FA: Financial Accounting

Next month, my MBA life will begin, registered total 3 subjects for first trimester. One is FA, because I still worrying about my english, and FA is basical and maybe more technical and less discussion. Nowadays, except for keep listening english, I try to have a preview about FA, found a great website, " Accounting Tutorial"! Thanks for the author.

Easy Method to journal entries.
Follow these simple steps. Ask yourself these questions:
1) Is Cash used in this transaction? Cash is your first Asset account, it falls on the Left side of the equation, and will be used very often. It is easy to remember the rules for the Cash account: Debit = Increase; Credit = Decrease.
2) Was Cash received or paid?
Cash Received = Increase = Debit Column = Left Column
Cash Paid = Decrease = Credit Column = Right Column
Decide whether Cash belongs in the Debit or Credit column, write the word "Cash" in the Account column, and the dollar amount in the Debit or Credit column. You are now half way done with the journal entry.
3) Enter the balancing dollar amount in the opposite column as Cash. You don't need to worry about the other account title yet. Remember that a double-entry journal entry needs equal dollar amounts in the Debit and Credit column for each journal entry. Make that dollar entry now, and you're 75% done.
4) Refer to the information given, check the Chart of Accounts, tighten your thinking bolts and select the correct account for the second part of the journal entry. Use account titles exactly as they appear in the Chart of Accounts. Don't get creative and make up account titles. If you want to be creative take an art class. (hee, hee... just kidding ;-)
5) If Cash was not used you can substitute "Cash" temporarily where it would go IF it had been used in the transaction. For instance, suppose you are at a restaurant. You could pay in cash, or charge the meal on a credit card. Either way you have paid for a meal, and the journal entry will be very similar. So you can pencil in the word "cash" lightly where it would go. After you finish the journal entry, refer to the Chart of Accounts and replace "cash" with the appropriate account, which will usually end with "Payable" or "Receivable" such as Accounts Payable, Interest Receivable, etc.

--
Good good study, Day day up ...