College accounting : a practical approach, chapters 1-15 / Jeffrey Slater.

Content

1. Accounting Concepts and Procedures.
Classifying Business Organizations. Definition of Accounting. Difference Between Bookkeeping and Accounting.
Learning Unit 1-1: The Accounting Equation. Assets, Liabilities, and Equities. Review.
Learning Unit 1-2: The Balance Sheet. Points to Remember in Preparing a Balance Sheet. Review.
Learning Unit 1-3: The Accounting Equation Expanded: Revenue, Expenses, and Withdrawals. Expanded Accounting Equation. Review.
Learning Unit 1-4: Preparing Financial Statements. The Income Statement. The Statement of Owner's Equity. The Balance Sheet. Main Elements of the Income Statement, the Statement of Owner's Equity, and the Balance Sheet 21. Review.
Dunkin' Donuts: Time to Make the Donuts.


2. Debits and Credits.

Learning Unit 2-1: The T Account. Balancing art Account. Review.
Learning Unit 2-2: Recording Business Transactions: Debits and Credits. T Account Entries for Accounting in the Accounting Equation. The Transaction Analysis: Five Steps. Applying the Transaction Analysis to Cathy Hall's Law Practice. Review.
Learning Unit 2-3: The Trial Balance and Preparation of Financial Statements. The Trial Balance. Preparing Financial Statements. Review.
Dunkin Donuts: Time to Put the Debits on the Left . . .


3. Beginning the Accounting Cycle.

Learning Unit 3-1: Analyzing and Recording Business Transactions into a Journal: Steps 1 and 2 of the Accounting Cycle. The General Journal. Review.
Learning Unit 3-2: Posting to the Ledger: Step 3 of the Accounting Cycle. Posting. Review.
Learning Unit 3-3: Preparing the Trial Balance: Step 4 of the Accounting Cycle. What to Do if a Trial Balance Doesn't Balance. Some Common Mistakes. Making a Correction Before Posting. Making a Correction After Posting. Correcting an Entry Posted to the Wrong Account. Review.


4. The Accounting Cycle Continued.

Learning Unit 4-1: Step 5 of the Accounting Cycle: Preparing a Worksheet. The Trial Balance Section. The Adjustments Section. The Adjusted Trial Balance Section. The Income Statement Section. The Balance Sheet Section. Review.
Learning Unit 4-2: Step 6 of the Accounting Cycle: Preparing the Financial Statements from the Worksheet. Preparing the Income Statement. Preparing the Statement of Owner's Equity. Preparing the Balance Sheet. Review.
Dunkin' Donuts: "I've Been Working on the Worksheet . . ."


5. The Accounting Cycle Completed.

Learning Unit 5-1: Journalizing and Posting Adjusting Entries: Step 7 of the Accounting Cycle. Recording Journal Entries from the Worksheet. Review.
Learning Unit 5-2: Journalizing and Posting Closing Entries: Step 8 of the Accounting Cycle. How to journalize Closing Entries. Review.
Dunkin' Donuts: Closing Time.
Learning Unit 5-3: The Post-Closing Trial Balance: Step 9 of the Accounting Cycle and the Cycle Reviewed. Preparing a Post Closing Trial Balance. The Accounting Cycle Reviewed. Review.


6. Banking Procedures and Control of Cash.

Learning Unit 6-1: Bank Procedures, Checking Accounts, and Bank Reconciliations. Opening a Checking Account. Check Endorsement. The Checkbook. Monthly Recordkeeping: The Bank's Statement of Account and In-Company Records. The Bank Reconciliation Process. Trends in Banking. Review.
Learning Unit 6-2: The Establishment of Petty Cash and Change Funds. Making Payments from the Petty Cash Fund. How to Replenish the Petty Cash Fund. Setting Up a Change Fund and Insight Into Cash Short and Over. Review.
Dunkin' Donuts: Time to Check That Cash.


7. Payroll Concepts and Procedures.

Learning Unit 7-1: Introduction to Payroll Accounting. Employee Federal and State Income Tax Withholding. Employee Withholding for Social Security Taxes. Other Income Tax Withholding. Workers' Compensation Insurance. Review.
Learning Unit 7-2: The Payroll Process. (A) Allowances and Marital Status. (B) Cumulative (YTD) Earnings. (C) Salary for Pay Period, Number of Hours Worked, and Wages per Hour. (D) "Regular" Earnings. (E) Overtime Earnings. (F) Gross Earnings. (G) Cumulative Earnings (YTD). (H) Taxable Earnings: Unemployment Insurance. (I) Taxable Earnings for Social Security (OASDI) Tax. ( J) Taxable Earnings for Medicare Tax. (K) FICA Deduction-Social Security Tax. (L) FICA Deduction - Medicare Tax. (M) Federal Income Tax (FIT). (N) State Income Tax (SIT). (O) Medical insurance. (P) Net Pay. (Q) Check Number. (R and S) Distribution of Expense Accounts. Review.
Learning Unit 7-3: Recording and Paying the Payroll. Payroll Checking Accounts: Paying the Payroll. The Individual Employee Earnings Record. Review.
Dunkin' Donuts: Time After Time: Stuck on Payroll Records.


8. The Employer's Tax Responsibilities.

Learning Unit 8-1: The Employer's Payroll Tax Expense. Calculating the Employer's Payroll Taxes. Journalizing Payroll Tax Expense. Review.
Learning Unit 8-2: Form 941: Completing the Employer's Quarterly Federal Tax Return and Paying Tax Obligations for FICA Tax and Federal Income Tax. Depositing Form. Taxes. Form 941: Employer's Quarterly Federal Tax Return. Review.
Learning Unit 8-3: W-2, W-3, Form 940-EZ, and Workers' Compensation. W-2: Wage and Tax Statement. W-3: Transmittal of Income and Tax Statements. Form 940-EZ: Employer's Annual Federal Unemployment Tax Return. Workers' Compensation Insurance. Review.
Dunkin' Donuts: A Taxing Time.


9. Special Journals: Sales and Cash Receipts.

Learning Unit 9-1: Chows Toy Shop: Seller's View of a Merchandise Company. Gross Sales. Sales Returns and Allowances. Sales Discount. Sales Tax Payable. Review.
Learning Unit 9-2: The Sales Journal and Accounts Receivable Subsidiary Ledger. Special Journals. Subsidiary Ledgers. The Sales Journal. Review.
Learning Unit 9-3: The Credit Memorandum. Journalizing, Recording, and Posting the Credit Memorandum. The Credit Memorandum with Sales Tax. Review.
Learning Unit 9-4: Cash Receipts Journal and Schedule of Accounts Receivable. Journalizing, Recording, and Posting from the Cash Receipts Journal. Schedule of Accounts Receivable.


10. Special Journals: Purchases and Cash Payments.

Learning Unit 10-1: Chows Toy Shop: Buyer's View of a Merchandise Company. Purchases. Purchases Returns and Allowances. Review.
Learning Unit 10-2: Steps Taken in Purchasing Merchandise and Recording Purchases. The Purchases Journal and Accounts Payable Subsidiary Ledger. The Debit Memorandum.


11. The Combined Journal.

Learning Unit 11-1: Combined Journal: A Modified Cash-Basis System for a Professional or Business Service Company. Recording Transactions in the Combined Journal. Posting the Combined Journal. Recording Payroll Deductions and Employer's Tax Expense. Review.
Learning Unit 11-2: Combined Journal for Art's Wholesale Clothing Company. Recording and Posting the Combined Journal. Special Situations. Review.


12. Preparing a Worksheet for a Merchandise Company.

Learning Unit 12-1: Adjustments for Merchandise Inventory and Unearned Rent. Adjustment for Merchandise Inventory. Adjustment for Unearned Rent. Review.
Learning Unit 12-2: Completing the Worksheet. Review.
Appendix: A Worksheet for Art's Wholesale Clothing Co. Using a Perpetual Inventory System.


13. Completion of the Accounting Cycle for a Merchandise Company.

Learning Unit 13-1: Preparing Financial Statements. The Income Statement. Statement of Owner's Equity. The Balance Sheet. Review.
Learning-Unit 13-2: Journalizing and Posting Adjusting and Closing Entries; Preparing the Postclosing Trial Balance. Journalizing and Posting Adjusting Entries. Journalizing and Posting Closing Entries. The Postclosing Trial Balance. Review.
Learning Unit 13-3: Reversing Entries (Optional Section). Review.


14. Accounting for Bad Debits.

Learning Unit 14-1: Accrual Accounting and Recording Bad Debts. Writing Off an Account Deemed Uncollectible. Review.
Learning Unit 14-2: The Allowance Method: Two Approaches to Estimating the Amount of Bad Debts Expense. The Income Statement Approach. The Balance Sheet Approach. Review.
Learning Unit 14-3: Writing Off and Recovering Uncollectible Accounts. Writing Off an Account Using the Allowance for Doubtful Accounts. The Direct Write-Off Method. Review.


15. Notes Receivable and Notes Payable.

Learning Unit 15-1: Promissory Notes, Interest Calculations, and Determining Maturity Dates. How to Calculate Interest. How to Determine Maturity Date. Review.
Dunkin' Donuts: Interest: Time Is Money
Learning Unit 15-2: Recording Notes. Time Extension with a Note. Note Due and Paid at Maturity. Note Renewed at Maturity. Dishonored Note. Note Given in Exchange for Equipment Purchased. Review.
Learning Unit 15-3: How to Discount Customers' Notes. How to Discount an Interest-Bearing Note Receivable. Procedure When a Discounted Note Is Dishonored. Review.
Learning Unit 15-4: Discounting One's Own Note: Handling Adjustments for Interest Expense and Interest Income. Discounting One's Own Note. Interest: The Need for Adjustments. Review.

Includes index.