Topic: I can't believe I chose accounting...

[Clark Kent]

As a major in school that is.  I'm taking a financial accounting course, and I'm not too happy.  50% of the grade is a course project, only 20% lies on the only test in the course, which I take on thursday.  The project is not going so well.  i have to do 4 weeks of journal entries for some company, probably made up, and I can't get week 1 to balance out.  I'm only of in four accounts by a fairly small amount, but still, hjhave to make the numbers jive.  Tough to do, when I haven't a clue how to clean this up.

[Sethan]

Make a set of fake books, or fudge the numbers, like a real accountant. 

[Clark Kent]

Unlike a real accountant, I will have someone looking over my shoulders picking through my notes to find any mistakes i made.

[Gambler]

It's easy!  All your debits have to equal your credits!  Now don't ask me which is positive and which is negative.  I'm an IT guy who hangs out with a bunch of accountants, not an accountant.

Curiously, are you working with an accounting program or is it all being done by hand on ledgers?  It seems to me that it would be crazy to work by hand nowdays when all accounting is computerized.

[Clark Kent]

Yeah, debits do indeed equal credits, the problem is that my trial balance does not equal all the areas it should with the books trial balance.  I'm not sure how to fix the stupid thing, since I can find no more errors in my journals.
This portion of the course in on computer, however most has been on paper.  How annoying.

[jualdeaux]

I had to take some acc. classes myself and I hated them as well. In one class we had to do a project by hand just so we understood the process. it was extremely time consuming. I eventually had to work with someone else so we could both have some extra help.

In another class we had to use a computerized system. If you can believe it, it was even worse as if you made one mistake, you couldn't even go back and fix it. Actually, I couldn't even go back and find the mistake either withouy re-doing the whole thing. I hated that.

[Abfalter]

I am not sure which job I would prefer: accountant or scuba-diving-sewage-plant-inspector....

[Clark Kent]

SUCCESS!!!
I can finally move on from week one!!  The issues were simple enough, it just took me a while to track them down.

[Gambler]

SUCCESS!!!
I can finally move on from week one!!  The issues were simple enough, it just took me a while to track them down.

I wonder if the data they gave you came pre-screwed so that you would have to hunt down the mistake?  Prof's can be tricky that way.

[Clark Kent]

No telling, I often wonder the same though.  Now I'm stuck on a transaction and ahve it figured out, but can't post it until i give the correct name of the person entering the check, which, of course, is not listed in my accounts of idividuals.  Suckage.

[*EZKILL*]

SUCCESS!!!
I can finally move on from week one!!  The issues were simple enough, it just took me a while to track them down.

I wonder if the data they gave you came pre-screwed so that you would have to hunt down the mistake?  Prof's can be tricky that way.

"tricky" is the official term used by professors when their mistakes get found by underclassmen

[Clark Kent]

Anyoen know how to handle this:
received freight bill ...The gayle and sons, incorporated invoice listed a total charge of 243.95, with net 10 credit terms.
The net 10 credit terms is throwing me off, I can't for the life of me figure out what it is.

[jualdeaux]

I believe it means that the bill is due within 10 days of the receipt of the invoice. Or the date the invoice was printed. I don't remember which exactly.

If the terms were 2 net 10, then they get a 2% discount if they pay within 10 days. Sort of an incentive to pay their bills on time.

[Gambler]

SUCCESS!!!
I can finally move on from week one!!  The issues were simple enough, it just took me a while to track them down.

I wonder if the data they gave you came pre-screwed so that you would have to hunt down the mistake?  Prof's can be tricky that way.

"tricky" is the official term used by professors when their mistakes get found by underclassmen

I had an engineering professor one semester who was always screwing up handouts, on the board etc.  When his mistake was discovered he would say, "that's right, but lets continue on with this incorrect number so the handout will match". 

One of my friends had a theater arts class immediately following the engineering class.  One day for his theater class he brought an old russian rifle.  The prof didn't make a single mistake the entire class and spent a great deal of time eying my friend.

That was back in the early 80's.  Can you imagine a student bringing a gun to a class today?

[Dash Jones]

Anyoen know how to handle this:
received freight bill ...The gayle and sons, incorporated invoice listed a total charge of 243.95, with net 10 credit terms.
The net 10 credit terms is throwing me off, I can't for the life of me figure out what it is.

Give the company a call and ask for clarification.  When they give you it, point it out to your professor that his data does not represent what actually happened, and what one should do when discovering fraud...

[Clark Kent]

LMAO, could work...
however, the prof is a blondish, well endowed lady, if you get my meaning, so I think I'll let her be for now...