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  1. Preface
  2. 1 Role of Accounting in Society
    1. Why It Matters
    2. 1.1 Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting
    3. 1.2 Identify Users of Accounting Information and How They Apply Information
    4. 1.3 Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities
    5. 1.4 Explain Why Accounting Is Important to Business Stakeholders
    6. 1.5 Describe the Varied Career Paths Open to Individuals with an Accounting Education
    7. Key Terms
    8. Summary
    9. Multiple Choice
    10. Questions
  3. 2 Introduction to Financial Statements
    1. Why It Matters
    2. 2.1 Describe the Income Statement, Statement of Owner’s Equity, Balance Sheet, and Statement of Cash Flows, and How They Interrelate
    3. 2.2 Define, Explain, and Provide Examples of Current and Noncurrent Assets, Current and Noncurrent Liabilities, Equity, Revenues, and Expenses
    4. 2.3 Prepare an Income Statement, Statement of Owner’s Equity, and Balance Sheet
    5. Key Terms
    6. Summary
    7. Multiple Choice
    8. Questions
    9. Exercise Set A
    10. Exercise Set B
    11. Problem Set A
    12. Problem Set B
    13. Thought Provokers
  4. 3 Analyzing and Recording Transactions
    1. Why It Matters
    2. 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements
    3. 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions
    4. 3.3 Define and Describe the Initial Steps in the Accounting Cycle
    5. 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business Transactions on Financial Statements
    6. 3.5 Use Journal Entries to Record Transactions and Post to T-Accounts
    7. 3.6 Prepare a Trial Balance
    8. Key Terms
    9. Summary
    10. Multiple Choice
    11. Questions
    12. Exercise Set A
    13. Exercise Set B
    14. Problem Set A
    15. Problem Set B
    16. Thought Provokers
  5. 4 The Adjustment Process
    1. Why It Matters
    2. 4.1 Explain the Concepts and Guidelines Affecting Adjusting Entries
    3. 4.2 Discuss the Adjustment Process and Illustrate Common Types of Adjusting Entries
    4. 4.3 Record and Post the Common Types of Adjusting Entries
    5. 4.4 Use the Ledger Balances to Prepare an Adjusted Trial Balance
    6. 4.5 Prepare Financial Statements Using the Adjusted Trial Balance
    7. Key Terms
    8. Summary
    9. Multiple Choice
    10. Questions
    11. Exercise Set A
    12. Exercise Set B
    13. Problem Set A
    14. Problem Set B
    15. Thought Provokers
  6. 5 Completing the Accounting Cycle
    1. Why It Matters
    2. 5.1 Describe and Prepare Closing Entries for a Business
    3. 5.2 Prepare a Post-Closing Trial Balance
    4. 5.3 Apply the Results from the Adjusted Trial Balance to Compute Current Ratio and Working Capital Balance, and Explain How These Measures Represent Liquidity
    5. 5.4 Appendix: Complete a Comprehensive Accounting Cycle for a Business
    6. Key Terms
    7. Summary
    8. Multiple Choice
    9. Questions
    10. Exercise Set A
    11. Exercise Set B
    12. Problem Set A
    13. Problem Set B
    14. Thought Provokers
  7. 6 Merchandising Transactions
    1. Why It Matters
    2. 6.1 Compare and Contrast Merchandising versus Service Activities and Transactions
    3. 6.2 Compare and Contrast Perpetual versus Periodic Inventory Systems
    4. 6.3 Analyze and Record Transactions for Merchandise Purchases Using the Perpetual Inventory System
    5. 6.4 Analyze and Record Transactions for the Sale of Merchandise Using the Perpetual Inventory System
    6. 6.5 Discuss and Record Transactions Applying the Two Commonly Used Freight-In Methods
    7. 6.6 Describe and Prepare Multi-Step and Simple Income Statements for Merchandising Companies
    8. 6.7 Appendix: Analyze and Record Transactions for Merchandise Purchases and Sales Using the Periodic Inventory System
    9. Key Terms
    10. Summary
    11. Multiple Choice
    12. Questions
    13. Exercise Set A
    14. Exercise Set B
    15. Problem Set A
    16. Problem Set B
    17. Thought Provokers
  8. 7 Accounting Information Systems
    1. Why It Matters
    2. 7.1 Define and Describe the Components of an Accounting Information System
    3. 7.2 Describe and Explain the Purpose of Special Journals and Their Importance to Stakeholders
    4. 7.3 Analyze and Journalize Transactions Using Special Journals
    5. 7.4 Prepare a Subsidiary Ledger
    6. 7.5 Describe Career Paths Open to Individuals with a Joint Education in Accounting and Information Systems
    7. Key Terms
    8. Summary
    9. Multiple Choice
    10. Questions
    11. Exercise Set A
    12. Exercise Set B
    13. Problem Set A
    14. Problem Set B
    15. Thought Provokers
  9. 8 Fraud, Internal Controls, and Cash
    1. Why It Matters
    2. 8.1 Analyze Fraud in the Accounting Workplace
    3. 8.2 Define and Explain Internal Controls and Their Purpose within an Organization
    4. 8.3 Describe Internal Controls within an Organization
    5. 8.4 Define the Purpose and Use of a Petty Cash Fund, and Prepare Petty Cash Journal Entries
    6. 8.5 Discuss Management Responsibilities for Maintaining Internal Controls within an Organization
    7. 8.6 Define the Purpose of a Bank Reconciliation, and Prepare a Bank Reconciliation and Its Associated Journal Entries
    8. 8.7 Describe Fraud in Financial Statements and Sarbanes-Oxley Act Requirements
    9. Key Terms
    10. Summary
    11. Multiple Choice
    12. Questions
    13. Exercise Set A
    14. Exercise Set B
    15. Problem Set A
    16. Problem Set B
    17. Thought Provokers
  10. 9 Accounting for Receivables
    1. Why It Matters
    2. 9.1 Explain the Revenue Recognition Principle and How It Relates to Current and Future Sales and Purchase Transactions
    3. 9.2 Account for Uncollectible Accounts Using the Balance Sheet and Income Statement Approaches
    4. 9.3 Determine the Efficiency of Receivables Management Using Financial Ratios
    5. 9.4 Discuss the Role of Accounting for Receivables in Earnings Management
    6. 9.5 Apply Revenue Recognition Principles to Long-Term Projects
    7. 9.6 Explain How Notes Receivable and Accounts Receivable Differ
    8. 9.7 Appendix: Comprehensive Example of Bad Debt Estimation
    9. Key Terms
    10. Summary
    11. Multiple Choice
    12. Questions
    13. Exercise Set A
    14. Exercise Set B
    15. Problem Set A
    16. Problem Set B
    17. Thought Provokers
  11. 10 Inventory
    1. Why It Matters
    2. 10.1 Describe and Demonstrate the Basic Inventory Valuation Methods and Their Cost Flow Assumptions
    3. 10.2 Calculate the Cost of Goods Sold and Ending Inventory Using the Periodic Method
    4. 10.3 Calculate the Cost of Goods Sold and Ending Inventory Using the Perpetual Method
    5. 10.4 Explain and Demonstrate the Impact of Inventory Valuation Errors on the Income Statement and Balance Sheet
    6. 10.5 Examine the Efficiency of Inventory Management Using Financial Ratios
    7. Key Terms
    8. Summary
    9. Multiple Choice
    10. Questions
    11. Exercise Set A
    12. Exercise Set B
    13. Problem Set A
    14. Problem Set B
    15. Thought Provokers
  12. 11 Long-Term Assets
    1. Why It Matters
    2. 11.1 Distinguish between Tangible and Intangible Assets
    3. 11.2 Analyze and Classify Capitalized Costs versus Expenses
    4. 11.3 Explain and Apply Depreciation Methods to Allocate Capitalized Costs
    5. 11.4 Describe Accounting for Intangible Assets and Record Related Transactions
    6. 11.5 Describe Some Special Issues in Accounting for Long-Term Assets
    7. Key Terms
    8. Summary
    9. Multiple Choice
    10. Questions
    11. Exercise Set A
    12. Exercise Set B
    13. Problem Set A
    14. Problem Set B
    15. Thought Provokers
  13. 12 Current Liabilities
    1. Why It Matters
    2. 12.1 Identify and Describe Current Liabilities
    3. 12.2 Analyze, Journalize, and Report Current Liabilities
    4. 12.3 Define and Apply Accounting Treatment for Contingent Liabilities
    5. 12.4 Prepare Journal Entries to Record Short-Term Notes Payable
    6. 12.5 Record Transactions Incurred in Preparing Payroll
    7. Key Terms
    8. Summary
    9. Multiple Choice
    10. Questions
    11. Exercise Set A
    12. Exercise Set B
    13. Problem Set A
    14. Problem Set B
    15. Thought Provokers
  14. 13 Long-Term Liabilities
    1. Why It Matters
    2. 13.1 Explain the Pricing of Long-Term Liabilities
    3. 13.2 Compute Amortization of Long-Term Liabilities Using the Effective-Interest Method
    4. 13.3 Prepare Journal Entries to Reflect the Life Cycle of Bonds
    5. 13.4 Appendix: Special Topics Related to Long-Term Liabilities
    6. Key Terms
    7. Summary
    8. Multiple Choice
    9. Questions
    10. Exercise Set A
    11. Exercise Set B
    12. Problem Set A
    13. Problem Set B
    14. Thought Provokers
  15. 14 Corporation Accounting
    1. Why It Matters
    2. 14.1 Explain the Process of Securing Equity Financing through the Issuance of Stock
    3. 14.2 Analyze and Record Transactions for the Issuance and Repurchase of Stock
    4. 14.3 Record Transactions and the Effects on Financial Statements for Cash Dividends, Property Dividends, Stock Dividends, and Stock Splits
    5. 14.4 Compare and Contrast Owners’ Equity versus Retained Earnings
    6. 14.5 Discuss the Applicability of Earnings per Share as a Method to Measure Performance
    7. Key Terms
    8. Summary
    9. Multiple Choice
    10. Questions
    11. Exercise Set A
    12. Exercise Set B
    13. Problem Set A
    14. Problem Set B
    15. Thought Provokers
  16. 15 Partnership Accounting
    1. Why It Matters
    2. 15.1 Describe the Advantages and Disadvantages of Organizing as a Partnership
    3. 15.2 Describe How a Partnership Is Created, Including the Associated Journal Entries
    4. 15.3 Compute and Allocate Partners’ Share of Income and Loss
    5. 15.4 Prepare Journal Entries to Record the Admission and Withdrawal of a Partner
    6. 15.5 Discuss and Record Entries for the Dissolution of a Partnership
    7. Key Terms
    8. Summary
    9. Multiple Choice
    10. Questions
    11. Exercise Set A
    12. Exercise Set B
    13. Problem Set A
    14. Problem Set B
    15. Thought Provokers
  17. 16 Statement of Cash Flows
    1. Why It Matters
    2. 16.1 Explain the Purpose of the Statement of Cash Flows
    3. 16.2 Differentiate between Operating, Investing, and Financing Activities
    4. 16.3 Prepare the Statement of Cash Flows Using the Indirect Method
    5. 16.4 Prepare the Completed Statement of Cash Flows Using the Indirect Method
    6. 16.5 Use Information from the Statement of Cash Flows to Prepare Ratios to Assess Liquidity and Solvency
    7. 16.6 Appendix: Prepare a Completed Statement of Cash Flows Using the Direct Method
    8. Key Terms
    9. Summary
    10. Multiple Choice
    11. Questions
    12. Exercise Set A
    13. Exercise Set B
    14. Problem Set A
    15. Problem Set B
    16. Thought Provokers
  18. Financial Statement Analysis
  19. Time Value of Money
  20. Suggested Resources
  21. Answer Key
    1. Chapter 1
    2. Chapter 2
    3. Chapter 3
    4. Chapter 4
    5. Chapter 5
    6. Chapter 6
    7. Chapter 7
    8. Chapter 8
    9. Chapter 9
    10. Chapter 10
    11. Chapter 11
    12. Chapter 12
    13. Chapter 13
    14. Chapter 14
    15. Chapter 15
    16. Chapter 16
  22. Index

Now that you have seen four special journals and two special ledgers, it is time to put all the pieces together.

Record the following transactions for Store Inc. in the special journals and post to the general ledger provided. Also post to the subsidiary ledgers provided. Beginning account balances are shown below. Use the perpetual inventory method and the gross method of dealing with sales terms.

First, enter these transactions manually by creating the relevant journals and subsidiary ledgers. Then enter them using QuickBooks.

Beginning Balances. Cash, $3,116. Accounts Receivable, 3,576. Prepaid Insurance, 130. Inventory, 8,917. Accounts Payable, $6,382. Stock, 5,000. Retained Earnings, 4,357.
Transactions for Store Inc.
Jan. 2 Issued check #629 for January store rent: $350.00
Jan. 3 Received check from PB&J in payment for December sale on credit, $915.00
Jan. 4 Issued check #630 to D & D in payment for December purchase on credit of $736.00
Jan. 5 Sold goods for $328.00 to Jones Co. on credit, Invoice #234 (Note: COGS is $164)
Jan. 6 Bought goods from BSA for $4,300.00, Purchase Order #71, terms: 2/10, net/30
Jan. 8 Sold goods on credit to Black & White Inc. for $2,100, Invoice #235, terms: 1/10, net/30 (Note: COGS is $1,050)
Jan. 9 Issued check #63 for telephone bill received today, $72.00
Jan. 10 Issued check #632 to pay BSA in full, PO 71.
Jan. 15 Received full payment from Black & White, Inc., Invoice #235
Jan. 20 Bought merchandise from Dow John, $525.00 payable in 30 days, Purchase Order #72
Jan. 26 Returned $100 of merchandise to Dow John, relating to Purchase Order #72
Jan. 31 Recorded cash sales for the month of $3,408 (Note: COGS is $1,704)
Jan. 31 Recognized that half of the Prepaid Insurance has been consumed
Table 7.2

Record all transactions using the sales journal, purchases journal, cash receipts journal, cash disbursements journal, and the general journal and post to the accounts receivable and accounts payable subsidiary ledgers. Then prepare a schedule of accounts receivable and a schedule of accounts payable.

Cash Receipts Journal Solution, page 65. Twelve columns, labeled left to right: Date, Invoice Number, Description, Cash Debit, Sales Discount Debit, Reference, Accounts Receivable Credit, Sales Credit. The last four columns are headed Other Accounts: Account Number, Checkmark, Debit, Credit. Line One: January 3, 2019; 234; PB&J; 915; Blank; Blank; 915; Blank; Blank; Blank; Blank; Blank. Line two: January 15, 2019; Blank; Black & White; 2,079; 21; Blank; 2,100; Blank; Blank; Blank; Blank; Blank. Line Three: January 31, 2019; Blank; Jan. Cash Sales; 3,408; Blank; Blank; Blank; 3,408; 501; Blank; 1,204; Blank. Line Four: Blank; Blank; Blank; Blank; Blank; Blank; Blank; Blank; 106; Blank; 1,204. Line Five: Blank; Blank; Total; 6,402; 21; Blank; 3,015; 3,408; Blank; Blank; 1,204; 1,204.

Explanation:

Jan. 3 The company received payment from PB&J; thus, a cash receipt is recorded.
Jan. 15 The company received payment on goods that were sold on Jan. 8 with credit terms if paid within the discount period. The payment was received within the discount period.
Jan. 31 Cash sales are recorded.
General Ledger Solution, 119. Four Columns, labeled left to right: Date, Description, Reference, Debit, Credit. Entry One: January 26, 2019. Accounts Payable; Dow John; Ref. 200; Debit 100. Merchandise Inventory; Ref 106; Credit 100. Explanation: “To record return of defective merchandise (Dow John AP No. 115).” Entry Two: January 31, 2019; Insurance Expense; Ref 504; Debit 65. Prepaid Insurance; Ref 105; Credit 65. Explanation: “To record expiration of Prepaid Insurance.”

Explanation:

Jan. 26 The company returns merchandise (inventory) previously purchased. Since the company is using the perpetual method, a credit is made to Inventory.
Jan. 31 An adjusting entry is made to recognize insurance expense for the current month that had previously been prepaid.
Sales Journal, page 143. Six columns, labeled left to right: Date, Invoice No., Account Debited, Account Number, Accounts Receivable DR Sales CR, Cost of Goods Sold DR Inventory CR. Line One: January 5; 234; Jones Co; JC1; 328; 164. Line Two: January 8; 235; Black & White Inc.; BW1; 2,100; 1,050. Line Three: Total A/R DR Sales CR: 2,428; Total Cost of Goods Sold DR Inventory CR: 1,214.

Explanation:

Jan. 8 Sales on credit are recorded
Cash Disbursements Journal, Page 102, Other Accounts. Eleven columns, labeled left to right: Date, Check Number, Payee, Cash CR, Ref., Accounts Payable (or Other account) DR, Purchase Discounts CR, Account Number, Checkmark, DR, CR. Line One: January 2, 2019; Check number 629; Rent; cash credit 350; account number 535, debit 350. Line Two: January 4, 2019; Check number 630; D&D; cash credit 736; Ref. D1218; AP debit 736. Line Three: January 9, 2019; Check number 631; phone; cash credit 72; account number 545; debit 72. Line Four: January 10, 2019; check number 632; BSA; cash credit 4,214; AP debit 4,300; PD credit 86; debit 422. Debits = 5,458. Credits = 5,458. Total Cash Credit: 5,372. Total AP debit: 5,036. Total PD credit: 86. Total debit 422.

Explanation:

Jan. 2 Rent for the month is paid.
Jan. 4 Payment is made for inventory purchased on account in a prior month.
Jan. 9 Paid the telephone bill.
Jan. 10 Paid for inventory purchased earlier on account. The payment arrangement had credit terms; the invoice was paid within the time allowed, and the discount was taken.
Purchases Journal, Page 54. Five columns, labeled left to right: Date, Purchase Order Number, Account credited, Account number, Debit Inventory Credit AP. Line One: January 6, 2019; PO 71; BSA: Account number 110; DP credit AP 4,300. Line Two: January 20, 2019; PO 72; Dow John; Account number 115; DP credit AP 525. Total DP credit AP: 4,825.

Explanation:

Jan. 6 Inventory is purchased on account.
Jan. 20 Inventory is purchased on account.

At the end of the month, each of the previous journal totals are posted to the appropriate account in the general ledger, and any individual account postings, such as to Rent Expense (Jan. 2 transaction) would also be posted to the general ledger. Note that each account used by the company has its own account section in the general ledger.

General Ledger Solution, Account: Cash, Number 101. January 1, 2019; Beginning Balance Debit 3,116. January 31, 2019; Cash Receipts; Ref. CR 65; Debit 6,402; Balance Debit 9,518. January 31, 2019; Cash Disbursements; Ref. CD 18; Credit 5,372; Balance Debit 4,146. Account: Accounts Receivable, Number 102. January 1, 2019; Beginning Balance Debit 3,576. January 31, 2019; Sales Journal; Ref. SJ 143; Debit 2,248; Balance Debit 6,004. January 31, 2019; Cash Receipts; Ref. CR 122; Credit 3,015; Balance Debit 2,989. Account: Prepaid Insurance, Number 106. January 1, 2019; Beginning Balance Debit 130. January 31, 2019; Adjusting Entry; Ref. GJ 119; Debit 65; Balance Debit 65. Account: Inventory, Number 106. January 1, 2019; Beginning Balance Debit 8,917. January 14, 2019; Purchases Journal; Ref. PJ 54; Debit 4,825; Balance Debit 13,742. January 31, 2019; Purchase Return; Ref. GJ 119; Credit 100; Balance Debit 13,642. January 31, 2019; Cash Receipts Journal; Ref. CR 65; Credit 1,704; Balance Debit 11,938. January 31, 2019; Cash Disbursements; Ref. CD 18; Credit 86; Balance Debit 11,852. January 31, 2019; Sales Journal; Ref. SJ 24; Credit 1,214; Balance Debit 10,638. Account: Accounts Payable, Number 200. January 1, 2019; Beginning Balance Credit 6,382. January 31, 2019; Purchases Journal; Ref. PJ 54; Credit 4,825; Balance Credit 11,207. January 31, 2019; Cash Disbursements; Ref. CD 18; Debit 5,036; Balance Credit 6,171. January 31, 2019; General Journal; Ref. GJ; Debit 100; Balance Credit 6,071. General Ledger Solution, Account: Common Stock, Number 301. January 1, 2019; Beginning Balance Credit 5,000. Account: Retained Earnings, Number 350. January 1, 2019; Beginning Balance Credit 4,357. Account: Sales, Number 401. January 1, 2019; Beginning Balance Credit 2,428. January 13, 2019; Sales Journal; Ref. SJ 24; Credit 2,428; Balance Credit 5,836. Account: Sales Discounts, Number 410. January 1, 2019; Beginning Balance 0. January 15, 2019; General Journal; Ref. GJ 119; Debit 65; Balance Debit 65. Account: Cost of Goods Sold, Number 501. January 31, 2019; Sales Journal; Ref. SJ 24; Debit 1,214; Balance Debit 1,214. January 31, 2019; Cash Receipts; Ref. CR 65; Debit 1,704; Balance Debit 2,918. Account: Insurance Expense, Number 521. January 1, 2019; Beginning Balance 0. January 15, 2019. General Journal; Ref. GJ 119; Debit 65; Balance Debit 65. Account: Rent Expense, Number 535. January 1, 2019; Beginning Balance 0. January 31, 2019. Cash Disbursements; Ref. CD 18; Debit 350; Balance Debit 350. Account: Utilities Expense, Number 545. January 1, 2019; Beginning Balance 0. January 31, 2019. Cash Disbursements; Ref. CD 18; Debit 72; Balance Debit 72. Accounts Receivable Subsidiary Ledger Solution, PB&J. December 20, 2018; Sales Journal, Ref. 23, Debit 2,661, Balance Debit 2,661. January 3, 2019; Cash Receipts, Ref. CR, Credit 915. Jones Co. January 1, 2019; Sales Journal, Ref. SJ 24, Debit 328, Balance Debit 328. Black & White, Inc. January 8, 2019; Sales Journal, Ref. SJ 24, Debit 2,100, Balance Debit 2,100. January 15, 2019; Cash Receipts, Ref. CR, Credit 2,100. Tiny Tim’s Inc. December 15, 2018; Sales Journal, Ref. 23, Debit 2,661, Balance Debit 2,661. Accounts Payable Subsidiary Ledger, D & D Inc., AP Number 34. December 1, 2018; Purchases Journal, Ref. PJ 44, Credit 736, Balance Credit 736. December 10, 2019; Purchases Journal, Ref. PJ 44, Credit 5,646; Balance Credit 6,382. January 4, 2019; Cash Disbursements, Ref. CD, Debit 736, Balance Credit 5,646. BSA AP No. 71. January 6, 2019; Purchases Journal, Ref. PJ 45, Credit 4,300, Balance Credit 4,300. January 10, 2019; Cash Disbursements, Ref. CD, Debit 4,300; Balance Credit 0. Dow John AP No. 171. January 20, 2019; Purchases, Ref. PJ 45, Credit 525, Balance Credit 525. January 26, 2019; General Journal; Ref GJ 119; Debit 100; Balance Credit 425. Store Inc. Schedule of Accounts Receivable, January 31. PB&J: 0. Jones Co.: 328. Black & White Inc.: 0. Tiny Tim’s Inc.: 2,661. Total: 2,989. Store Inc. Schedule of Accounts Payable, January 31. D & D Inc: 5,646. BSA: 0.Dow John: 425. Total: 6,071.

If you check Accounts Receivable in the general ledger, you see the balance is $2,989, and the balance in Accounts Payable is $6,071. If the numbers did not match, we would have to find out where the error was and then fix it.

The purpose of keeping subsidiary ledgers is for accuracy and efficiency. They aid us in keeping accurate records. Since the total of the accounts receivable subsidiary ledger must agree with the balance shown in the accounts receivable general ledger account, the system helps us find mistakes. Since bookkeeping using ledgers is older than the United States, it was an ingenious way to double-check without having to actually do everything twice. It provided an internal control over record keeping. Today, computerized accounting information systems use the same method to store and total amounts, but it takes a lot less time.

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