Journal Entry Three

One of the questions asked in the beginning of the Learning Plan 3 was: How does a company account for the wear and tear of their equipment? So I looked this up and found some resources that gave good information; such as using the depreciation method to provide this. http://www.ehow.com/how_7738233_calculate-wear-tear-landscaping-equipment.html We had to share one of our goals and mine was a long-term goal turned into a short-term goal because I want to get my Associate's Degree and I am very close to graduating. I used a website to help me start off by setting some goals and in the process of continuing to set my goals. I have used this website for numerous things as well in other classes. It's a great website for a lot of things. http://www.mindtools.com/page6.html During this learning plan, we learned how to do more transactions and then adjustments. I think that one of my strengths in helping me complete those is that I have previous experience in doing so. Another strength was that I asked classmates or others to try and help me, I believe that other people can greatly affect your life and help you in ways you never knew. (Plus I learned that in my new eight week class, there's an accountant student, and she said she could help me if I ever need it). I always find the discussion questions in the book to be extremely difficult. I think it is because they are worded weird and I never know how much to write or what you want, but I try to do my best. I also struggled with the problems we did in the book, I had troubles getting my assets to equal my liabilities + equity. But in the end I got my transactions to equal, and learned my mistakes and now I know how to fix it if it happens again. I learned that when an error like this occurs you can create a trial balance or divide the difference of the numbers by 2 or even 9. The website that you gave me helped me with learning that. http://www.cliffsnotes.com/study_guide/The-Trial-Balance.topicArticleId-21081,articleId-21014.html For the Communicating Financial Information Assessment, we had to add adjustments then change the other financial statements. One thing I learned was the advantages and disadvantages of cash or accrual basis accounting. These are websites that helped me understand those. (Also this time around from learning my mistake earlier to get the assets to equal liabilites plus equity, I got it right the first time and everything equaled!) http://www.ehow.com/facts_5565824_advantages-cash-vs-accrual-accounting.html http://smallbusiness.chron.com/accounting-methods-cash-vs-accrual-3732.html In the Movies Door to Door book the friends talk about the importance of using categories to help with making decisions and making sure they are making money or recording expenses(page 19, 41). Although they did not directly talk about adjustments, they did work to revise some of the statements they made up when a new problem arose. With the new concepts I learned in this Learning Plan, I could now adjust my prepaid insurance or supplies (if i had them, but I'm using my imagination). Also learning this can help me in the future with my job if I ever have to record transactions, adjust them, and make financial statements for the company I work for.

Journal Entry Two

A lot of the information we learned in Learning Plan 2 I previously learned in my high school Accounting class. We learned how to create record transactions, then report an income statement and balance sheet. The one thing I did learn how to do was a retained earnings statement. I found doing the transactions and financial statements to be fun, that is something I find interesting how you can calculate all of that. A strength in learning this is that from this and my previous accounting experience I know calculate my own financial statements, like my revenues and expenses, it helps me keep my budget on track and to know how much money I could spend on miscellaneous things like going out or doing other activities. This website gave me some ideas on recording transactions. http://www.transtutors.com/accounting-homework/basics-of-accounting/recording-of-transactions.aspx One thing Movies Door to Door explains is estimating cash flows, that is not something we had to do in this learning plan. In the book page 41, they list expense categories, which we had to do when creating our own financial statements, the most common ones: Rent Expense, Utility Expense, Advertising Expense and Miscellaneous Expense. In the book they do not talk about a whole lot that we learned in this learning plan, like the accounting equation or any of the financial statements. I thought this website was helpful in expanding my knowledge of some accounting categories and things like that. http://www.accountingunplugged.com/2008/08/31/chart-of-accounts-more-on-accounting-types/ I found one of the hardest things during this learning plan, was the discussion questions. I had to talk to a friend who is a Business Major for some help, or other classmates. Another thing was doing team projects. Connecting and talking through email is hard, I know that it is part of the Core Abilities, but why do they do team projects for online classes? This is a link that talks about the core abilities. http://libs.morainepark.edu/docs/academic-affairs/programming-design/core-abilities.pdf THINK about the following? How does a happy workforce contribute to a company's net profit or bottom line? Can employees be classified as assets? If yes, can they be listed on the company's balance sheet? This question was asked in the beginning of Learning Plan 2 to think about. I looked up some websites to maybe answer it. http://blog.accountingcoach.com/employee-as-asset/ http://www.lce.com/Do_People_Count_As_Assets_227-item.html