Hello, thank you! A little help please!

[jgrego82]

Greetings and thank you for reading this. Here is my accounting background. I am an accounting 1 student. My text book is Titled Financial Accounting, 12 Edition by Carl S. Warren; James M. Reeve; Jonathan Duchac. The class uses the Cengage website. I am working on The Pumping Iron Practice set. We will cover Chapters 1-8 in this semester and about to start Chapter 7. This is the first time I've asked for help.

My trouble seems to be rooted in analyzing the journal entries for the Pumping Iron Practice Set, at this point in time. We are learning to do the accounting cycle manually.


I welcome advice on how to properly analyze journal entries in general. Perhaps I need to adjust my mindset going into it. I am half through with journalizing the Practice Set, but I feel uncertain about my entries thus far.

I was getting an A and now have a B+ and want to learn what it takes to properly analyze journal entries before writing them down or as I'm writing. I think the concept is simple, yet I am experiencing some gaps in accuracy on homework and tests in the class. I have trouble coming up with the right questions to ask the instructor and don't want to just ask for the answers. Maybe this is not the real problem for me, but I think it is. I feel so clueless right now, despite my grade!

Thank you so much for reading this. I welcome feedback and am sure the people who post will help me get my thoughts corrected. Thank you!!!

 

[TheAccountingDr]

Analyzing Transactions

There are basically three steps you should be asking yourself when you are analyzing transactions (prior to journalizing):

1) Determine the accounts that are affected
2) Determine if the accounts are increasing or decreasing
3) Apply the rules of debits and credits to the affected accounts

Avoid memorization when at all possible. It's best to try and think through the process and it will stick with you longer.

I have posted multiple accounting videos on my website that you may find useful...TheAccountingDr dot com. In addition, I have lecture notes available that accompany the videos (for notetaking). Like me on facebook dot com / TheAccountingDoctor and post any questions that you may have there and I would be more than happy to help.

Good luck with the practice set!