First Project Eyeopening Results

I see no reason to lie about my first project. It wasn’t pretty…

I described the project here and I came into the room with some decent confidence about my income statement and my journal entries. I left the room feeling pretty good about the journal entries and the T-Accounts. Here is the big problem, my Income Statement had the correct net income amount... not really a problem unless... (as in my case) I was all over the place to get to that number, just random coincidence, I guess.

Anyway, we went over the entire project in class, which took a while with so many people petitioning the professor to justify the way they labeled their accounts. When she specifically mentioned that the account names weren’t really that important as long as they were consistent from transaction to transaction. Though she was adamant that Inventory was not Supplies, as Inventory was directly involved in the creation of the final product, so I feel like that is important to remember.

All in all, it was an eye opening project, slapping me in the face with how much more information I need to learn before the first test next week. I don’t feel great about it at all. Thankfully we went over the project in class and got a chance to make changes prior to turning it in, pretty much ensuring a very good grade.

Sometimes doing a project, like this, and going over it in class to correct it definitely helps in learning and retention.