ACCOUNTING CYCLE HACK PART 1 powers mo, skip for the meantime, then balikan

mo.
Wrong Journal Entries? Trial "Un-Balanced"?
Worksheet na nagiging piece of, well, *bleep*? T-Account/Ledger:
Adjusting entries na mahirap gawin gaya nung 1. Lagyan mo ng date. Alam kong sinasabi yan ng
pag-adjust mo para sa kanya? (char). Here are mga teachers, and it is a MUST na lagyan mo ng
some of my own hacks and tips. date ang mga nilalagay mo na entries sa t-
Journalizing Entries: account/ledger. Para di ka maconfuse, put a
small tick mark on the left part of the journal
1. Learn the normal balances of each account para maindicate mo na nailagay mo na doon
para alam mo kung saan mo sila ilalagay: debit o yung account na yun sa T-Account/Ledger.
credit? Analyze mo din and remember what will
happen to the capital/equity account. Example, 2. Look at your balances. Baka ang salaries
pag bumili ka ng equipment for cash, both assets expense mo, mailagay mo sa credit. See to it na
increase (acquisition of asset) and decrease tama ang amount at normal balance ng mga ito.
(cash paid). Pag expense, like salaries expense, Trial Balance and Worksheet:
madedecrease ang net income mo, thus decrease 1. Make sure na tama ang amounts na nasa T-
also in owner's equity/capital. Always remember Account/Ledger mo. Pag tapos mo nang nailagay
that ASSETS and EXPENSES are on the Debit side sa TB/WS ang account na yun, again tick mark na
while LIABILITIES, OWNER'S EQUITY/CAPITAL, maliit sa left ng account title ng
AND INCOME are on the Credit Side. Know these T-Account/Ledger para maindicate na nailagay
balances and you're good to go. na doon ang account.
Tip: In adjusting entries, we can encounter 2. Look at your balances. Baka ang salaries
prepayments, accrued income/expense and expense mo, mailagay mo sa credit. See to it na
deferrals. Entries can be: Dr. Prepaid expense tama ang amount at normal balance ng mga ito.
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

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