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General Accounting Discussions: adjustments

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    • CommentAuthorcarol4u79
    • CommentTimeJun 29th 2007
     
    i am having trouble about how i do my adjustments also the terminology the correct names that is suppose to go in the accounts description area like for instance provided services i would record as fees earned can someone help me understand more better you can email me carol4u_79@yahoo.com
    • CommentAuthorchris
    • CommentTimeJul 25th 2007
     
    Try to assess the transactions from the entity point of view the basic assumptions and principles of accounting are a must to understand the recording aspects
    for example,
    when you record a debit the "credit aspect" of the transaction is given as a description to that debit (mind you it is the "Credit aspect") i.e
    in the ledger the credit aspect is entered as the description in the debit coloumn

    Thus, to understand these subtle aspects you need to have a thorough understanding of the Double Entry System
    Thankful People: carol4u79

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