I've been keeping incredibly detailed notes of all my expenses since I received my first paycheck back in November. Well, I just received my fourth paycheck, meaning it's time to look back at the previous three months.
In this quarter, I received $6881.02, 92% of which can be attributed to my paychecks. Presumably, the remaining 8% was made from prostitution. My total costs over this quarter were $1768.71. Just under 26% of my revenue went to cover to costs, netting $5112.31 as pure profit.
As for my expenses, they break down as thus:
Food: 47%
Utilities: 16%
Transportation: 14.7%
Helping Dan: 9.9%
Entertainment: 8%
Other: 4.4%
For some clarification, the helping Dan expense is a bit of an oddity. Dan needed to buy some medicine, but he doesn't have a credit card, so I bought it for him and he then repaid me in cash, so this transaction is also listed as an income. Normally, I wouldn't bother entering this kind of transaction, the problem though is that I paid in US Dollars and received Korean Won. In order to account for changes in the exchange rate, I had to list the use of US Dollars as an expense and the receiving of Korean Won as an income. As it stands, I paid $175 and received 165500 Won, which at the current exchange rate means I actually gained $1.05.
2 comments:
I think that listing Dan as an expense and income is some sketchy accounting. you should have just listed the $1.05 income as "currency exchange revenue". But, maybe this "Dan" is really a cover up of some kind and is the real reason for you 8% income from an unknown source.
If you're going to do an accounting cover up, you really should avoid listing things like that. Seems like they would have taught you that at Richmond.
It's not sketchy at all, it simplifies my accounting. I couldn't list $1.05 because that's not what I got from the exchange, what I got was 165500 Won - $175. As exchange rates change, the difference is going to change. That $1.05 just happened to be the difference at the time I made the post. If I didn't do it this way, I would have had an extra $1.05 unaccounted for and have no way of knowing if this was from exchange rate changes or a miscalculation.
Also, while everything is combined in this post, I actually account for Korean Won and US Dollars separately. Therefore, the transaction was a withdraw from my American account, but a deposit into my Korean account. This is actually an example of double-entry bookkeeping. If I hadn't enter it this way, my American account would have a deficit and my Korean account would have a surplus. I should also note that, while this action raised my revenue and costs, my final profit remains the same, except for exchange rate changes.
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