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Confession: I have an accounting degree, am 3/4 done with the CPA exams, and still suck at journal entries. My last test is FAR and I know the Sims are going to be fullllll of journal entries. I DO know the account balances (Dr or Cr) for all major accounts so what increases or decreases them, but other than that I really struggle with knowing WHAT accounts to use for different transactions.
Does anyone have ANY tips, tricks, ANYTHING for knowing what accounts to use when? Either in general or for specific/heavily tested transactions in FAR? Since after 4 years of college I still don’t fully under the logic behind most journal entries, I’m really looking for straight up MEMORIZATION tips. Anything easier/catchier than just memorizing every single entry for every single type of transaction.
Embarrassing, I know. But thanks for any assistance!
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