Accounting 1
Course Description:
This course will teach you valuable work skills or prepare you for college classes if you plan to major in
Accounting, Finance, Business Administration or Management. The course will cover accounting for sole
proprietorships, corporations, and partnerships. Topics of student include transaction analysis, payroll,
accounts payable and receivable, financial statement preparation and analysis. Reinforcement projects
will be completed periodically. Account software may be used to supplement the textbook material.
Instructor:
Mr. Crites
Room:
229
Textbook/Workbook:
CENTURY 21 ACCOUNTING, 9th Edition
Objectives:
Understand accounting as it related to careers.
Know accounting terminology
Understand accounting concepts, principles, and practices
Apply accounting procedures
Materials:
Textbook, workbook, two-pocket folder, notebook paper, pencil, and calculator
should be brought to class every day.
Grading:
50% of the grade will be based on daily work, which will consist of textbook
questions, study guides, workbook problems, reinforcement projects, articles,
and the like.
40% of the grade will be based on tests.
10% Participation
Course Syllabus:
Part 1 – Starting a Proprietorship: Changes that affect the Accounting Equation
Chapter 1 – Starting a Proprietorship: Changes That Affect the Accounting Equation
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What is accounting
Exploring the accounting equation
How business transactions change the accounting equation
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Ethics in accounting
Chapter 2 – Analyzing Transactions into Debit and Credit Parts
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Using T accounts
Setting up accounts for a new business
Analyzing how transactions affect individual accounts and the accounting equation
Chapter 3 – Journalizing Transactions
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Journals, source document, and recording entries in a journal
Proving and ruling a journal and proving cash
Recognizing standard accounting practices
Recognizing ethical dilemmas and actions
Chapter 4 – Posting to a General Ledger
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Preparing a chart of accounts and performing file maintenance
Posting separate debit and credit amounts and special column totals
Journalizing correcting entries
Chapter 5 – Cash Control Systems
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Preparing bank deposits and writing checks
Reconciling a bank statement
Recording dishonored checks and electronic funds transfer
Journalizing petty cash transactions
Business Codes of Conduct
Reinforcement Activity 1 – Part A (Chapters 1-5)
Chapter 6 – Work Sheets for a Service Business
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Preparing a trial balance on a work sheet
Recording supplies and prepaid insurance adjustments
Extending financial statement information and calculating next income or net loss
Professional Codes of Conduct
Chapter 7 – Financial Statements for a Proprietorship
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Preparing an Income Statement
Calculating capital and preparing a Balance Sheet
Chapter 8 – Recording Adjusting and Closing Entries for a Service Business
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Journalizing and posting adjusting entries
Journalizing and posting closing entries
Preparing a post-closing trial balance
Review of accounting cycle for a service business organized as a proprietorship
Reinforcement Activity 1 – Part B (Chapter 6-8)
Part 2 – Accounting for a Merchandising Business Organized as a Corporation
Chapter 9 – Journalizing Purchase and Cash Payments
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Elements of a merchandise business organized as a corporation
Journalizing purchases of merchandise in a purchases journal
Journalizing cash payment in a cash payments journal
Calculating and recording purchases discounts
Preparing a petty cash report
Journalizing purchases returns in a general journal
Recognizing warning signs of unethical behavior
Chapter 10 – Journalizing Sales and Cash Receipts Using Special Journals
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Calculating sales tax and recording sales on account in a sales journal
Journalizing cash receipts using a cash receipts journal
Calculating and recording sales discounts
Journalizing sales returns in a general journal
Recognizing advantages and disadvantages of a corporation
Chapter 11 – Posting to General and Subsidiary Ledgers
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Relationship between the general ledger and subsidiary ledgers
Posting to an accounts payable ledger
Posting to an accounts receivable ledger
Posting to a general ledger
Preparing schedules of accounts payable and accounts receivable
Recording correcting entries
Business ethics – Whose computer is it really?
Chapter 12 – Preparing Payroll Records
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Calculating hours worked, total earnings, employee deductions
Preparing a payroll register and payroll checks
Preparing employee earnings records
Chapter 13 – Payroll Accounting, Taxes, and Reports
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Journalizing payment of a payroll
Calculating and journalizing employer payroll taxes
Journalizing payment of payroll taxes
Reinforcement Activity 2 – Part A (Chapter 9-13)
Chapter 14 – Distributing Dividends and Preparing a Work Sheet for a Merchandising Business
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Journalizing declaration and payment of dividends
Preparing a trial balance
Analyzing and recording supplies, prepaid insurance, merchandise inventory, allowance for
uncollectible accounts, depreciation of plant assets and federal income tax adjustments
Extending financial statement information and calculating net income or net loss
Chapter 15 – Financial Statements for a Corporation
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Preparing and analyzing an income statement with a cost of merchandise sold section
Calculating earning per share and price-earnings ratio
Preparing a statement of stockholders’ equity
Preparing a balance sheet
Chapter 16 – Recording Adjusting and Closing Entries for a Corporation
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Journalizing and posting adjusting entries
Journalizing and posting closing entries
Preparing a post-closing trial balance
Review of accounting cycle for a merchandising business organized as a corporation
Reinforcement Activity 2 – Part B (Chapter 14-16)
Part 3 – Accounting for a Merchandising Business Organized as a Corporation – Adjustments and
Valuation
Chapter 17 – Accounting for Uncollectible Accounts Receivable
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Estimating and recording uncollectible accounts expense
Recording writing off and collecting uncollectible accounts receivable
Chapter 18 – Accounting for Plant Assets and Depreciation
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Recording the buying of plant assets
Calculating and paying property tax
Calculating depreciation expense, accumulated depreciation and book value
Preparing plant asset records
Disposing of plant assets
Chapter 19 – Accounting for Inventory
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Determining the quantity of merchandise inventory
Determine the cost of merchandise inventory using first-in, first-out; last-in, last-out, and
weighted average costing methods
Estimation inventory
Chapter 20 – Accounting for Notes and Interest
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Define elements of a promissory note
Calculating interest and determining maturity dates
Journalizing note payable and note receivable transactions
Reinforcement Activity 3 – Part A (Chapter 17-20)
Chapter 21 – Accounting for Accrued Revenue and Expenses
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Analyzing, journalizing and posting accrued interest income
Analyzing, journalizing and posting accrued interest expense
Journalizing and posting reversing entries
Chapter 22 – End-of-Fiscal Period Work for a Corporation
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Preparing a work sheet
Preparing and analyzing an income statement, statement of stockholders’ equity, and balance
sheet
Journalizing adjusting, closing, and reversing entries
Review of accounting cycle for a merchandising business organized as a corporation
Reinforcement Activity 3 – Part B (Chapter 21-22)
Rules:
It is your responsibility to obtain assignments missed because of an absence.
Come prepared to class with necessary materials. (Pencil only)
No food or drink in class.
Remain in your seat during lectures.
Do not open or close windows or move equipment without my permission.
Be respectful in language and behavior to me and to your classmates.
Follow the general rules of conduct found in your student handbook.