JOHN A. LOGAN COLLEGE L. Hines SM 14. ACC 100-VI BUSINESS ACCOUNTING 3 cr. (3-0) (online)

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1 JOHN A. LOGAN COLLEGE L. Hines SM 14 ACC 100-VI BUSINESS ACCOUNTING 3 cr. (3-0) (online) COURSE DESCRIPTION: This is a practical accounting course for non-accounting majors. It includes a study of the elements of accounting, accounting procedures, conceptual framework, business transactions, common journals, posting, trial balance, worksheet, adjusting entries, income statement, balance sheet, statement of owner s equity, closing entries, postclosing trial balance, accounting for cash, accounting for purchases and sales, and payroll accounting. PREREQUISITES: None COURSE OBJECTIVES: Upon completion of the course, the student will be able to: 1. Identify account titles and account classifications. 2. Analyze and record business transactions in T-accounts. 3. Record transactions using a two-column general journal and special journals. 4. Post or sort entries to the general ledger and subsidiary ledgers. 5. Prepare a trial balance. 6. Prepare a worksheet. 7. Prepare financial statements: income statement, statement of owner s equity and the balance sheet. 8. Journalize and post the adjusting and closing entries. 9. Complete the record keeping for petty cash and change fund. 10. Reconcile a bank statement. 11. Calculate employee s gross and net pay. 12. Maintain employee earnings record. 13. Record journal entries for payroll and employer s payroll taxes. 14. Prepare a post-closing trial balance. COURSE OUTLINE: Topics to be covered include, but are not limited to: I. Nature of Accounting II. Recording Business Transactions a. The Account b. Debits and Credits c. Recording Transactions in Asset, Liability, and Owner s Equity Accounts

2 2 d. Temporary Owner s Equity Accounts 1. Rules of Debit and Credit as Applied to Revenue and Expense Accounts 2. Recording Transactions in Revenue and Expense Accounts 3. Owner s Drawing Account e. The Trial Balance f. Normal Balance of Accounts g. Summary of Debit and Credit III. IV. Starting the Accounting Cycle for a Service Business a. The Accounting Cycle 1. Analyze and Journalize Transactions from Source Documents *Making Journal Entries *Compound Journal Entry 2. Post from the Journal to the General Ledger *Chart of Accounts *Four Column Ledger Form 3. Prepare Trial Balance (Chapter 3)/Worksheet (Chapter 4) The Accounting Cycle Continued-Work Sheet, Financial Statements, and Adjusting Entries a. The Accounting Cycle Continued: 1. Prepare a Worksheet 2. Prepare Financial Statements from a Completed Work Sheet *Income Statement *Statement of Owner s Equity *Balance Sheet 3. Journalize and Post Adjusting Entries V. Complete the Accounting Cycle for a Service Business-Closing Entries and the Post-Closing Trial Balance 1. Journalize and Post Closing Entries 2. Prepare a Post-Closing Trial Balance VI. Cash and the Combined Journal a. Cash Defined b. Control of Cash c. The Combined Journal d. Accounting for Petty Cash e. The Change Fund f. Cash Short and Over g. The Bank Statement

3 3 VII. VIII. IX. Accounting for a Merchandising Business - Purchases and Cash Payments a. Merchandising Activity *Purchasing Procedures *Trade Discounts *Cash Discounts b. Recording Purchases of Merchandise c. The Accounts Payable Subsidiary Ledger d. Posting the Purchases Journal e. Merchandise Returns and Allowances f. Recording Cash Payments g. Posting the Cash Payments Journal h. Proving the Accounts Payable Ledger Accounting for a Merchandising Business Sales and Cash Receipts a. Sales Activity b. Recording Sales of Merchandise c. The Accounts Receivable Ledger d. Posting from the Sales Journal e. Sales Returns and Allowances f. Sales Discounts g. Recording Cash Receipts h. Schedule of Accounts Receivable Accounting for Payroll Employee Earnings and Deductions a. Calculating Gross Earnings b. Payroll Deductions c. Accounting Entry for Employee Earnings and Deductions X. Accounting for Payroll - Employer Taxes and Reports a. Employer Payroll Taxes b. Recording Employer s Taxes COURSE REQUIREMENTS: A. Online Class B. How to Get Started: 1. Print out the syllabus and assignment sheet and review the 1 st weeks assignments, which can be found under Course Information. Please note that the assignment sheet has specific due dates. In order to stay on task and not get behind, you must follow these due dates.

4 4 2. Scan the chapter first so that you have an idea of what the chapter is all about. Look at Table of Contents Review Chapter Learning Objectives Look at Headings Review example transactions in the chapter. Scanning will provide an intro and help get your mind in the learning mode. 3. Read the chapter. Be sure to work example transactions as you read along. 4. Go to D2L. Click on the Course Content. Select the folder Content with the chapter that has been assigned on your assignment sheet. a. Open and review chapter objectives b. Watch video lecture. c. Open and print lecture notes. d. Open and review PowerPoint slides. 5. Complete the assignments from the assignment sheet that corresponds with the chapter. Check your homework using the solution guide which can also be found in the content. Turn in only the assignment that counts for a grade. 6. Take chapter quiz by due date. 7. Follow assignment sheet and take exams on due dates. Exam #1, 4 & Final are taken in the learning lab. All other exams are taken online. See assignment sheet. C. Quizzes: On the appropriate due date; take the quiz that corresponds with the chapter. These are timed, and will count toward your final grade. You have two attempts to take a quiz. DO NOT TAKE A QUIZ DURING A THUNDERSTORM, AS THE ELECTRICITY MAY GO OUT. Do not refresh your screen or hit the back key while taking the quiz. If you go over the time limit, you will receive a grade of zero (0). The quizzes cannot be made up, therefore, make sure that you take them before, or on the due date. When you have completed the timed quiz and you are sure you have answered all questions click on submit. I will average the 5 highest quiz grades. D. Exams: Exam #1, 2, and the Final Exam will be given in the learning lab on the assigned dates. Please see assignment sheet. All other exams will be taken online. E. I drop the lowest exam grade; therefore, there will be NO opportunity to make up exams. I do not drop the final exam. F. Assignments: There will be many assignments in ACC 100. These assignments can be found on the assignment sheet. Please note that I do not collect all homework. Exercises and A problems will be checked by you. The answer key can be found under Course Content on D2L. One assignment for each chapter will be submitted by drop box for a grade. These assignments can be found in Content area of D2L.

5 5 G. Communication: The instructor and students should keep each other informed of changing circumstances that occur during the semester which could affect course performance and outcome. If you have a question about any of the assignments, please me lorahines@jalc.edu or call me at , Ext Student Success Center (Room C219). Services available for students include tutoring (both scheduled one-on-one tutoring and walk-in tutoring) and Disability Support Services. Students can drop in during the hours of operation for tutoring in the Math Help Room (C219 and C223) or the Biology Help Room (C243A). To receive one-onone tutoring, students should make a request early in the semester in the Student Success Center. The Student Success Center is also the place to arrange accommodations. John A. Logan College will make reasonable accommodations for students with documented disabilities. Contact the coordinator of Disability Support Services, Room C219B, ext. 8516, for more information. The coordinator must determine eligibility and arrange appropriate academic accommodations. However, it is the student s responsibility to register in advance of a school term with Disability Support Services and to turn in a class schedule each term to ensure accommodations are arranged. Free educational workshops are also provided by the Student Success Center throughout the semester. For more information, visit the Student Success Center website at English Writing Center/Tutoring. For assistance with writing assignments in any college courses, students are encouraged to visit the Writing Center in C214. English instructors are available for one-on-one tutoring each semester during hours posted at the center. Financial Aid. Students who receive financial assistance and completely withdraw from classes prior to 60% of the semester being completed (approximately 2-3 weeks after midterm) could be responsible to return a portion of their Federal Pell Grant award. Prior to withdrawing from courses, students should contact the Financial Aid Office. Course Withdrawal Information. It is expected that you will attend this class regularly. If you stop attending for any reason, you should contact your advisor and withdraw officially to avoid the posting of a failing grade (an E) to your transcript. It is also advisable to discuss the situation with your instructor before dropping. Administrative Withdrawal. A student may be withdrawn from a class for lack of attendance/participation as defined below. Logging into an online course is not sufficient to be considered participation. Participation for online courses is defined as an active process and may include posting/sending assignments to the drop box or instructor s , participating in online discussion boards, taking quizzes or exams, or otherwise communicating and/or participating in some manner that is approved by the instructor. A student who has been administratively withdrawn from class will receive an notification from the Admissions Office. This notification will outline the student s appeal options if the student wishes to re-enroll in the course.

6 6 Face-to-Face Class (8 or 16 weeks) Online Class (8 week) Online Class (16 week) Student may be withdrawn from class if the student has missed four (4) consecutive class periods without prior notification to the instructor of the absences. Student may be withdrawn from class if the student has not participated (as indicated by activity reports) in the online class for the equivalent of one week. Student may be withdrawn from class if the student has not participated (as indicated by activity reports) in the online class for the equivalent of two weeks. Safety Review Request. Our safety at JALC is everyone s responsibility! Faculty, staff, and students are encouraged to use the Safety Review Request, link on the JALC home page or contact Campus Safety directly (Ext or Room E105) to report safety concerns or questions. This statement comes from the John A. Logan College Campus Violence Prevention Committee. METHOD OF EVALUATION: Exams (4) 400 Ch. 1-3 Exam 1 Final 200 Ch. 4-5 Exam 2 Quizzes 100 Ch. 6 Exam 3 Assignments 250 Ch. 7-8 Exam 4 Comprehensive Ch Final Exam (Chapter 11, 12 & Review Problem 100 Comprehensive) Total 1050 Less lowest exam *Please note this is a tentative schedule. It is the student s responsibility to keep current on changes as they are announced in class. Your grade will be calculated: total points earned divided by the total points available. METHOD OF PRESENTATION: Online TEXT: Required: Dansby/Kaliski/Lawrence, College Accounting, 1-12, Paradigm, 5 th edition revised; ISBN:

7 7 Required: Working Papers that accompany textbook, Chapters 1-12, are required. Dansby/Kaliski/Lawrence, College Accounting Work Papers 1-12, Paradigm, 5 th ed. ISBN # INSTRUCTOR: Lora Hines Office: B71B Ext: lorahines@jalc.edu DATE: Summer, 2014 John A. Logan College Telephone Numbers Carterville and Williamson County... (618) , (618) Carbondale and Jackson County... (618) , (618) Du Quoin... (618) West Frankfort... (618) Crab Orchard, Gorham, and Trico Areas John A. Logan College does not discriminate on the basis of race, religion, color, national origin, disability, age, sexual orientation, or gender orientation d SM 14

8 8 ACC 100 Assignment Sheet Summer 2014 All assignments and quizzes are due by Sunday, 11:59pm. Exams are due on the dates that have been posted on this assignment sheet. Week #1 June 9 Chapter 1 Exercises 1-1 and 1-2 Problems 1-1A, 1-2A, 1-3A Problems 1-4A, 1-5A Chapter 1 Assignment Due Date June 15) Informational Quiz Due June 15 Chapter 1 Quiz Due June 15 Week #2 June 16 Chapter 2 Exercises 2-1 through 2-3 Problems 2-1A, 2-3A Chapter 2 Assignment Due Date June 22) Chapter 2 Quiz Due June 22 Chapter 3 Exercises 3-1 through 3-3 Problems 3-1A through 3-3A Chapter 3 Problem 3-5A Chapter 3 Assignment Due Date June 22) Chapter 3 Quiz Due June 22 Week #3 June 23 Chapter 4 Exam 1 (Chapters 1-3 Learning Lab June 23 Due by 6:30 p.m.) Exercises 4-1 through 4-4 Problem 4-1A Chapter 4 Problems 4-2A, 4-3A Chapter 4 Assignment Due June 29) Chapter 4 Quiz Due June 29 Week #4 June 30 Chapter 5 Exercises 5-1 through 5-4 Problems 5-2A, 5-3A Begin comprehensive review problem 1 on page 213 of your textbook. This is worth 100 points. Due July 13, 12:00 a.m. midnight. Scan and turn in through Drop box or through campus mail. Chapter 5 Problems 5-4A through 5-5A Chapter 5 Assignment Due Date July 6) Chapter 5 Quiz Due July 6

9 9 Week #5 July 7 Chapter 6 Exam 2 (Chapters 4 & 5) Online July 7 Due by Midnight Chapter 6 Exercises 6-2 through 6-6 Problems 6-1A through 6-4A Chapter 6 Assignment Due Date July 13) Chapter 7 Exercises 7-1 through 7-7 Chapter 6 Quiz Due July 13 Comprehensive Review Problem July 13 Week #6 July 14 Chapter 7 Exam 3 (Chapter 6) Online July 14 Due by midnight Problems 7-1A through 7-3A & 7-5A Chapter 7 Assignment Due Date July 20) Chapter 7 Quiz Due July 20 Week #7 July 21 Chapter 11 Exam 4 (Chapters 7 & 8) Learning Lab July 21 Due by 6:30 p.m. Exercises 11-1 through 11-6 Problems 11-1A and 11-4A Chapter 11 Assignment Due Date July 27) Chapter 12 Exercises 12-1 through 12-5 Problems 12-1A and 12-2A Chapter 12 Assignment Due Date July 287) Week #8 July 28 Final Exam The final exam will cover the last two chapters covered and some comprehensive material. Final Exam Learning Lab July 31 Due by 4:30 p.m. Chapter 8 Exercises 8-2 through 8-6 Problems 8-1A, 8-3A & 8-5A Chapter 8 Assignment Due Date July 20)