BUSA PRACTICAL ACCOUNTING I/II Entiat High School

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1 BUSA PRACTICAL ACCOUNTING I/II Student Entiat High School Cycle 1 1 Define and identify asset, liability, and owner s equity accounts Define a fiscal period and a fiscal year. 1.1 Show the fundamental accounting equation in T-account form 3 labeling the debit and credit sides and the increase and decrease 1.2 sides. 4 Record directly in T-account a group of business transactions involving changes in assets, liability, owner's equity, revenue and expense accounts for a service business Define and identify revenue and expenses. 1.3 Recognize the effect of transpositions and slides on account 6 balances. 1.4 Record a group of transactions pertaining to a service-type 7 enterprise in a two-column general journal Locate errors and correct them 1.4 Post entries from a two-column general journal to general ledger 9 accounts Make a bank deposit Reconcile a bank statement. 1.6 Record the required journal entries directly from the bank 12 reconciliation. 1.6 Record journal entries to establish and reimburse the petty cash 13 fund Complete petty cash vouchers and petty cash payment records Record the journal entries to establish a Petty Cash Fund Prepare a trial balance Prepare a worksheet for a service enterprise Prepare an income statement when there is a profit Prepare financial statements for a service enterprise Journalize and post closing entries for a service-type enterprise Determine which adjusting entries should be reversed and journalize the reversing entries Complete a full accounting cycle practice set for a service enterprise. Simulations

2 Cycle 2 1 Record transactions in a three-column purchases journal 2 Record freight charges on incoming merchandise Record freight charges on the buying of assets other than 3 merchandise. Record transactions involving purchases returns and allowances in 4 a general journal 5 Record purchases discounts taken 6 Record transactions in a multicolumn purchases journal Post directly from purchases invoices to an accounts payable 7 ledger and journalize and post a summarizing entry in the general journal (DON T DO) 8 Record transactions in a three-column purchases journal 9 Record freight charges on incoming merchandise Record freight charges on the buying of assets other than 10 merchandise. Record transactions involving purchases returns and allowances in 11 a general journal 12 Record purchases discounts taken 13 Record transactions in a multicolumn purchases journal Post directly from purchases invoices to an accounts payable 14 ledger and journalize and post a summarizing entry in the general journal (DON T DO) Do problems using the following methods of accounting: accrual 15 basis, cash receipts and cash disbursement basis, modified cash -11 basis. 16 Record transactions in a sales journal 2.11 Record and post to the ledger accounts sales returns and 17 allowances, including credit memorandums and returns involving 2.11 sales tax Post directly from sales invoices to an accounts receivable ledger 18 and journalize and post a summarizing entry in the general journal 2.11 (DON T DO) 19 Record transactions in a sales journal 2.11 Record and post to the ledger accounts sales returns and 20 allowances, including credit memorandums and returns involving 2.11 sales tax Post directly from sales invoices to an accounts receivable ledger 21 and journalize and post a summarizing entry in the general journal 2.11 (DON T DO) Prepare ledger accounts for the specific accounts used by a 22 merchandising firm Post from sales journals to an accounts receivable ledger and a 23 general ledger 24 Prepare a schedule of accounts receivable Post from a three-column purchases journal to an accounts 25 payable ledger and a general ledger

3 Cycle 2 26 Prepare a schedule of accounts payable Post from a multicolumn purchases journal to an accounts payable 27 ledger and a general ledger Prepare ledger accounts for the specific accounts used by a 28 merchandising firm Post from sales journals to an accounts receivable ledger and a 29 general ledger 30 Prepare a schedule of accounts receivable Post from a three-column purchases journal to an accounts 31 payable ledger and a general ledger 32 Prepare a schedule of accounts payable Post from a multicolumn purchases journal to an accounts payable 33 ledger and a general ledger Calculate total earnings based on hourly, piece-rate, or 34 commission basis. Determine deductions from tables of employees' income tax 35 withholding. 36 Complete a payroll register. 37 Journalize the payroll entry from a payroll register. 38 Maintain employee's individual earnings records. 39 Journalize the adjustment for accrued salaries and wages. Calculate the amount of payroll tax expense and journalize the 40 related entry. Calculate the premium for workers' compensation insurance, and 41 prepare the entry for payment in advance. Journalize the entry for the deposit of employees' federal income 42 taxes withheld and FICA taxes (both employees' withheld and -14 employer's matching share). Journalize the entry for the deposit of employees' state income 43 taxes withheld. -14 Journalize the entries for the payment of employer's state and 44 federal unemployment taxes Complete Employer's Quarterly Federal Tax Return, Form Prepare FUTA tax form, Form Prepare a worksheet for a merchandising enterprise Prepare an income statement when there is a loss. 49 Prepare a statement of owner's equity when there is a profit. 50 Prepare a statement of owner's equity when there is additional investment. 51 Prepare a statement of owner's equity when there is a loss. 52 Prepare an income statement, a statement of owner's equity, and a balance sheet directly from the worksheet. 53 Prepare financial statements for a merchandising enterprise.

4 Cycle 2 At the introductory level determine gross profit percentage, 54 merchandise inventory turnover, accounts receivable turnover and return on investment 55 retail method 56 gross-profit method At the introductory level determine gross profit percentage, 57 merchandise inventory turnover, accounts receivable turnover and return on investment Determine the amount of adjustment for workers' compensation insurance at the end of the year and record the adjustments. Determine the overstatement or understatement of cost of goods sold, gross profit and net income resulting from a change in the ending merchandise inventory amount Complete a full accounting cycle practice set for a merchandising business Simulations

5 CYCLE 1 and 2 Skills Prepare interim statements (any statement prepared NOT at the 1 end of a fiscal period). Choose the appropriate course of action in ethical situations in the 2 arena of Accounting Prepare a balance sheet. 1.1 Locate errors and correct entries using: Review handout for specific methods Ruling method 1.4- Record transactions for both a professional and service-type enterprise in a combined journal Post from the combined journal and determine the cash balance Complete a worksheet for a service-type enterprise involving adjustment for supplies used, expired insurance, depreciation, and 2.15 accrued wages. Record adjusting and closing entries in a multicolumn or general 8 journal. At the introductory level classify cash flows as operating activities, 9 investing activities, financing activities and prepare a statement of cash flows At the introductory level classify cash flows as operating activities, 10 investing activities, financing activities and prepare a statement of cash flows 11 Journalize and post the adjusting entries. 12 Journalize and post the closing entries. 13 Prepare a post-closing trial balance. Compare and analyze financial statements from different fiscal 14 periods and determine weaknesses and strengths of individual businesses. Determine which adjusting entries should be reversed and 15 journalize the reversing entries Differentiate among capital expenditures, revenue expenditures 16 and extraordinary-repairs expenditures

6 CYCLE 3 Record journal entries for transactions involving Cash Short and 1 Over. At the introductory level use the following methods of 2 depreciation: straight-line, sum-of-the-years' digits, doubledeclining, ACRS, MACRS, ADS. 3 At the introductory level calculate estimated annual depreciation using MACRS and journalize entries to record the purchase, annual depreciation and sale of assets using MACRS Determine unit cost, the value of the ending inventory and the cost of goods sold by the following methods: 4 Specific identification Weighted-average cost FIFO and LIFO 5 Journalize transactions relating to perpetual inventories 6 Complete a perpetual inventory record card Calculate depreciation by the following methods: Straight-line 7 Units of production Double-declining balance Sum-of-the-year s-digits Prepare journal entries for discarding of assets: Fully depreciated Not fully depreciated 8 Sale of assets involving a loss Sale of assets involving gain Exchange of assets involving a loss on the trade Exchange of asset involving a gain on the trade At the introductory level use the allowance and specific write-off 9 method of handling bad debts. Make the adjusting entry to record estimated bad debt losses by using the allowance method of handling bad debts: 10 Determine the amount of the adjusting entry by aging Accounts Receivable Determine the amount of the adjusting entry by using a percentage of Accounts Receivable Calculate the amount of the adjusting entry by using a percentage of Sales or net sales Journalize the entries to write off account receivable as being 11 uncollectable, using the allowance method of accounting for bad debt losses Journalize entries to reinstate accounts receivable previously 12 written off, using the allowance method Journalize entries to write off accounts receivable as being 13 uncollectable, using the direct write-off method Journalize entries to reinstate accounts receivable previously 14 written off, using the direct write-off method 15 Write a promissory note p p 524

7 CYCLE 3 16 Calculate interest on promissory notes 17 Determine the due dates of promissory notes Make journal entries for: Notes given to secure an extension of time on an open account Payment of an interest-bearing note at maturity 18 Notes given in exchange for merchandise or other property purchased Note given to secure a non-discounted cash loan Renewal of a note at maturity 19 Complete a notes payable register Make journal entries for: Adjustment for accrued interest on Notes Payable 20 Adjustment for Discount on Notes Payable Conversion of Discount on Notes Payable to Interest Expense Write journal entries to record: Receipt of a note from a charge customer Receipt of payment of an interest-bearing note at maturity 21 Receipt of a note as a result of granting a personal loan Receipt of a note in exchange for merchandise or other property Write journal entries to record: Receipt of interest and renewal of a note at maturity Dishonored notes receivable 22 Collection of a note receivable formerly dishonored Discounting and interest-bearing note Dishonoring of a discounted note receivable 23 Complete a notes receivable register Write journal entries to record the adjustment for accrued interest 24 on notes receivable 25 Allocate costs to Land, Land Improvements and Buildings accounts 26 Maintain a plant and equipment subsidiary ledger 27 retail method 28 gross-profit method

CENTURY 21 ACCOUNTING, 9e General Journal Chapter Objectives

CENTURY 21 ACCOUNTING, 9e General Journal Chapter Objectives Chapter 1 Starting A Proprietorship: Changes that Affect the Accounting Equation After studying Chapter 1, you will be able to: 1. Define accounting