Crediting the adjustment in the debited income statement

The asset of Marks Receivable has been credited and the corresponding debit has been carried out, for the compound journal entry, to silly mistakes and lack of time expenses.

Date: August 16, 2004
Venue: PGP1A Class room cum Examination Hall

Time: Dooms hour - 0200 hours
The Questions in Eyesight asset is being debited as the shaking of hands expense gets credited. Mental activity is not recorded as there is no debit or credit happening.

Time: Dooms hour - 0145 hours
Some fart I know in theory asset is offset against the I have to write something or I am doomed liability. The calculator and basic arithmetic skills assets are used to cover the will you ever find the correct amount liability.

Time: Dooms hour - 0115 hours
Much of the stockholders' equity of brain's grey matter is eroded in efforts to convert some unearned marks to the revenue account of marks earned. However, the confusion expense on account of the transaction on subscription and pre and post paid amounts exceeds all assets and erosion in stockholders' equity combined.

Time: Dooms hour - 0045 hours
The desperation asset has somewhat helped in applying the matching principle between the revenue recognition of marks earnable and the expense of pen ink. The transaction on merchandise bought and sold is successful...or atleast that is what the debit in the hope asset would tell any auditor.

Time: Dooms hour - 0015 hours
The liability of marks losable takes a severe hit as the at last some luck asset plays to perfection, bringing about the oh-so-elusive revenue of balanced balance sheet!!! Thanks to God asset is debited by a huge amount and contrary to accounting principles, no corresponding credit is made.

Time: Dooms hour - 0005 hours
The correct answers inventory is in for a shock as the supplier called 'time' returns part of the shipment, thus debiting marks lost for incorrect answers account. Had the Unearned Service Revenue not changed its places with the Service Revenue in the Journal, the happiness asset would certainly have been debited.

Time: Dooms hour + 0015 hours
The Net Marks (negative marking) hovers around 15 out of a total retained earnings of 25. Despite dividends of 10 marks already issued, the financial statement is fudged to observe the market reaction.

Oh, how I enjoyed seeing the faces of the people in the CC when I told them that I had a bad paper and was only expecting 20+ marks. Some wondered incredulously as to what else could I want and some wanted to shoot me.... :-)