...Journal Entries: Reflection and Reader Response • Journal Entry 1: “What does it mean to be a soldier?” (Reflection/RR) • Journal Entry 2: “Only the dead see the end of war…” (Reflection/RR) • Journal Entry #3: “How does being a solider change a man (or woman)? Are people changed for better or worse or both? What is the effect on the person, and what is the effect on the nation?” (Reflection/RR) • Journal Entry #4: “Reflect on the duality of words. How do words hold infinite power in their ability to simultaneously create and destroy? How do words affect conflict? How do they affect people?” (Reflection/RR) • Journal Entry #5: “Who or what determines our respective identities? Who or what makes you who you are? Why? How? Is it fair? Do we have control over who we are? Who we are perceived to be?” (Reflection/RR) • Journal Entry #6: “What does Oscar Schindler prove about people amid war and destruction? What characters have we encountered thus far in the semester who could also fit into this category? Why is it so important we remember them and tell their stories?” (Reflection/RR) • Journal Entry #7: “What does it mean to have courage? Is it truly more honorable to die than to live? Is this always the case? If not, reflect on the ambiguity of such a statement.” (Reflection/RR) • Journal Entry #8: “What tangibles and intangibles do you carry with you every day? Why are they important to you?” (Reflection/RR) • Journal Entry #9: “In your opinion, can there...
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...ACCT290 WEEK 4 REVERSING ENTRIES JOAN GAPP Journal entries are used to change accounting information in financial systems. Following the double-entry system used in modern accounting, these entries always affect at least two accounts -- one account is debited, while another account is credited. A reversing entry is a journal entry that inverts a previously recorded "regular" entry. The use of reversing entries is optional, but it offers certain advantages, making them very popular in the accounting world. When you reverse an entry made in a prior period, you prevent duplication of revenues or expenses, which improves accuracy. For example, you made an entry to recognize a phone expense last month as part of the closing of the month process. Now the bill has been entered in the accounting system, and an expense was again recognized. The reversing entry will zero out the expense, correcting the situation. Reversing entries related to period closing always are paired with entries from the past. You can enter a journal entry in January and reverse it in February to avoid duplication in February. You don't normally go back to January to reverse an entry done in February. Reversing entries is a simple process that can be performed by any employee without much knowledge of accounting. Basically, the account originally debited is now credited and vice versa. There's no need to research or conduct any calculations -- all you need to do is reverse the original entry using the same exact...
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...Over the last 500 years, the double-entry system of accounting has provided the accounting profession with a reliable and accurate way of tracking the economic events of companies. However, with the implementation of computer-based accounting systems over the last few decades, event based accounting has gained popularity. The theory behind event based accounting is that each business transaction can be broken down into one, or a combination of three types of events: economic, business, and information. An economic event is one in which the quantity of resources change, such as selling an item or purchasing a service. Events like receiving an invoice from a supplier, or sending out a purchase order to a vendor are examples of business events. They are necessary to the company even though they are not the monetary or physical transactions for goods or services. Tasks like creating reports and inputting new customers are considered information events. Information events provide the necessary data for the economic or business events that transpire. The double-entry system of accounting focuses on taking those separate events and aggregating them into journal entries. By aggregating them, a great deal of the total information of the event is left out. Under an event based accounting system each event is recorded with as much of the information as possible, and then stored in tables of data that allow the user to recall and compile this information into usable reports. This...
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...Accounting is the most basic framework of business. People use accounting in their daily lives when they study financial statements to make investment decisions, assess interest rather to pay off their house mortgage and calculate rates for car payments. God himself recognize accounting, for he said in his Holy Bible that everyone would be accountable before him when this world comes to an end.(Matthew 12:36) The practice of accounting can be traced back to ancient times, with "accounting books" of various forms discovered as early as 3500 B. C. From the time of 3500 B. C., accounting has progressed slowly through the development of the modern double-entry system published by Luca Paciolo in the fifteenth century until the advent of the computer. In 1581 the first college of accountants was organized with power to regulate entry into the field. Along with the development of modern accounting, a stereotypical image of the accountant was developed, because of its task being routine and purity mathematical in function. The accountant is view as a dull person that is chain to his desk all day. A survey of college students proved that accounting is treated with mental formulaic concepts, thus it has a stereotype image. Accounting may be defined as an information system that provides reports to various individuals or groups about economic activities of an organization or other entity. Accounting is information sciences used to collect, classify, and manipulate financial data for...
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...Journal Entry II BSHS 401 October 14 2013 Darla Roberts Journal Entry II October 14, 2013 After reviewing the second community resource in my city I have stumbled across one similar resource but they service different illnesses. (ACR) which stands for access care and resources for health is a non-profiting organization that focuses on the prevention of the spreading of HIV/AIDS while providing supporting services that focus on education of the illness. The organization usually services families that may have a member that is trying to deal with the illness that they have; the organization helps people not feel so bad about it and allow them to understand that it is not the end of the world. The goal of this community resource is to prevent the spread of HIV and other sexually transmitted diseases, provide support to people and families that are living with someone that may have the virus, and lastly to promote the understanding of the how people catch this illness and ways that it could be prevented. Normally an organization such as this one is heard about through word of mouth or recommended to by a social worker. Considering the fact that this organization is a non-profiting one, the client does not have to worry about prices which makes it much easier to help those that need it. Special care is given to those that are already infected with the virus. I think that I would recommend this organization to people because if there was a better awareness of what this...
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...Ashley Kresge BUS310- Human Resource Management Week 4 Paper Extra Credit- Week 2 10/19/2014 Week 2: Post to the journal in week 2 the organization you have selected to write your week 4 paper on and its mission statement. Tell me how you will explore their HR’s role in supporting this mission. Provide at least one research source. This is due during week 2, no later than Monday, October 20 9 am Eastern time. The company that I have selected as the topic for my week 4 paper is Dun and Bradstreet. This company has been in business since the mid-1800’s. It has survived the test of time and through adaptability remains a leader in the data industry. Dun and Bradstreet’s mission statement is to be “The Most Trusted Source of Global Business Insight”. I plan on exploring how Dun and Bradstreet’s HR department supports their mission by delving into the functions of the HR group, what development opportunities/programs are made available to employees, and how HR helps drive business success. I hope to identify what strategies HR is taking to drive the business towards success. The company named a new CPO in February (CEO, 2014) who has an extensive HR background. I also plan on exploring how this new business leader is driving change and success in relation to the company’s mission. Research sources: CEO & Direct Reports. (2014). Retrieved October 19, 2014 from http://investor.dnb.com/management.cfm Dun and Bradstreet Company History. (2014). Retrieved October 19, 2014...
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...Discussion Board-First entry by 2359 pm Wed, last 2 entries by 0800 following Mon. | WED 2359 pmWeek 1 | | Week 1 Application Assignment – Getting Started & Specific ExpectationsWeek 1 Progress Monitor | MON 0800Week 2 | Journal | Week 1 Journal Entry | MON 0800Week 2 | Week 2 | Discussion Board -First entry by 2359 pm Wed, last 2 entries by 0800 following Mon. | WED 2359 pmWeek 2 | | Week 2 Application Assignment – Personal Philosophy of NursingWeek 2 Progress Monitor | MON 0800Week 3 | Journal | Week 2 Journal Entry | MON 0800Week 3 | Week 3 | Discussion Board -First entry by 2359 pm Wed, last 2 entries by 0800 following Mon. | WED 2359 pmWeek 3 | | Week 3 Application Assignment – Information Retrieval Paper, Part 1Week 3 Progress Monitor | MON 0800Week 4 | Journal | Week 3 Journal Entry | MON 0800Week 4 | Week 4 | Discussion Board -First entry by 2359 pm Wed, last 2 entries by 0800 following Mon. | WED 2359 pmWeek 4 | | Week 4 Application Assignment – Team Dynamics & Information Retrieval Paper, Part 2Week 4 Progress Monitor | MON 0800Week 5 | Journal | Week 4 Journal Entry | MON 0800Week 5 | *Week 5Assignments due Saturday 0800Journal | Discussion Board -First entry by 2359 pm Wed, last 2 entries by 0800 following Mon. | WED 2359 pm | | Week 5 Reflection – Nursing Philosophy & ContributionsWeek 5 Progress Monitor | SAT 0800Week 5 | | Post-Course Self-Evaluation | SAT 0800Week 5 | | Week 5 Journal Entry | SAT 0800 ...
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...par value common stock for $4,500. Prepare Buttercup's journal entry. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) BE15-2 Swarten Corporation issued 600 shares of no-par common stock for $8,200. Prepare Swarten's journal entry if (a) the stock has no stated value, and (b) the stock has a stated value of $2 per share. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) BE15-3 Wilco Corporation has the following account balances at December 31, 2012. Common stock, $5 par value $510,000 Treasury stock 90,000 Retained earnings 2,340,000 Paid-in capital in excess of par 1,320,000 Prepare Wilco's December 31, 2012, stockholders' equity section. BE15-4 Ravonette Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lump sum of $13,500. The common stock has a market price of $20 per share, and the preferred stock has a market price of $90 per share. Prepare the journal entry to record the issuance. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) BE15-5 On February 1, 2012, Buffalo Corporation issued 3,000 shares of its $5 par value common stock for land worth $31,000. Prepare the February 1, 2012, journal entry. (List multiple debit/credit entries from largest to smallest amount, e.g. 10, 5, 2.) BE15-6 Moonwalker Corporation issued 2,000...
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...CHAPTER 2 Learning Objective: 02-01 Analyze routine economic events-transactions-and record their effects on a companys financial position using the accounting equation format. The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $245,000 (assume Marchetti uses a perpetual inventory system); (2) paid $60,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $160,000 to credit customers for $300,000; (4) collected $280,000 in cash from credit customers; and (5) paid suppliers of inventory $225,000. | Analyze each transaction and show the effect of each on the accounting equation for the corporation. (Amounts to be deducted should be indicated by a minus sign. Enter the net change for items which affect more than one account in an account category (i.e., assets, liabilities, etc.)) | | | Assets | = | Liabilities | + | Paid-in capital | + | Retained Earnings | (a) | $245,000 | | $245,000 | | | | | (b) | (60,000) | | | | | | (60,000) | (c) | 140,000 | | | | | | 140,000 | (d) | 0 | | | | | | | (e) | (225,000) | | (225,000) | | | | | A company that has a fiscal year-end of December 31: (1) on October 1, $25,000 was paid for a one-year fire insurance policy; (2) on June 30 the company lent its chief financial officer $23,000; principal and interest at 5% are due in one year; and (3) equipment costing $73...
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...| General Journal Pro-forma |Date |Details |Debit |Credit | |June 30 |Electricity Expense |420 | | |(a) | Electricity Payable | |420 | | |(Adjusting entry to record electricity expense payable for quarter ending 30| | | | |June 2012) | | | | | | | | |June 30 |Owner of Swindon’s Drawings |180 | | |(b) | Cash at Bank | |180 | | |(Adjusting entry to record drawing of cash by the owner to pay a personal | | | | |phone bill) | | | | | ...
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...examination currently. Points will be taken off for sloppy work or failure to properly format the answers. Problem 1: The following series of transactions occurred during 2004 and 2005 when Linwood Co. sold merchandise to John Moore. Linwood's annual accounting period ends on December 31. [pic] Prepare Linwood Co.'s journal entries to record the above transactions assuming they use the allowance method of accounting for uncollectible accounts. Problem 2: Prepare general journal entries for the following transactions of Viking Company, assuming they use the allowance method to account for uncollectible accounts. [pic] Problem 3: Cairo Co. uses the allowance method of accounting for uncollectible accounts. Cairo Co. accepted a $5,000, 12%, 90-day note dated May 16, from Alexandria Co. as in exchange for its past-due account receivable. Make the necessary general journal entries for Cairo Co. on May 16 and the August 14 maturity date, assuming that the: a. Note is held until maturity and collected in full at that time. b. Note is dishonored; the amount of the note and its interest are written off as uncollectible. Problem 4: Prepare general journal entries for the following transactions of this company for the current year: Apr 25: Sold $4,500 of merchandise to CBC Corp receiving a 10%, 60-day, $4,500 note receivable June...
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...American Economic Journal: Microeconomics 3 (February 2011): 1–36 http://www.aeaweb.org/articles.php?doi=10.1257/mic.3.1.1 Strategic Entry Deterrence and the Behavior of Pharmaceutical Incumbents Prior to Patent Expiration† By Glenn Ellison and Sara Fisher Ellison* This paper develops a new approach to testing for strategic entry deterrence and applies it to the behavior of pharmaceutical incumbents before patent expiration. It examines a cross section of markets, determining whether behavior is nonmonotonic in market size. Under some conditions, investment levels will be monotone in market size if firms do not invest to deter entry. Strategic investments to deter entry, however, may result in nonmonotonic investment because they are unnecessary in small markets, and impossible in large ones. Consistent with an entry-deterrence motivation is the finding that incumbents in medium-sized markets advertise less prior to patent expiration. (JEL D92, G31, L11, L21, L65) T he insight that firms may make “strategic investments” to alter future competitive conditions is one of the most fundamental ideas in industrial organization. Jean Tirole’s (1988) chapter reviewing arguments about how excess capacity, capital structure, advertising, contractual practices, learning-by-doing, and other actions can be used to deter entry is easily the longest in the text.1 Strategic investment models are difficult to test directly, however, and the vast majority of this literature is theoretical...
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...terminology. Explain double-entry rules. Explain how transactions affect the accounting equation. Identify the steps in the accounting cycle and the steps in the recording process. Explain the reasons for and prepare adjusting entries. Explain how the type of ownership structure affects the financial statements. Prepare closing entries and consider other matters relating to the closing process. Prepare a 10-column work sheet and financial statements. After studying Appendix 3A, you should be able to: Identify adjusting entries that may be reversed. THE ACCOUNTING INFORMATION SYSTEM The Accounting Information System Basic Terminology Event: The cause of changes of assets, liabilities, and equity Transaction: A transfer or exchange between two or more entities or parties Account: Where transactions are recorded - A separate account is used for each asset, liability, revenue, expense, gain, loss and capital (owner’s equity) Permanent accounts (or “real” accounts) * Asset, liability, and equity accounts * Appear on the balance sheet * Permanent accounts are not closed at year end Temporary accounts (or “nominal” accounts) * Revenue, expense, and dividend accounts * Revenue and expenses are on the income statement; dividends are on the statement of changes in shareholders equity. * Temporary accounts are closed at year end Journalizing and Posting * A Journal is a book of original entry for all transactions ...
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...what you learned about yourself as a writer working through the inventory exercise. Discuss two ways you want to improve as a writer and why. (1 paragraph, 5 sentences) REQUIRED JOURNAL ENTRY 2: PREWRITING Brainstorming: Brainstorm about specific positive and negative effects computers have had on your personal, professional, and academic life. Create a one-page list of your ideas. Thesis: Based on your brainstorming, write a one-sentence working thesis statement that focuses on the impact of computers related to a single area of your life (personal, professional, or academic). The thesis should be one you could develop into an essay of about one page (250-300 words), directed to readers of your local newspaper. Don't draft the essay in your journal, however. You need only your list from brainstorming and your working thesis statement. REQUIRED JOURNAL ENTRY 3: DRAFTING This entry builds on the brainstorming and thesis you developed for Journal Entry 2. Evidence: Identify three different types of evidence you could use to develop your working thesis from Entry 2. Use specific information from your brainstorming list, as well as any other ideas that come to you. (Length open) REQUIRED JOURNAL ENTRY 4: REVISING This journal entry requires you to review the rough draft of the essay below. Analyze the draft according to each of the areas listed, identifying what needs revision. For each area, explain why and...
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...CHAPTER 2 THE RECORDING PROCESS ACCT100 Fall 2013 Teresa Chu Chapter 2-1 The Account Record increases and decreases in a specific asset, liability or equity item Debit = “Left” Credit = “Right” Account Name T-Account form Debit / Dr. Credit / Cr. Chapter 2-2 Debits and Credits Double-entry system Dual effect of transaction Each transaction MUST affect 2 or more accounts to keep the basic accounting equation balance DEBIT = CREDIT for each transaction Chapter 2-3 Summary of Debit/Credit Rules Debits > Credits → Debit balance Credits > Debits → Credit balance Normal balance: the side to record increases Chapter 2-4 Steps in the Recording Process 1) Analysis of transaction → Analyze business documents which provide evidence of transactions (e.g. sales invoice, check, bill or cash register tape) 2) Journalizing 3) Posting Chapter 2-5 The Journal Also refer to “General Journal” Book of original entry Contributions: Record transactions in chronological order 1. Show complete effects of a transaction 2. Provide chronological record of transactions Chapter 2-6 Step 2 Journalizing: entering transactions in a journal 3. Help preventing or locating errors because debit and credit amounts can be easily compared Journalizing Oct. 1 Lynn Robbins begins business as a real estate agent with a cash investment of ¥200,000 in exchange for ordinary shares 2 Hires an administrative assistant. 3 Purchases office furniture...
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