DUE TONIGHT-----ACCOUNTING!

Due Thursday 

This week we will focus on steps 1 Analyzing business transactions, Step 2 Journalizing the transactions and Step 3 Posting Entries to general ledger accounts. We will start by learning about debits and credits. 

As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each account should be active for accumulation of costs, revenues, and expenses.

T accounts help us to visualize increases and decreases for an account. The left side of any account is always called the debit side and the right side of any account is always called the credit. We must determine the type of account before associating plus or minus. Review the T accounts presented in Chapter 2 Exhibit 2.6.

1.    What do you think of when you hear the word debit? What do you think of when you hear the word credit?

2.    What does our textbook say about debits and credits?

3.    How would you describe the left (debit) and right (credit) side of each of the four basic account types: Asset, Liability, Equity, Revenue and Expense? Can you share an example of each type?

4.    Which account types are presented on the Balance Sheet? What about the Income Statement?

5.    Our eBook describes how to calculate an account balance. Can you describe this process for the Cash account in your own words? How is this process different for a Liability or Owner’s Equity Account?

6.    What does the term ‘normal balance’ mean?

Due Monday 

Reply to at least 2 of your classmates. Be constructive and professional in your responses.

Scoring

There is a Grading Rubric used for every discussion week. The four criteria are: 1) Initial Response Timeliness 2) Initial Response Comprehension 3) Response #1 and 4) Response #2.

Please review the required criteria for achieving Accomplished, Emerging, Beginning, or Not Evident in the rubric for each criteria.

As a general rule, I am looking for your understanding and comprehension of the course content through the discussions. Please be sure to demonstrate this in your posts. For more specific guidance see below.

Detailed Guidelines on Participation

It is highly recommended that you participate throughout the week rather than posting the two required responses during the last two days of the week. Contributing to a robust discussion throughout the week will help you exchange insights with your classmates, clear up any of the concepts that are confusing, and gain valuable insights from the instructor which may help with your assignments.

To receive full credit, your posts must be substantive. For this class, substantive means that your message has substance and helps to further the discussion of course content. Substantive messages will often include contributions of additional ideas and sources, insights or questions about classmates’ comments, connections to the course readings, ways of applying the lessons from the course, etc. 

Short comments, such as "Good idea" or "I agree," do not constitute substantive posts on their own. Comments that are unrelated to the topics at hand (for example, “I saw that movie too!”) will not count as a substantive post. If you say you agree about something, please explain why you agree. Add an additional insight or question to further the discussion and generate an opportunity for your classmates to respond.

Tips for Creating Substantive Participation Posts

• Explain why you agree or disagree, and add some examples to support your belief.


• Relate your personal or work experiences to the topic at hand.


• Ask additional questions of your classmates.


• Make connections between the topics at hand and the readings in the text.


• Add ways you can apply the lessons from the class in your work and educational life.

Quality, Substantive messages will directly relate to the Syllabus Objectives/Competencies. Class members should expect substantive messages to identify the specific Objective/Competency and spell out exactly how it pertains to the actual content of the message. In other words, readers need not guess how the Syllabus Objectives/Competencies apply to the message itself. 

Dos

• Relate the message to the course objectives/competencies and include new ideas,personal perspectives and examples, or relevant follow-up questions.


• Explain how the new idea or perspective is distinguished from all other posts in the discussion.


• Proofread and run spellcheck before posting the message.


• Honor the UOPX Confidentiality and Proprietary Information Policy.

Don’ts

• Copy and paste material directly from another source – this is plagiarism


• Choose a chapter reading and simply summarize part of its content.


• Post an “I agree…” summary message and expect it will earn substantive credit.


• Post two or more responses directly connected to each other in any thread section, as this creates the appearance of splitting one relevant, substantive message into two or more.


• Answer a question posed in a message only by cutting and pasting text from a relevant, credible source. (Pasting an author’s “text” within quotation marks is encouraged to convey clearly the answer, so long as APA format is used and the quote is followed by an explanation of how the answer relates to the Syllabus Objectives/Competencies.


• Answer your own questions posted to the class, as this creates the appearance of piggy-backing posts.