[vvSPAZvv]

Hi guys,

Hoping I can get some advice. I am studying for FAR right now and on F6 [pension/income taxes] currently. As I finish up with the SIMs for this lesson (I am using Becker), I am realizing how poorly I am doing with journal entries. I can crank the right amounts out with no issue, but am struggling when it comes to deciding on which accounts to debit/credit.

Any tips on how to improve??? I might try writing them out on flashcards, but I hate the “memorization” aspect of that. Can anyone relate?

FAR - 76! 10/15; (65) 7/15
BEC - 82! 11/15; (74) 8/15
AUD - 01/16
REG - TBA

[10keyLeah]

I'll throw this out there since it's been awhile since I took FAR. Are you struggling with the names of the accounts or just which ones to credit or debit? I think you are saying the later. I suggest going back to the equation: assets = liabilities + equity + revenue – expenses. learn the natural balance for each. Then you can recognize that, for example, a liability will have a natural credit balance.

Ninja Combo, Yaeger, Wiley -- Licensed CPA, May 2015

[cpagal]

Here is a basic easy way. Most companies always report the balance sheet first. So think

Positive equals debit and negative equals credit

+ assets

– liabilities and equity

– revenue

+ expenses

It's basic and there are some asset accounts with normal credit balances like acc depr and many others but that is the easy basics +–+

FAR - 08/30/15 - 90
AUD - 11/12/15 - 92
REG - 01/19/16 - 82
BEC - 02/29/16 - 83

Passed all on 1st attempt using GLEIM (full program) and NINJA (MCQ only)!!!

Louisiana Licensed CPA

[EuroAddict]

Your idea of writing them down is a good one.

And like the above poster asked, what is it that confuses you about them? Let's narrow that down and go from there.

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[Anonymous]

A lot of the journal entry process IS memorization (or perhaps “routine” is a better word). There's nothing wrong with memorizing account titles for certain types of transactions. Ultimately, it will become second nature.

If you're asking specifically about the chapter on pensions (F6), study pages 13-17 really carefully. There are a lot of good examples and diagrams in those pages to help you learn how it all works together.

[vvSPAZvv]

Particularly with F6 I struggle with the account credits/debits. I have never struggled so much with journal entries before — it is just one of those things that has not clicked for me. When I moved on to F7, I had no issue with those journal entries.

@CaseyTX — thanks for the page reference. I will go back through and try to nail those entries.

FAR - 76! 10/15; (65) 7/15
BEC - 82! 11/15; (74) 8/15
AUD - 01/16
REG - TBA

[Author]

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