Accounting homework help for someone who can't balance their own checkbook

I had Wilson last semester! His assignments are tough but actually useful. What specific part of the help with accounting homework do you need? Is it the journal entries or the financial statements? I might still have some of my notes I could share.

@Sophia_Frost Thanks for responding! It's mainly the journal entries that are confusing me. I keep messing up the debits and credits. Plus there's this whole section on deprec*i*ation that makes zero sense to me. If you have notes that would be amazing!

Just jumping in here - I found some great YouTube tutorials when I was taking that class. Search for "accounting basics" and you'll find tons of videos explaining debits and credits. For accounting homework help online, I also used Khan Academy which breaks everything down really well.

@CyberVortex_21 Sure thing! I'll DM you my notes. Also, don't forget the basic rule: debits on the left, credits on the right. "DEAD" = Debits: Expenses, Assets, Dividends. "CLIG" = Credits: Liabilities, Income, Gains. That helped me remember!

Not to be that person, but have you tried checking out https://essays.studymoose.com/ ? When I was completely desperate with my accounting assignment help last semester, I found some really good examples there that helped me understand the concepts. They have tons of accounting papers that show you how to structure everything properly.

@DarkWolfX I hadn't heard of that site before! I'll definitely check it out. At this point I need all the help I can get. @Sophia_Frost thanks so much for the memory trick and the notes - that actually makes way more sense now!

Hey! Former accounting tutor here. The key to understanding journal entries is practice. Lots and lots of practice. For do my accounting homework questions, I always tell students to work backwards sometimes - start with what the final financials should look like, then figure out what entries would create that result. Also, I'm happy to help if you want to post a specific problem you're stuck on.

@Aiden_Walker77 That's actually really helpful advice! I'm going to try that approach. Here's one problem I'm completely stuck on:

"Company XYZ purchases equipment for $50,000 on January 1, 2023. The equipment has a useful life of 5 years and a salvage value of $5,000. Record the journal entry for the purchase and the depreciation entry for the year ended December 31, 2023."

I know I need to use straight-line deprec*i*ation but I'm getting confused with the actual entries...

@CyberVortex_21 Here's how I'd approach your problem:

1. Purchase entry:
Dr. Equipment $50,000
Cr. Cash $50,000

2. Calculate annual deprec*i*ation:
($50,000 - $5,000) / 5 years = $9,000 per year

3. Deprec*i*ation entry:
Dr. Deprec*i*ation Expense $9,000
Cr. Accumulated Deprec*i*ation $9,000

That's the basic idea for your accounting homework help question. Let me know if that makes sense!

i was in the same boat last semester lol. literally couldn't tell a debit from a credit. had to get help with accounting homework from edubirdie.com which saved my grade tbh. they have accounting experts who can explain stuff way better than our textbook did

@Omega_Byte99 That makes perfect sense! Thank you for breaking it down that way. I think I was overthinking it.

@PixelN1nja I'll keep that in mind if I keep struggling. Right now I'm trying to actually learn the material, but deadlines are coming up fast...

Not to add more confusion, but don't forget to track the accumulated deprec*i*ation on the balance sheet! That's where a lot of people mess up with accounting assignment help. The equipment stays at historical cost ($50k) on the balance sheet, but the accumulated deprec*i*ation contra account increases each year.

Something that really helped me with accounting was creating T-accounts for everything. Visual learners often find this trick super helpful for accounting homework help online.

Also, I made myself a cheat sheet with all the different financial ratios since I could never remember them all. Happy to share if anyone needs it!

@JakeTThompson A cheat sheet would be amazing if you don't mind sharing! I'm definitely a visual learner and the T-accounts tip is solid gold.

Honestly, you've all been so helpful. This is why I love this forum - actual useful advice instead of just being told to "read the textbook" again. I think I'm starting to get the hang of this!