Rappler Talk: UP History s first female summa cum laude on tips for studying

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“You ve been watching from the beginning of this series. You know that we re re covering step number four which will be about adjusting entries. So we ve just it past the midpoint of the accounting cycle. Working our ways towards the finish.

I definitely applaud you guys for covering all these concepts because the accounting cycle is a really comprehensive circular model. And there s a lot of different interrelated confusing parts but in this tutorial. We re going to be covering the theory behind it just injuries. I ll be providing an example to kind of tie everything together help you understand.

And i ll also be providing some supplement. Adjusting entry videos to kind of give you an idea of all the different adjust entries that might come up on a quiz or test. So hopefully that helps and let s actually go over some rules. So i actually kind of enjoyed just injuries.

There actually one of the things i found pretty fun to do with in financial accounting. Let me just get rid of this layer bring up these rules. I ve come up with help you help guide you through this really confusing period about adjusting entries and the first one is that adjusting entries are all about revenues and expenses. So adjusting entries look like journal entries will have a debit and a credit and one type of adjust entry or a revenue adjust entry might look something like this you might have unearned revenue being debited and revenue being credited so this would demonstrate that unearned revenue is being converted to revenue and being reported on the income statement.

Thus having earned that revenue and it being because obviously unearned revenue does not show up on the income statement. Only earned revenue does and we ve now converted it to earned revenue performing this adjustment. Entry and that is a revenue. Adjusting entry and we also have an expense.

Adjusting entry. Which might look something like this salaries. Expense being debited and salaries payable being credited. There s many different types of expensive just entries like interest expense and credit interest payable.

But i just put here one type of expense adjusting entry and the one thing. I wanted to note is that when you actually have an adjust. Answer you ll never see revenues and expenses together as an adjusting entry so you ll never see debit salaries expense and credit revenue as an account you ll either see an expense adjust entry or a revenue. Adjusting entry.

So they ll always be separate. And the second rule is that these adjust entries never involve cash they never ever ever. Involve cash. So if you are performing an adjusting entry on a quiz or test.

They asks you to write it down and your debiting or credit being cash you can expect it to be wrong. Because you ll never have to debit or credit cash for an adjusting entry you will have journal entries that do involve cash so if you look at this adjusting entry right here. Like i said we have earned this revenue by writing down this adjusting entry..

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But the initial journal entry would look something like this cash being debited and unearned revenue being credited which means that we ve received cash for a service that we haven t performed because unearned revenue means. We haven t performed a service and when we actually perform the service. We write down this adjusting entry which converts the nr in revenue to revenue. So that shows that adjusting entries never involve cash adjusting entries are all about either revenue.

Adjusting entries or expense. Adjusting entries. Never write down cash and the third. The third rule.

Is that adjusting entries are used to show the passage of time or the passing of time. And that s a little ambiguous of the statements. But i ll i ll kind of help clear that up through an example. I m going to provide in a second which is about a payroll for the month of august for our company.

So let s let s actually get rid of all of this and bring that up so this is a payroll schedule for the month of august. And we re actually going to say that we are at we are at august 31st. So it s the end of the month. We re preparing for internal use our balance sheet and our income statement to kind of get an idea of our assets outstanding our liabilities of sin our revenues expenses for the month and the green highlighted numbers the 10th and the 24th our paydays and if you haven t noticed i ve actually written right here that the workers receive 1000 bi weekly which means every two weeks so on the 10th they receive 1000 on the 24th they receive 1000 and on the 7th of september they ll receive another thousand dollars.

Which will actually be the basis of this example. Because this creates a problem when the the when the payday actually falls into the next month. Because we ll actually have to perform an adjusting entry to help solve this this cutoff issue. So before we talk about that i thought i might note that this entry for actually paying the workers will come up like this or it should be something like this where we ll be debiting salaries.

Expense crediting cash to show that we are paying them for their for their work. We re incurring an expense and if you remember we are preparing an income statement. Because it isn t the month end and if you remember an income statement. Does have revenues and expenses and in this example.

We re talking about a certain expense. Which is salaries expense now if you look at this entry on the 24th we have debit salaries expense credit cash and that s going to be the last salaries expense entry. Because that is the last time we pay in the month of august. Because for the rest of august.

We re not actually paying on a cash so so what s going to happen is the salaries expense. If we were not actually recording anything for this this week. Then we will not have reported any expense for the last week of august. So our salaries expense will be under stated.

Which is not a good thing. It s it won t be an accurate income statement and we ll show all the expensive ease. We have incurred in the month of august..

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And this will also cause a conflict with the matching principle and if you remember from a lecture in class. You might have heard that the matching principle the point of it is to show that the expenses or i should actually say that the revenues that are earned throughout august. So let s say in august. We earn revenues for every single week and in the month of august.

We want to show all of the expenses that generated those revenues and if we don t show the last the last week of expenses then we re not matching all of the the revenues earned with the expenses that we encourage so we need to show all of the expenses for the month of august and to do that we re going to perform an adjusting entry in this last week. So the adjusting entry that we re actually going to perform is going to be an expense adjusting entry because obviously this is not a revenue adjust entry we re not earning any money we re paying employees and if you remember from the rules let me just bring them down. It s kind of clustered up. There at the top adjusting entries are all about revenues and expenses.

Which means that we re going to be either making a revenue or an expense entry. We ve stated that we re making an expense entry and this is not going to involve cash so right away. You know we re not using the account of cash. So what are we going to use well like i said salaries expense is understated unless.

We we report another expense for this week. So we re going to debit salaries expense and since we re not paying them yet until the the 7th of september. We need to show that we are going to pay them which is salaries payable. Which is a liability showing that we re going to pay them in the future and the number associated for each of these accounts will be since we re paying them 1000.

Bi weekly or every two weeks that means we re paying them with five hundred dollars every week. Which is half of one thousand dollars. So we re just going to say debit seller s expense five hundred and credit salaries payable five hundred and this is known as an accrued a had a secret formula. But what maintained so my first two years in college to be honest were more like out of curiosity.

I just wanted to see how far i would go if i like really did my best and then i think the turning point was the summer between my second and third year when i had so much on my plate and i had to kind of like reevaluate my priorities and then trim down my commitments based on what i wanted to achieve so i out of fairness like to my to a few orgs and my colleagues. There and you know looking after also my health because i felt like i could burn out if i didn t set certain boundaries. So i decided to let go of a few other commitments and then that really helped me i mean i didn t become inactive in the select parks that i was committed to but then i made sure that i wouldn t compromise school. But like that s not to say that what i prioritized or like what i put importance on is what others should because i mean we all have different like intelligences competencies and i merely played to my strengths and in a way that i felt i could best contribute to society.

And that might not be the same for everyone so other people. I saw that they really really excelled and thrive in in working with their orgs and outside of school. Which is really great yeah. I think it s common among ap students to have several organization or ik.

Yes. So you also mentioned that there you had to choose or choose your battles. Yes. What are your tips to students who need to juggle.

Several priorities how to manage their priorities real time effectively. This is something i am still learning you know when when i was able to pull off something like that in college. I felt like oh i know the secret formula..

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I know how to prioritize my commitments etc. But then you know even after college and as i was working volunteering with people it was still a challenge they had to get used to because college is a whole different ballgame from after college. But what always helps i love my planners. I love writing things down because i don t know if those studies are true but they say that if you write your tasks down here more likely to accomplish them.

But i was very firm with myself in terms of like oops no tonight. I have to stay home just finish this or. But i would also celebrate the little victories like i couldn t just be cooped up in me. Please the whole time all right it go crazy.

So just just the right balance. And i think it s pretty common sense. It s just practice after you you also mentioned that it s a learning process so after you pee. But being able to apply learning history.

I think regardless of what anyone studies and regardless of the path. They choose today there s always something to take from what you studied. But okay so in my case it was a challenge because precisely like i said i thought i was gonna do something and then very last minute. I changed my mind and decided i think i want to try this so the challenge.

There was i realized i was really interested in a field in which you know i didn t take classes. And i wasn t as familiar with it so in a way. I really had to start from scratch relearning concepts and theories that you know other people if they knew they were gonna do this would have taken off in undergrad. And so i told myself i didn t think it would be wise to you know tie myself down to a two to three year contract right away and not be sure if if that was my kind of working environment.

If there s just so many factors that come into play so it really depends a lot on your fit for the rural timing. Even luck and other personal circumstances. But in the end. I felt like i had to take a gap year just to dabble here and there i mean i knew more or less what track i wanted to take but i wanted to try development in different sectors.

So i always kind of knew i wasn t for corporate. But i wanted to give it a shot anyway so that i could get it out of the way so my first internship was a corporate internship. Which i learned a lot but i knew it wasn t for me and then after that i travelled a bit did research and grad schools. Because i knew i always knew i wanted to study again whether it be law or something else and then i did volunteer work for an ngo.

I took up internships and government. I particularly enjoyed like working at the senate. Where i did policy work and then after that i spent a few months abroad. Where i also took summer school in manchester.

And then i finally came back and started work first with a start up and i agree tech startup. That helps smallholder farmers get capital and then finally i m doing policy work. I m a policy assistant in research and policy non profit..

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So i kind of like hopped over the place and this is not what i expected at all after college and it has its pros and cons. But nora gets something off from that since how has your own liberal education shaped your worldview and influenced here decisions and what path to take i am an advocate of a liberal arts education because it really puts you more in touch with your own humanity that is not so much a skill that can be learned you know in the office as easily. I see coding or i mean these are all good and noble pursuits. But then the humanities.

There s just something very different about it and i am able to you know communicate with others better because i feel like i can try to understand their worldview. More and really to dig deep and to into their their biographies as people. And it also helps you be more tolerant of others without necessarily sacrificing your values. But just trying to understand where they re coming from and looking for common ground and understanding the context of different political events and social issues.

Etc. So i don t know i think. It s helped me be more grounded and more in touch with the world and with other people before we wrap up very last question. What would you advise students who would like to take a course in history or there are others trends in the world arts education.

Well the only thing. I can say is really just go for it it was i can t really see my parents were very supportive. But unfortunately. I ve encountered a lot of young students who cannot say the same i also understand where their parents are coming from because maybe they want their kids to choose a more practical or a safe program.

But then luckily for us the world is evolving and we re no longer boxed into the opportunities that people think certain decisions limit you to doing so yeah just go for it. And then always always be careful with with anything you study and try to do it in the series of truth. And yeah. I just do your best and everything will fall into place just to again put things in context since you graduated in the during the digital age right yeah.

So how would you um situate your history background with this context with like digital age um. It s a double edged sword just because you know everything is so much more accessible especially information. I got so jealous. When i hear about new technologies that make it so much easier for students to research and write papers and like even my experience in school abroad just seeing how how much a difference digital technology makes in education.

But at the same time it s so much easier also to spread like you know fit false things falsehoods misunderstandings. So it really depends on how you use the medium. But i m trying to stay positive. Especially you know because people are more open to debate and dialogue now about how do we fix our online tools.

So that we can protect things like democracy or freedom of speech. Or the accuracy of of news pieces and things like that thank you cheeky for joining us today. I m sure our viewers learned a lot from your experience. Thanks for having me also thank you for joining us today.

I am ready to see africa and this is raptor. ” ..

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