Century 21 Accounting, 8e General Journal Chapter Outlines
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1 Century 21 Accounting, 8e General Journal Chapter Outlines PART 1 Chapter 1 ACCOUNTING FOR A SERVICE BUSINESS ORGANIZED AS A PROPRIETORSHIP Starting A Proprietorship: Changes that Affect the Accounting Equation The Accounting Equation What Is Accounting? The Business TechKnow Consulting The Accounting Equation How Business Activities Change the Accounting Equation Receiving Cash Received Cash from Owner as an Investment Paying Cash Paid Cash for Supplies Paid Cash for Insurance Transactions on Account Bought Supplies on Account Paid Cash on Account How Transactions Change Owner s Equity in an Accounting Equation Revenue Transactions Received Cash from Sales Sold Services on Account Expense Transactions: Paying Cash for Expenses Other Cash Transactions Received Cash on Account Paid Cash to Owner for Personal Use Summary of Changes in Owner s Equity
2 Chapter 2 Analyzing Transactions into Debit and Credit Parts Using T Accounts Analyzing the Accounting Equation Accounts Account Balances Increases and Decreases in Accounts Analyzing How Transactions Affect Accounts Received Cash from Owner as an Investment Paid Cash for Supplies Paid Cash for Insurance Bought Supplies on Account Paid Cash on Account Analyzing How Transactions Affect Owner s Equity Accounts Received Cash from Sales Sold Services on Account Paid Cash for an Expense Received Cash on Account Paid Cash to Owner for Personal Use
3 Chapter 3 Recording Transactions in a General Journal Journals, Source Documents, and Recording Entries in a Journal Journals and Journalizing A General Journal Using a Journal Accuracy Chronological Record Double-Entry Accounting Source Documents Checks Sales Invoices Other Source Documents Receipts Memorandums Calculator Tapes Received Cash from Owner as an Investment Paid Cash for Supplies Journalizing Buying Insurance, Buying on Account, and Paying on Account Paid Cash for Insurance Bought Supplies on Account Paid Cash on Account Journalizing Transactions that Affect Owner s Equity and Receiving Cash on Account Received Cash from Sales Sold Services on Account Paid Cash for an Expense Received Cash on Account Paid Cash to Owner for Personal Use Starting a New Journal Page A Completed Journal Page Starting a New General Journal Page Standard Accounting Practices
4 Chapter 4 Posting from a General Journal to a General Ledger Preparing a Chart of Accounts Account Form Relationship of a T Account to an Account Form Chart of Accounts Preparing a Chart of Accounts Account Numbers Assigning Account Numbers Opening an Account in a General Ledger Posting from a General Journal to a General Ledger Posting an Amount from the Debit Column of a General Journal Posting an Amount from the Credit Column of a General Journal Posting a Debit Amount to an Account with a Balance Journal Page with Posting Completed Completed General Ledger, Proving Cash, and Making Corrected Entries Proving Cash Memorandum for a Correcting Entry Journal Entry to Record a Correcting Entry
5 Chapter 5 Cash Control Systems How Businesses Use Cash Checking Accounts Depositing Cash Deposit Recorded on a Check Stub Blank Endorsement, Special Endorsement, and Restrictive Endorsement Blank Endorsement Special Endorsement Restrictive Endorsement Completed Check Stub and Check Recording a Voided Check Bank Reconciliation Bank Statement Bank Statement Reconciliation Recording a Bank Service Charge on a Check Stub Journalizing a Bank Service Charge Dishonored Checks and Electronic Banking Recording a Dishonored Check on a Check Stub Journalizing a Dishonored Check Journalizing an Electronic Funds Transfer Journalizing a Debit Card Transaction Petty Cash Establishing a Petty Cash Fund Making Payments from a Petty Cash Fund with a Petty Cash Slip Replenishing Petty Cash
6 Chapter 6 Work Sheet for a Service Business Consistent Reporting Creating a Work Sheet Fiscal Periods Work Sheet Preparing the Heading of a Work Sheet Preparing a Trial Balance on a Work Sheet Planning Adjusting Entries on a Work Sheet Planning Adjustments on a Work Sheet Supplies Adjustment on a Work Sheet Prepaid Insurance Adjustment on a Work Sheet Proving the Adjustments Columns of a Work Sheet Extending Financial Statement Information on a Work Sheet Extending Balance Sheet Account Balances on a Work Sheet Extending Income Statement Account Balances on a Work Sheet Recording Net Income, and Totaling and Ruling a Work Sheet Calculating and Recording a Net Loss on a Work Sheet Finding and Correcting Errors on the Work Sheet Correcting Accounting Errors on the Work Sheet Checking for Typical Calculation Errors Checking for Errors in the Work Sheet Check for Errors in the Trial Balance Column Check for Errors in the Adjustments Columns Check for Errors in the Income Statement and Balance Sheet Columns Correcting an Error in Posting to the Wrong Acc Correcting an Incorrect Amount and an Amount Posted to the Wrong Column Checking for Errors in Journal Entries Preventing Errors
7 Chapter 7 Financial Statements for a Proprietorship Reporting Financial Information Preparing an Income Statement Income Statement Information on a Work Sheet Heading of an Income Statement Revenue, Expenses, and Net Income Sections of an Income Statement Component Percentage Analysis of an Income Statement Acceptable Component Percentages Total Expenses Component Percentage Net Income Component Percentage Income Statement with Two Sources of Revenue and a Net Loss Balance Sheet Information on a Work Sheet Balance Sheet Heading of a Balance Sheet Assets and Liabilities Sections of a Balance Sheet Owner s Equity Section of a Balance Sheet Owner s Equity Reported in Detail on a Balance Sheet
8 Chapter 8 Recording Adjusting and Closing Entries for a Service Business Adjusting Entries Recording Adjusting Entries Adjusting Entry for Supplies Adjusting Entry for Prepaid Insurance Recording Closing Entries Need for Permanent and Temporary Accounts Need for Closing Temporary Accounts Need for the Income Summary Account Closing Entry for an Income Statement Account with a Credit Balance Closing Entry for Income Statement Accounts with Debit Balances Closing Entry to Record Net Income or Loss and Close the Income Summary Account Closing Entry for the Owner s Drawing Account Preparing a Post-Closing Trial Balance General Ledger Accounts after Adjusting and Closing Entries Are Posted Post-Closing Trial Balance Accounting Cycle for a Service Business
9 PART 2 Chapter 9 ACCOUNTING FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATION Journalizing Purchases and Cash Payments Journalizing Purchases Using a Purchases Journal Merchandising Businesses The Business Hobby Shack, Inc. Using Special Journals Purchasing Merchandise Purchases on Account Purchases Journal Purchase Invoice Purchasing Merchandise on Account Totaling and Ruling a Purchases Journal Journalizing Cash Payments Using a Cash Payments Journal Cash Payments Journal Cash Payment of an Expense Buying Supplies for Cash Cash Payments for Purchases Trade Discount Cash Purchases Cash Payments on Account with Purchases Discounts Cash Payments on Account Without Purchases Discounts Performing Additional Cash Payments Journal Operations Petty Cash Report Replenishing a Petty Cash Fund Totaling, Proving, and Ruling a Cash Payments Journal Page to Carry Totals Forward Starting a New Cash Payments Journal Page Totaling, Proving, and Ruling a Cash Payments Journal at the End of a Month Journalizing Other Transactions Using a General Journal General Journal Memorandum for Buying Supplies on Account Buying Supplies on Account Debit Memorandum for Purchases Returns and Allowances Journalizing Purchases Returns and Allowances
10 Chapter 10 Journalizing Sales and Cash Receipts Using Special Journals Journalizing Sales on Account Using a Sales Journal Sales Tax Sales of Merchandise on Account Sales Journal Sales Invoice Sale on Account Totaling, Proving, and Ruling a Sales Journal Journalizing Cash Receipts Using a Cash Receipts Journal Processing Sales Transactions Processing Credit Cards Cash Receipts Journal Cash and Credit Card Sales Cash Receipts on Account Calculating Cash Receipts on Account with Sales Discount Journalizing Cash Receipts on Account with Sales Discounts Totaling, Proving, and Ruling a Cash Receipts Journal Proving Cash at the End of a Month Recording Transactions Using a General Journal Credit Memorandum for Sales Returns and Allowances Sales Returns and Allowances Journalizing Sales Returns and Allowances
11 Chapter 11 Posting To General and Subsidiary Ledgers Posting to an Accounts Payable Ledger Ledgers and Controlling Accounts General Ledger Subsidiary Ledgers Accounts Payable Ledger and General Ledger Controlling Account Accounts Payable Ledger Forms Posting from a Purchases Journal to an Accounts Payable Ledger Posting from a Cash Payments Journal to an Accounts Payable Ledger Posting Credit Entries from a General Journal to an Accounts Payable Ledger Completed Accounts Payable Ledger Proving the Accounts Payable Ledger Posting to an Accounts Receivable Ledger Accounts Receivable Ledger and General Ledger Controlling Account Accounts Receivable Ledger Forms Posting From a Sales Journal to an Accounts Receivable Ledger Posting From a Cash Receipts Journal to an Accounts Receivable Ledger Posting a Credit Entry from a General Journal to an Accounts Receivable Ledger Completed Accounts Receivable Ledger Proving the Accounts Receivable Ledger Posting from Journals to a General Ledger Starting a New Page for an Account in a General Ledger Posting from the General Amount Columns of a Cash Payments Journal to a General Ledger Posting a Debit Entry from a General Journal to a General Ledger Posting a Credit Entry from a General Journal to a General Ledger Posting Special Journal Totals to a General Ledger Posting the Total of a Purchases Journal to a General Ledger Posting Special Amount Column Totals of a Cash Receipts Journal to a General Ledger Posting Special Amount Column Totals of a Cash Payments Journal to a General Ledger Order of Posting from Special Journals Correcting Errors in Subsidiary Ledger Accounts Journalizing Correcting Entries Affecting Customer Accounts Posting Correcting Entries Affecting Customer Accounts
12 Chapter 12 Preparing Payroll Records Preparing Payroll Time Cards Paying Employees Analyzing a Payroll Time Card Calculating Employee Hours Worked Calculating Employee Total Earnings Determining Payroll Tax Withholding Payroll Taxes Employee Income Tax Employee s Withholding Allowance Certificate Employee s Income Tax Withholding Single Persons Employee s Income Tax Withholding Married Persons Employee Social Security and Medicare Tax Preparing Payroll Records Payroll Register Employee Earnings Records Preparing Payroll Checks Payroll Bank Account Employee s Payroll Check Electronic Funds Transfer
13 Chapter 13 Payroll Accounting, Taxes, and Reports Recording a Payroll Different Forms of Payroll Information Payroll Register Analyzing Payment of a Payroll Journalizing Payment of a Payroll Recording Employer Payroll Taxes Calculating Employer Payroll Taxes Employer Social Security and Medicare Taxes Unemployment Taxable Earnings Unemployment Taxes Federal Unemployment Tax State Unemployment Tax Journalizing Employer Payroll Taxes Reporting Withholding and Payroll Taxes Employer Annual Report to Employees of Taxes Withheld Employer s Quarterly Federal Tax Return Preparing Employer s Quarterly Federal Tax Return Employer Annual Reporting of Payroll Taxes Paying Withholding and Payroll Taxes Paying the Liability for Employee Income Tax, Social Security Tax, and Medicare Tax Form 8109, Federal Deposit Coupon Journalizing Payment of Liability for Employee Income Tax, Social Security Tax, and Medicare Tax Paying the Liability for Federal Unemployment Tax Journalizing Payment of Liability for Federal Unemployment Tax Journalizing Payment of Liability for State Unemployment Tax
14 Chapter 14 Distributing Dividends and Preparing a Work Sheet for a Merchandising Business Distributing Corporate Earnings to Stockholders Financial Information Stockholders Equity Accounts Used by a Corporation Declaring a Dividend Paying a Dividend Beginning an 8-Column Work Sheet for a Merchandising Business Entering a Trial Balance on a Work Sheet Planning Adjustments on a Work Sheet Recording a Trial Balance on a Work Sheet Analyzing and Recording Supplies Adjustments Analyzing Supplies Adjustments Recording Supplies Adjustments on a Work Sheet Analyzing and Recording a Prepaid Insurance Adjustment Analyzing a Prepaid Insurance Adjustment Recording a Prepaid Insurance Adjustment Planning and Recording a Merchandise Inventory Adjustment Merchandise Inventory Analyzing and Recording a Merchandise Inventory Adjustment Analyzing an Adjustment When Ending Merchandise Inventory Is Greater Than Beginning Merchandise Inventory Planning and Recording an Allowance for Uncollectible Accounts Adjustment Allowance Method of Recording Losses from Uncollectible Accounts Estimating Uncollectible Accounts Expense Analyzing and Recording an Adjustment for Uncollectible Accounts Expense Planning and Recording Depreciation Adjustments Categories of Assets Depreciating Plant Assets Calculating Depreciation Expense and Book Value Straight-Line Depreciation Calculating Accumulated Depreciation Calculating Book Value Analyzing and Recording Adjustments for Depreciation Expense Calculating Federal Income Tax and Completing a Work Sheet Federal Income Tax Expense Adjustment Calculating Federal Income Tax Recording the Federal Income Tax Adjustment Completing a Work Sheet A Completed 8-Column Work Sheet A 10-Column Work Sheet (left page) A 10-Column Work Sheet (right page)
15 Chapter 15 Financial Statements for a Corporation Preparing an Income Statement Uses of Financial Statements Income Statement Information on a Work Sheet Revenue Section of an Income Statement for a Merchandising Business Cost of Merchandise Sold Section of an Income Statement for a Merchandising Business Completing an Income Statement for a Merchandising Business Analyzing an Income Statement Using Component Percentages Acceptable Component Percentages Analysis of Component Percentages Cost of Merchandise Sold Component Percentage Gross Profit on Sales Component Percentage Total Expenses Component Percentage Net Income before Federal Income Tax Component Percentage Analyzing an Income Statement Showing a Net Loss Actions to Correct Unacceptable Component Percentages Unacceptable Component Percentage for Gross Profit on Sales Unacceptable Component Percentage for Total Expenses Unacceptable Component Percentage for Net Income before Federal Income Tax Financial Ratios Earnings per Share Price-Earnings Ratio Preparing a Statement of Stockholders Equity Capital Stock Section of the Statement of Stockholders Equity Retained Earnings Section of the Statement of Stockholders Equity Preparing a Balance Sheet Balance Sheet Information on a Work Sheet Current Assets Section of a Balance Sheet Plant Assets Section of a Balance Sheet Liabilities Section of a Balance Sheet Stockholders Equity Section of a Balance Sheet Completed Balance Sheet Supporting Schedules for a Balance Sheet
16 Chapter 16 Recording Adjusting and Closing Entries for a Corporation Recording Adjusting Entries Adjusting Entries Recorded from a Work Sheet Adjusting Entry for Allowance for Uncollectible Accounts Adjusting Entry for Merchandise Inventory Adjusting Entry for Supplies Office Adjusting Entry for Supplies Store Adjusting Entry for Prepaid Insurance Adjusting Entry for Depreciation Office Equipment Adjusting Entry for Depreciation Store Equipment Adjusting Entry for Federal Income Taxes Recording Closing Entries for Income Statement Accounts The Income Summary Account Closing Entry for Accounts with Credit Balances Closing Entry for Income Statement Accounts with Debit Balances Summary of Closing Entry for Income Statement Accounts with Debit Balances Closing Entry to Record Net Income Closing Entry for Dividends Completed Closing Entries for a Corporation Recorded in a Journal Preparing a Post-Closing Trial Balance Completed General Ledger After Adjusting and Closing Entries Are Posted Post-Closing Trial Balance Accounting Cycle for a Merchandising Business Organized as a Corporation
17 PART 3 Chapter 17 ACCOUNTING FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATION ADJUSTMENTS AND VALUATION Accounting for Uncollectible Accounts Receivable Uncollectible Accounts The Business Restaurant Supply Co. Estimating and Recording Uncollectible Accounts Expense Analyzing and Journalizing an Adjustment for Uncollectible Accounts Expense Posting an Adjusting Entry for Uncollectible Accounts Expense Writing Off and Collecting Uncollectible Accounts Receivable Journalizing Writing Off an Uncollectible Account Receivable Posting an Entry to Write Off an Uncollectible Account Receivable Reopening an Account Previously Written Off Recording Cash Received for an Account Previously Written Off Posting Entries for Collecting a Written-Off Account Receivable
18 Chapter 18 Accounting for Plant Assets and Depreciation Buying Plant Assets and Paying Property Tax Recording the Buying of a Plant Asset Calculating and Paying Property Tax Calculating Depreciation Expense Straight-Line Depreciation Calculating Depreciation Expense for Part of a Year Calculating Accumulated Depreciation and Book Value Calculating Accumulated Depreciation Calculating Book Value Journalizing Depreciation Expense Preparing Plant Asset Records Journalizing Annual Depreciation Expense Posting an Adjusting Entry for Depreciation Expense Disposing of Plant Assets Sale of a Plant Asset for Book Value Recording a Plant Asset s Depreciation Expense for a Partial Year Sale of a Plant Asset for More than Book Value Sale of a Plant Asset for Less than Book Value Declining-Balance Method of Depreciation Calculating Depreciation Using the Double Declining-Balance Method Calculating the Last Year s Depreciation Expense Comparison of Two Methods of Depreciation
19 Chapter 19 Accounting for Inventory Determining the Quantity of Merchandise Inventory Why Merchandise Inventory Is Important The Most Efficient Quantity of Inventory Methods Used to Determine the Quantity of Merchandise Inventory Inventory Record Stock Record Perpetual Inventory Using a Computer Determining the Cost of Merchandise Inventory First-In, First-Out Inventory Costing Method Last-In, First-Out Inventory Costing Method Weighted-Average Inventory Costing Method Calculating the Cost of Merchandise Sold Comparison of Inventory Methods Estimating Inventory Gross Profit Method of Estimating Inventory Estimating Inventory for Other Months
20 Chapter 20 Accounting for Notes and Interest Promissory Notes When Lending and Borrowing Are Necessary Uses of Promissory Notes Interest on Promissory Notes Maturity Date of Promissory Notes Notes Payable Signing a Note Payable Paying Principal and Interest on a Note Payable Signing a Note Payable for an Extension of Time Paying a Note Payable Issued for an Extension of Time Notes Receivable Accepting a Note Receivable from a Customer Collecting Principal and Interest on a Note Receivable Recording a Dishonored Note Receivable
21 Chapter 21 Accounting for Accrued Revenue and Expenses Accrued Revenue Accounting for Interest at the Fiscal Year End Analyzing an Adjustment for Accrued Interest Income Posting an Adjusting Entry for Accrued Interest Income Reversing Entry for Accrued Interest Income Collecting a Note Receivable Issued in a Previous Fiscal Period Accrued Expenses Analyzing an Adjustment for Accrued Interest Expense Posting an Adjusting Entry for Accrued Interest Expense Reversing Entry for Accrued Interest Expense Paying a Note Payable Signed in a Previous Fiscal Period Effect of Not Using Reversing Entries
22 Chapter 22 End-Of-Fiscal-Period Work for a Corporation Preparing a Work Sheet for a Corporation Preparing Financial Statements Use of a Work Sheet Entering a Trial Balance on a Work Sheet Planning Adjustments on a Work Sheet Interest Income Adjustment Supplies Adjustment Federal Income Tax Adjustment Completing a Work Sheet Completed Work Sheet Preparing an Income Statement Income Statement Uses of an Income Statement Analyzing an Income Statement Acceptable Component Percentages Preparing a Statement of Stockholders Equity and Balance Sheet Statement of Stockholders Equity Balance Sheet Preparing a Balance Sheet Assets Liabilities Stockholders Equity Analyzing a Balance Sheet Working Capital Current Ratio Adjusting, Closing, and Reversing Entries for a Corporation Adjusting Entries Closing Entries for a Corporation Closing Entry for Accounts with Credit Balances Closing Entry for Accounts with Debit Balances Closing Entry to Record Net Income Closing Entry for Dividends Reversing Entries Accounting Cycle for a Merchandising Business Organized as a Corporation
23 PART 4 Chapter 23 ADDITIONAL ACCOUNTING PROCEDURES Accounting for Partnerships Forming a Partnership Partnerships The Business GiftPak Company Partnership Agreements Initial Investments by Owners Withdrawal of Cash by Partner Withdrawal of Merchandise by Partner Distribution of Net Income and Owners Equity Statements Distribution of Net Income Statement Distribution of Net Income Statement with Unequal Distribution of Earnings Partners Capital and Drawing Accounts Owners Equity Statement Owners Equity Statement with an Additional Investment and a Net Loss Balance Sheet for a Partnership Dissolving a Partnership Account Balances Before Realization Gain on Realization Recognizing a Gain on Realization Loss on Realization Liquidating Liabilities Account Balances After Liquidation of Noncash Assets and Payment of Liabilities Distributing Loss or Gain on Realization to Partners Distributing Remaining Cash to Partners
24 Chapter 24 Recording International and Internet Sales Recording International Sales International Sales International Sales Compared with Domestic Sales Processing an International Sale Collecting Payment for an International Sale Journalizing an International Sale Journalizing Time Drafts Journalizing Cash Receipts from Time Drafts Trade Acceptances Recording Internet Sales Internet Sales Journalizing an Internet Sale
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