Contents: Interview Summary...2. Assignment Text excerpt for Assignment Syllabus...11

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1 College: Great Bay Community College Course: Introduction Dan Murphy Text: Fundamental Accounting Principles, 19 th Ed; Wild, Shaw, Chiappetta Contents: Interview Summary...2 Assignment Text excerpt for Assignment Syllabus...11 Other assignments from course including projects and a quiz...16 *Assignments 2 and 3 are calculation and data entry projects, so they are not included for rating. For reference, they are included at the end of the packet (Project 1 and Project 2). Page 1 of 26

2 GBCC ACCT Interview Dan Murphy, November 14 He assigns reading from the text throughout the semester. Chapters 1-8 of text, each assignment is to read the chapter. He does quizes based on that reading, at least one quiz and occasionally more than one quiz per chapter. Quizzes are multiple choice and data entry, with the exception of quiz 2 (attached) He gives two assignments during the semester, which are journal entry assignments (attached). All tests (midterm and final) are multiple- choice style. 3 cases: Quiz 2, attached. Project 1 (assigned around midterm) Project 2 (assigned after midterm) Quiz 5 is attached as well to give a feel for the majority of the other quizzes and tasks assigned (data entry style stuff). Page 2 of 26

3 Department of Business Studies & Computer Technologies ACCOUNTING & FINANCIAL REPORTING 1 ACCT 113 FALL, 2011 QUIZ #2 Name: Date: Date: September 7, 2011 Due Date: September 14, 2011 Instructor: Read the attached questions carefully and answer each of them completely. Remember, you don t lose points for incorrect information; you can only gain points for providing the correct information. It helps you to attempt each question even if you re in doubt. Take a risk, and do your best. Good luck. Page 3 of 26

4 1) Explain in your own words the meaning of the business entity assumption. Why is it so important for business owners to understand? 2) What is the accounting equation and how does it relate to being in balance? 3) You are told that a company has $150,000 in assets and $45,000 in liabilities. What is its net worth? 4) Set up a T account and indicate where the debits and where the credits would be found. 5) What are the four required financial statements? Explain briefly the use of each? Page 4 of 26

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12 Great Bay CC Course Content Outline Course Number: ACCT113 Course Title: Introduction to Accounting and Financial Reporting 1 Department: Business Studies Date Prepared: 09/2000 Program: Accounting Prepared by: L. Morgan Theory Hours: 3 Date Revised 10/2007 Credits: 3 Lab Hours: NONE Prerequisites: NONE Corequisites: NONE Catalog Description: An introduction to accounting as the language of business. Students will develop an understanding of the concepts and use of assets, liabilities, equities, revenue and expense accounts. The student will be introduced to accounting procedures used to prepare financial statements utilizing the latest techniques and principles of accounting. It will include analyzing transactions, preparing journal entries, adjusting journal entries, and closing journal entries. Preparing a trial balance, analyzing and preparing accounts receivable and accounts payable, special journals, cash receipts, cash disbursements and banking procedures. Course Objectives: The student will: 1. Analyze and record a business transaction 2. Explain the accounting cycle 3. Post journal entries to the general ledger accounts 4. Prepare and post adjusting and closing journal entries 5. Prepare an accounting worksheet 6. Prepare unadjusted, adjusted and post-close trial balances 7. Prepare a balance sheet, income statement and statement of changes in owner s equity 8. Prepare a basic statement of changes in cash flow 9. Explain the accounting for merchandising activities 10. Explain the assignment of costs to inventory, compute inventory using four commonly used methods, and apply the Lower of Cost or Market rule for valuing inventory 11. Explain the use of special journals 12. Explain the use of technology-based accounting information systems 13. Explain basic internal control procedures 14. Prepare a bank reconciliation Required Text(s): Fundamentals of Accounting Principles, (latest edition). Larson, Volume 1, Wild & Chiappetta. McGraw-Hill Irwin. Curriculum Committee Proposal Form Page 12 of 26

13 Outline of Content: I. Accounting in the Information Age 1. Forms & Activities of an Organization 2. Users of Accounting Information 3. Ethics and Social Responsibility 4. Opportunities in Practice II. Financial Statements and Accounting 1. Communicating with Financial Statements 2. Generally Accepted Accounting Principles 3. Transactions and the Accounting Equation 4. Financial Statements III. Analyzing and Recording Transactions 1. Double-Entry Accounting 2. Analyzing & Recording Transactions 3. Preparation of the Trial Balance IV. Adjusting Accounts for Financial Statements 1. Adjusting Journal Entries 2. Preparing an Adjusted Trial Balance 3. Preparing Financial Statements V. Completing the Accounting Cycle 1. Closing Entries 2. The Worksheet 3. The Classified Balance Sheet VI. Accounting for Merchandising Activities 1. Accounting for Purchases and Sales 2. Cost and Price Adjustments 3. Journal entries required 4. Preparation of Multiple-Step Income Statements 5. Periodic and Perpetual Inventory Systems VII. Merchandise Inventories and Cost of Sales 1. Assigning Costs to Inventory using different methods 2. Inventory Valuations VIII. Accounting Information Systems 1. System Principles Curriculum Committee Proposal Form Page 13 of 26

14 2. Components of Accounting Systems 3. Special Journals 4. Technology-Based Accounting Information Systems IX. Internal Control and Cash 1. Internal Control 2. Control of Cash 3. Petty Cash 4. Preparation of Bank Reconciliations Required Methods of Evaluation: Score based upon traditional letter (A-F) or 100 point grading scale. Grading guideline will be outlined in the instructor s syllabus. 1. Weekly or periodic quizzes 2. Homework assignments, class participation and / or instructor observations 3. Midterm comprehensive exam 4. Final comprehensive exam 5. Project(s) Other Possible Performance Based Measures: 1. Writing and presentation skills 2. Promptness in handing in assignments Curriculum Committee Proposal Form Page 14 of 26

15 Assessment Addendum Acceptable substitute (such as curriculum specific PBLOs) may be attached instead of this addendum. Instructions for completing the Course Content Outline Addendum: Identify assessment techniques used to measure student learning outcome. Use this form to explain assessment methods identified in the Course Content Outline. 1. Identify assessment technique used to measure student learning outcomes. a. Identify the learning objective for this assessment. What will the student know or be able to do on completion of the course? b. Identify the outcome measures used to document student learning. 1. Weekly or periodic quizzes a. Objectives 1-14 b. Weekly quizzes are designed to provide rapid feedback to the instructor and the student that concepts and materials are being understood and students are keeping up the material. They can take whatever form the instructor feels adequately tests knowledge of the material covered (i.e. multiple choice, essay, problem solving, etc) 2. Homework assignments, class participation and / or instructor observations a. Objectives 1-14 b. Homework assignments may or may not be graded but should be reviewed during class participation. If homework is not graded, than class participation must be. In either case, assessment should be based on the student s correct verbal or written response to questions asked. Assessment for class participation should reflect the student s critical thinking and comprehension of the material covered. 3. Midterm exam a. Objectives 1-7 b. Midterm exam may be closed or open book but should be comprehensive for all subjects covered in the first half of the semester. 4. Final exam a. Objectives 1-14 b. Final exam may be closed or open book but should be comprehensive for all subjects covered during the full semester. 5. Project(s) a. Objectives 1 7 and Objective 10 b. Projects should be prepared using electronic software tools and should test the student s ability to communicate effectively. Assessment should be based on the student s level of organization skills, mastery of subject assigned, presentation skills, and language skills. Curriculum Committee Proposal Form Page 15 of 26

Department of Business Studies & Computer Technologies ACCOUNTING & FINANCIAL REPORTING 1 ACCT 113 FALL, 2011 QUIZ #5 Name: Date: DATE: September 28, 2011 DUE DATE: October 5, 2011 Instructor: Read

16 Department of Business Studies & Computer Technologies ACCOUNTING & FINANCIAL REPORTING 1 ACCT 113 FALL, 2011 QUIZ #5 Name: Date: DATE: September 28, 2011 DUE DATE: October 5, 2011 Instructor: Read the attached questions carefully and answer each of them completely. Remember, you don t lose points for incorrect information; you can only gain points for providing the correct information. It helps you to attempt each question even if you re in doubt. Take a risk, and do your best. Good luck. Page 16 of 26

17 Fill in the blanks for the following 5 statements: 1) are required at the end of the accounting period because certain internal transactions and events remain unrecorded. 2) Accrual accounting and the adjusting process rely on two principles: the principle and the principle. 3) basis accounting means that revenues are recognized when cash is received and that expenses are recorded when cash is paid. basis accounting means that the financial effects of revenues and expenses are recorded when earned or incurred. 4) The depreciation method allocates equal amounts of an asset's cost to depreciation during its useful life. 5) An is a listing of all of the accounts in the ledger with their account balances before adjustments are made. CONTINUED ON FOLLOWING PAGE: Page 17 of 26

18 Adjusting journal entries and an adjusted trial balance: Westby Delivery Service s unadjusted trial balance for the current year follows: Westby Delivery Service December 31 TRIAL BALANCE ACCOUNT NAME DR. CR. Cash 6,100 Accounts Receivable 2,100 Office Supplies 6,235 Truck Supplies 6,500 Prepaid Insurance 4,350 Office Equipment 21,000 Accumulated Depreciation - Office Equipment 4,000 Trucks 57,000 Accumulated Depreciation - Trucks 8,400 Accounts Payable 6,000 Salaries Payable Property Taxes Payable Interest Payable Long- term Note Payable 50,000 Greg Westby, Capital 17,085 Greg Westby, Drawing 15,000 Service Revenue 103,150 Rent Expense 4,800 Office Supplies Expense Truck Supplies Expense Insurance Expense Salaries Expense 58,000 Depreciation Expense - Office Equipment Depreciation Expense - Trucks Utilities Expense 2,600 Property Tax Expense 600 Interest Expense 4,350 Totals 188, ,635 Adjustment data: (a) An inventory count showed $2,000 of unused office supplies still available. (b) An inventory count showed $2,650 of unused truck supplies still available. (c) An insurance policy examination showed $1,800 of expired insurance. (d) Depreciation of office equipment during the year, $2,800. (e) Depreciation of trucks during the year, $4,200. (f) Salaries unpaid at the end of the year, $1,200. Page 18 of 26

19 (g) Three month s property taxes totaling $450 have accrued. This additional amount of property tax expense has not been recorded. (h) One month s interest on the note payable has accrued but is unrecorded. The annual rate of interest on the note is 14.4%. Required: (1) Based on the above information, prepare the adjusting journal entries for Westby Delivery Service. (2) Use the above information to prepare the adjusted trial balance for Westby Delivery Service (worksheet is attached for your use if you want it). Page 19 of 26

20 Westby Delivery Service Trial Balance 12/31/2010 Unadjusted Trial Balance Adjustments Adjusted Trial Balance DR CR DR CR DR CR Cash 6,100 Accounts Receivable 2,100 Office Supplies 6,235 Truck Supplies 6,500 Prepaid Insurance 4,350 Office Equipment 21,000 Accumulated Depreciation - Office Equipment 4,000 Trucks 57,000 Accumulated Depreciation - Trucks 8,400 Accounts Payable 6,000 Salaries Payable Property Taxes Payable Interest Payable Long- term Note Payable 50,000 Greg Westby, Capital 17,085 Greg Westby, Drawing 15,000 Service Revenue 103,150 Rent Expense 4,800 Office Supplies Expense Truck Supplies Expense Insurance Expense Salaries Expense 58,000 Depreciation Expense - Office Equipment Depreciation Expense - Trucks Utilities Expense 2,600 Property Tax Expense 600 Interest Expense 4,350 Totals 188, ,635 Page 20 of 26

21 Department of Business Studies & Computer Technologies John Burtt, Chair Jeanne Furfari, Economics Daniel Murphy, Accounting GREAT BAY COMMUNITYCOLLEGE ACCT113 Accounting 1 FALL, 2011 PROJECT #1 Name: Date: DATE: September 16, 2011 Instructor: DUE DATE: October 5, 2011 This project can be done as a group of up to 2 students. It must be handed in typewritten, neat and well- presented. Proper grammar and spelling is required. Page 21 of 26

22 CASE #1: On May 5, 2011, Michael Ditch started a carpet cleaning business called Best Way Carpet Cleaners. He completed the following transactions during the month: a. Michael invested $15,500 cash and a small truck with a value of $8,000 to start his business. b. Prepaid $5,000 cash for 12 months rent on a small office. c. Purchased office supplies for cash, $575. d. Purchased equipment on account, $4,000. e. Received cash for services performed, $1,150. f. Performed services on credit, $2,350. g. Purchased truck supplies on account, $125. h. Received $5,000 cash in advance of providing cleaning services to a customer. i. Paid $2,500 cash for the premium on a 6-month insurance policy. j. Paid salary of employee, $550. k. Purchased $2,500 of additional equipment by paying $400 cash and signing a long-term note payable for $2,100. l. Paid for repairs to truck, $225. m. Received $350 for the services performed in transaction f. n. Paid utilities, $315. o. Completed cleaning services and immediately collected $10,500. p. Paid creditor $75 on the purchase in transaction g. q. Provided $2,000 of cleaning services from transaction h. r. Michael withdrew cash for personal use, $700. s. Paid $1,000 cash for advertisements on the local television station during May. Required: 1. Prepare general journal entries to record these transactions (use the account titles listed in part 2). 2. Open a set of T accounts with the following titles: Cash (101), Accounts Receivable (106); Office Supplies (124); Truck Supplies(128); Equipment (131); Prepaid Rent (140); Prepaid Insurance (150); Truck (163); Accounts Payable (201); Notes Payable (202); Unearned Cleaning Revenue (203); Michael Ditch, Capital (301); Michael Ditch, Drawing (302); Cleaning Revenue (403); Salaries Expense (620); Truck Expense (630); Utilities Expense (640) and Advertising Expense (650). Post journal entries from Part 1 to the T accounts and calculate the account balance for each account. 3. Prepare a trial balance as of the end of this month s operations. Page 22 of 26

23 CASE #2: Brian Jones operates a roofing and siding company called Raise the Roof. On June 30, 2011, the company s records show the following accounts which all have normal balances: Account Name Amount Cash 5,000 Accounts Receivable 7,500 Office Supplies 550 Truck 8,000 Office Equipment 4,500 Repair Supplies 850 Accounts Payable 6,750 Notes Payable 3,800 B. Jones, Capital, June 1 4,690 B. Jones, Investment, June 10 2,500 B. Jones, Investment, June 20 3,000 B. Jones, Withdrawals 2,500 Roofing Revenue 4,250 Unearned Roofing Revenue 2,500 Siding Revenue 5,200 Unearned Siding Revenue 2,700 Miscellaneous Expense 1,490 Rent Expense 1,200 Salaries Expense 2,800 Utilities Expense 1,000 Required: 1. Prepare an income statement for the month ended June 30, Prepare a statement of owner s equity for the month ended June 30, Prepare a balance sheet as of June 30, Page 23 of 26

Department of Business Studies & Computer Technologies GREAT BAY COMMUNITYCOLLEGE ACCT113 Accounting 1 FALL, 2011 PROJECT #2 Name: Date: DATE: November 2, 2011 Instructor: DUE DATE:

24 Department of Business Studies & Computer Technologies GREAT BAY COMMUNITYCOLLEGE ACCT113 Accounting 1 FALL, 2011 PROJECT #2 Name: Date: DATE: November 2, 2011 Instructor: DUE DATE: November 16, 2011 This project can be done as a group of up to 2 students. It must be handed in typewritten, neat and well- presented. Proper grammar and spelling is required. Page 24 of 26

25 Ceres Computer Sales bought merchandise from and sold merchandise to Joubert s Electronics. The following transactions took place during the month of December: Dec 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500 Dec 3 Purchased merchandise for cash, $720. (The items had a cost of $500) Dec 4 Purchased merchandise on credit for $2,600, terms 1/20, n/30. (The items had a cost of $1,800) Dec 5 Issued a credit memorandum for $300 to Joubert s Electronics who returned merchandise purchased Nov 29 th. The returned items had a cost of $210 Dec 11 Received payment for merchandise sold Dec 1 Dec 15 Received a credit memorandum for the return of faulty merchandise purchased on Dec 4 for $600. (Items had a cost of $450) Dec 18 Paid freight charges of $200 for merchandise ordered last month (FOB shipping point) Dec 23 Paid for the merchandise purchased Dec 4 less the portion that was returned Dec 24 Sold merchandise on credit for $7,000, terms 2/10, n/30. The items had a cost of $4,900 Dec 31 Received payment for merchandise sold on Dec 24 Problem #1 Assuming a periodic inventory system, prepare the required journal entries that Ceres Computer Sales must make to record these transactions: Problem #2 Assuming a perpetual inventory system, prepare the required journal entries that Ceres Computer Sales must make to record these transactions: Page 25 of 26

26 Ceres Computer Sales bought merchandise from and sold merchandise to Joubert s Electronics. The following transactions took place during the month of December: Dec 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500 Dec 3 Purchased merchandise for cash, $720. (The items had a cost of $500) Dec 4 Purchased merchandise on credit for $2,600, terms 1/20, n/30. (The items had a cost of $1,800) Dec 5 Issued a credit memorandum for $300 to Joubert s Electronics who returned merchandise purchased Nov 29 th. The returned items had a cost of $210 Dec 11 Received payment for merchandise sold Dec 1 Dec 15 Received a credit memorandum for the return of faulty merchandise purchased on Dec 4 for $600. (Items had a cost of $450) Dec 18 Paid freight charges of $200 for merchandise ordered last month (FOB shipping point) Dec 23 Paid for the merchandise purchased Dec 4 less the portion that was returned Dec 24 Sold merchandise on credit for $7,000, terms 2/10, n/30. The items had a cost of $4,900 Dec 31 Received payment for merchandise sold on Dec 24 Problem #3 Assuming a periodic inventory system, prepare the required journal entries that Joubert s Electronics must make to record these transactions: Problem #4 Assuming a perpetual inventory system, prepare the required journal entries that Joubert s Electronics must make to record these transactions: Page 26 of 26

Madison Area Technical College

Madison Area Technical College Dual Credit Course Profile 2013-2014 Academic Year Instructor Name High School Instructor Contact Information Michael Cassidy Mount Horeb High School cassidymichael@mhasd.k12.wi.us