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Video instructions and help with filling out and completing Where Form 8815 Transaction

Instructions and Help about Where Form 8815 Transaction

Hello, we are back. This is lecture number 3, I believe, so we're moving right along. Thank you for being here today, for you folks watching at home, and for you folks here face to face. I'm slowly getting over my cold, so thank you for the flowers and get well cards that have been sent my way. I will pull through this thing, and I do appreciate your well wishes. For you folks at home, what we just did here for the face to facers was we just took a quiz. And obviously, I can't give you the quiz at home. The quiz that I gave will be shown on the screen. If you're at home, why don't you just pause it and see how you would do on this quiz? Just pause it and when you're done taking that quiz, so to speak, just start it up again. You can go over the answers. So we will go over the answers right now, okay? So let's switch over and I'll just ask, what is the accounting equation? Assets equal liabilities plus owner's equity, or equity. Right, assets equal liabilities plus owner's equity, and that always has to remain in balance for a company at any given point in time. The assets have to equal the liabilities plus the owner's equity. What makes equity increase? Investments of assets by the owner into the business and revenue, right? Investments of assets by the owner into the business and revenue are the two things that cause the owner's equity to increase. The two things that cause it to decrease are just the flip sides of that: withdrawals of assets by the owner out of the business and expenses. Okay, so I want you to have those facts firmly cemented into your brains because...