Cloudy's Cafe, a conversation zone, Sept. 17, 2002

[Sir Goulum]

Originally posted by Attalus: quote: Originally posted by Lioness: Lol, Attalus, yeh, they give a ton of homework... You can work and sleep, sleep and socialize, or work and socialize... *yawns and falls asleep* zzzz....

LOL, yeah, reminds me, but more of medical school than prep school. BTW, Sir G, nice sig. Like it much better than the old one.[/QUOTE]Thanks! Someone at Valhalla made it for me...its in almost all my sigs in almost all the forums I'm at! [img]smile.gif[/img]

[Cloudbringer]

HI!! I'm popping in for a few minutes before doing some more cleaning. Got my family coming on Friday.

Just watched Enterprise and ate dinner. Had a good game of multiplay BG2 with some friends and we're kicking some major butt with our team! This may be the one where I finally finish BG2...someday... LOL.........

[Sir Goulum]

Originally posted by Cloudbringer: Just watched Enterprise and ate dinner. Had a good game of multiplay BG2 with some friends and we're kicking some major butt with our team! This may be the one where I finally finish BG2...someday... LOL.........

Hey Cloudy! I saw Enterprise yesterday! Wasn't it great??? I thought it was kind of easy for the crew , though...

[True_Moose]

Originally posted by Cloudbringer: HI!! Just watched Enterprise and ate dinner. Had a good game of multiplay BG2 with some friends and we're kicking some major butt with our team! This may be the one where I finally finish BG2...someday... LOL.........

Cool, my grandma's coming in a week. Missed Enterprise though, could someone brief me on what happened (I had hockey tryouts.)

[Azred]

Originally posted by MagiK: What I could use is a simple road map. That starts at the basic T account info, to the General Journal all the way out to the closed account form basicly a map that shows, make this form/chart, then this one, then the next in the order of precidence from the beginning of the accounting cycle to the end. Also a way to remember which accounts carry debit balances as normals and which accounts carry credit balances as a norm. I do know that in general on the asset side of the equation you have debit balances and on the liability and owner equity side you usually have credit balances, but there are exceptions to that rule and Im not clear on how to remember the exception.....gads I hate this stuff. [img]smile.gif[/img] was any of that intelligable?

I see. Well...the fundamental of all accounting is the "T-entry", which means only that every transaction has two sides--one debit, one credit. In the T-form, debits are on the left and are always entered first; credits on the right and always entered second (according to GAAP).
A General Journal entry is a record of a transaction entered from a T-form ($500 debit to my bank account, $500 credit to sales income, for example); a journal entry may be a compilation of many simple two-sided entries (every sales receipt gets logged against sales income, even though each sale was logged into separate customer accounts). The General Ledger is the entry book for all journal entries.
Forget what you think of when you hear "debit" card and "credit" card. A debit increases the balance in asset and expense accounts (like a bank account, inventory asset, or accounts receivable). A credit increases the amount in liability, income, and equity accounts. I think of them this way--a debit AX up (asset, expense) and will LIE down (liability, income, equity); a credit is just the opposite.
Combine this information with the fundamental accounting equation "assets = liabilities + equity" and you've covered the first 2 or 3 chapters of most beginning accounting books.
Accounting is one of those subjects, like calculus, that you keep studying until you wake up one morning and suddenly understand it. [img]graemlins/petard.gif[/img]

Now that I have totally bored the general listening audience [img]graemlins/laugh3.gif[/img] I will progress on to other matters. Well, if you wanted to be really bored I could always talk about actuarial science and IBNR calculation.... [img]graemlins/saywhat.gif[/img] [img]graemlins/idontagreeatall.gif[/img]

Belle outscored me in tennis again. Oh, well, it's all for fun anyway. [img]graemlins/beigesmilewinkgrin.gif[/img]

I see also that kitcat, the littlest big cat, has cornered another victim. The poor little cricket.... [img]graemlins/laugh3.gif[/img]

That's about enough typing for now. Good evening! [img]graemlins/petard.gif[/img]

[Attalus]

Hi, Azred [img]graemlins/wavey.gif[/img] li'l black kitty ne'er came back, but, Gal seems to have forgoten about it. Gotta say good night, all. Way too late for me.

[Attalus]

Morning, everybody. Sorry to double-post, but have got to get Cloudy's out of the bottom of the page. Hope all is well, it's raining buckets, here, and we needed it. Texas is where, when you come to church Sunday morning, and the congregation is smiling, you know that it rained Saturday night.