For this journal task, first explore the SNHU Career Development Center, the Psychologists: Occupational Outlook Handbook from the Bureau of Labor Statistics (BLS) on psychologists, and the cognitive psychology career-related links accessed from the webpage, A Career in Brain Science and Cognitive Psychology, of the American Psychological Association (APA).
Next, share your thoughts on these career-specific links and write a journal that addresses the following:
- Can you envision yourself in a cognitive-psychology related career? If yes, what would it be, and why would you like to pursue it? If no, how does cognitive psychology relate to your current or future career?
- What services offered by the SNHU Career Development Center would be most useful to you, and why?
- Have the things you learned in this course influenced your potential career choices? How?
This week we will focus on steps 1 Analyzing business transactions, Step 2 Journalizing the transactions and Step 3 Posting Entries to general ledger accounts. We will start by learning about debits and credits.
As the bookkeeper of a new start-up company, you are responsible for keeping the chart of accounts up to date. At the end of each year, you analyze the accounts to verify that each account should be active for accumulation of costs, revenues, and expenses.
T accounts help us to visualize increases and decreases for an account. The left side of any account is always called the debit side and the right side of any account is always called the credit. We must determine the type of account before associating plus or minus. Review the T accounts presented in Chapter 2 Exhibit 2.6.
1. What do you think of when you hear the word debit? What do you think of when you hear the word credit?
2. How would you describe the left (debit) and right (credit) side of each of the four basic account types: Asset, Liability, Equity, Revenue and Expense? Can you share an example of each type?
3. Which account types are presented on the Balance Sheet? What about the Income Statement?
4. Our eBook describes how to calculate an account balance. Can you describe this process for the Cash account in your own words? How is this process different for a Liability or Owner’s Equity Account?
5. What does the term ‘normal balance’ mean?