Surving a brutal accounting night class?
This semester I am taking Intermediate Accounting I on Wednesday nights, from 7:00-9:50.
On the bright side, going home should be rather peaceful as the traffic should be much calmed down.
But on the other hand, what is the best way for me to conquer this class?
Not just from a being alert at night point of view, but also material-wise?
Should I eat something before class or big mistake? What's the best way to stay alert?
And is the best way to make through this gruesomely difficult class by doing problems over and over again?
I've been told the teacher is helpful, and nice, but dry. First class is tomorrow.
I've been thinking about this class since April when I signed up for it. It has grown into legend. Feel like a Roman gladiator fixing to face a beast
- ProfLv 73 years agoFavorite Answer
Intermediate is your most important professional level course and you have to cover a lot of material for a three-hour class. The only advice I can give you is to make sure you devote sufficient time for study. Ten hours a week is not excessive, and more if necessary to master the topic. Never go into class without having already covered all the material for that class session, and solve every homework problem. You will get similar problems in tests. The problems will require a lot of journal entries, and the trick is NOT to memorize the entries but to analyze each situation and understand why the entry is what it is. Remember that every transaction involves an exchange and you must record what you receive in the exchange and what you give up. This applies to adjusting entries also, an area that students find hard. Adjusting entries are nothing more than internal exchanges. For example, you are exchanging an asset, such as prepaid rent, for a service that you used up, or you are exchanging a service you provided, lending money on a note receivable, for the interest you earned but have not yet received. You will study a lot of rules, laws, and concepts, and these you must learn (memorize), bot don't try to memorize how to make journal entries. Always analyze what is taking place and the journal entry will become evident. The following may help when you reach the adjusting entry issue.
It can be helpful to team up with another student. I used to solve a homework problem and phone my teammate to see if he got the same answer. By explaining concepts to each other we realized if we really understood the concept.Having to explain why you did something lets the issue become more thoroughly fixed in our mind.
The following may help when you reach the adjusting entry issue
Adjusting entries pose difficulties for students but they are actually very logical. The necessary information is given and you have to use it to decide what to do. Essentially you decide what is in an account, you use the information you have to decide what should be in the account, and you debit or credit the account to bring it to the correct balance. You also have to make a matching credit or debit entry. Now if you adjusted a permanent account, the other entry has to be a temporary account, and vice versa. And the two accounts have to be related. The relationships are normal relationships that occur between a balance sheet and an income statement. Here is a list of some common related accounts:
Accounts receivable -- sales revenue
Accounts payable -- purchases or merchandise, or both
interest receivable -- interest income
interest payable -- interest expense
prepaid rent, insurance -- rent, insurance expense
Unearned revenue (a liability) -- revenue
accumulated depreciation - depreciation expense
allowance for bad debts -- bad debts expense
taxes payable - tax expense
There are three types of adjustments: accruals, deferrals, and allocations.
Accruals are the accumulation of something, such as revenue or an expense, that occurs as a result of the passage of time, but for which an entry is not normally made because the cash will be paid or received later. For example, A company may have bond investments or notes receivable that earn interest, but the interest is not recorded unless it is received. If interest has been earned by the end of the period which has accrued (accumulated) but not yet received and recorded, an adjusting entry is needed to record the interest income and debit the interest receivable. Similarly, workers may be paid weekly every Friday, but the accounting period ends on Tuesday. A certain amount of wages has accrued but not yet paid, so the adjustment is to record the wages payable as a liability and debit wage expense which has been incurred for two days.
Deferrals are somewhat more complicated because they are initially recorded, but the passage of time changes the situation so the record is no longer valid. There is more than one way to record the receipt or payment of cash for certain revenues and expenses, and the adjusting entry depends on how the original record was previously made. Buying of supplies is an example.
1. Recorded as asset.
Assets are economic resources that provide future benefits. When you buy supplies, you actually receive physical goods, put them on a shelf or in bins, and they are available to be used later when needed. So supplies are assets. They are something you have and own. For example copy paper, paper clips, printer ink cartridges, nails, paint. When you use up an asset you incur an expense, i.e. a reduction of owner's equity because the asset no longer exists. It has provided the service you needed. Let's look at an example, This month you started with $100 of supplies on hand. You bought $300 more of supplies and debited the supplies asset account. Whenever you need to use some supplies, you take them out of the bin or supply cabinet and use them. At the end of the month you look over your supplies and you find that you have only $80 of supplies left. What does that mean? Obviously, you must have used up $320 of supplies. So to prepare financial statements you have to adjust the supplies asset account. What is the balance of the account? $400. What should be the balance at the end of the month? $80. So to adjust the account, you have to credit it $320. What do you debit? Supplies expense. That's fairly easy to see when you think about it logically.
2. Supplies recorded as expenses.
Another company is constantly buying supplies and using them up as the need occurs. Let's say it has no supplies at the beginning of the month. You buy $600 of supplies and you decide that since these supplies will soon be used up, you may as well record the entire amount as an expense. You debit supplies expense $600. Later you buy some more supplies for $200 and again record them as an expense. Now at the end of the month you look at your supplies expense account and see that it has a debit of $800. But the supplies you have on hand amount to $100 dollars. What is wrong here? You have $100 of supplies, clearly an asset, and your accounting records tell you that you used up supplies of $800. So what is wrong? Nothing really. Your accounts just need adjusting to express the reality of the situation. The supplies expense account says that you used up $800 of supplies but you know that you used up less because you have $100 of supplies still on hand. How do you adjust the expense account? Clearly you have to record a credit of $100 to bring the expense account to its proper balance. What do you debit? See how simple it is to make adjustments. Every adjusting entry involves one temporary account and one permanent account. And the accounts are always related.
Finally, allocations are adjustments that must be estimated and cannot be calculated precisely. Examples are the recording of depreciation expense, and the recording of bad debts expense.
- Anonymous3 years ago
yeah I would definitely eat! Or try to eat during class if you can so at least you have something else to do other than just sitting through the class taking boring notes. Also maybe take some coffee or an energy drink to perk you up. Stretch every now and then, if you feel yourself getting tired or sleepy, go to the restroom or just walk around if you can
- anonimitieLv 73 years ago
That doesn't sound like a core requirement course. Why are you studying something that doesn't interest you enough to keep you awake?