ACCT1001 discussions (1 Viewer)

[fush]

damn i got 9!!!

 

[aditya]

I GOT *!!!!!!!!!!!!! :'(

it was so complete stupidty.... i swear i put financial performance i swear it i swear it i swear it :'(

 

[sarevok]

does any one know where you record an invoice in the balance sheet? i know it should go in the accounts receivable on the assets side but where should it go on the right side? thanks

 

[absolution*]

what sort of invoice?

 

[sarevok]

i'm referring to this item in the journal included in this week's lecture notes:

"Invoiced Randwick Youth Club for $3,000 in bike rentals."

 

[frodo]

it goes in accounts receivable and then in the liabilities because u still have to give a service i think

 

[redruM]

seems correct to me.

since you have invoiced it, you will debit your a/rec. but it is unearned revenue, so liabilities will be credited. if you had already "worked" for the money you are owed, then it would go under revenue (cr).

 

[sarevok]

ah, ok. thanks

 

[Airazer]

hoos got adrian stark?

 

[scut]

hoos got adrian stark?

I had him last yr as my tutor for ACCT 1A. He seemed a bit scary at first, but he's not a bad guy.

 

[alexialight]

Regarding the online test, do we now HAVE to do it on one of the university computers or do they just recommend that we do?

 

[ToO LaZy ^*]

it's a recommendation

 

[chickenntaters]

Regarding the online test, do we now HAVE to do it on one of the university computers or do they just recommend that we do?

Actually I think we have to do it at uni now. On blackboard there is a new announcement that says:

To minimise future administration (and administrative overload for me!) and to preserve the integrity of the online quizzes, please take note of the following. These actions will be effective immediately. We seek your understanding.

1) You must attempt all online quizzes on campus. This ensures that where technical difficulties arise, you will have technology support from ITS. You can only attempt the online quiz once (no exceptions). You will need to prove to me that you logged in on-campus and that the computer had malfunctioned in order for your to obtain a 'non-zero' mark.

 

[ToO LaZy ^*]

dang..didnt see the msg before

 

[absolution*]

i dont get it. the online quizes are worht 10%. So does that mean if you dont do one of them you get 9/10?

 

[QuaCk]

i think each individual question is worth 0.1%

so if you got 9/10 for first quiz
that'd be 0.9% so far.
accumulating up to a possible 10%

 

[absolution*]

heh, thats so stupid.

 

[ToO LaZy ^*]

a question from P2.3 (page 109)

when a portion (or the whole lot) of the accounts payable is paid back, does this become an expense?
eg. Paid $2700 cash of the balance of accounts payable

 

[redruM]

hmm..i think not.

you acknowledge something as expense, when you incur it. and an a/pay suggests something is owed from before. so if you pay off your a/pay then you are paying off something you incurred in the past.

i'm not too sure when you say "does this become an expense".

i suppose you can think of the journal entry to coincide this.
paid cash to reduce a/pay
.'. DR a/pay 2700
CR cash 2700

 

[xiao1985]

@ too lazy: affirmin on red drum...
u expensed already when u record the payable... when u actually pay it, cash is reduced(CR) and a/p is reduced (DR)...