Recent Tutoring Session Reviews
"Session Six from 3:30-5:30: The student and I did a long session on the movement from adjusted trial balance to final adjustments to final trial balance then how that is separated into the balance sheet and income statement. He wanted to write out a "chart of accounts" of what accounts go into which categories on both the balance sheet and income statement. I had the final year end financials from one of my clients hot off the presses from the accountants and showed him how these things are properly presented and where the "balance points" are and how net income becomes retained earnings. We did more work on Chapter 5 since the test on next Thursday is on Chapters 5-8. I confirmed the student knew how and why to estimate inventories and also did a bank reconciliation and reminded him to work on "internal controls," which he confirmed he understood. We are going to get together for a marathon session this Saturday at 3:30 then before the test, a session on Tuesday at 3:30, and a session on Wednesday at 8:30 PM."
"Worked with student in recording purchases of stock under the equity method. Available for sale securities and trading securities."
"Covered PV calculation and related journal entries recording bonds payable issued at par, discount, and premium."