#1 Chapter 4 gives us good information about the accounting cycle, and the steps that are taken from the initiation of a transaction through its inclusion on the organization’s trial balance report. There are times when the accountant must make adjusting entries; they are routine entries that are required in order that accounting provides a true pictures of a specific time period.
Why are adjusting journal entries necessary? What would be the effect if a corporation failed to journalize and post adjusting entries? Please consider these questions and begin a discussion. 150 words
#2 We are learning about debits and credits, and how that each line entry that includes debits and credits that balance form the data for financial statements. Each business entry or transaction will affect financial statements; every entry that affects the income statement will also affect the balance sheet. There are entries that don’t affect the income statement but do affect balance sheet accounts, i.e. both the debit and credit could be for balance sheet accounts.
Think deeper about how income statement transactions affect the balance sheet. For example, an expense that is paid for at the time the transaction is posted would be a debit to the expense account and a credit to either accounts receivable or cash (balance sheet). And revenue earned would show up as a credit to revenue (income statement) and a debit to either cash or accounts receivable (asset accounts). When we use T accounts to think through how transactions are properly posted, we can get a good visual that helps us to better understand debits and credits.
Please take a look at this you tube video. I like this particular video because it is explanatory and gives good visuals to substantiate what the teacher is trying to convey. For print of the audio, click on the closed caption icon on the right hand side of the bottom bar of the video.
After reviewing the video, please discuss anything particular that you have learned from it. Has this video helped you to better understand debits and credits? I look forward to your discussion. 150 words
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