[RandomAlt]

So how does everyone here study journal entries?

So far, I’ve been transcribing every journal entry I find into an excel file I created, to keep a database of Journal Entries. The problem is that this is VERY time consuming, and I feel like I’m devoting too much time to this, and it is greatly slowing down my overall progress.

Anyone have any tips about this?

For the record, I use CPAexcel.

FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
BEC - [08/31/2014 --> 86]
AUD - [11/24/2014 --> 88]
REG - [02/14/2015 --> 92]

[jpat1980]

This is how I studies J/E:

At the Top of your page write this out:

Assets = Liabilities + Shareholders Equity

—DR—CR—-DR

---

CR—-DR

---

CR

---

—(+)—-(-)

---

(-)

---

(+)—-(-)

---

(+)

Within Shareholder Equity, you have:

Capital Stock + Retained Earnings – Dividends + Revenues – Expenses

–DR

---

CR

---

DR

---

CR

---

DR—CR

---

DR—-CR—DR—CR—-

–(-)

---

(+)

---

(-)

---

(+)

---

(+)—-(-)

---

(-)

---

(+)—-(+)—-(-)

---

Whenever you practice J/E, having this on the top of the page will help you see how everything should balance. I use arrows instead of the +/- but you get the idea

Good Luck!

AUD-68,74,88
REG-81
BEC-75
FAR-71,79
(Primary: Becker | Supplemental: Wiley MCQ's, Ninja Notes)

CFP - passed(3/2013)
(KIER, College for Financial Planning-cffp.edu, Jeff Rattiner Books and Notes)

[jpat1980]

This is how I studies J/E:

At the Top of your page write this out:

Assets = Liabilities + Shareholders Equity

—DR—CR—-DR

---

CR—-DR

---

CR

---

—(+)—-(-)

---

(-)

---

(+)—-(-)

---

(+)

Within Shareholder Equity, you have:

Capital Stock + Retained Earnings – Dividends + Revenues – Expenses

–DR

---

CR

---

DR

---

CR

---

DR—CR

---

DR—-CR—DR—CR—-

–(-)

---

(+)

---

(-)

---

(+)

---

(+)—-(-)

---

(-)

---

(+)—-(+)—-(-)

---

Whenever you practice J/E, having this on the top of the page will help you see how everything should balance. I use arrows instead of the +/- but you get the idea

Good Luck!

AUD-68,74,88
REG-81
BEC-75
FAR-71,79
(Primary: Becker | Supplemental: Wiley MCQ's, Ninja Notes)

CFP - passed(3/2013)
(KIER, College for Financial Planning-cffp.edu, Jeff Rattiner Books and Notes)

[RandomAlt]

@clbrown23 – Thanks for reviving my JE post

I've gone through some trial and error regarding practicing JEs and CPAexcel. My current system seems to be working out…of course we will see how well when I actually get to the exam 😉

My original problem is that I couldn't “post-it note” J/Es like you can for easy reference. I have the only only system, which did not include the physical book, so all study text is online, and I have to download it. So all JE's are within the text, and there is no way to tell if there is an important JE in the text without opening it up and searching.

My first system:

I created an excel spreadsheet. As I went through each topic, I would type out the example & JEs within the excel. Different topics were different tabs. This would have been my ideal setup, BUT, it was insanely time consuming, and just didn't work from a time-benefit standpoint.

My current system:

As I go through each topic, I copy the example into a word document. I don't put the JEs in there, just the problem. I divide them by topic name, and keep them in the same order as CPAexcel. This way I have every JE for every topic laid out, and I can just refer back to the study text for the actual entries (of course I attempt the do the JE myself before referring back). This way has allowed me to save a lot of time, but have one source for JEs.

As a side not, this is one of my only major disappointments with CPAexcel so far. Considering how important JE's are, there should really be one place where all JEs are listed and explained.

FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
BEC - [08/31/2014 --> 86]
AUD - [11/24/2014 --> 88]
REG - [02/14/2015 --> 92]

[RandomAlt]

@clbrown23 – Thanks for reviving my JE post

I've gone through some trial and error regarding practicing JEs and CPAexcel. My current system seems to be working out…of course we will see how well when I actually get to the exam 😉

My original problem is that I couldn't “post-it note” J/Es like you can for easy reference. I have the only only system, which did not include the physical book, so all study text is online, and I have to download it. So all JE's are within the text, and there is no way to tell if there is an important JE in the text without opening it up and searching.

My first system:

I created an excel spreadsheet. As I went through each topic, I would type out the example & JEs within the excel. Different topics were different tabs. This would have been my ideal setup, BUT, it was insanely time consuming, and just didn't work from a time-benefit standpoint.

My current system:

As I go through each topic, I copy the example into a word document. I don't put the JEs in there, just the problem. I divide them by topic name, and keep them in the same order as CPAexcel. This way I have every JE for every topic laid out, and I can just refer back to the study text for the actual entries (of course I attempt the do the JE myself before referring back). This way has allowed me to save a lot of time, but have one source for JEs.

As a side not, this is one of my only major disappointments with CPAexcel so far. Considering how important JE's are, there should really be one place where all JEs are listed and explained.

FAR - [10/07/2013 --> 66] [07/07/2014 --> 86]
BEC - [08/31/2014 --> 86]
AUD - [11/24/2014 --> 88]
REG - [02/14/2015 --> 92]

[LoveEventing]

@jpat1980, I like your approach. I'm going to try that! Journal entries are my downfall.

BEC - 68, 76
AUD - 90, 91
FAR - 63, 83
REG - 55, 79

FINALLY DONE!

[LoveEventing]

@jpat1980, I like your approach. I'm going to try that! Journal entries are my downfall.

BEC - 68, 76
AUD - 90, 91
FAR - 63, 83
REG - 55, 79

FINALLY DONE!

[Anonymous]

Many accountants who know Journal Entries very well know them because they have a good working knowledge in financial accounting. For some of us who have never directly worked in Financial Accounting, and who are learners who learn by doing, it can be very confusing trying to only learn financial accounting from pieces and parts in a book.

What you need is to return to the basics for a few days and to do so in a way that will give you problems that you can solve and hence learn by doing. There are probably many programs/apps you can download that will do this for you.

One that I found and highly recommend is for the Ipad and is called My Accounting Teacher. The cost of it is very low, like 10$ for all the sections, and the teacher who gives the short lectures is probably the best financial accounting teacher I have ever listened to. He also includes quizzes on JEs that can help you solidify the information in your mind.

On their website I think they also make a PC version of the software if you do not have an Ipad. Just type in My Accounting Teacher in Google and the website should come up.

Also, i have no connection with the guy who teaches this, someone just recommended it to me and it really helped me with re-learning/understanding journal entries.

[Anonymous]

Many accountants who know Journal Entries very well know them because they have a good working knowledge in financial accounting. For some of us who have never directly worked in Financial Accounting, and who are learners who learn by doing, it can be very confusing trying to only learn financial accounting from pieces and parts in a book.

What you need is to return to the basics for a few days and to do so in a way that will give you problems that you can solve and hence learn by doing. There are probably many programs/apps you can download that will do this for you.

One that I found and highly recommend is for the Ipad and is called My Accounting Teacher. The cost of it is very low, like 10$ for all the sections, and the teacher who gives the short lectures is probably the best financial accounting teacher I have ever listened to. He also includes quizzes on JEs that can help you solidify the information in your mind.

On their website I think they also make a PC version of the software if you do not have an Ipad. Just type in My Accounting Teacher in Google and the website should come up.

Also, i have no connection with the guy who teaches this, someone just recommended it to me and it really helped me with re-learning/understanding journal entries.

[Sally WEN]

Hi. Everyone! I have a question about the simulation of FAR. I was doing a simulation about intercompany transaction

what I did is like this

Dr: gain on sale 40000

Cr: Accumulated depreciation 20000

Cr: Equipment 20000

Dr: Accumulated depreciation 5000

Cr: Depreciation Expense 5000

However, the solution is shown like this

Dr: Gain on sale 40000

Cr; Accumulated Depreciation 15000

Cr: depreciation Expense 5000

Cr: Equipment 20000

In the real exam, which way is right? or they are both right? Please let me know. I am so confused!

[Sally WEN]

Hi. Everyone! I have a question about the simulation of FAR. I was doing a simulation about intercompany transaction

what I did is like this

Dr: gain on sale 40000

Cr: Accumulated depreciation 20000

Cr: Equipment 20000

Dr: Accumulated depreciation 5000

Cr: Depreciation Expense 5000

However, the solution is shown like this

Dr: Gain on sale 40000

Cr; Accumulated Depreciation 15000

Cr: depreciation Expense 5000

Cr: Equipment 20000

In the real exam, which way is right? or they are both right? Please let me know. I am so confused!

[CPAsweetness]

Hi, Sally WEN.

I have been in accounting a longggg time. Your journal entry does “net.” So, technically, it is right; however, look at what you did. You have a debit and credit for depreciation — it's not “clean”. Net the two numbers to 15,000. I have not taken FAR or understand how they will grade it, but, I am assuming that you might want to just net those two depreciation entries for the sake of a “cleaner” journal entry.

Does this make sense? Again, they are both right.

Let me know if you need more help.

[CPAsweetness]

Hi, Sally WEN.

I have been in accounting a longggg time. Your journal entry does “net.” So, technically, it is right; however, look at what you did. You have a debit and credit for depreciation — it's not “clean”. Net the two numbers to 15,000. I have not taken FAR or understand how they will grade it, but, I am assuming that you might want to just net those two depreciation entries for the sake of a “cleaner” journal entry.

Does this make sense? Again, they are both right.

Let me know if you need more help.

[Author]

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