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An accounting question

 
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James Sawatsky
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Joined: 09 May 2006
Posts: 1270
Location: Vancouver Island

PostPosted: Mon Sep 26, 2011 6:27 pm    Post subject: An accounting question Reply with quote

So far off topic, I know. It's been 12 years since I last took an accounting class and I'm trying to create books for my dodgeball team. When it comes to team fees I know one credit will be an Account Payable to the league. what would be the balancing debit? An unpaid league fee revenue account? but, when it's paid I credit cash, debit the A/P then what? credit Unpaid fees and debit a league fee expense account? but that leaves the question on what I was debitting/creditting initially... As I signed people up for dodgeball I debited Accounts Receivable and creditted league fees. does the credit STAY in league fees balanced out by the eventual league fee expense?

to top it all off, i'm trying to do all this in excel. BRUTAL, I know.

Thanks guys!

-James
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ewomack
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Joined: 05 Jun 2007
Posts: 469

PostPosted: Mon Sep 26, 2011 11:54 pm    Post subject: Reply with quote

You expect a bunch of comic artists to know accounting!??! GEEZ!!!! Wink

Well, I don't know at least... anyone else?
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Ed Womack
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James Sawatsky
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Joined: 09 May 2006
Posts: 1270
Location: Vancouver Island

PostPosted: Tue Sep 27, 2011 5:19 pm    Post subject: Reply with quote

ewomack wrote:
You expect a bunch of comic artists to know accounting!??! GEEZ!!!! Wink

Well, I don't know at least... anyone else?


I am always AMAZED by the breadth of knowledge displayed on this forum.
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