Journal Entry One

In Learning Plan 1 I learned about the forms of business, whether it is a proprietorship, partnership, corporation, or limited liability company. Another thing I learned was about the types of businesses, whether it be a service, merchandising, or manufacturing business (Warren, 2007). We made a concept map which really helped me understand these businesses and what their assets, liabilities, revenues, expenses, and equities are. I also learned about some new technologies to be used when doing assignments. Prezi was my favorite, it's like PowerPoint but you can make it look more fun and do other things to it. For the assessment, Accounting in Business, I learned more about the things we learned about in discussions, but putting all of the information into a project helped me learn a bit more because of doing research. Here is a link to my Prezi I made. Throughout the book Movies Door to Door, the three friends decided upon making a website for movie rentals. As they start thinking about how many movies they will have to have available they get into talking about cash flow and outflows. Brad's dad kept addressing the issue of the idea of a partnership almost because what if Courtney has a relationship with one of them and the liabilities that come with that and how it might affect the business. But now that them and their parents are going to be up fronting the money to start the business their will be more ownership than just the friends. In the book all of their expenses come up, and other accounts like we learned in Learning Plan 1. Throughout the book they have major problems that they keep working through, the business, relationships, Brad's out of town trips, a server crash, a car accident involving one of their delivery drivers and then the discussion about who's car to use caused friction between Courtney and John and the fact that the other driver would be seeking compensation. The biggest problem they have was not having a CPA to keep up with the business transactions and reports they need. Also the idea of compensating each of the partners differently comes up because of the liabilities each of them took when the other couldn't. Overall the book just talks about how they start the business and all of the things needed and then the difficulties of the business with three people and the liabilities along with that. Resources Beasley, M. S., & Buckless, F. A. (2002). Movies Door to Door: How Accounting Helped Make The Difference. New Jersey: Pearson Education, Inc. Warren, C. S. (2007). Survey of Accounting: Special 6th Edition.