For this journal task, first explore the SNHU Career Development Center, the Psychologists: Occupational Outlook Handbook from the Bureau of Labor Statistics (BLS) on psychologists, and the cognitive psychology career-related links accessed from the webpage, A Career in Brain Science and Cognitive Psychology, of the American Psychological Association (APA).
Next, share your thoughts on these career-specific links and write a journal that addresses the following:
DISCUSSION 2
This week we will focus on steps 1 Analyzing business transactions, Step 2 Journalizing the transactions and Step 3 Posting Entries to general ledger accounts. We will start by learning about debits and credits.
As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each account should be active for accumulation of costs, revenues, and expenses.
T accounts help us to visualize increases and decreases for an account. The left side of any account is always called the debit side and the right side of any account is always called the credit. We must determine the type of account before associating plus or minus. Review the T accounts presented in Chapter 2 Exhibit 2.6.
1. What do you think of when you hear the word debit? What do you think of when you hear the word credit?
2. How would you describe the left (debit) and right (credit) side of each of the four basic account types: Asset, Liability, Equity, Revenue and Expense? Can you share an example of each type?
3. Which account types are presented on the Balance Sheet? What about the Income Statement?
4. Our eBook describes how to calculate an account balance. Can you describe this process for the Cash account in your own words? How is this process different for a Liability or Owner’s Equity Account?
5. What does the term ‘normal balance’ mean?
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more