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Accounting Homework Guidelines
If you observe the following and your numbers are correct, you should receive full credit on
accounting assignments. Follow textbook or instructor-provided examples exactly.
Journal
Comment for each entry--brief but appropriate
Date each entry with day-of-month; month at top of date column
Debits first, followed by credits
Dollar signs not used
Full names of accounts should be used
Use exact account names when they are given
Indent credit account names; do not indent debit account names
Posting references should be entered when posting is required
Posting references should not be entered when posting is not done
Skip a line between entries
No entry should be split across two pages
Ledger
Account order: current assets, non-current assets, current liabilities, non-current liabilities,
preferred stock, common stock, dividends, retained earnings, revenues, expenses
Balance after each entry should be computed
Date each entry with day-of-month; month at top of date column
Dollar signs not used
Posting references should be entered, if required
Writing in the "comments" area is rarely necessary
Work Sheet/Trial Balance
Account order exactly the same as in the ledger
Dollar signs not used on WS, optional on TB
Totals at foot of column pairs must balance
Correct net income or loss in proper two of the final four columns (WS)
Letter key to connect debits and credits of adjusting entries (WS)
Label Net Income or Net Loss (WS)
Underlining used correctly
Lines carefully drawn (use ruler, i.d. card, etc.)
Use exact company name on the work sheets and the trial balance
Financial Statements
Agreement of amounts between statements
Same net income on Income Statement and Retained Earnings Statement
Retained earnings on Retained Earnings Statement agrees with Balance Sheet
Balance Sheet in balance
Dollar amounts correct
Dollar signs used correctly
Do not write the same amount twice
Proper date for beginning capital on Owner's Equity Statement
Net income must equal the amount of the third closing entry (when closing is required)
Correct use of underlining
Underlining entirely across appropriate money column(s)--not just under the numbers
Underlining carefully done (use ruler, i.d. card, etc.)
Proper dating in title (period of time for income statement and owner's equity statement, point in
time for balance sheet)
Use exact company name on all statements
Overall appearance--must look professional, something an accounting client would pay for
Use a sharp pencil and write on a hard surface—all papers turned in must be hand-written
originals
Do not fold corners of papers in an attempt to attach them together--use a staple, a
paper clip, or nothing
Write legibly, especially numbers
Do not abbreviate any words unless absolutely necessary