Introduces continued principles of full cycle, double-entry accounting. Covers specialty issues such as uncollectible accounts, depreciation, inventory, notes, interest, accruals, and end-of- period work for corporations. Explores concepts and terminology required to perform specific accounting functions accurately.
- Define terms and identify accounting concepts.
- Record transactions related to sales and purchases into appropriate journals/ledgers and prepare subsidiary schedules for a merchandising business organized as a corporation.
- Calculate estimated bad debt expense and record entries related to uncollectible accounts.
- Calculate depreciation and book value, record in plant asset record, and record entries related to accounting for plant assets and depreciation.
- Calculate the cost of the merchandise inventory.
- Calculate interest and record notes payable/receivable transactions.
- Calculate accrued revenue and expenses and record adjusting and closing entries for accrued revenue and expenses.
- Calculate dividends and record entries related to dividends.
- Complete a work sheet, calculate federal income tax, prepare financial statements, and record appropriate entries for a merchandising business organized as a corporation.