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.
 
Prerequisite:
ACTG 110

 
Learning Outcomes:

• 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.