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General Accounting Discussions: Need some homework help

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    Hello there. I am currently taking an Accounting I class and am having some difficulty in it. Particularly I need some help with the homework. I have been working in the banking industry for years but the accounting bookwork seems almost "backwards" to me. Is there someone that would be willing to give me some basic assistance via email? I can email the problems to you for your review. I really could use some pointers and better explanations for processing the answers. Thanks a million.

    Jodine Foster
    jfoster91@sbcglobal.net
    • CommentAuthorMrMatt
    • CommentTimeJun 3rd 2007
     
    You are absolutely right Jodine. Banking is "backwards" as a result of its industry. For instance, a deposit of cash from a customer is actually a liability to a bank and therefore recorded as a credit. E-mail me with any questions and I'll do my best to help you out when I can.

    Matt
    • CommentAuthormacc2101
    • CommentTimeJun 23rd 2007
     
    Hi Jodine, I just finished my degree and have may sites that have helped me. You can post your questions to me as well and I wil try to help.
    • CommentAuthorranje
    • CommentTimeJul 12th 2007
     
    A positive bank balance from the perspective of the bank is shown as a credit because the account is a liability to the bank.
    i.e. the bank owes money to the client.

    When you are in accountancy class you prepare accounts from your perspective or your business perspective. i.e. positive bank balances are debit entries.
    Thankful People: nya

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