[xtremes00]

First of all, does anyone here know about accounting?
Secondly, I can't understand about partnership and company!

Any help would greatly be aprreciated

[Nate]

I know enough to get you through if you're confused about something as basic as the difference between a partnership and a corporation (aka "company," in common language). What are you having trouble with?

[xtremes00]

Originally Posted by Nate

I know enough to get you through if you're confused about something as basic as the difference between a partnership and a corporation (aka "company," in common language). What are you having trouble with?

Adjusting Entries and Journalizing them. Also not to mention opening and closing of books

[Palivizumab]

My dad is in his room studying for his accounting class right now.
Supposedly he's taking the hardest one that he's going to have to take, and he's really depressed about it.

I don't envy you.

[Futan]

I took accounting for half a semester! XD I lost my ride the other half. >< I still have the book though.

What kind of entries are you talking about? Here's an example from the book of adjusting journal entries but youre probably talking about trial balances aren't you?

On February 6, 200X, Mike Sullivan made the journal entry in figure 3-39 to record the purchase on account of office equipment priced at $1,400. This transaction had not yet been posted when the error was discovered. Make the appropriate correction.

Ok now here's 3-39...

GENERAL JOURNAL
Date		Account Titles and Descriptions	PR	Debit		Credit
200X Feb.	6	Office Equipment		900	00
		Accounts Payable				900	00
		Purchase of office equip. on account

don't have to explain any of this right? Then what you would do is simply strikeout the mistake, fix it and put your initials. I'll use the person whose in the problems initials.

GENERAL JOURNAL
Date		Account Titles and Descriptions	PR	Debit		Credit
200X Feb.	6	Office Equipment		1400 900 MS	00
		Accounts Payable				1400 900 MS	00
		Purchase of office equip. on account

I never heard the term 'books' in the actual class. Maybe because I left halfway through. >,>; You know any other words for it?

I'll do an adjusted trial balance+journal tomorrow if you need it.

[xtremes00]

Originally Posted by Futan

I took accounting for half a semester! XD I lost my ride the other half. >< I still have the book though.

What kind of entries are you talking about? Here's an example from the book of adjusting journal entries but youre probably talking about trial balances aren't you?

On February 6, 200X, Mike Sullivan made the journal entry in figure 3-39 to record the purchase on account of office equipment priced at $1,400. This transaction had not yet been posted when the error was discovered. Make the appropriate correction.

Ok now here's 3-39...



don't have to explain any of this right? Then what you would do is simply strikeout the mistake, fix it and put your initials. I'll use the person whose in the problems initials.



I never heard the term 'books' in the actual class. Maybe because I left halfway through. >,>; You know any other words for it?

I'll do an adjusted trial balance+journal tomorrow if you need it.

Maybe the accounting classes here in the Philippine is different from yours?

[Nate]

Originally Posted by Futan

don't have to explain any of this right? Then what you would do is simply strikeout the mistake, fix it and put your initials. I'll use the person whose in the problems initials.

That's really not a good way to do it. You should make a new adjusting entry for the difference.

[Futan]

Originally Posted by xtremes00

Maybe the accounting classes here in the Philippine is different from yours?

You can just ignore that>,>; I thiiiink I found what youre talking about now. It goes Trial Balance > T Charts > Journal right? You take what you get from the trial balance and put it into T charts. Revenue > Income Summary, Expenses > Income Summary, Income Summary > Capital, Withdrawals > Capital. Do that then journalize it.

Just will show you a quick example of what the journal might look like...

Debit		Credit
Revenue	6400
Income Summary		6400
Income Summary	6100
Expenses		6100
Income Summary	300
Capital		300
Capital	275
Withdrawals		275

If this isn't it, IDK. lol... I think this shows you that in nine months(if even that much time) you will completely forget everything you learned in that class. If it is it, however, ask me some questions and hopefully I'll be able to answer...lol. I did a very quick, horrible job at explaining it. So if you want me to expand on something, say so.

[JerryLove]

That's really not a good way to do it. You should make a new adjusting entry for the difference.

The normal way most financial institutions make corrections is to reverse the initial entry and then reinter the correct data. It creates better clarity:

+900 - Office Equipment
+500 - Office Equipment adjustment

vs

+900 - Office Equipment
-900 - Office Equipment (Cancelation)
+1400 - Office Equipment

Though I won't begin to assert what are standards and practices for an accounting class.

Gotta agree with nate: Once something is on the books, never change it. It creates the potential for incompatable records.

[Futan]

That's an example I copied right out of the book. The teacher also taught to do it that way but I do see your point. Yep...

[xtremes00]

SIgh...I just flunked my test the other day..Man i got a 14/30 First time I flunked q test on that subject...Man...

[Futan]