The First Task Sheet: Is It Difficult?
link to the pics: https://drive.google.com/open?id=0BwEa3AcEFeXmZERuMVhnUHppd2M
This is our very first job sheet this year according to Sr. Randy, so I am a bit nervous since job sheets are a big part of our grades. Although this one only has 6 transactions, and it was done by pair, I still have the "renewed" feeling because after such a long time, I would be making a journal once again. If I remember it right, the last time I made journal entries was during the first quarter of the last academic year. And as I make the journal entries, it is very noticeable that I already forgot how to make journal entries. At the very least, I did not forget to put the Date, Particulars, F, Cr, and Dr on top. But some of the things I (almost) mistook on doing are:
- I placed a header. I was used on doing this because in the last documents that I made, it is a must to put one to differentiate the documents.
- (Good thing I did not really do this) I thought that I was supposed to write a "Total" to end the document by totaling the debit and credit. On the last documents that I completed, it is always a must to total and balance them so I was expecting to do the same on this. Good thing, when I asked my classmates, they reminded me that it is not needed for the journal.
Thankfully, I was able to perform well in this job sheet despite the things that I forgot regarding what to do in a journal entry.
For this job sheet, I became quite familiar to the new account titles that we used such as Merchandise Inventory Beginning, Purchases, and Purchase Discount. I was able to differentiate Merchandise Inventory Beginning and Purchases, MIB is the merchandise you bought at the start of the business of at the beginning of the accounting period. While Purchases refers to the merchandise bought during the operation of the business (usually has "additional merchandise" on the transactions) . Although, I am still not used to the discounts and the terms. As you can see in my paper, I tend to forget that there is a possibility of Purchase Discount suddenly appearing. I should always double check the previous transactions so that I won't forget this. In order to maintain this streak, I should always be cautious of the previous transactions and double check for any missing account titles.
I hope to maintain a perfect score streak, which is why I should always be reminded of my previous mistakes so that it won't be repeated again. (even if it does not reflect in my paper).
