Educational rap for a high school accounting course Get it on iTunes: Yo, yo, you wanna be an accountant? Think it over, It ain’t easy, you might need a four leaf clover. If you ain’t willing to work hard, then can it – It’s the most sought after job on this planet. Now, you tell me you wanna be an impartial judge of my solvency? Now, you tell me you wanna protect the world from corporate fraudulency? Now, all that sounds like fun, son, but you gotta walk before you can run. To know what these numbers mean you [More]
Suppose you have an accounting blog .. like .. HART (1-800-HART) … and you want to show off your accounting knowledge …. READER: Dear HART … I just purchased a new car that was financed over 3 years, for $25,000.00 .. I put down $3,000.00 which included the first month’s loan payment of $500.00. What’s my journal entry? HART (1-800-HART): Congratulations on your new purchase .. I hope you have many years enjoyment with your new car. Here’s how to “book” the journal entry into your accounting records. JOURNAL ENTRY DEBIT CREDIT (1) DR. AUTOMOBILES $25,000     CR. CAR [More]
This is Part (II) of two parts, because the original post seemed to be getting long. In Part (I), I had tried to identify some of the common difficulties that can arise and problems that can stir up during the bank reconciliation process. In this part, I will discuss ways in which I overcome each of those situations and provide you with some tips to help make reconciling your banks and cash accounts easier. Reconciling – Computer Cheques Firstly, I ask them to sort the cheques in numerical order when they get the cancelled cheques with their bank statement. Lately, [More]