Recent Tutoring Session Reviews
"The student did an excellent job in completing the remaining portions of a homework assignment. The problems and journal entries focused on the amortization of a note, focusing on the amount that is paid towards interest and then what is applied to the balance; the journal entries associated with the note and payments; and a series of journal entries related to the issuance of stock, repurchase (treasury), reselling of treasury stock, and a dividend declaration."
"Reviewed the following topics: Accounting Cycle, Adjusted Trial Balance, Income Statement, Balance Sheet, Statement of Owner's Equity, Closing Journal Entries, Posting Journal Entries, General Ledger and Post-Closing Trial Balance. Introduced the student to the use of T-Accounts to help understand the accounting cycle. The student was left to complete the Post-Closing Trial Balance of an exercise worked on during the session. Student showed good progress. Session was productive."
"The student is a brain!! He chooses to have his sessions early in the morning. I give him a lot of credit for that. Today, we talked about the allowance for doubtful accounts. We dealt with estimating the amount that will prove noncollectable, recognizing the Bad Debt expense, writing off the noncollectable and what to do if and when it is ultimately paid. We worked a problem that applied all of that. We ended with me writing out the journal entries to record for each event. Now I will send him some practice problems to do. Although he read the textbook and has had the lecture, my job is to reinforce it. So, I should not necessarily expect him to know the answers. If I present him with the entries for the event, then I can expect him to apply it to a problem and KNOW it in the future. Now I will send him some problems."
"Tonight, we went over two problems that he had to turn in on Friday. These problems dealt with calculating straight line, double declining balance depreciation, sum of digits, and MAACRS. We went over the formulas and constructed an Excel spreadsheet to do all the calculations. He was in good shape for next class. Great session!"
"We covered the concepts of the 3 financial statement; The Balance Sheet, Income statement, and cash flow statement. We covered debits and credits. She struggled most with debits and credits. I think we've clarified that. She also struggled with putting word problems into reality. We worked with that as well. She had a very positive attitude about the subject matter we covered. We strategy to clarify debits and credits were that debt was left side, credit was right side. Any attempt to apply good or bad to one of those was pointless. It was just accounting speak for left and right side. She has practice sheets to do on her own. We have scheduled the next session 2 days from now. I did not see any progress notes or scores/grades. I did see worksheets and where she was struggling. I believe she has a better understanding of the material than when we began the session. I will take that as a win."
"We reviewed basic accounting concepts such as balance sheet account type (current assets, current liabilities, etc.). We worked on 10 homework problems, which included constructing an income statement for a hotel business."