Notes

1. I have learned a lot in accounting this year. I have learned how to post in the general journal, income statement, balance sheet, etc. I have learned how to credit and debit certain numbers, and I also learned that I need to subtract the Credit from the Debit and vice versa. I also learned that accountants have very important jobs, and without them, companies would not be able to run properly. You have taught us so many things, and I have learned so much this year. I hope you have a great summer, and a great next year!

2. You first have the business transaction take place. You take this transaction and post it to where it needs to be posted accordingly. You then prepare the Income Statement. The first step to writing the Income Statement would be to list the sale's figure. You then deduct the cost of goods sold. Next, you calculate the gross profit. Next you deduct operating expenses. Then you calculate the operating income. you then add other revenues such as sales and interest. You then deduct other expenses such as interest and loss of sales. And finally you calculate the Net Income.



3.Debit, Credit, Accounts Receivable, Accounts Payable, Petty Cash, Sales, Purchases, Revenue, Net purchases, Total cost of Merchandise sold, and Gross Profit. Without learning all of these, it would be impossible for an accountant to post transactions or even get any work done.



4. Throughout the year, you have gone step-by-step and taught us everything we need to know, and I really appreciate that. If we had a question, you stopped what you were doing and came to help us. This class was one of the most hands-on and actively engaging class I have had all year. Thank you so much for being a wonderful teacher, and I hope to see you next year!