousand So that means we got to get this number 4500 down to 300 3000 So 4500 minus 3000 means That we need to take this 4500 down by 1005 to get us to 3000 that we determined it should be All right, and and we don't need to know the debits and credits because we already figured that out So but once we post it we want to think about it. We already know that we're going to have the 1500 What happened there? It's going to be a debit Here to under an income Yeah 15 All right, it's going to be a credit here. We already know that because we figured it out before but let's put it together And see if it does what we think it should do it. Does it make sense? We're going to post this one out first I'll post the under an income in i 14 equals pointing to this 1500 That's a credit. That's a debit. Those are opposites making this account go down to What we wanted it to go to 3000 Then we're going to do the same thing for the revenue. So revenue is in i 17 equals we're going to point to this 1500 This is a credit. That's a credit. Those are the same things. It's going to make revenue go up Also, going to make this go back in balance and make income net income go up So there we have that and this one's increasing the net income All right, let's post this last one to the quick books as well And see if everything ties out as we hope that it should And we're going to say that we have a debit to unearned fees Which we already have because we've been recording that And the amount will be What did we determine? 1500 So 1005 Debit we're going to credit revenue Or income for that same 1500 save and new Trial balance unearned Fees now at 3000 and our income now at 8,009 unearned fees over here was at 3000 and Uh income eight nine. Let's check the net income just to round things out 3684 And we go to the net income over here is going to be the 3684 So so that basically that's going to be the adjusting process Now again a lot of when I look at small businesses A lot of times they kind of worry about the adjusting process because this is the process that does take A knowledge of debits and credits in order to do the data entry just putting in the data and setting up The system in order for the data entry to be automated can be set up Especially if you have a well designed system so that the data can be just you know Put in place and the accounts hit what the accounts should hit And then set up a system where basically we can do the adjusting entries at the end of the month Or the end of the year making the accounts correct as and of a cruel basis as of that time Small businesses can do that with with a cpa firm or have some Someone to help them out with that adjustment process And and again if we're small businesses that aren't looking for financial statements For a bank or something like that some of these entries Maybe things that they're they're not doing some of them are things that they should have a good idea For example depreciation is something that you probably want on your financial statements in order to make good decision making processes Something like the salaries expense every month might not be as useful to a small business because It might not be adding the value to help them make decisions and costing more in terms of time Versus versus the value in terms of decision making But if they if you need it to make the financial statements as of the end of the year either for taxes and or for Getting a loan or something like that That the the books will have to be most likely put on a accrual basis, you know more specifically And have these adjusting entries put in Place so those are going to be the adjusting entries quick books is an area We still just have to do the debits and credits For the most part there's are there are some ways you can kind of work around it But they're just as confusing As as doing the debits and credit. Okay, so next time what we're going to do is we're going to take this adjusted trial balance And we're going to put that and make the financial statements with it And you'll note that the that quick books has been doing that the entire time here We've been looking at the financial statements That's going to be the profit and loss and the balance sheet as we go But again quick books just kind of pops it on the screen And we might not know how it's working and just like we are doing with a calculator here if we said You know 5,000 or you know times 21 we'd have you know the calculator will do that But we need to have some understanding of what it's doing And so what we're going to do is is basically next time in excel Worked through this adjusted trial balance to make the Financial statements to balance sheet the income statement the statement of equity as has been generated From quick books as we go to get an understanding of How this trial balance Is the same thing as basically the balance sheet and the income statement How it has to work if this thing's in balance This thing has to be in balance by doing that. I don't expect everybody obviously to be Generating financial statements by hand all the time just like I don't expect anyone to do manual multiplication of complex problems by hand But we do need to want to understand how they're put together That way it'll help us to interpret how to do the data input And what the data input is doing and therefore help us to make decisions With what the output is from quick books From the data that we put in then next time We're going to do the closing process and talk about how quick books does the The closing process and the kind of the pros and cons of the general quick setup of quick books In the closing process, you don't have these two tabs in the current worksheet They'll be included in the next worksheet. If you haven't done these steps for the next worksheet You can just go to the next worksheet forward without these steps. We're going to do the same thing Starting with a worksheet that could start from here forward Um, but if you want to go through these that's good, too There's going to be some hopefully if these worked there'll be some instructional Videos on those to look through what has been done in the past


Hynny'n ymgyrch yn ein ddweud y bydd y llwyffodau. Byddwn i'n ffrindio'n ddweud y byddai'n ei ddweud. Ymgyrch yn Siobhan Cullen, ac mae ymddoron dechrau. Rwy'n ei ddweud y Llyfrgell Llyfrgell Llyfrgell Llyfrgell. Mae'r partynau ar yng Nghymru, Gawdwy, ac Trinody. Mae'r ddweud yn ei ddweud. Mae'r ddweud yn ysgrifenni wedi'i gwybod i'r ysgolodau. felly mae'r bwysig iawn. Rwy'n cael ei wneud o'r ystod o'r Llyfrgell Llyfrgell, mae'r Llyfrgell Llyfrgell, a'r Llyfrgell Llyfrgell, yn gweithio'r ysgrifennu, a'r Llyfrgell Llyfrgell, a'r Llyfrgell Llyfrgell. Mae'r Llyfrgell Llyfrgell a'r Llyfrgell Ty, yn y Llyfrgell Llyfrgell yn all three of the areas in Donagol, in Galway, and here in Dublin. So, it's a type of community legal education, and we've targeted second level students in particular with what is now an accredited module. Whilst it has been done before street law exists internationally, this is the first time it's been done in Ireland at undergraduate level and as an accredited module, because very often these kind of pro bono law projects would be extracurricular. There would be voluntary things that students might do, whereas this is an accredited module at ten credits towards their degree. And all the lessons are made available and are open source, available on a website, and there's a permanent repository then of the lesson plans made available for all future street law users. So that's what street law is. I'm going to move on to tell you what we've done to date. I suppose we've consulted extensively, both with our partners and also with our consultants. We've two consultants on this project, one of the Law Society of Ireland, who in fact run street law, albeit at post-grad level and extracurricular, and also Georgetown Law School in Washington, who are the founders of street law, have worked closely with us in developing this. We've also looked at various international models and we spent a lot of time researching this. We wanted to create a street law model that is uniquely Irish and we were happy that we've done that. One of the steps was to create a logo. So quite a lot of work went into that. We wanted it to impact and we wanted it to demonstrate that this was an Irish street law model. And the students wear the t-shirts with the logo when they go out to the schools. So it's a very visual representation of this street law model. We've also registered streetlaw.ie and this is where the lesson plans are made available and where the blog that we'll mention later is used for students to interact. Interestingly, that was developed by the computing students in LIIT as part of a project that they worked on and they received a special purpose award in industry studies for developing our street law website. So we liked the fact that there was some additional collaboration there. Last semester, so before Christmas, we piloted street law by which I mean it wasn't an accredited module. Students did it voluntarily, extra curricular and we used that pilot to inform the development of the module. The teaching environment is blackboard which is being used as well as the website to use the digital resources. So those students will be eligible for a special purpose award in civic engagement but they essentially did it extra curricular. We wanted to develop a uniquely Irish brand and I suppose that kind of happens by itself with street law because it's Irish law, they're teaching so there can't be any other way of doing it. The answer is that you go into the schools and you ask the students which areas of law they'd like to learn about so it's almost like law for teenagers essentially in terms of the areas that they've picked. Those lesson plans have now been researched, prepared, drafted by the students who work in teams on this under our supervision and mentorship and they're now available on the website. It's been really positively received and we have to say our sense is that lots and lots of schools would like to do it. There's been a great demand. The house has been on going evaluation by our students, by the second level pupils who've all completed questionnaires at the conclusion of the pilot as have the teachers and we've used that to inform the development of the module. But certainly our take on it is that we could have delivered street law in double the number of schools at the very least than we have been able to date. So the module has now been accredited and validated by external panel and as I say we've used the feedback in order to inform that and the assessment is largely based on reflection but has been rigorously examined by the external panel. Reflection, exit interviews and ongoing supervision in seminar. The other things that we've done is that we've created resource packs which are sort of physically available as well as what's available on the website and a bespoke handbook for street law. The orientation programme was a big event in terms of the collaborative nature of this product. So this happened in January in Letter Kenney and our collaborating partners attended with all of their students so the great thing was we had students from Letter Kenney from Trinity and Galway all being trained together for three days over a weekend by the Georgetown trainers who came as did the Law Society of Ireland and they brought their own street law graduates to have a delivered street law. So it was a fantastic event and it was great to see the students working together from the three different institutions and that basically was their training to go out and deliver street law in the schools. So as we speak we are delivering street law in four schools in Donegal and this will culminate in a mock trial which we've scheduled for the 13th of March where the schools will compete with each other will bring them to the college and I think there's a positive aspect to bringing the secondary school students to the college and they'll compete in a mock trial which our students are training them for currently. In terms of what's happening in the two partnering institutions they are actually piloting street law this semester so they've taken our model, our schedule that we used in our pilot and we've shared that and they're piloting now as we speak and with a view to then comparing the pilot and our accredited module and refining the whole thing going forward. So that's, I suppose, in a nutshell what we've done to date. I'm now going to pass you on to Brona to talk about the impact and evaluation. Hi, good afternoon. Siobhan has briefly mentioned the evaluation and we're very conscious of making sure that the street law that we developed is a very diverse model as it were. So we've put in evaluation at loads of different stages. So the first one that we've put in is for our own students themselves. So effectively the students were very lucky. It's kind of a competitive process quite simply because more of them want to do it than we have places available. So that's, I suppose, made sure that we have interested students taking up the street law module now as it is but even in the pilot the same thing there were more of them wanted to do it than we could facilitate. So that's a big block when they're trained up to teach street law. And at the start of that the first thing we've done with them is they complete before they do anything at all a pre-orientation questionnaire and its purpose is essentially to assess their context so you're looking at what kind of experience they bring to it. Have they ever taught anything before because remember these are law students part of their training is certainly not teaching but you'd be surprised at how much good exposure they've had whether it's in youth groups or sports clubs or indeed just that but it's a really good, I suppose, icebreaker to see where they're coming from with that so you're looking at their experience but you're also looking at their expectation what are they expecting from street law and they know about street law and it's got great I suppose it's become a great buzzword already in the short time that we've been around it and so that in itself sells it so would you want to check that they're real that they know what it's really involved and a lot of them are on the civic engagement bent which is lovely as in they're all into public legal education and so on but I think that's probably because so far it's, you know, we've been able to offer it only in limited supply and that obviously gets people who are maybe more civic orientated than others we do a similar survey at the end so either last part of that questionnaire also asks them how would they go in and teach a topic and we pick something really simple like murder if they were to go in and teach second levels or a group who knew nothing about it how would they set it up and remember they're coming from a very academic mode where if they're getting taught murder it is and the law says and it does this and this case said this and this you know it's all about how it was held and so on so to change they're basically inducted to the interactive methodology over that weekend where they learn that it's going to be teaching by doing it's not going to be delivery of information it's going to be we'll do activities and generate information and what should the law be so at the end of the weekend even for themselves they have to redo that and to be honest it's really good evidence of the learning over a three day block how much they change themselves because they get more out of it they learn so I suppose they're converts by the end of the weekend and they know that you know you can actually really hard legal topic to people who know no law relatively easily so that's for our third level students who are going out that's initially to set them up for the program during the delivery of the program as Siobhan said at the moment we're delivering it with the TY pupils so for them we want to make sure that they're as engaged as possible so we assess them in two different ways the first one is at the start which we've just done for the current version is we do a digital survey and that's really for us to identify the whole well I suppose to tap into that idea that they're all very digitally literate and it's to check that and to see where they're most digitally friendly and what they like scarily unfortunately what they really like is YouTube so that's going to up the ante for us because it means instead of Snapchat is next best which is slightly less scary but you know that's the current cohort of them and then Facebook comes down the line obviously we're much more wordy and we prefer not to be putting pictures and videos of ourselves up there the good part is that they're probably not so afraid of that so we can use them and that's what we're going to have to do looking forward where we've all referred to our website at the moment it's very much you know words, documents and facilitating as a blog and so on but it's not as interactive as maybe they would like them we're going to have to up the ante there but hopefully our computing students will come back on board and facilitate us a little in that I have to say though the irony of that is is that they may love all these interactive mediums parts of that questionnaire ask them if you are you know if we'll provide a training for any aspect of digital interaction what would you want education on that they want you to do it for them but they're not so hot in it themselves which makes me feel a little less afraid as well at the end of the street law programme they also complete a questionnaire and there's this very superficial by that I mean it's about what did you learn what legal things did you learn did you like it what activities did you like best did you like working in groups and for the pilot we've had that feedback and the feedback was really really positive the depressing part of that might be that their ordinary day is so school textbook based and they're not allowed that interaction now you can sort of understand it because it would be hard to control for every maths class that they were chatting with their neighbours and so on but they really engage with it and they love that level of interaction and they all learnt lots which is ultimately what we want the third level students at the end of each teaching session we had them in the pilot complete and evaluation form now the purpose of that was to really get them thinking the third level students what we want them to develop out of these transferable skills and one of the key transferable skills is this ability to learn so that they go out as lifelong learners so what they really were trying to get them to do in addition to the whole teaching element it's to look back and assess their performance and learn what they can do about it to make it better so their evaluation form was much more directed at developing those reflective skills so that they would look back at what was good why was it good and how I can reinforce that pick out maybe the weaknesses and how they can undo those and try and work around them the next time out but ideally again to make them lifelong learning skills were trying to embed in them and that's what their evaluations are primarily about and as Siobhan said in the assessed module reflection will form part of their actual assessment so we're just kind of trying to set up the structures to help them out on that we're also very fortunate and we have Tilly here today she's doing masters by research evaluation of street law so she's standing in the wings watching everybody do all of this two minutes okay, I'm going to start flying now sadly so we have the product of that down that I'm just gave we've got through academic accreditation which was also great our partner institutist have yet to do it so we're ready to see how they'll get on we'll see the next slide national impact I go to fly over this because a lot of this is what Siobhan has already said it's an extension of that basically the more the merrier everybody we have connected with along the way has pretty much wanted more of it now that's going to pose its own challenges in terms of management I mean we'd love to have every student going out to do it every school would love to have it but there's quality control and there's actual facilitation of it and that will be a challenge but certainly what we want to do is continue that we want to I suppose specifically move we're delivering to transition year students because they were a very ideal target it fits a niche where they're looking for that kind of civic citizenship and all of that kind of information they have the time out to learn about that but we equally want to try and access the more marginalised groups and schools and we've had a good demand from we're going to do an outreach session this term with early school completion levers to try and see about feeling those kind of gaps as well because street law is about bringing law to those less likely to receive it otherwise so in terms of our collaboration we want to continue in the vein we're on but also extend it to include those kind of groups our website Siobhan has already alluded to and I'll do a quick click on it before we're out of here one of the big things about street law is it's about sharing so that sharing is us putting everything out there that anybody who wants to run it can have it but the lovely thing about it is is that people who've done street law are fantastic at coming back and then we had the orientation in January we had people from the states who came voluntarily to participate to spread the word and that's a big thing about street law they're so contaged by it that they feel that they have to spread it and put everybody else on the same wavelength and again it's coming back to the overall policy agenda we're sitting in the campus engage situation where we want our students to be more involved and not just solely academic and I am flying on to the last slide to keep to my time I'll click on the website if you want but I'll go forward to the last one is effectively what we want to create are you, if you're teaching heroes, we want to create street law heroes so that anybody who knows about street law is converted to it sees the merit in it and wants to take it to wherever forum they can use it and I have to say one of the issues are not issues one of the comments that came from our academic accreditation was that this could be multidisciplinary and that's for sure this whole approach could be taken to other disciplines and we could work with other disciplines in this in the states there are some who do it with their social care units where they provide that type of interaction as well but certainly that's what we want to create in terms of long term sustainability if people are converted to it we think they will spread the word and ultimately through that they will build belief capacity and community ok thank you very much sorry for the last bit on speed