Luv my **FOUR** Gurls
It's that time again...Tax season is upon us! But, this isn't about accountants and taxes...
It's about SCHOOL!!! I am in accounting 2 right now and am thorougly confused! The problem is, I'm an online student with no teacher direction...just a list of things to work on, then the test. I've been sitting in front of this book for 2 days straight and I'm still stuck on the first problem!! GGRRR!!!
Sorry for the rant!I hate school!!! lol
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Faith is being able to jump first and grow wings later
When a waterbug leaves his friends and climbs the stalks, he is unable to return. But he gains a beautiful new body and a glorious perspective on a new world. He knows his friends will join him with their new bodies one day...one glorious day
Save a life - Rescue!
Ick, I hated my Accounting and Finance classes. Its weird because I love math and was always taking very, very advanced math and statistics classes. But when it came to accounting, I wanted to lose my lunch!
Alyson
Shiloh, Reece, Lolly, Skylar
and fosters Snickers, Missy, Magic, Merlin, Maya
Tomorrow's mighty oak
Which is why I hire an accountant every year, and dropped my college accounting course after the second class!
I don't envy the position you are in!
Luv my **FOUR** Gurls
Originally posted by catnapper
....dropped my college accounting course after the second class!
I don't envy the position you are in!
Considering that scenario right now as I am only a few steps away from the registar's office.......
In the mean time....if I "debit" something, it is "added" to the account, and if I "credit" something, it is "subtracted" from the account?!?! Or do I have those backwards?!?!
How did I even get through accounting 1 ?!?!?
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Faith is being able to jump first and grow wings later
When a waterbug leaves his friends and climbs the stalks, he is unable to return. But he gains a beautiful new body and a glorious perspective on a new world. He knows his friends will join him with their new bodies one day...one glorious day
Central MI
What is the problem maybe I can help. I have a degree in accounting.Originally posted by shutterbug0303
It's that time again...Tax season is upon us! But, this isn't about accountants and taxes...
It's about SCHOOL!!! I am in accounting 2 right now and am thorougly confused! The problem is, I'm an online student with no teacher direction...just a list of things to work on, then the test. I've been sitting in front of this book for 2 days straight and I'm still stuck on the first problem!! GGRRR!!!
Sorry for the rant!
A positive attitude may not solve allyour problems, but it will annoy enough people to make it worth the effort.-Herm Albright
Central MI
You have them backwards sweetie... This is how I remembered it. If I swiped my debit card at the store I am subtracting money from my account.Originally posted by shutterbug0303
Considering that scenario right now as I am only a few steps away from the registar's office.......
In the mean time....if I "debit" something, it is "added" to the account, and if I "credit" something, it is "subtracted" from the account?!?! Or do I have those backwards?!?!
How did I even get through accounting 1 ?!?!?
A positive attitude may not solve allyour problems, but it will annoy enough people to make it worth the effort.-Herm Albright
CJ's & Robin's too!
To make you even more confused.....
It depends on if you are working with an asset account, or a liability ar capital account.
An easy way to think of it is asset is a good thing - a plus - so debits are plusses - you're increasing the asset account with a debit making the balance bigger.
Credit accounts are bad things - a negative - so debits are minuses to them - you're decreasing a liability with a debit.
On the other hand, if you have an asset account that you want to decrease, you would credit that account. The value of the asset is decreased by a credit.
And conversely, on a liability account, a credit would increase the amount of the liability account.
I learned accounting long before computers (my first accounting class was in 1977!) and we learned the old fashioned way with T accounts. Do you know what a T account is? If not, here's a simple explanation:
Asset Account
Debit|Credit
+ + |- -
+ + |- -
Liability/Capital Account
Debit|Credit
- - -|+ + +
- - -|+ + +
The T's do not line up too well here, but draw a T on a piece of paper and insert what I've typed here.
DO NOT use the bank as an example. All that ever did was confuse me. They do it different than you would think because to them your account is a liability whereas to you it's an asset, so forget how the bank does it.
So, to figure out if a debit or a credit is a plus or minus, determine which account you are dealing with Asset or Liability. T accounts are a wonderful thing in helping you to visualize what is going on. For every debit there must be a credit.....well...I could go on and on.....
Let me know if this helps or if you still have questions. The boss just walked in, but I can sneak a reply in now and then.
Last edited by Tubby & Peanut's Mom; 03-09-2005 at 03:00 PM.
Tubby
Spring 1986 - Dec. 11, 2004
RIP Big Boy
-----------
Peanut
Fall 1988 - Jan. 24, 2007
RIP Snotty Girl
-----------
Robin
Fall 1997 - Oct. 6, 2012
RIP Sweet Monkeyhead Girl
Kirin, Sushi, Maya & Kimi
T&P's Mom,
CJ's & Robin's too!
Originally posted by Samantha Puppy
T&P's Mom,
Not me, I love this stuff!
Tubby
Spring 1986 - Dec. 11, 2004
RIP Big Boy
-----------
Peanut
Fall 1988 - Jan. 24, 2007
RIP Snotty Girl
-----------
Robin
Fall 1997 - Oct. 6, 2012
RIP Sweet Monkeyhead Girl
Kirin, Sushi, Maya & Kimi
Freak!
I'm Canadian......eh?
You and me both......I have to work closely with the Accounting Group here at work and when they need to "splain" things I always tell them to talk to me like I am a 2-yr old.Originally posted by Samantha Puppy
T&P's Mom,
Life should NOT be a journey to the grave with the intention of arriving safely in an attractive and well preserved body, but rather to skid in sideways, champagne in one hand and strawberries in the other, body thoroughly used up, totally worn out, and screaming WOO HOO - What a Ride!
--unknown
Sometimes the most real things in the world are the things we can't see
--Polar Express
Until one has loved an animal, part of their soul remains unawakened.
Tomorrow's mighty oak
Runs with you!Originally posted by Samantha Puppy
Freak!
Registered User
that is a very good advise! the debit/credit terms in this case are for the bank's terms not yours - so it's the other way around.Originally posted by Tubby & Peanut's Mom
DO NOT use the bank as an example. All that ever did was confuse me. They do it different than you would think because to them your account is a liability whereas to you it's an asset, so forget how the bank does it.
thanks k9krazee for the signature!
CJ's & Robin's too!
Originally posted by Samantha Puppy
Freak!
Yep, got a lot of that in high school too.
Slick, I know exactly how you feel. We deal with a company here that is called "Profit Planners" and they deal with our defined benefit plan (retirement account). They are actuarials (whatever that is) and I've already told them they need to talk to me like a 5th grader, but they just don't get it. Some people are so into trying to make themselves sound impressive that they don't care if no one understands. It's the "Baffle them with BS" theory - and I hate people like that! If you need me to talk to you like a 5th grader, I'll do it. Trying to impress you with fancy language is getting neither of us anywhere.....but some people just don't get that.
Sorry.....all off topic....I know.....
Tubby
Spring 1986 - Dec. 11, 2004
RIP Big Boy
-----------
Peanut
Fall 1988 - Jan. 24, 2007
RIP Snotty Girl
-----------
Robin
Fall 1997 - Oct. 6, 2012
RIP Sweet Monkeyhead Girl
Luv my **FOUR** Gurls
I'm sorry I got distracted and didn't check this thread sooner...I am learning a lot from PT!
Let me post this one problem and I promise I'll leave everyone alone and try to learn it myself.
Chapter is about current liabilities....
Builders Supply issues a 90-day note for $200,000 to Gem Lighting Co. for merchandise inventory. Gem Lighting Co discounts the note at 8%
a. Journalize Builder's Supply's entries to record:
1. the issuance of the note
2. the payment of the note at maturity
b. Journalize Gem Lightning Co's entries to record:
1. the receipt of the note
2. the receipt fo the payment of the note at maturity
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<>< ><> <>< ><> <>< ><> <>< ><>
Faith is being able to jump first and grow wings later
When a waterbug leaves his friends and climbs the stalks, he is unable to return. But he gains a beautiful new body and a glorious perspective on a new world. He knows his friends will join him with their new bodies one day...one glorious day
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