Accounting Cycle Hacks?

(Taglish)
PT. 1
Wrong Journal Entries? Trial "Un-Balanced"? Worksheet na nagiging piece of,
well, *bleep*? Adjusting entries na mahirap gawin gaya nung pag-adjust mo para
sa kanya? (char). Here are some of my own hacks and tips.
Journalizing Entries:
1. Learn the normal balances of each account para alam mo kung saan mo sila
ilalagay: debit o credit? Analyze mo din and remember what will happen to the
capital/equity account. Example, pag bumili ka ng equipment for cash, both
assets increase (acquisition of asset) and decrease (cash paid). Pag expense,
like salaries expense, madedecrease ang net income mo, thus decrease also in
owner's equity/capital. Always remember that ASSETS and EXPENSES are on the
Debit side while LIABILITIES, OWNER'S EQUITY/CAPITAL, AND INCOME are on
the Credit Side. Know these balances and you're good to go.
Tip: In adjusting entries, we can encounter prepayments, accrued
income/expense and deferrals. Entries can be: Dr. Prepaid expense and cr cash
on original entry and dr. expense and cr. prepaid expense on adjusting entries.
Para di kayo malito, you can use dr. Expense and cr. Payable for accrued
expenses and dr. Receivable and cr. Income on accrued income (you can use the
accrued income/expense as substitute for receivables/expenses).
2. Double (or even triple) check amounts and account titles. Not only that, check
mo normal balance nila. Ang pinaka-worst na enemy ng bawat student is
unbalanced na worksheet, trial balance, and other fin. statements, dahil mali ang
account titles and amount. Double check them, or else di talaga mababalance
yang trial balance mo, and other financial statements. Go over your transactions
and analyze ulitpara malaman mo if tama ba nagawa mo or hindi.
3. Analyze, analyze, analyze. Hindi yung kung ano na ang andoon, yun na. Baka
ang ginawa mo sa "Billed P10,000 to a customer for goods sold", nailagay mo na
Notes Receivable dahil sa "Billed". Or advanced payment received for services to
be rendered, ginawa mo na siyang accrual. Analyze mo ng maigi. If di kaya ng
powers mo, skip for the meantime, then balikan mo.
T-Account/Ledger:
1. Lagyan mo ng date. Alam kong sinasabi yan ng mga teachers, and it is a MUST
na lagyan mo ng date ang mga nilalagay mo na entries sa t-account/ledger. Para
di ka maconfuse, put a small tick mark on the left part of the journal para
maindicate mo na nailagay mo na doon yung account na yun sa T-
Account/Ledger.
2. Look at your balances. Baka ang salaries expense mo, mailagay mo sa credit.
See to it na tama ang amount at normal balance ng mga ito.
Trial Balance and Worksheet:
1. Make sure na tama ang amounts na nasa T-Account/Ledger mo. Pag tapos mo
nang nailagay sa TB/WS ang account na yun, again tick mark na maliit sa left ng
account title ng T-Account/Ledger para maindicate na nailagay na doon ang
account.
2. Look at your balances. Baka ang salaries expense mo, mailagay mo sa credit.
See to it na tama ang amount at normal balance ng mga ito.