Writing a Journal Entry - Essential Info

Finance is the most crucial area of all for every business company. So it is implicit that accountants should keep the finance organized. They do so by keeping the general journal - the obligatory official document of all firms.

The General Journal is a book where each business transaction is recorded in chronological order (Journal). An entry in the general journal that represents a single transaction is known as a Journal Entry. To organise the money info of the company accountants developed a system that helps to go into the transactions into the general journal correctly (Avercamp). It sorts the transactions into the categories called accounts, which are really recorded into the general journal. Each company uses an individual chart of accounts (Avercamp). The chart of accounts is a listing of the accounts with their numbers or codes that are most likely to be affected by the transactions sometimes manufactured by a selected sort of business (Avercamp). It is composed before the company's start and referred to whenever the journal entries into the general journal are made (Avercamp).

A general journal entry looks like this:

- Date - Account - Debit - Credit

Date is the column in the journal that shows when the transactions were made in chronological order.

Account is a column that demonstrates the names of the accounts influenced by each transaction. It may also show the number or code of those accounts from the chart of accounts or short description of the transaction (General). This helps to prevent confusion between similar accounts (General).

The other two columns are used to show what impact the transaction had on the organisation. They are to be filled with buck amounts. Debit or the left-hand side of the account shows increase in asset and expense accounts and decrease in liability, equity, and income accounts (Journal). Credit or the right side of the account shows increase in culpability, equity, and money accounts and crease in asset and cost accounts (Journal).

Each transaction made by the company influences at least 2 different accounts, so it must be both debited and credited but as a different account (White). To paraphrase to record any transaction one constantly uses both debit and credit (White). This is the concept of the double-entry system (White). As an example many transactions involve cash, so it is important to understand that whenever money is received it has got to be debited and credited if paid out (White). It is also important to remember that some other account needs to be credited in the 1st case and debited in the second one.

To make a correct Journal entry the accountant should do the following:

1. Recognise the transaction or other event (Accounting).

2. Analyze and classify the transaction. Identify the accounts that are influenced and whether or not they are to be debited or credited (Accounting).

3. Record the transaction by making entries in the proper column of the general journal (Accounting).

There are some beneficial rules to be followed as one does the prior. Those helpful rules are:

Try and make the journal entry contemporaneously with the transaction it is recording or soon after the event while all the facts and details are fresh (White).

Keep the back-up documentation for each journal entry.

Don't forget to check whether your Debit equals Credit which is mandatory for the balance.

The General Journal is an official part of keeping track in financial side of every business as it shows the event, the accounts influenced, whether those accounts are increased or decreased, and by what amount (General). That's the reason why it's vital to understand how to make the journal entries and do so correctly.

Learn How to Write a Comparison Essay

There are lots of different kinds of essays, and every one of them serves a special purpose. Among the most popular essay papers are argumentative essay, descriptive essay, definition essay, convincing essay, and comparison essay.

This paper will focus on the latter essay type, notably it will define, state the purpose, discover necessities and draw up rules for writing comparison essays.

A comparison essay dwells on the similarities and differences between 2 or often more concepts, works, folks, things, or places.

Often this sort of essay is also known as a comparison/contrast essay. It infers that a comparison essay shows the similarities, whereas, a contrast essay demonstrates the differences. Nevertheless in most situations the term "comparison" combines the features of both, and is still used as a more general name, in view of the plain fact, that contrast is generally the results of comparison.

Comparison essays might serve different purposes, for instance to sort things, to make them more clear, to decide what is better or what suits better in this or that particular situation.

This essay type might reveal:

A fair opinion, when we only wish to analyze the facts or information more completely;

A biased opinion, when we want to assure the audience of the benefits of one concept, person, or thing.

To write a good comparison essay you should organize your writing process correctly, strictly stick to an essay structure, and follow the guidance given below.

First, decide what 2 or more objects, people, or ideas you may study and compare. The main need is they must have common features. Otherwise, the whole paper will have no theory behind it. It can be helpful to make a draft in form of a table, where you can list usual aspects or features that can be compared. Then, after you fill out the table, undefined see whether all traits characteristic of one object are characteristic of the other. You must also decide if undefined to write your essay based on comparison, contrast, or both.

Secondly, before writing you should decide what sort of structure your essay will have. There are 2 possible options for the comparison essay structure. The 1st one is the so-called" Subject by Subject" structure, in which you first tell everything about one of the things compared, and then, in another paragraph - about the other one. It is crucial to have the same order of points of comparison or contrast in both sections. The other option is the so-called "Point by Point" structure. In this example you have as many paragraphs as there are features, where you include description of both concepts being compared.

The audience is vital. It is natural, that you have to use different vocabulary when addressing to your professor and high school students. When taking into consideration the spectators, you need to be sure that the information or message will get through and will have the desirable effect.

Transitory words is another vital point. Sometimes it is really tough to understand whether the writer still means the very first thing or concept, or already the second one. To avoid paradox you need to remember about words and phrases that will make your statements more clear.

Transitory words of comparison are: like, alike, likewise, correspondingly, in like manner, similarly, same, the same as together with, both, similar, most crucial, in the same way, as, also, share identically.

For comparison the following phrases and terms could be useful: though, on the contrary nonetheless, whereas, in contrast to, unlike, even though, yet, however instead, not alike, opposite, unequal, on the one hand From an alternative perspective, while, unless, the reverse, nonetheless, contrasted, different, dissimilar, distinct, divergent, various, ill-matched, non-compatible, not related.

Although we compare things, folks, or ideas daily, writing a comparison essay demands an inclusive preparation and will be very well thought out. If you keep to the points debated above, your essay will be logical, plausible and will serve its purpose.

Sample Essay - Negative Economic Issue Facing Waverider Comunication Inc.

Reading  some well-written essay samples can be a good solution if you're a beginner and don't know how to write an essay. The essay below was written by a custom essay writers who know their business.

 

An outline:

A.   The introduction. The particularities of Waverider’s activity.

B.   The negative economic issues facing Waverider.

C.   The ways of improving the economic situation of Company.

D.   The conclusions.

 The foreword:

WaveRider Communications Inc. is the world leader in non-line-of-sight (NLOS) broadband wireless products for license-exempt spectrum. WaveRider's NLOS products have been deployed by wireless Internet service providers, municipal governments, utility companies, telecommunications providers, and other network operators to deliver high-speed communications services to subscribers. The company continues to develop and market industry-leading technologies for the broadband wireless market. WaveRider is traded on the OTC Bulletin Board, under the symbol WAVC¹.

During the year ended December 31, 2002, WaveRider Communications Inc. experienced a substantial decrease in the Company’s stock price and market capitalization, continued losses from operations and substantial and continuing dilution to existing stockholders due to the sale of a significant number of common shares and the conversion features of convertible securities sold by the Company.

For the year ended December 31, 2002, the Waverider Communication Inc. has incurred a net loss of $11,249,702. As of December 31, 2002, the Company had $1,025,604 in cash and cash equivalents and a net worth of $1,659,619. The Waverider’s current liabilities, as of such date, aggregated $2,985,601. The Company expects that its cash and cash equivalents at March 31, 2003, may be less than $600,000 and that its current liabilities as of such date may exceed $2,600,000².

However, the Company has a plan that it believes will allow it to achieve profitability and cash flow positive operations without the need for additional financing. However, if the Waverider fails to achieve positive cash flow in the near term, it does not presently have adequate cash to fund ongoing operations. In that case, in order to meet its needs for cash to fund its operations, the Company would need to obtain additional financing. In the past, the Waverider has obtained financing primarily through the sale of convertible securities. Due to the Company’s low stock price and the overhang represented by outstanding convertible securities, the Company believes that it is unlikely to be able to obtain additional financing³. If the Waverider is unable to either achieve its planned cash flow positive operations and profitability or obtain significant additional financing, it will, in all likelihood, be obliged to seek protection under the bankruptcy laws in which event, the Company believes it is unlikely that its common stock will have any value.

The Company’s independent auditors have issued an opinion on the financial statements of the Waverider, as of December 31, 2002, and for the year then ended, which includes an explanatory paragraph expressing substantial doubt about the Company’s ability to continue as a going concern. Among the reasons cited by the independent auditors as raising substantial doubt as to the Company’s ability to continue as a going concern are the following: the Waverider has incurred recurring losses from operations resulting in an accumulated deficit and a working capital deficiency at December 31, 2002⁴.

These circumstances raise substantial doubt about the Company’s ability to continue as a going concern. If the Waverider is unable to achieve profitability and cash flow positive operations or to secure significant additional financing, it will, in all likelihood, be obliged to seek protection under the bankruptcy laws in which event, the Company believes that it is unlikely that its common stock will have any value.

The waverider has limited intellectual property protection and there is risk that its competitors will be able to appropriate its technology. The Company depends upon third party manufacturers and there is risk that, if these suppliers become unavailable for any reason, it may for an unknown period of time have no product to sell. Waverider depends upon a limited number of third party manufacturers to make its products. If Company’s suppliers are not able to manufacture for it for any reason, the Company would, for an unknown period of time, have difficulty finding alternate sources of supply⁵. Inability to obtain manufacturing capacity would have a material adverse effect on its business, financial condition and results of operations.

Waverider’s future operating results are subject to a number of risks, including its ability or inability to implement the strategic plan, to attract qualified personnel and to raise sufficient financing as required. Inability of Company’s management to guide growth effectively, including implementing appropriate systems, procedures and controls, could have a material adverse effect on its business, financial condition and operating results. They are intended to retain any future earnings to fund the operation and expansion of Waverider’s business. They do not anticipate paying cash dividends on our shares in the foreseeable future.

Bibliography:

1.      “WaveRider to Host Q2 2003 Conference Call and Webcast” – a story by WaveRider via BizWire, from July, 24, 2003.

2.      Waverider Communication Inc. Annual report, 2002.

3.      “How will Waverider get its previous positions” – by James Kurdin, 2003 (New-York Times).

4.      Waverider Communication Inc. Annual report, 2002.

5.      “How will Waverider get its previous positions” – by James Kurdin, 2003 (New-York Times). 

This is the first but not the last sample essay posted on this blog. Stay with us - more examples of high-quality essays are on the way!

How to Write a Definition Essay

A definition essay defines a term, word, or concept in depth by providing your personal commentaries about what a concrete term means. To fully explain your attitude, judgment, or opinion about a term you will have to write an extended definition essay.  

Definitions may be classified into three main types: short, stipulated, and extended.

• A short definition explains the word by a concise identification of its meaning.
• A stipulated definition gives a new meaning to a term for the purposes of argument or discussion in a given context.
• An extended definition essay can contain short and stipulated definitions. Though it should go beyond both. Extended definitions seek to explain the writer’s view of a subject, something that cannot be done effectively in a short definition. They modify and illustrate a dictionary definition, and provide descriptive examples.

The definition essay provides a personal and extended definition of the terms by linking or comparing the term to a previous definition and illustrating how that term should be applied.

Setting up a Definition Essay

1. The first thing you should do is to select a subject carefully. Among a host of definition essays topics, select a term that you know well enough so that you can provide specific examples to illustrate your definition. Since definition essays are personal in nature, a term you will define should have some interest, importance, or meaning to you personally.
2. Begin by writing few simple statements about this term. Consult a dictionary and jot down all dictionary definitions of the term that you will find. Discover denotative and connotative meanings of this term in a thesaurus.
3. Describe some specific and distinguishing features of this term.

A good definition essay tells the readers what term is being defined, presents a clear and precise basic definition, and uses good examples to support the definition.

Students usually start writing their definition essays with presenting dictionary definitions. In fact, dictionaries provide a decent starting point for essay writing. However, they should not be treated as final authorities. To write a genuinely original and comprehensive definition essay, you should use your imagination and look for something about the chosen term that nobody else has noticed.

Every professor will appreciate if you go beyond a simple dictionary definition and present an original view on the subject.