---
title: "ACCT 101, Session 2: Bookkeeping, accruals, and adjusting"
author: 
  - name: Dr. Richard M. Crowley
    email: rcrowley@smu.edu.sg
    affiliation: https://rmc.link/
title-slide-attributes:
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  data-background-video-loop: "true"
  data-background-size: stretch
format:
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editor: source
---

# Front matter {data-background-video="../Backgrounds/section.mp4" data-background-video-loop="true"}


<!--# Note that the downlit and xml2 pacakges are required to compile -->
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```{r helpers, echo=FALSE, warning=FALSE, message=F}
library(knitr)
library(kableExtra)

#' Pretty formatted HTML tables
#' 
#' @param df The dataframe to format as a table
#' @param names Names to use for columns if not using the df column names. Vector
#' @param highlight_cols Columns to highlight. Default is c(1) for highlighting the first row. Use c() to remove.
#' @param highlight_rows Rows to highlight. Default is c() to not highlight any rows.
#' @param color_rows Rows to highlight in color. Default is c() to not highlight any rows.
#' @param highlight_end_rows Rows to highlight. Uses a reverse indexing where 1 is the last row, 2 is second to last, etc.
#' @param full Use to span the full width of a slide. FALSE by default.
#' @param fixed_header Whether the first row should be treated as a header row. TRUE by default.
html_df <- function(df, names=NULL, highlight_cols=c(1), highlight_rows=c(), color_rows=c(), highlight_end_rows=c(), full=F, fixed_header=T) {
  if(!length(names)) {
    names=colnames(df)
  }
  kbl(df,"html", col.names = names, align = c("l",rep('c',length(cols)-1))) %>%
    kable_paper(c("striped","hover"), full_width=full, fixed_thead=F, html_font = "\"Source Sans Pro\", Helvetica, sans-serif") %>%
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    {if(length(highlight_end_rows)) row_spec(., nrow(df) + 1 - highlight_end_rows,bold=T, background = "#ffffff99") else .}
}

library(tidyverse)
```

<!--# List packages here that are not being correctly highlighted -->
<!--# The usual cause is calling the library from a echo=FALSE cell -->

```{r}
#| include: false
options(downlit.attached = c("knitr", "kableExtra", "tidyverse"))
```

<!-- "reveal_plugins:..." and "chalkboard:" are handled by prep.py -->
```{r setup, include=FALSE}
library(reticulate)  # To use python in R Markdown
# Python to use is specified in the .Renviron file
```

## Front matter {data-background="../Backgrounds/default.jpg"}

- Homework 1 due next week
    - Available on eLearn
    - Submit on eLearn
- Covers topics from today's session

## Learning objectives {data-background="../Backgrounds/default.jpg"}

:::: {.columns}

::: {.column width="50%"}
![](../Course_Diagrams/ACCT_101_course_map_2.png){width="450px" fig-align="center"}
:::

::: {.column width="50%"}

- Bookkeeping (Chapter 2)
    1. Understand how accounting works
    2. Record transactions in the journal
    3. Construct a trial balance
- Accruals and Adjustments (Chapter 3)
    1. Relate accrual accounting and cash flows
    2. Apply the revenue and matching principals
    3. Adjust accounts


:::

::::




# Debits and credits {data-background-video="../Backgrounds/section.mp4" data-background-video-loop="true"}

## History: Before double entry {data-background="../Backgrounds/books.jpg"}

:::: {.columns}

::: {.column width="50%"}

- 8500 BCE: Shaped clay tokens represent commodities
- 200 BCE: Arabic numerals (except **0**)
- 600 CE: **0** developed
- 800 CE: 10-digit numerals spread throughout Europe

![](../Figures/bulla1.png){width="200px" fig-align="center"}

:::

::: {.column width="50%"}

![](../Figures/bulla2.png){width="340px" fig-align="center"}

[http://www.schoyencollection.com/](http://www.schoyencollection.com/mathematics-collection/pre-literate-counting/bulla-envelope-ms-4631)

:::

::::


::: {.attribution}

This slide is based on a history lecture by Dr. Pierre Liang at Carnegie Mellon from October 2017

:::

## History: Double entry {data-background="../Backgrounds/books.jpg"}

:::: {.columns}

::: {.column width="50%"}

- 1400s CE: First evidence of *double entry* accounting in Italy
- 1494 CE Italian monk and scholar Luca Pacioli publishes first text on *double entry* bookkeeping
    - [Summa de Arithmetica, Geometria, Proportioni et Propotionalita](https://books.google.com.sg/books/about/Summa_de_Arithmetica_geometria_proportio.html?id=iqgPe49fhrsC&redir_esc=y)

![](../Figures/pacioli.jpg){width="280px" fig-align="center"}



:::

::: {.column width="50%"}

![](../Figures/summa.jpg){width="280px" fig-align="center"}

:::

::::


::: {.attribution}

This slide is based on a history lecture by Dr. Pierre Liang at Carnegie Mellon from October 2017

:::

## History: Journal entries {data-background="../Backgrounds/books.jpg"}

:::: {.columns}

::: {.column width="50%"}
<img src="../Figures/Littleton_1928-JE_type_1.png" width="600px" style="margin:0px">
<img src="../Figures/Littleton_1928-JE_type_2.png" width="300px" style="margin:0px">

:::

::: {.column width="50%"}

<img src="../Figures/Littleton_1928-JE_type_3.png" width="600px" style="margin:0px">
<img src="../Figures/Littleton_1928-JE_religious_2.png" width="600px" style="margin:0px">

:::

::::

> Images from Littleton 1928 TAR.

## History: Journal entry evolution {data-background="../Backgrounds/books.jpg"}

![](../Figures/Littleton_1928-English_JE_Evolution.png){width="450px" fig-align="center"}

> Shakespeare likely did this sort of work for the British Navy!  (Source: <a href="https://jstor.org/stable/2490385">Reynolds 1974 JAR</a>)



## History: Impact {data-background="../Backgrounds/books.jpg"}

<blockquote><p style="text-indent:0px; font-size:85%">The Principles of Book-keeping by Double Entry constitute a theory which is mathematically by no means uninteresting: it is in fact like Euclid's theory of ratios an absolutely perfect one, and it is only its extreme simplicity which prevents it from being as interesting as it would otherwise be.<br>-- Arthur Cayley, FRS, The Principles of Book-keeping by Double Entry, 1894.</p></blockquote>

<blockquote><p style="text-indent:0px; font-size:85%">Bookkeeping has become a real technology instead of a simple clerical routine, and in addition there has grown up a profession of accounting which reaches quite beyond bookkeeping.<br>-- A. C. Littleton, The Evolution of the Journal Entry, 1928.</p></blockquote>

## ← Debit | Credit → 

:::: {.columns}

::: {.column width="50%" style="font-size:2em"}
*Debits*  
on  
the  
*left*
:::

::: {.column width="50%" style="font-size:2em"}
*Credits*  
on  
the  
*right*
:::

::::

> Memorize this!

> This is double entry accounting

## Debits and credits {data-background="../Backgrounds/default.jpg"}

:::: {.columns}

::: {.column width="50%"}

**Debits (DR)**

- Increase assets
- Decrease liabilities
- Decrease equity
    - Decrease revenue
    - Increase expenses

:::

::: {.column width="50%"}

**Credits (CR)**

- Decrease assets
- Increase liabilities
- Increase equity
    - Increase revenue
    - Decrease expenses

:::

::::


> The side of an account that increases its balance is called the account's *normal balance*

> Debits **always** equal credits for a transaction

## Representing accounts: T-accounts {data-background="../Backgrounds/reference.jpg"}

![](../Diagrams/Taccount.png){width="1200px" fig-align="center"}


## Normal balances {data-background="../Backgrounds/reference.jpg"}

![](../Diagrams/DRCR.png){width="550px" fig-align="center"}


## Review: Debits & credits {data-background="../Backgrounds/review.jpg"}

1. Where do debits go?
2. Where do credits go?
3. What do debits equal?
4. What do credits equal?

## Review: Debits & credits {data-background="../Backgrounds/answer.jpg" class="default exclude"}

1. Where do debits go?
    - <span class="fragment">Left!</span>
2. Where do credits go?
    - <span class="fragment">Right!</span>
3. What do debits equal?
    - <span class="fragment">Credits!</span>
4. What do credits equal?
    - <span class="fragment">Debits!</span>

## Why does this all matter? {data-background="../Backgrounds/default.jpg"}

$$
\begin{align*}
  A = L + E\qquad &A,L,E \in (-\infty,\infty)\\
  DR = CR\qquad &DR,CR > 0
\end{align*}
$$

- Both of these equations inherently require that *at least* two changes per transaction
    - For the top equation, the changes must either:
        - Affect both sides in the same direction, or
        - Cancel out within one side
    - For the bottom equation, the change must have a debit and a credit
- As these hold at the smallest element of the system, they aggregate up to hold for any amount of transactions
    - I.e., for a whole company or any subset thereof

> Now we have a robust way to check for mistakes anywhere in our accounting system -- just check each equation!

# Bookkeeping {data-background-video="../Backgrounds/section.mp4" data-background-video-loop="true"}

## Accounts {data-background="../Backgrounds/ledger.jpg"}

:::: {.columns}

::: {.column width="50%"}

- Assets: Cash, A/R, inventory, equipment, ...
- Liabilities: A/P, debt, expenses payable, ...
- Equities: Expenses, revenue, capital, ret. earnings, ...
- *Chart of Accounts*
    - Granularly documents all accounts the firm has

:::

::: {.column width="50%"}

![](../Figures/SAP_Accounts.png){width="450px" fig-align="center"}
:::

::::



## Source documents {data-background="../Backgrounds/ledger.jpg"}

:::: {.columns}

::: {.column width="50%"}
- The paper trail
- Establishes amounts
- Confirms a traction occurred or was contracted
- Allows for analyzing and verifying at the transaction level
    - Needed for auditing!

:::

::: {.column width="50%"}

![](../Figures/bill_of_laiding.jpg){width="380px" fig-align="center"}

Bill of laiding, 1852

Heinz Museum

:::

::::

## General journal {data-background="../Backgrounds/ledger.jpg"}

:::: {.columns}

::: {.column width="50%"}

- Where everything is recorded first
    - Everything
    - Every little transaction
- Specifies the accounts, values, and document for each transaction
    - We will skip references
    - We will be doing journal entries through session 9
- Always *list debits first*

:::

::: {.column width="50%"}

![](../Figures/Journal.jpg){width="500px" fig-align="center"}

:::

::::

> DR = CR for *each entry*

## Constructing journal entries {data-background="../Backgrounds/reference.jpg"}

![](../Diagrams/Journal_entry.png){width="900px" fig-align="center"}


## Constructing journal entries {data-background="../Backgrounds/group.jpg"}

1. Get the in class activity spreadsheet
    - Session_2_Activity.xlsx
2. We'll go through the first three transactions together
    - Journal entries
3. Journal (i.e., right out journal entries for) the next 11 transactions with your group in the <span style="color:blue">blue tab</span> of the spreadsheet
    - We'll do the rest of the activity throughout the class today

## General ledger {data-background="../Backgrounds/ledger.jpg"}

- An aggregation of all the accounts
- Shows all account balances
- Includes details of each account
- T-accounts sufficient for this course

![](../Diagrams/General_ledger.png){width="800px" style="margin:0px" fig-align="center"}

## Trial balance {data-background="../Backgrounds/ledger.jpg"}

:::: {.columns}

::: {.column width="50%"}

- Shows all account balances just like the general ledger
    - Make sure they add up!
- Use it to verify **DR = CR**
- Use it to verify the **accounting equation**
- Usually prepared at the end of a period
- Can prepare income statement and balance sheet from it

:::

::: {.column width="50%"}

![](../Figures/trial.png){width="400px" fig-align="center"}

:::

::::

> DR = CR for totals

## Constructing the trial balance {data-background="../Backgrounds/reference.jpg"}

![](../Diagrams/Ledger_post.png){width="900px" fig-align="center"}

## Limits of the trial balance {data-background="../Backgrounds/default.jpg"}

- Can't catch:
    - Unrecorded transactions
        - Because there's no trace of them
    - Wrong amounts in transactions that balance in the journal
        - Everything still balances
    - Wrong accounts of the same type used in the journal
        - Everything still balances
        - $A = L + E$ holds

## What you can catch {data-background="../Backgrounds/reference.jpg"}
- Let the *Out of balance* (OOB) amount be: 
    - $OOB = Assets - Liabilities - Equity$
- If OOB / 2 is an integer
    - DR and CR in a transaction may be flipped
        - Ex.: Recorded a cash sale as a CR to cash and a CR to revenue
            - Should be a DR to cash and a CR to revenue
- If OOB / 9 is an integer, there may be a:
    - Slide error (multiplied by 10 or divided by 10):
        - Ex.: Recorded 5,400 instead of 54,000
    - Transposition error (flipped the first 2 digits)
        - Ex.: Recorded 45,000 instead of 54,000

## T-accounts and the trial balance {data-background="../Backgrounds/group.jpg"}

1. Return to the in class activity
2. We'll do the first one as a class
3. Finish the rest of the activity with your group
    - Do the two <span style="color:green">green tabs</span>

# Accruals vs. cash {data-background-video="../Backgrounds/section.mp4" data-background-video-loop="true"}

## Cash basis accounting {data-background="../Backgrounds/coins.jpg"}

- Records cash only transactions
- Used by small companies
- $Profit = Cash~in - Cash~out$

**PROBLEM**

- This ignores underlying economic activity
    - If we make a sale on credit, that doesn't add to profit
    - If we put an expense on credit, it doesn't lower profit

## Accrual accounting {data-background="../Backgrounds/default.jpg"}

- Records impact of transactions *as they occur*
- Required per IAS1, "Presentation of Financial Statements"
- Revenue recorded when it is *"more likely than not"*
- Expenses recorded as *incurred*
- Profit = Revenue - Expenses

**PROBLEM**

- Profit may not be indicative of cashflows
    - This is a concern for lenders
        - If there's no cash, profit doesn't matter, as the company will go bankrupt

## Accrual transaction examples {data-background="../Backgrounds/default.jpg"}

```{r , echo=FALSE, warning=FALSE}
options(knitr.table.format = "html") 
text <- data.frame(
  Cash = c("Cash sale","Borrowing money","Paying expenses such as wages and rent","Receiving cash from interest earned","Paying off loans","Receiving cash from shares issued"),
  noncash = c("Sales on account (A/R)","Inventory purchases on account (A/P)","Expenses incurred but not yet paid","Depreciation expense","Usage of prepaid expenses (rent, utilities, etc.)","Revenue from long-term projects with up-front cash collection")
)
html_df(text, highlight_cols = c(), names=c("Cash Transactions","Noncash Transactions"))
```

## Periodicity {data-background="../Backgrounds/hourglass.jpg"}

:::: {.columns}

::: {.column width="50%"}

- Divides time into *artificial* segments to understand a firm's changes over time
    + Fiscal year, fiscal quarter
    + Citigroup: Jan 1 - Dec 31
    + Microsoft: Jul 1 - Jun 30
    + Walt Disney 
        * 2024: Oct 1 - Sept 28
        * 2023: Oct 2 - Sept 30
        * 2022: Oct 3 - Oct 1
        * 2021: Oct 3 - Oct 2

:::

::: {.column width="50%"}

![](../Figures/Citi.png){height="80px" fig-align="center"}

![](../Figures/Microsoft.png){height="80px" fig-align="center"}

![](../Figures/Walt_Disney.png){height="80px" fig-align="center"}

:::

::::


> Don't focus on this too much for this class

## Revenue recognition principal {data-background="../Backgrounds/hourglass.jpg"}

- Recognize revenue in the **period** it was earned
    - This may not be when cash is received
- Goods revenue recorded when it is *more likely than not*
- Service revenue recorded at the percentage complete
    - If 50% of the work is finished, record 50% of the revenue
    - If 20% of the work is finished, record 20% of the revenue

> This will lead to a lot of tricky accounting, but mostly around period ends

## Recognizing revenue {data-background="../Backgrounds/hourglass.jpg"}

- Record revenue when:
    - Revenue can be measured *reliably*
    - Economic benefits are *more likely than not*
- For goods, you also need to:
    - Transfer any *significant risks* to buyer
        - If we are shipping [FOB destination], wait until received
        - If they handle shipping [FOB shipping point], wait until picked up for delivery
    - Have no continuing managerial involvement (*to an extent*)
    - Be able to *reliably* measure all costs incurred from the transaction
- For services, you also need to be able to *reliably* measure:
    - The stage of completion
    - The costs incurred to date and costs to finish

## Expense recognition {data-background="../Backgrounds/playing-cards.jpg"}

- Recognize expenses **only** when an asset is used up
    - Asset purchase $\ne$ expense
    - We can record partial usage
- Formally, expenses are recognized when:
    1) Obligations are incurred, such as when services have been received
    2) Obligations are offset against recognized revenues (matching principle)
    
> Matching principal: Expenses are recorded in the same period as the related revenue

- E.g., even if we aren't given an electricity bill that neatly aligns with our fiscal year end, we still need to record our electricity usage

## Expense matching {data-background="../Backgrounds/playing-cards.jpg"}

:::: {.columns}

::: {.column width="50%"}

- 3 ways to match
- Directly
    - The expense is easy to track
        - Ex.: Shipping an item elsewhere
- Indirectly (over a period)
    - The asset has a long life or is difficult to track
        - Ex.: Buildings
- With acquisition
    - Simultaneous usage and acquisition
        - Ex.: Utilities, rent, labor
    - Often *prepaid expenses*

:::

::: {.column width="50%"}

![](../Figures/box.png){height="200px" fig-align="center"}

![](../Figures/factory.png){height="200px" fig-align="center"}

![](../Figures/lamp.png){height="200px" fig-align="center"}

:::

::::


## When should we record... {data-background="../Backgrounds/review.jpg"}

<ol>
<li style="margin-bottom:1.5em"> A sale we are shipping at our expense
<li style="margin-bottom:1.5em"> A sale we are shipping at the buyer's expense
<li style="margin-bottom:1.5em"> Revenue for a week long consulting project paid for up front
<li style="margin-bottom:1.5em"> Electricity usage
<li style="margin-bottom:1.5em"> Building usage (our building)
<li style="margin-bottom:1.5em"> Sale of inventory for revenue
</ol>

## When should we record... {data-background="../Backgrounds/answer.jpg" class="default exclude"}

1. A sale we are shipping at our expense
    - <span class="fragment">Once the product reaches the buyer</span>
2. A sale we are shipping at the buyer's expense
    - <span class="fragment">Once we ship the product</span>
3. Revenue for a week long consulting project paid for up front
    - <span class="fragment">Once the project is finished</span>
4. Electricity usage
    - <span class="fragment">When billed or at period end (matching principle)</span>
5. Building usage (our building)
    - <span class="fragment">At period end (matching principle)</span>
6. Sale of inventory for revenue
    - <span class="fragment">At the time the revenue is recognized</span>

# Adjustments {data-background-video="../Backgrounds/section.mp4" data-background-video-loop="true"}

## Why do we need to adjust? {data-background="../Backgrounds/default.jpg"}

- The matching principle
    - Everything needs to be matched at period end
- Do before balance sheet and income statement
    - Adjustments will go to the trial balance once we record them
    - We call this an *Adjusted trial balance*
- Why not do this continuously?
    - Too costly -- some accounts continuously change
    - Investors only see period-end statements anyway

> We'll only do this at period end

## What do we need to adjust? {data-background="../Backgrounds/default.jpg"}

:::: {.columns}

::: {.column width="50%"}

- Adjustments needed to:
    - Asset values
        - Prepaid expenses
        - Inventory, supplies, etc.
        - Noncurrent assets
    - Liabilities
        - Payables we have yet to recognize
        - Unearned revenues
- Balanced by:
    - Revenues
    - Expenses

:::

::: {.column width="50%"}

- **All** adjustments affect:
    - 1 B/S account
        - Assets
        - Liabilities
        - Equity excluding revenues/expenses
    - 1 I/S account
        - Revenue or expense
- **NEVER** affects cash

:::

::::

## Adjusting entry types {data-background="../Backgrounds/default.jpg"}

- *Deferral*
    + Adjust for prepaid expense (some used)
    + Adjust for unearned revenue (some may be earned)
- *Depreciation*
    + Some long term assets have been used up
- *Accrual*
    + Record an expense in advance

## Deferral {data-background="../Backgrounds/default.jpg"}

- Adjustment for cash paid or received in advance
    - Expense or revenue has yet to occur
    - We *defer* some of it to the next period

![](../Diagrams/JE_2-1.png){width="800px" fig-align="center" .lightbox}

![](../Diagrams/JE_2-2.png){width="800px" fig-align="center" .lightbox}



## Depreciation {data-background="../Backgrounds/default.jpg"}

- Adjustment for allocating the cost of *Property, Plant and Equipment* (PP&E) over its useful life
- Record to *accumulated depreciation*
- Asset's book value is asset account minus accumulated depreciation
- Depreciate to *salvage value*
    - What you expect to get when it is used up

![](../Diagrams/JE_2-3.png){width="800px" fig-align="center" .lightbox}

## Depreciation methods {data-background="../Backgrounds/default.jpg"}

:::: {.columns}

::: {.column width="50%"}

- Straight line
    - Same amount each period
    - If $N$ periods, $S$ salvage value, $H$ historical cost:
        - $(H-S)/N$ per period
- Units of activity
    - Expense based on units produced
    - Good if capacity is known and tracked
- Declining balance
    - More depreciation early on, less later

:::

::: {.column width="50%"}

![](../Figures/desktop.png){width="180px" fig-align="center"}

![](../Figures/machine.png){width="180px" fig-align="center"}

![](../Figures/rolls_royce.png){width="180px" fig-align="center"}

:::

::::


## Accrual {data-background="../Backgrounds/default.jpg"}

- Accrued expense: debit expense, credit liability

![](../Diagrams/JE_2-4.png){width="800px" fig-align="center" .lightbox}

- Accrued revenue: debit asset, credit revenue

![](../Diagrams/JE_2-5.png){width="800px" fig-align="center" .lightbox}

## Overall effects {data-background="../Backgrounds/reference.jpg"}

<!-- Windows issue -->

```{r , echo=FALSE, warning=FALSE}
options(knitr.table.format = "html") 
text <- data.frame(
  def = c("Deferal: prepaid expense","Deferal: unearned revenue","Depreciation","Accrual: accrued expense","Accrual: accrued revenue"),
  asset = c("↓","","↓","","↑"),
  liability = c("","↓","","↑",""),
  expense = c("↑","","↑","↑",""),
  revenue = c("","↑","","","↑")
)
html_df(text, highlight_cols = c(1), names=c("Type","Asset (↑=DR)","Liability (↑=CR)","Expense (↑=DR)","Revenue (↑=CR)"))
```


<!--
       &nbsp;   Asset (↑=Dr)    Liability (↑=Cr)    Expense (↑=Dr)    Revenue (↑=Cr)              
-------------  --------------  ------------------  ----------------  ----------------
  Def: PP Exp        ↓                                ↑
  Def: UE Rev                       ↓                                 ↑
 Depreciation        ↓                                ↑
 Acc: Acc Exp                       ↑                 ↑
 Acc: Acc Rev        ↑                                                ↑
-->

## Adjusting entries {data-background="../Backgrounds/group.jpg"}

1. Return to the in class activity
2. 4 adjusting entries to add in
3. Do the three <span style="background-color:yellow">yellow tabs</span>

# Closing the books {data-background-video="../Backgrounds/section.mp4" data-background-video-loop="true"}

## Closing the books {data-background="../Backgrounds/default.jpg"}

- Reset all temporary accounts to **0**
    - All revenues
    - All expenses
    - Dividends
- Record a credit to temporary accounts with debit balances
    - Expenses, losses, dividends
- Record a debit to temporary accounts with credit balance
    - Revenues, gains
- Helps to track income through each period
    - Since all income-related accounts start each period with 0 balance

## Reset temporary accounts at period end {data-background="../Backgrounds/reference.jpg"}

- We close the accounts into *retained earnings* directly
    - Or close into *income summary*, and then close that into retained earnings
- Debit Revenue, Credit Retained earnings
- Debit Retained earnings, Credit Expense
- Debit Retained earnings, Credit Dividends

![](../Diagrams/JE_2-6.png){width="800px" fig-align="center" .lightbox}

## Closing entry {data-background="../Backgrounds/group.jpg"}

1. Return to the in class activity
2. 1 closing entry to add in
3. Do the two <span style="color:red">red tabs</span>






# End matter {data-background-video="../Backgrounds/section.mp4" data-background-video-loop="true"}

## Wrap up {data-background="../Backgrounds/ending.jpg"}

- For next week
    1) Recap the reading for this week
    2) Read the pages for next week
        - Capital Structure (Chapter 10)
        - Accounting Statements (Chapter 3, Part B)
    3) Homework to *turn in next week*
        - Available on eLearn
        - Submit on eLearn
    4) Practice on eLearn
        - Practice on journal entries
        - Automatic feedback provided
- Survey on the class session at [rmc.link/101survey2](https://docs.google.com/forms/d/e/1FAIpQLSdzyohx5MTN40nrDxCWRfuyapH7b1N6NG6MQqV6-lMMNT9z2Q/viewform?usp=sf_link)

## Packages used for these slides {data-background="../Backgrounds/code.jpg"}

- `{kableExtra}`
- `{knitr}`
- `{revealjs}`




## References {data-background="../Backgrounds/books.jpg" .never .small visibility="hidden"}

## Custom code {data-background="../Backgrounds/code.jpg" .never .small visibility="hidden"}


## NOTES {class="never" visibility="hidden"}



