Course Description:

In this journal entries series, Devon Coombs, CPA goes over all of the journal entries for starting a business (specifically, unbilled revenue), as well as the accounting basics for accounting 101 students, T account, and financial statement impacts of each transaction. This series is meant for any business owner who wants to learn accounting basics, for CPA prep, or for accounting 101 students. In this video, Devon covers the entry of a business (a C corporation) selling consulting services on a time and material (T&M) basis for a fixed free project due that is expected to be completed in a future period (unbilled revenue). Devon discusses contract assets and unbilled revenue for consulting services. Devon also explains the business reasoning behind this transaction, and the differences between ASC 606 and ASC 605. In addition, Devon discusses the accounting basics for the income statement, balance sheet, statement of shareholders’ equity (statement of retained earnings), and statement of cash flows impact from this transaction, for accounting 101 students. Course Length: 5:49 Source: Business Core Tutoring

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