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This publication is designed to teach basic journal entries that affect only the Balance Sheet. It is not intended to be a summary of accounting. We only scratch the surface here. However, the information presented here is presented in a different manner than how many textbooks approach accounting. This publication can be used as a component of a larger business or accounting curriculum.
Accounting can be a rather difficult subject and it does not really have to be that way at all. The approach used here has two unique features. First, the information regarding creating journal entries is always shown as how those entries affect the Balance Sheet, one of the principle statements used in accounting. Typically, a student is taught how to create journal entries with the applications to the Balance Sheet coming later. However, because the Balance Sheet is such an important statement, it is vital that a student know how it is created and from where the numbers come.
The second unique feature of this approach is that the journal entries are derived based upon a realistic story. Often textbooks tend to present accounting in a dry, ineffective manner and the students using these texts often do not understand how the information is used practically. In this publication a story is presented, in this case of a person starting a business, and the journal entries are created based on the actions of the owner of the business. This approach allows the student to put the information into a realistic context and, hopefully, allow the student to understand how balance sheets are created.