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An accounting question

 
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James Sawatsky
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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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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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LukeSurl
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PostPosted: Tue Sep 27, 2011 10:07 am    Post subject: Reply with quote

What is this 'money' thing you talk of?
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Casual Notice
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PostPosted: Tue Sep 27, 2011 12:44 pm    Post subject: Reply with quote

Yyyrch...2-column accounting. It's like math but without any of the sense.

Okay, the fees owed to the league are an ACCOUNTS RECEIVABLE asset. Accounts payable are moneys owed by the league, and are a liability. The corresponding liability to the league fees would be unpaid fees.

Not all assets and liabilities have a necessary directly corresponding opposite entry.
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James Sawatsky
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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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indore10



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PostPosted: Sat Dec 10, 2011 10:58 am    Post subject: Reply with quote

What about your balance sheet............
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jpcline



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Posts: 291

PostPosted: Thu Dec 15, 2011 6:33 pm    Post subject: Reply with quote

Blasphemy!! There is always a corresponding opposite entry!

Code:
Debit Expense                  XX
   Credit Accounts Payable         XX

Code:
Debit Accounts Receivable    XX
   Credit Revenue              XX


So, you owe fees for the Dodgeball Team, it's like this:

Code:
DR Fees Expense    XX
   CR Fees Payable    XX


And since the member of the teams owe you fees it's like this:

Code:
DR Fees Receivable   XX
   CR Fee Revenue      XX


When people pay their fees you book:

Code:
DR Cash                   XX
   CR Fees Receivable       XX


And when you pay the league you book this:

Code:
DR Fees Payable    XX
   CR Cash            XX


The Revenue and expense net against each other to give you your profit, which in this case will be zero. The receivable/payable net against the cash as it goes in and out.
Very Happy

Also, this is an incredibly over simplified explanation. Collecting fees on behalf of the team isn't really revenue, you could call it "contributions" or something.

**Edit** also also, didn't realize how old this post was. You probably figured out your answer by now. Sorry!
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vulpeslibertas
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PostPosted: Fri Dec 16, 2011 2:10 am    Post subject: Reply with quote

jpcline wrote:
**Edit** also also, didn't realize how old this post was. You probably figured out your answer by now. Sorry!


Maybe he didn't. Somewhere out there, there's a cold dead webcomicker laying over an Accounts Receivable page.
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