Accounting Business Magazine

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					                                                                                     Date Prepared:
                                                                                    Date Reviewed: Spring 2007
                                                                                    Date Reviewed:
                                                                                   PCA Established:
                                                                              GE Approved/Review:
                                                                              Multicultural/Gender:
                                               ALLAN HANCOCK COLLEGE
                                                   COURSE OUTLINE


DEPARTMENT:                       BUSINESS

PREFIX & NO.:                     ACCT 318

CATALOG TITLE:                    Bookkeeping 2

SCHEDULE TITLE:                   Bookkeeping 2

UNITS:                            3
WEEKLY LECTURE HOURS:                            3

WEEKLY LAB HOURS:                                None

TOTAL NUMBER OF WEEKS: (if other than 16)

GRADING OPTION:                   Credit/No Credit Option

PREREQUISITE(S):                  ACCT 317

ENTRANCE SKILLS The student must have the ability to:
 1. identify and record business transactions in the journal and ledger.
 2. identify and record adjusting and closing entries into the journal and ledger.
 3. reconcile a company’s cash account with the bank balance; record the appropriate journal and ledger
    entries related to the reconciliation.
 4. identify and record payroll entries into the journal and ledger.
 5. perform the accounting cycle for a service business.
 6. perform the accounting cycle for a merchandising business using special journals for sales and
    purchases on account, cash payments, and cash receipts.
 7. compute net income given different sets of data.
 8. construct the financial statements for a service business and a merchandising company.
 9. compute ending inventory values.
10. complete a computerized practice set using software designed to be used for a small business.

CATALOG DESCRIPTION
A study of basic bookkeeping practices using accrual accounting concepts for partnerships and
merchandising businesses. This is the second of two classes for students who want to quickly gain
entrance into the job market at any level.

SCHEDULE DESCRIPTION
A study of basic bookkeeping practices using accrual accounting concepts for partnerships and
merchandising businesses. This is the second of two classes for students who want to quickly gain
entrance into the job market at any level.

COURSE GOALS To encourage and enable students to :
1. understand accounting for sales and cash receipts for merchandising businesses and partnerships.
2. learn to account for purchases and cash payments for merchandising business and partnerships.
3. understand special journals and the voucher system for merchandising business and partnerships.
4. understand the worksheet for a merchandising business.
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5. learn to prepare financial statements and understand year-end accounting for a merchandising
   businesses and partnerships.
6. learn how to account for assets in merchandising business and partnerships.

INSTRUCTIONAL OBJECTIVES At the end of the course, the student will demonstrate the
ability to:
1. account for sales, cash receipts, purchase and cash payments for merchandising business and
    partnerships.
2. prepare special journals for merchandising business.
3. prepare a worksheet for merchandising businesses.
4. prepare financial statements and understand year-end accounting for merchandising businesses
    and partnerships.
5. account for assets in merchandising businesses and sole proprietorships.

COURSE OUTLINE
                                                                                               WEEKS
 1.    Accounting for sales and cash receipts in a merchandising business                        2
 2.    Accounting for purchases and cash payments in a merchandising business                    1
 3.    Special journals                                                                          1
 4.    The voucher system                                                                        1
 5.    The worksheet for a merchandising business                                                1
 6.    Financial statements and year-end accounting for a merchandising business                 2
 7.    Accounting for accounts receivable                                                        1
 8.    Accounting for notes and interest                                                         1
 9.    Accounting for merchandise inventory in a merchandising business                          2
10.    Accounting for long-term assets                                                           1
11.    Accounting for partnerships                                                               3

APPROPRIATE READINGS (Other than Textbook)
Articles from any business magazine or newspaper:
1. Business Week
2. The Wall Street Journal
3. Business section of any major newspaper

OUTSIDE ASSIGNMENTS
For each chapter, written discussion questions will be assigned along with computational exercises
and problems. A comprehensive accounting problem will be assigned that will include both written
and computational components. The comprehensive problem requires students to demonstrate
mastery of all aspects of accounting for merchandising businesses and partnerships.

Sample problems:
1. Lisa Morris and Joyce Laski agreed on September 1 to go into business as partners. According
   to the agreement, Morris is to contribute $45,000 cash and Laski is to contribute $65,000 cash.
   Provide a separate journal entry for the investment of each partner.

2. The major fund raiser for a local youth center traditionally has been a variety show put on by
   the members of the center. Tickets for the show are sold primarily by the members. The tickets
   are available in boxes at the center, and members simply take them as needed. Money is then
   turned in for whatever tickets are sold. The new manager of the center is concerned about
   whether all of the money from the ticket sales is being turned in and is seeking your advice.
   Write a memo to the manager explaining how to control the tickets and money to ensure both
   are being accounted for.




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EVALUATION
Essay and multiple choice exams.

Sample multiple choice questions:
Which account is debited for interest earned but not yet received?
   a. Interest Revenue
   b. Accrued Interest Revenue
   c. Accrued Interest Payable
   d. Interest Expense

The basis on which profits and losses are to be shared among partners is
   a. A matter of agreement among the partners.
   b. The same as their withdrawal ratio.
   c. The same as their investment ratio.
   d. Always equal among all partners.

Sample essay question:
Identify and describe the steps that are followed in posting from the sales journal tot he general ledger.

TEXTS AND SUPPLIES
Adopted Text: Heintz, J. A. & Parry, R. W. College Accounting, 18th ed. South Western College
              Publishing, 2005.

Other Materials:          None




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