Introduces fundamental principles of full cycle, double-entry accounting, including maintaining journals, ledgers, and banking records to prepare basic financial statements for service and retail businesses organized as sole proprietorships or partnerships. Covers basics of payroll accounting and payroll tax reports. Explores the concepts and terminology required to perform specific accounting functions accurately.
 
Prerequisite:
COMPASS score equivalent to completion of MAT 82 and ENG 82 or higher, or Instructor approval.

 
Learning Outcomes:

• Define terms and identify accounting concepts.
• Complete a chart of accounts, beginning balance sheet, journalize transactions and post entries.
• Complete a bank reconciliation statement and record transactions related to a checking account.
• Establish and replenish a petty cash fund.
• Complete a work sheet, income statement and balance sheet for a service business organized as a proprietorship and record appropriate entries.
• Analyze and journalize transactions into appropriate journals, post to appropriate ledgers and prepare subsidiary schedules for a merchandising business.
• Complete payroll records, record payroll transactions, and prepare selected payroll tax reports.
• Complete a work sheet, income statement, balance sheet and statement of owner’s equity for a merchandising business organized as a partnership and record appropriate entries.