This course provides the student with an introductory level understanding of the fundamentals of bookkeeping and accounting. The student is provided the procedures for completing the accounting cycle for both a service entity and a merchandising entity within a single proprietorship.
Quarters Offered
Fall,
Winter,
Spring
Course Outcomes
Upon successful completion of the course, students should be able to demonstrate the following knowledge or skills:
- Analyze business transactions for both a service entity and a merchandising firm and record transactions in the appropriate book of original entry
- Summarize Accounting data into the appropriate ledgers
- Complete the necessary end of the period adjustments on a worksheet
- From the worksheet, prepare the following financial statements: Income Statement, Statement of Owner’s Equity, and Balance Sheet
- Journalize and post the necessary adjusting, closing, and reversing entries
Institutional Outcomes
IO1 Communicate the cumulative effect of business transactions by preparing basic financial statements
Course Content Outline
- Introduction
- Asset, Liability, Owner’s Equity, Revenue, and Expense Accounts
- T Accounts, Debits and Credits, Trial Balance, and Financial Statements
- The General Journal and the General Ledger
- Adjusting Entries and the Worksheet for a Service Entity
- Closing Entries and the Post-Closing Trial Balance
- Bank Accounts and Cash Funds
- The Sales Journal
- The Purchases Journal
- The Cash Receipts and Cash Payments Journal
- Adjusting Entries and the Worksheet for a Merchandising Entity
- Financial Statements and Closing Entries for a Merchandising Entity