MERCHANDISING DOCUMENTS?! NO MORE TRANSACTIONS?!
Today, I was able to feel a lot of emotions.
Shock because I learned that Sr. Randy would no longer provide us with business transactions but merchandising documents already. Of course shock would be the primary reaction as I was used to making a journal entry through the given and prepared transactions so I thought that maybe I would have a difficult time in making the journal entries this time. I usually finish journalizing 15 transactions within an hour because erasures would mean a demerit in our grades and in order to avoid error in principle. While Sr. Randy said that in the PT we would only be given 1 hour and 30 mins. so I was quite shocked.
Happy because I was able to gain new knowledge today. I did not know anything about merchandising documents unlit today as this is the first time I have encountered them. But despite that I was able to learn about a lot of them including the Invoice (Sales/Purchase), Purchase Order,Credit Memo, Debit Memo, Official Receipt, and also Voucher. Today I was able to learn that these documents give all the information needed in journal making.
Confused because I am not able to catch up in some parts of the discussion due to the cold temperature. One of the things that I can't seem to understand is how and where in the documents should I look for the needed information in a journal entry. But I somehow quite understand this topic overall.
