Journal Entries and T Accounts - Trial Balance Example - Part 1 of 2

This video tutorial covers Part 1 of an accounting example, focusing on journal entries and T tables. It begins with an overview of the accounting cycle and setting up T tables for various accounts. The video then walks through several transactions, including issuing common stock, recording consultation revenue, employee payments, prepaid rent, accounts receivable collections, and miscellaneous expenses. Each transaction is explained with corresponding journal entries and updates to T tables. The video concludes with a preview of the next steps, which involve creating a trial balance.

What new insight or understanding did you gain from this video?