Accounting

Daily Journal

01/10/11- First day of class

01/12/11 – Was quite confused of what we were supposed to do and accomplish. As a team we pieced together what was expected and how the process of the project was to be carried out. We started and finished one transaction. We spent most of the class period trying to figure out the steps and the process to post the transactions.

01/17/11 – We began the second transaction. We used the flow charts to guide us through the process and to walk us through the steps. We eventually discovered the documents folder that contained all the documents. The second document was too easy, and we were weary of missing a few steps.

01/19/11 – Finally getting into the rhythm of completing transactions. We completed three transactions. We completed the customer purchase order with the correct signatures. We tried to figure out when the bill of lading needed to be completed, then came to the conclusion that we would fill it out later. The second transaction regarding a customer return was fairly straightforward.

01/24/12 Finished transaction 22 and continued onto the next transaction. Had questions of when to post into inventory ledger as well as purchases. Struggled with the cash difference between Branch college check and posted amount on purchases, then realized the 10-day discount was added into effect of the price.

02/02/12 - Began working on transaction 26 dealing with the bookshelves. It took us a while to figure out where to post these transactions and exactly how and when. We eventually figured it out. We learned that we should create an accounts receivable – employee. We also posted the transaction into the general journal because it obviously did not fit into any of the specialized journals. Another problem that we faced was how to correctly depreciate the furniture while keeping the value at zero. We spent most of class trying to figure out the transaction and learning the process of the transaction....