Accounting 1

This two-semester course covers sole proprietorship accounting principles involved in the preparation and maintenance of financial records concerned with business management and operations. It is a comprehensive introduction to basic accounting including recording, summarizing and reporting, principles of income measurement and asset valuation, and accounting systems and controls.

Current book edition.

Quarter 1

Part 1: Accounting for a Service Business Organized as a Proprietorship

        *Starting a Proprietorship: Changes that Affect the Accounting Equation.

                -Accounting in Action

                -How Business Activities Change the Accounting Equation

                -How Transactions Change Owner’s Equity in an Accounting Equation

        *Analyzing Transactions into Debit and Credit Parts.

-Using T Accounts

-Analyzing How Transactions Affect Accounts

-Analyzing How Transactions Affect Owner’s Equity Accounts        

*Journalizing Transactions

        -Recording Transactions and the General Journal

        -Transactions Affecting Prepaid Insurance and Supplies

        -Transactions Affecting Owner’s Equity and Asset Accounts

        -Starting a New Journal Page

        *Posing to a General Ledger

                -Using Accounts and Preparing and Maintaining a Chart of Accounts

                -Posting from a General Journal to a General Ledger and Proving Cash

                -Journalizing Correcting Entries and Correcting Posting Errors

        *Cash Control Systems

                -Checking Accounts

                -Bank Reconciliation

                -Dishonored Checks and Electronic Banking

                -Petty Cash

Quarter 2

        *Reinforcement Activity 1-Part A

        *Worksheet and Adjusting Entries for a Service Business

-Creating a Worksheet

-Planning Adjusting Entries on a Worksheet

-Completing the Worksheet and Finding Errors on a Worksheet

-Journalizing and Posting Adjusting Entries

*Financial Statements for a Proprietorship

                -Preparing an Income Statement

                -Preparing a Balance Sheet

        *Reinforcement Activity 1--Part B

        *Red Carpet Event Accounting Packet

Quarter 3

Part 2: Accounting for a Merchandising Business Organized as a Corporation

        *Accounting for Purchases and Cash Payments

                -Subsidiary Ledgers and Controlling Accounts

                -Accounting for Merchandise Purchases

                -Posting from a Purchases Journal

                -Accounting for Cash Payments

                -Posting from a Cash Payments Journal

        *Accounting for Sales and Cash Receipts

                -Accounting for Sales on Account

                -Posting from a Sales Journal

                -Accounting for Cash and Credit Card Sales

                -Posting from a Cash Receipts Journal

        *Accounting for Transactions Using a General Journal

                -Accounting for Purchases Transactions Using a General Journal

                -Recording Sales Transactions Using a General Journal

                -Accounting for the Declaration and Payment of a Dividend

        *Preparing Payroll Records

                -Calculating Employee Earnings

                -Determining Payroll Tax Withholding

                -Preparing Payroll Records

                -Preparing Payroll Checks

Quarter 4

        *Accounting for Payroll and Payroll Taxes

                -Recording a Payroll

                -Recording Employer Payroll Taxes

                -Reporting Withholding and Payroll Taxes

                -Paying Withholding and Payroll Taxes

        *Reinforcement Activity 2--Part A

        *Accounting for Uncollectible Accounts Receivable

                -Uncollectible Accounts Receivable

                -Writing Off and Collecting Uncollectible Accounts Receivable

                -Promissory Notes

        *Preparing Adjusting Entries and a Trial Balance

                -Planning Adjusting Entries

                -Adjusting Merchandise Inventory and Interest Receivable

                -Adjusting Accumulated Depreciation

                -Calculating Federal Income Tax

        *Financial Statements and Closing Entries for a Corporation

                -Preparing an Income Statement

                -Preparing a Statement of Stockholder’s Equity

                -Preparing a Balance Sheet

                -Recording Closing Entries for Income Statement Accounts

                -Preparing a Post-Closing Trial Balance

        *Financial Statement Analysis

                -Vertical Analysis of an Income Statement

                -Vertical Analysis of a Balance Sheet

                -Horizontal Analysis

                -Analyzing Financial Statements Using Financial Ratios

        *Reinforcement Activity 2--Part B