MGT 6120 Day One

Yesterday was the first day of school in quite a while. Due to snagging the parking decal over lunch I was able to park and walk right into the building. I would be lying if I said that it wasn’t a very exciting time for me.

Dr. Turner was very open about her intentions for the class and about her experiences teaching Evening MBA students. We went over the syllabus for the class including the break down of the assignments. Ultimately, my thoughts currently reflect my original beliefs when I enrolled. It will be a big time commitment to do this MBA, but I believe it is very doable with the right attitude and lack of procrastination.

First day, we went over basic “undergraduate type” accounting; debits (DR) on the left and credits (CR) on the right. We talked about how not all assets are good assets (sometimes accounts receivable aren’t paid in full). Assets are listed on the balance sheet at the price paid for them, so they aren’t always an accurate sampling of current value. We went through the basic accounting formula:

Assets = Liabilities + Stockholders Equity:

We reviewed T-Charts to record the journal entries. Keeping in mind Debits on the left. Debits and Credits have different functions depending on which side of the equation they fall on.

Assets increase with DR and decrease with CR; so when you pay cash to compensate an employee salary there is two transactions for every journal entry., you Credit your cash and Debit Salary Expense.

Liabilities and Stockholders Equity increase with Credits. Two things are affected every journal entry, just have to figure out which two things.

This was basic day one material. We will not meet next week due to MLK Day, so there is three chapters of reading in the next two weeks.