Century 21 Accounting, 8eGeneral JournalChapter Outlines
PART 1 ACCOUNTING FOR A SERVICE BUSINESS ORGANIZED AS A PROPRIETORSHIP
Chapter 1 Starting A Proprietorship: Changes that Affect the Accounting Equation
The Accounting EquationWhat Is Accounting?The Business—TechKnow ConsultingThe Accounting Equation
How Business Activities Change the Accounting EquationReceiving Cash
Received Cash from Owner as an InvestmentPaying Cash
Paid Cash for SuppliesPaid Cash for Insurance
Transactions on AccountBought Supplies on AccountPaid Cash on Account
How Transactions Change Owner’s Equity in an Accounting EquationRevenue Transactions
Received Cash from SalesSold Services on Account
Expense Transactions: Paying Cash for ExpensesOther Cash Transactions
Received Cash on AccountPaid Cash to Owner for Personal UseSummary of Changes in Owner’s Equity
Chapter 2 Analyzing Transactions into Debit and Credit Parts
Using T AccountsAnalyzing the Accounting EquationAccountsAccount BalancesIncreases and Decreases in Accounts
Analyzing How Transactions Affect AccountsReceived Cash from Owner as an InvestmentPaid Cash for SuppliesPaid Cash for InsuranceBought Supplies on AccountPaid Cash on Account
Analyzing How Transactions Affect Owner’s Equity AccountsReceived Cash from SalesSold Services on AccountPaid Cash for an ExpenseReceived Cash on AccountPaid Cash to Owner for Personal Use
Chapter 3 Recording Transactions in a General Journal
Journals, Source Documents, and Recording Entries in a JournalJournals and JournalizingA General Journal
Using a JournalAccuracyChronological RecordDouble-Entry AccountingSource Documents
ChecksSales InvoicesOther Source Documents
ReceiptsMemorandumsCalculator Tapes
Received Cash from Owner as an InvestmentPaid Cash for Supplies
Journalizing Buying Insurance, Buying on Account, and Paying on AccountPaid Cash for InsuranceBought Supplies on AccountPaid Cash on Account
Journalizing Transactions that Affect Owner’s Equity and Receiving Cash on AccountReceived Cash from SalesSold Services on AccountPaid Cash for an ExpenseReceived Cash on AccountPaid Cash to Owner for Personal Use
Starting a New Journal PageA Completed Journal PageStarting a New General Journal PageStandard Accounting Practices
Chapter 4 Posting from a General Journal to a General Ledger
Preparing a Chart of AccountsAccount FormRelationship of a T Account to an Account FormChart of Accounts
Preparing a Chart of AccountsAccount Numbers
Assigning Account NumbersOpening an Account in a General Ledger
Posting from a General Journal to a General LedgerPosting an Amount from the Debit Column of a General JournalPosting an Amount from the Credit Column of a General JournalPosting a Debit Amount to an Account with a BalanceJournal Page with Posting Completed
Completed General Ledger, Proving Cash, and Making Corrected EntriesProving CashMemorandum for a Correcting EntryJournal Entry to Record a Correcting Entry
Chapter 5 Cash Control Systems
How Businesses Use CashChecking Accounts
Depositing CashDeposit Recorded on a Check StubBlank Endorsement, Special Endorsement, and Restrictive Endorsement
Blank EndorsementSpecial EndorsementRestrictive Endorsement
Completed Check Stub and CheckRecording a Voided Check
Bank ReconciliationBank StatementBank Statement ReconciliationRecording a Bank Service Charge on a Check StubJournalizing a Bank Service Charge
Dishonored Checks and Electronic BankingRecording a Dishonored Check on a Check StubJournalizing a Dishonored CheckJournalizing an Electronic Funds TransferJournalizing a Debit Card Transaction
Petty CashEstablishing a Petty Cash FundMaking Payments from a Petty Cash Fund with a Petty Cash SlipReplenishing Petty Cash
Chapter 6 Work Sheet for a Service Business
Consistent ReportingCreating a Work Sheet
Fiscal PeriodsWork SheetPreparing the Heading of a Work SheetPreparing a Trial Balance on a Work Sheet
Planning Adjusting Entries on a Work SheetPlanning Adjustments on a Work SheetSupplies Adjustment on a Work SheetPrepaid Insurance Adjustment on a Work SheetProving the Adjustments Columns of a Work Sheet
Extending Financial Statement Information on a Work SheetExtending Balance Sheet Account Balances on a Work SheetExtending Income Statement Account Balances on a Work SheetRecording Net Income, and Totaling and Ruling a Work SheetCalculating and Recording a Net Loss on a Work Sheet
Finding and Correcting Errors on the Work SheetCorrecting Accounting Errors on the Work SheetChecking for Typical Calculation ErrorsChecking for Errors in the Work Sheet
Check for Errors in the Trial Balance ColumnCheck for Errors in the Adjustments ColumnsCheck for Errors in the Income Statement and Balance Sheet Columns
Correcting an Error in Posting to the Wrong AccCorrecting an Incorrect Amount and an Amount Posted to the Wrong ColumnChecking for Errors in Journal EntriesPreventing Errors
Chapter 7 Financial Statements for a Proprietorship
Reporting Financial InformationPreparing an Income Statement
Income Statement Information on a Work SheetHeading of an Income StatementRevenue, Expenses, and Net Income Sections of an Income StatementComponent Percentage Analysis of an Income Statement
Acceptable Component PercentagesTotal Expenses Component PercentageNet Income Component Percentage
Income Statement with Two Sources of Revenue and a Net LossBalance Sheet Information on a Work Sheet
Balance SheetHeading of a Balance SheetAssets and Liabilities Sections of a Balance SheetOwner’s Equity Section of a Balance SheetOwner’s Equity Reported in Detail on a Balance Sheet
Chapter 8 Recording Adjusting and Closing Entries for a Service Business
Adjusting EntriesRecording Adjusting Entries
Adjusting Entry for SuppliesAdjusting Entry for Prepaid Insurance
Recording Closing EntriesNeed for Permanent and Temporary AccountsNeed for Closing Temporary AccountsNeed for the Income Summary AccountClosing Entry for an Income Statement Account with a Credit BalanceClosing Entry for Income Statement Accounts with Debit BalancesClosing Entry to Record Net Income or Loss and Close the Income Summary
AccountClosing Entry for the Owner’s Drawing Account
Preparing a Post-Closing Trial BalanceGeneral Ledger Accounts after Adjusting and Closing Entries Are PostedPost-Closing Trial BalanceAccounting Cycle for a Service Business
PART 2 ACCOUNTING FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATION
Chapter 9 Journalizing Purchases and Cash Payments
Journalizing Purchases Using a Purchases JournalMerchandising BusinessesThe Business—Hobby Shack, Inc.Using Special JournalsPurchasing MerchandisePurchases on AccountPurchases JournalPurchase InvoicePurchasing Merchandise on AccountTotaling and Ruling a Purchases Journal
Journalizing Cash Payments Using a Cash Payments JournalCash Payments JournalCash Payment of an ExpenseBuying Supplies for CashCash Payments for Purchases
Trade DiscountCash Purchases
Cash Payments on Account with Purchases DiscountsCash Payments on Account Without Purchases Discounts
Performing Additional Cash Payments Journal OperationsPetty Cash ReportReplenishing a Petty Cash FundTotaling, Proving, and Ruling a Cash Payments Journal Page to Carry Totals ForwardStarting a New Cash Payments Journal PageTotaling, Proving, and Ruling a Cash Payments Journal at the End of a Month
Journalizing Other Transactions Using a General JournalGeneral JournalMemorandum for Buying Supplies on AccountBuying Supplies on AccountDebit Memorandum for Purchases Returns and AllowancesJournalizing Purchases Returns and Allowances
Chapter 10 Journalizing Sales and Cash Receipts Using Special Journals
Journalizing Sales on Account Using a Sales JournalSales TaxSales of Merchandise on AccountSales JournalSales InvoiceSale on AccountTotaling, Proving, and Ruling a Sales Journal
Journalizing Cash Receipts Using a Cash Receipts JournalProcessing Sales TransactionsProcessing Credit CardsCash Receipts JournalCash and Credit Card SalesCash Receipts on AccountCalculating Cash Receipts on Account with Sales DiscountJournalizing Cash Receipts on Account with Sales DiscountsTotaling, Proving, and Ruling a Cash Receipts JournalProving Cash at the End of a Month
Recording Transactions Using a General JournalCredit Memorandum for Sales Returns and Allowances
Sales Returns and AllowancesJournalizing Sales Returns and Allowances
Chapter 11 Posting To General and Subsidiary Ledgers
Posting to an Accounts Payable LedgerLedgers and Controlling Accounts
General LedgerSubsidiary Ledgers
Accounts Payable Ledger and General Ledger Controlling AccountAccounts Payable Ledger FormsPosting from a Purchases Journal to an Accounts Payable LedgerPosting from a Cash Payments Journal to an Accounts Payable LedgerPosting Credit Entries from a General Journal to an Accounts Payable LedgerCompleted Accounts Payable LedgerProving the Accounts Payable Ledger
Posting to an Accounts Receivable LedgerAccounts Receivable Ledger and General Ledger Controlling AccountAccounts Receivable Ledger FormsPosting From a Sales Journal to an Accounts Receivable LedgerPosting From a Cash Receipts Journal to an Accounts Receivable LedgerPosting a Credit Entry from a General Journal to an Accounts Receivable LedgerCompleted Accounts Receivable LedgerProving the Accounts Receivable Ledger
Posting from Journals to a General LedgerStarting a New Page for an Account in a General LedgerPosting from the General Amount Columns of a Cash Payments Journal to a General
LedgerPosting a Debit Entry from a General Journal to a General LedgerPosting a Credit Entry from a General Journal to a General Ledger
Posting Special Journal Totals to a General LedgerPosting the Total of a Purchases Journal to a General LedgerPosting Special Amount Column Totals of a Cash Receipts Journal to a General
LedgerPosting Special Amount Column Totals of a Cash Payments Journal to a General
LedgerOrder of Posting from Special Journals
Correcting Errors in Subsidiary Ledger AccountsJournalizing Correcting Entries Affecting Customer AccountsPosting Correcting Entries Affecting Customer Accounts
Chapter 12 Preparing Payroll Records
Preparing Payroll Time CardsPaying EmployeesAnalyzing a Payroll Time CardCalculating Employee Hours WorkedCalculating Employee Total Earnings
Determining Payroll Tax WithholdingPayroll Taxes
Employee Income TaxEmployee’s Withholding Allowance CertificateEmployee’s Income Tax Withholding—Single PersonsEmployee’s Income Tax Withholding—Married PersonsEmployee Social Security and Medicare Tax
Preparing Payroll RecordsPayroll RegisterEmployee Earnings Records
Preparing Payroll ChecksPayroll Bank AccountEmployee’s Payroll CheckElectronic Funds Transfer
Chapter 13 Payroll Accounting, Taxes, and Reports
Recording a PayrollDifferent Forms of Payroll InformationPayroll RegisterAnalyzing Payment of a PayrollJournalizing Payment of a Payroll
Recording Employer Payroll TaxesCalculating Employer Payroll Taxes
Employer Social Security and Medicare TaxesUnemployment Taxable EarningsUnemployment Taxes
Federal Unemployment TaxState Unemployment Tax
Journalizing Employer Payroll TaxesReporting Withholding and Payroll Taxes
Employer Annual Report to Employees of Taxes WithheldEmployer’s Quarterly Federal Tax ReturnPreparing Employer’s Quarterly Federal Tax ReturnEmployer Annual Reporting of Payroll Taxes
Paying Withholding and Payroll TaxesPaying the Liability for Employee Income Tax, Social Security Tax, and Medicare
TaxForm 8109, Federal Deposit CouponJournalizing Payment of Liability for Employee Income Tax, Social Security Tax,
and Medicare TaxPaying the Liability for Federal Unemployment TaxJournalizing Payment of Liability for Federal Unemployment TaxJournalizing Payment of Liability for State Unemployment Tax
Chapter 14 Distributing Dividends and Preparing a Work Sheet for a Merchandising Business
Distributing Corporate Earnings to StockholdersFinancial InformationStockholders’ Equity Accounts Used by a CorporationDeclaring a DividendPaying a Dividend
Beginning an 8-Column Work Sheet for a Merchandising BusinessEntering a Trial Balance on a Work SheetPlanning Adjustments on a Work SheetRecording a Trial Balance on a Work SheetAnalyzing and Recording Supplies Adjustments
Analyzing Supplies AdjustmentsRecording Supplies Adjustments on a Work Sheet
Analyzing and Recording a Prepaid Insurance AdjustmentAnalyzing a Prepaid Insurance AdjustmentRecording a Prepaid Insurance Adjustment
Planning and Recording a Merchandise Inventory AdjustmentMerchandise InventoryAnalyzing and Recording a Merchandise Inventory AdjustmentAnalyzing an Adjustment When Ending Merchandise Inventory Is Greater Than
Beginning Merchandise InventoryPlanning and Recording an Allowance for Uncollectible Accounts Adjustment
Allowance Method of Recording Losses from Uncollectible AccountsEstimating Uncollectible Accounts ExpenseAnalyzing and Recording an Adjustment for Uncollectible Accounts Expense
Planning and Recording Depreciation AdjustmentsCategories of Assets
Depreciating Plant AssetsCalculating Depreciation Expense and Book Value
Straight-Line DepreciationCalculating Accumulated DepreciationCalculating Book Value
Analyzing and Recording Adjustments for Depreciation ExpenseCalculating Federal Income Tax and Completing a Work Sheet
Federal Income Tax Expense AdjustmentCalculating Federal Income TaxRecording the Federal Income Tax AdjustmentCompleting a Work SheetA Completed 8-Column Work SheetA 10-Column Work Sheet (left page)A 10-Column Work Sheet (right page)
Chapter 15 Financial Statements for a Corporation
Preparing an Income StatementUses of Financial StatementsIncome Statement Information on a Work SheetRevenue Section of an Income Statement for a Merchandising BusinessCost of Merchandise Sold Section of an Income Statement for a Merchandising
BusinessCompleting an Income Statement for a Merchandising Business
Analyzing an Income StatementUsing Component Percentages
Acceptable Component PercentagesAnalysis of Component Percentages
Cost of Merchandise Sold Component PercentageGross Profit on Sales Component PercentageTotal Expenses Component PercentageNet Income before Federal Income Tax Component Percentage
Analyzing an Income Statement Showing a Net LossActions to Correct Unacceptable Component Percentages
Unacceptable Component Percentage for Gross Profit on SalesUnacceptable Component Percentage for Total ExpensesUnacceptable Component Percentage for Net Income before Federal Income Tax
Financial RatiosEarnings per SharePrice-Earnings Ratio
Preparing a Statement of Stockholders’ EquityCapital Stock Section of the Statement of Stockholders’ EquityRetained Earnings Section of the Statement of Stockholders’ Equity
Preparing a Balance SheetBalance Sheet Information on a Work SheetCurrent Assets Section of a Balance SheetPlant Assets Section of a Balance SheetLiabilities Section of a Balance SheetStockholders’ Equity Section of a Balance SheetCompleted Balance SheetSupporting Schedules for a Balance Sheet
Chapter 16 Recording Adjusting and Closing Entries for a Corporation
Recording Adjusting EntriesAdjusting Entries Recorded from a Work SheetAdjusting Entry for Allowance for Uncollectible AccountsAdjusting Entry for Merchandise InventoryAdjusting Entry for Supplies—OfficeAdjusting Entry for Supplies—StoreAdjusting Entry for Prepaid InsuranceAdjusting Entry for Depreciation—Office EquipmentAdjusting Entry for Depreciation—Store EquipmentAdjusting Entry for Federal Income Taxes
Recording Closing Entries for Income Statement AccountsThe Income Summary AccountClosing Entry for Accounts with Credit BalancesClosing Entry for Income Statement Accounts with Debit BalancesSummary of Closing Entry for Income Statement Accounts with Debit BalancesClosing Entry to Record Net IncomeClosing Entry for DividendsCompleted Closing Entries for a Corporation Recorded in a Journal
Preparing a Post-Closing Trial BalanceCompleted General Ledger After Adjusting and Closing Entries Are PostedPost-Closing Trial BalanceAccounting Cycle for a Merchandising Business Organized as a Corporation
PART 3 ACCOUNTING FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATION—ADJUSTMENTS AND VALUATION
Chapter 17 Accounting for Uncollectible Accounts Receivable
Uncollectible AccountsThe Business—Restaurant Supply Co.Estimating and Recording Uncollectible Accounts ExpenseAnalyzing and Journalizing an Adjustment for Uncollectible Accounts ExpensePosting an Adjusting Entry for Uncollectible Accounts Expense
Writing Off and Collecting Uncollectible Accounts ReceivableJournalizing Writing Off an Uncollectible Account ReceivablePosting an Entry to Write Off an Uncollectible Account ReceivableReopening an Account Previously Written OffRecording Cash Received for an Account Previously Written OffPosting Entries for Collecting a Written-Off Account Receivable
Chapter 18 Accounting for Plant Assets and Depreciation
Buying Plant Assets and Paying Property TaxRecording the Buying of a Plant AssetCalculating and Paying Property Tax
Calculating Depreciation ExpenseStraight-Line DepreciationCalculating Depreciation Expense for Part of a YearCalculating Accumulated Depreciation and Book Value
Calculating Accumulated DepreciationCalculating Book Value
Journalizing Depreciation ExpensePreparing Plant Asset RecordsJournalizing Annual Depreciation ExpensePosting an Adjusting Entry for Depreciation Expense
Disposing of Plant AssetsSale of a Plant Asset for Book ValueRecording a Plant Asset’s Depreciation Expense for a Partial YearSale of a Plant Asset for More than Book ValueSale of a Plant Asset for Less than Book Value
Declining-Balance Method of DepreciationCalculating Depreciation Using the Double Declining-Balance MethodCalculating the Last Year’s Depreciation ExpenseComparison of Two Methods of Depreciation
Chapter 19 Accounting for Inventory
Determining the Quantity of Merchandise InventoryWhy Merchandise Inventory Is ImportantThe Most Efficient Quantity of InventoryMethods Used to Determine the Quantity of Merchandise InventoryInventory RecordStock RecordPerpetual Inventory Using a Computer
Determining the Cost of Merchandise InventoryFirst-In, First-Out Inventory Costing MethodLast-In, First-Out Inventory Costing MethodWeighted-Average Inventory Costing MethodCalculating the Cost of Merchandise SoldComparison of Inventory Methods
Estimating InventoryGross Profit Method of Estimating InventoryEstimating Inventory for Other Months
Chapter 20 Accounting for Notes and Interest
Promissory NotesWhen Lending and Borrowing Are NecessaryUses of Promissory NotesInterest on Promissory NotesMaturity Date of Promissory Notes
Notes PayableSigning a Note PayablePaying Principal and Interest on a Note PayableSigning a Note Payable for an Extension of TimePaying a Note Payable Issued for an Extension of Time
Notes ReceivableAccepting a Note Receivable from a CustomerCollecting Principal and Interest on a Note ReceivableRecording a Dishonored Note Receivable
Chapter 21 Accounting for Accrued Revenue and Expenses
Accrued RevenueAccounting for Interest at the Fiscal Year EndAnalyzing an Adjustment for Accrued Interest IncomePosting an Adjusting Entry for Accrued Interest IncomeReversing Entry for Accrued Interest IncomeCollecting a Note Receivable Issued in a Previous Fiscal Period
Accrued ExpensesAnalyzing an Adjustment for Accrued Interest ExpensePosting an Adjusting Entry for Accrued Interest ExpenseReversing Entry for Accrued Interest ExpensePaying a Note Payable Signed in a Previous Fiscal PeriodEffect of Not Using Reversing Entries
Chapter 22 End-Of-Fiscal-Period Work for a Corporation
Preparing a Work Sheet for a CorporationPreparing Financial StatementsUse of a Work Sheet
Entering a Trial Balance on a Work SheetPlanning Adjustments on a Work Sheet
Interest Income AdjustmentSupplies AdjustmentFederal Income Tax AdjustmentCompleting a Work SheetCompleted Work Sheet
Preparing an Income StatementIncome StatementUses of an Income StatementAnalyzing an Income Statement
Acceptable Component PercentagesPreparing a Statement of Stockholders’ Equity and Balance Sheet
Statement of Stockholders’ EquityBalance SheetPreparing a Balance Sheet
AssetsLiabilitiesStockholders’ Equity
Analyzing a Balance SheetWorking CapitalCurrent Ratio
Adjusting, Closing, and Reversing Entries for a CorporationAdjusting EntriesClosing Entries for a CorporationClosing Entry for Accounts with Credit BalancesClosing Entry for Accounts with Debit BalancesClosing Entry to Record Net IncomeClosing Entry for DividendsReversing EntriesAccounting Cycle for a Merchandising Business Organized as a Corporation
PART 4 ADDITIONAL ACCOUNTING PROCEDURES
Chapter 23 Accounting for Partnerships
Forming a PartnershipPartnershipsThe Business—GiftPak CompanyPartnership AgreementsInitial Investments by OwnersWithdrawal of Cash by PartnerWithdrawal of Merchandise by Partner
Distribution of Net Income and Owners’ Equity StatementsDistribution of Net Income StatementDistribution of Net Income Statement with Unequal Distribution of EarningsPartners’ Capital and Drawing AccountsOwners’ Equity StatementOwners’ Equity Statement with an Additional Investment and a Net LossBalance Sheet for a Partnership
Dissolving a PartnershipAccount Balances Before RealizationGain on RealizationRecognizing a Gain on RealizationLoss on RealizationLiquidating LiabilitiesAccount Balances After Liquidation of Noncash Assets and Payment of LiabilitiesDistributing Loss or Gain on Realization to PartnersDistributing Remaining Cash to Partners
Chapter 24 Recording International and Internet Sales
Recording International SalesInternational SalesInternational Sales Compared with Domestic SalesProcessing an International SaleCollecting Payment for an International SaleJournalizing an International SaleJournalizing Time DraftsJournalizing Cash Receipts from Time Drafts
Trade AcceptancesRecording Internet Sales
Internet SalesJournalizing an Internet Sale
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