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UNDERSTANDING JOURNAL ENTRIES
Understand the Direction
Do not be in a hurry to record Journal Entries.
Read the directions carefully. Be sure to underline the important dates, amounts, and problem requirements.
Understand Business Activity
Accounting transactions describe a business activity.
To record this activity you
must understand it thoroughly.
State the given data and do the math calculations.
If an earlier Journal Entry is involved,
make it part of your analysis.
Helpful Organize Information
Try to arrange data
in an organized fashion.
Summarize data in balance
sheet arranged T accounts.
Show formulas and mathematical steps.
Recording Steps
Record
the finances
choosing
one or more cash, receivable, payable,
Record why the financing occurred when necessary assets
purchased or revenue earned expenses incurred).
Make sure debits
equal credits.
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Accounting 1 and 2 Crib Notes
Journal Entries
Debit, Credit Tricks Video
Recording
the Accounting Cycle
Accounting Cycle Extended Review
Account
Cycle Extended Review
Accounting Principles
Time Value of Money
and
Example 2
One- Page Accounting
Practice Set With
Answers
Speedy
Ironing Service
Linda's
Video Showcase
Linda's
Showcase Expands
Present
Value and its Uses
Tests with Answers
The
Accounting Equation
Accounting
for Assets
Equity
Financing of Assets
Liability
Financing of Asset
Analyzing
Accounting Information
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