Accounting I
030300
2014-2015 Syllabus
Instructor: Savannah Wakeley
Period: 8th, 2:48-3:39
Textbook: South-Western Accounting 8e, by Gilbertson, Lehman, Ross
School Mission Statement:
The mission of Leigh Community School: Learning Empowers Individuals to Great Heights.
Course Description and Objectives:
This course covers sole proprietorship accounting principles involved in the preparation and
maintenance of financial records concerned with business management and operations. It is a
comprehensive introduction to basic accounting including recording, summarizing and reporting,
principles of income measurement and asset valuation, and accounting systems and controls.
Students are exposed to careers in the accounting field and are given the opportunity to perform
accounting applications using the computer. An introduction to partnerships and corporations
may be included.
Course Objectives Aligned With Nebraska State Business Education Standards:
 Complete and explain the purpose of the steps of the accounting cycle.
 Apply generally accepted accounting principles (GAAP) to determine the value of assets,
liabilities, and equity.
 Prepare, interpret, and analyze financial statements for various types of business.
 Apply appropriate accounting principles to payroll, income taxation, and various forms of
ownership.
 Investigate accounting-related career opportunities, workplace skills, and ethics related to the
field of accounting.
Grading:
A = 94-100
B = 87-93
C = 77-86
D = 70-76
NC= Below 70
Classroom Rules:
Rules are subject to change upon collaboration with the students to design and implement the class
rules.
1. Be respectful
2. Use appropriate language
3. Be prepared
4. Be on time and in class
5. Be cooperative and positive
6. No rolling and/or swiveling in chairs
1
Course Curriculum
Sole Proprietorship
1. Starting a Proprietorship: Changes that affect the accounting equation
SS1, SS2
a. The accounting equation
b. How business activities change the accounting equation
c. How transactions change owner’s equity
2. Analyzing transactions into debit and credit parts
SS1 SS2
a. Using T accounts
b. Analyzing how transactions affect accounts
c. Analyzing how transactions affect owner’s equity accounts
3. Journalizing transactions
SS1, SS2
a. Journals, source documents, and recording entries in a journal
b. Journalizing buying insurance, buying on account, and paying on account
c. Journalizing transactions that affect owner’s equity and receiving cash on account
d. Proving and ruling a journal
4. Posting to a general ledger
SS1, SS2
a. Preparing a chart of accounts
b. Posting separate amounts from a journal to a general ledger
c. Posting column totals from a journal to general ledger
d. Completed accounting forms and making correcting entries
5. Cash control systems
SS1, SS2
a. Checking accounts
b. Bank reconciliation
c. Dishonored checks and electronic banking
d. Petty cash
6. Work sheet for a service business
SS1, SS2
a. Creating a work sheet
b. Planning adjusting entries on a work sheet
c. Extending financial statement information on a work sheet
d. Finding and correcting errors on the work sheet
7. Financial statements for a proprietorship
SS1, SS2, SS3
a. Preparing an income statement
b. Balance sheet information on a work sheet
8. Recording adjusting and closing entries for a service business
SS1, SS2, SS3
a. Recording adjusting entries
b. Recording closing entries
c. Preparing a post-closing trial balance
Corporation
9. Journalizing purchases and cash payments
SS1, SS2, SS3
a. Journalizing purchases using a purchases journal
b. Journalizing cash payments using a cash payments journal
c. Performing additional cash payments journal operations
d. Journalizing other transactions using a general journal
10. Journalizing sales and cash receipts using special journals
SS1, SS2, SS3
a. Journalizing sales on account using a sales journal
b. Journalizing cash receipts using a cash receipts journal
c. Recording transactions using a general journal
11. Posting to a general and subsidiary ledgers
SS1, SS2, SS3
a. Posting to an accounts payable ledger
b. Posting to an accounts receivable ledger
c. Posting from journals to a general ledger
d. Posting special journal totals to a general ledger
e. Correcting errors in subsidiary ledger accounts
12. Preparing payroll records
SS1, SS2, SS3, SS4
a. Preparing payroll time cards
b. Determining payroll tax withholding
c. Preparing payroll records
d. Preparing payroll checks
13. Payroll accounting, taxes, and reports
SS1, SS2, SS3, SS4
a. Recording a payroll
b. Recording employer payroll taxes
c. Reporting withholding and payroll taxes
d. Paying withholding and payroll taxes
14. Distributing dividends and preparing a work sheet for a
SS1, SS2, SS3, SS4
merchandising business
a. Distributing corporate earnings to stockholders
b. Beginning an 8-column work sheet for a merchandising business
c. Planning and recording a merchandise inventory adjustment
d. Planning and recording an allowance for uncollectible accounts adjustment
e. Planning and recording depreciation adjustments
f. Calculating Federal Income Tax and completing a work sheet
15. Financial statements for a corporation
SS1, SS2, SS3, SS4
a. Preparing an income statement
b. Analyzing an income statement
c. Preparing a statement of stockholders’ equity
d. Preparing a balance sheet
16. Recording adjusting and closing entries for a corporation
SS1, SS2, SS3, SS4
a. Recording adjusting entries
b. Recording closing entries for income statement accounts
c. Preparing a post-closing trial balance
17. Accounting for uncollectible accounts receivable
SS1, SS2, SS3, SS4
a. Uncollectible accounts
b. Writing off and collecting uncollectible accounts receivable
18. Accounting for plant assets and depreciation
SS1, SS2, SS3, SS4
a. Buying plant assets and paying property tax
b. Calculating depreciation expense
c. Journalizing depreciation expense
d. Disposing of plant assets
e. Declining-balance method of depreciation
19. Accounting for inventory
SS1, SS2, SS3, SS4
a. Determining the quantity of merchandise inventory
b. Determining the cost of merchandise inventory
c. Estimating inventory