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.