So on Friday afternoon I was working at Subway as cashier out on the line three/ outside booth. During this time I had cleaned my cash box, the sneeze gaurd, the floor, and line one's cash box ten times and was frankly bored.
Because I was not being superly supervised from the manager, I stood there and stared at my cashbox and thought about the lesson I studied the day before in accounting and how cash boxes go through so many transaction processes and then the idea occured to me, "You kind of are an essence of accounting, aren't you?"
And then I got all excited and wanted to know exactly where all the money and the inventory was being recorded and being put into what account.
In accounting terms, I wanted to make journal entries for what this cash box was doing inside of it.
My accounting homework, who does that for fun?
I wanted to know, what account was the money paid for a sub going, and what account was cost to make that sub going to?
So I printed a receipt of the sixty-nine cent cookie Lenny bought, pulled out a pin and started writing the basic accounting equation, which is Assets = Liabilities + Owners' Equity (A= L+OE) and then all the other junk that you need to know, labeling which side was credit and which side was debit, and net income blah minus blah dividends blah blah blah blah blah.
I know, you're probably either bored out of your mind or thinking "ok...?".
Well, while I am applying my life leeching personality-less homework to mundane life (too bad you can't apply Charles Dickens to a cashbox too), my co-worker Lenny from Hawaii stood there cracking up.
Cracking up because I was saying what was going on in my mind out loud, it was like a argument. "Does that qualify as cost of goods sold or inventory?"
"Would you credit it?"
"No we are not going to credit cards, we will just stick with debit cards"
"So would the debit card be credi/ted then?"
Haha, sounds kind of funny and ridiculous.
But finally I came to peace and I smiled and turned to Lenny who just smiled at me after my long fit. I handed her her receipt, blacked by balance sheet facts and I said, "Here Lenny, you can keep this as a souvenir of this lovely occasion"
And I said farewell to the transacting cash box machine...until next week.
Knowing. Cost of goods sold is an expense and therefore credited, debit card is an asset and therefore debited.
Happy accounting. :P