COLLEGE ACCT 1-27 COMP 7ED

, by McQuaig, Douglas J.; Bille, Patricia A.

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ISBN: 9780618022793 | 0618022791
Cover: Hardcover
Copyright: 6/14/2000

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Preface

xvii

Introduction to Accounting

(6)

PART ONE THE ACCOUNTING CYCLE FOR A SERVICE BUSINESS: ANALYZING BUSINESS TRANSACTIONS

Asset, Liability, Owner's Equity, Revenue, and Expense Accounts

(25)

Assets, Liability, and Owner's Equity

(6)

Revenue and Expense Accounts

(19)

T Accounts, Debits and Credits, Trial Balance, and Financial Statements

(35)

The T Account Form

(3)

The T Account Form with Debits and Credits

(1)

Recording Business Transactions in T Accounts

(8)

The Trial Balance

(1)

Major Financial Statements

(5)

Errors Exposed by the Trial Balance

(16)

The General Journal and the General Ledger

(41)

The General Journal

(7)

Posting to the General Ledger

(13)

Corrections of Errors

(20)

Continuous General Ledger Problem: Journalizing, Posting and Trial Balance

104

(2)

Cumulative Self-Check: Chapters 1--3

106

(2)

Adjusting Entries and the Work Sheet

108

(39)

Fiscal Period

109

(1)

The Accounting Cycle

109

(1)

The Work Sheet

110

(2)

Adjustments

112

(12)

Journalizing Adjusting Entries

124

(19)

Continuous General Ledger Problem: Adjustments

142

(1)

Appendix A Methods of Depreciation

143

(4)

Closing Entries and the Post-Closing Trial Balance

147

(38)

Closing Entries

149

(8)

The Post-Closing Trial Balance

157

(1)

The Accrual Basis

158

(1)

Cash-Receipts- and-Disbursements Basis

159

(1)

Modified Cash Basis

159

(3)

Interim Statements

162

(23)

Continuous General Ledger Problem

175

(1)

Cumulative Self-Check: Chapters 4--5

176

(3)

Accounting Cycle Review Problems A and B

179

(6)

Accounting for Professional Enterprises: The Combined Journal (Optional)

185

(33)

Example: Records of a Dentist

186

(6)

The Combined Journal

192

(9)

Designing a Combined Journal

201

(17)

PART TWO ACCOUNTING FOR CASH AND PAYROLL

Bank Accounts and Cash Funds

218

(42)

Using a Checking Account

219

(3)

Writing Checks

222

(1)

Bank Statements

223

(10)

The Petty Cash Fund

233

(5)

The Change Fund

238

(2)

Cash Short and Over

240

(15)

Appendix B Bad Debts

255

(5)

Employee Earnings and Deductions

260

(28)

Objectives of Payroll Records and Accounting

260

(1)

Employer/Employee Relationships

261

(1)

How Employees Get Paid

261

(3)

Deductions from Total Earnings

264

(3)

Payroll Register

267

(4)

The Payroll Entry

271

(17)

Employer Taxes, Payments, and Reports

288

(41)

Employer Identification Number

289

(1)

Employer's Payroll Taxes

289

(4)

Journal Entries for Recording Payroll

293

(1)

Payments of FICA Tax and Employees' Federal Income Tax Withholding

294

(2)

Payments of State Unemployment Insurance

296

(1)

Payments of Federal Unemployment Tax

297

(1)

Deposits of Employees' State Income Tax Withholding

298

(1)

Employer's Quarterly Federal Tax Return (Form 941)

298

(4)

Reports and Payments of Federal Unemployment Tax

302

(4)

Workers' Compensation Insurance

306

(2)

Adjusting for Accrued Salaries and Wages

308

(1)

Tax Calendar

308

(21)

Cumulative Self-Check: Chapters 7--9

327

(2)

PART THREE THE ACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS: USING SPECIAL JOURNALS

The Sales Journal

329

(36)

Special Journals

330

(1)

Specific Accounts for Merchandising Firms

330

(2)

Recording Sales on Account

332

(3)

The Sales Journal

335

(3)

The Accounts Receivable Ledger

338

(6)

Sales Returns and Allowances

344

(4)

Posting Directly from Sales Invoices (an Alternative to Using a Sales Journal)

348

(17)

Continuous General Ledger Problem: Sales Journal

363

(2)

The Purchases Journal

365

(38)

Purchasing Procedures

366

(5)

Purchases Journal (Three-Column)

371

(2)

The Accounts Payable Ledger

373

(2)

Purchases Returns and Allowances

375

(4)

Subsidiary Ledgers

379

(1)

Multicolumn Purchases Journal (Invoice Register)

380

(2)

Posting Directly from Purchase Invoices (an Alternative to Using a Purchases Journal)

382

(3)

Transportation Charges on the Buying of Goods and Services Other Than Merchandise

385

(1)

Internal Control

385

(18)

Continuous General Ledger Problem: Purchases Journal

401

(2)

The Cash Receipts Journal and the Cash Payments Journal

403

(39)

The Cash Receipts Journal

404

(5)

Credit Terms

409

(3)

Sales Returns and Allowances and Sales Discounts on an Income Statement

412

(1)

The Cash Payments Journal: Service Enterprise

412

(4)

The Cash Payments Journal: Merchandising Enterprise

416

(2)

Check Register

418

(2)

Trade Discounts

420

(2)

Comparison of the Five Types of Journals

422

(20)

Continuous General Ledger Problem: Cash Receipts and Cash Payments Journals

438

(2)

Cumulative Self-Check: Chapters 10--12

440

(2)

Work Sheet and Adjusting Entries

442

(27)

Adjustment for Merchandise Inventory Using the Periodic Inventory System

443

(1)

Adjustment for Unearned Revenue

444

(3)

Data for the Adjustments

447

(2)

Completion of the Work Sheet

449

(4)

Adjusting Entries Under the Periodic Inventory System

453

(1)

Adjustment for Merchandise Inventory Under the Perpetual Inventory System

453

(16)

Financial Statements, Closing Entries, and Reversing Entries

469

(60)

The Income Statement

470

(7)

The Statement of Owner's Equity and the Balance Sheet

477

(1)

Balance Sheet Classifications

477

(3)

Closing Entries

480

(4)

Reversing Entries

484

(26)

Cumulative Self-Check: Chapters 13--14

504

(2)

Comprehensive Review Problem

506

(4)

Appendix C Inventory Methods

510

(4)

Appendix D The Statement of Cash Flows

514

(9)

Appendix E Financial Statement Analysis

523

(6)

PART FOUR ACCOUNTING FOR PROMISSORY NOTES

Notes Payable

529

(31)

Promissory Notes

530

(1)

Calculating Interest

531

(1)

Determining Due Dates

532

(1)

Transactions Involving Notes Payable

533

(9)

End-of-Fiscal-Period Adjustments

542

(18)

Notes Receivable

560

(29)

Transactions for Notes Receivable

561

(4)

Dishonored Notes Receivable

565

(2)

Discounting Notes Receivable

567

(5)

End-of-Fiscal-Period Adjustments: Accrued Interest on Notes Receivable

572

(17)

Cumulative Self-Check: Chapters 15--16

587

(2)

PART FIVE ACCOUNTING FOR VALUATION OF RECEIVABLES, INVENTORY, AND PLANT AND EQUIPMENT

Uncollectible Accounts

589

(31)

The Credit Department

590

(1)

Matching Bad Debt Losses with Sales

591

(1)

The Allowance Method of Accounting for Bad Debts

591

(10)

Closing the Bad Debts Expense Account

601

(1)

Writing Off Accounts as Uncollectible

602

(2)

Collection of Accounts Previously Written Off

604

(2)

Specific Charge-off of Bad Debts

606

(3)

Federal Income Tax Requirement

609

(11)

Ending Merchandise Inventory

620

(38)

The Importance of Inventory Valuation

622

(3)

The Need for and the Taking of Inventories

625

(1)

Methods of Assigning Costs to Ending Inventory

625

(5)

Lower-of-Cost-or-Market Rule

630

(1)

Perpetual Inventories

630

(17)

Appendix F Estimating the Value of Inventories

647

(11)

Plant and Equipment

658

(49)

Initial Costs of Plant and Equipment

659

(1)

Differentiating Costs of Land, Land Improvements, and Buildings

659

(1)

The Nature and Recording of Depreciation

660

(1)

Calculating Depreciation

661

(6)

Depreciation for Periods of Less Than a Year

667

(1)

Capital and Revenue Expenditures

668

(1)

Extraordinary-Repairs Expenditures

668

(2)

Disposition of Plant and Equipment

670

(8)

Plant and Equipment Records

678

(1)

Depreciation for Federal Income Tax

679

(16)

Cumulative Self-Check: Chapters 17--19

693

(2)

Appendix G The Voucher System of Accounting

695

(12)

PART SIX ACCOUNTING FOR PARTNERSHIPS AND CORPORATIONS

Partnerships

707

(34)

Characteristics of a Partnership

708

(1)

Advantages of a Partnership

709

(1)

Disadvantages of a Partnership

709

(1)

Partnership Agreements

709

(1)

Accounting Entries for Partnerships

710

(4)

Division of Net Income or Net Loss

714

(10)

Financial Statements for a Partnership

724

(1)

Dissolution of a Partnership

725

(16)

Corporate Organization and Capital Stock

741

(34)

Definition of a Corporation

742

(1)

Advantages of the Corporate Form

742

(1)

Disadvantages of the Corporate Form

742

(1)

Formation of a Corporation

743

(2)

Structure of a Corporation

745

(1)

Capital Stock

746

(2)

Issuing Stock

748

(12)

Illustration of a Corporate Balance Sheet

760

(1)

New Accounts and the Fundamental Accounting Equation

760

(15)

Corporate Work Sheets, Taxes, and Dividends

775

(35)

Procedure for Recording and Paying Income Taxes

776

(6)

Work Sheet for a Corporation

782

(5)

Reasons for Appropriating Retained Earnings

787

(1)

Declaration and Payment of Dividends

788

(5)

Stock Split

793

(1)

Statement of Retained Earnings and Balance Sheet for a Corporation

794

(2)

Guidelines for Account Reports

796

(14)

Corporate Bonds

810

(31)

Classification of Bonds

811

(1)

Why a Corporation Issues Bonds

812

(2)

Accounting for the Issuance of Bonds

814

(9)

Bond Sinking Fund

823

(3)

Redemption of Bonds

826

(1)

Balance Sheet

827

(14)

Cumulative Self-Check: Chapters 20--23

838

(3)

PART SEVEN ACCOUNTING FOR DECISION MAKING AND MANUFACTURING

The Statement of Cash Flows

841

(44)

A Broad Look at the Statement of Cash Flows

842

(1)

Classifications of Cash Flows

843

(2)

Form of the Statement of Cash Flows

845

(2)

Developing the Statement of Cash Flows

847

(17)

Interpreting the Statement of Cash Flows

864

(1)

Schedule of Noncash Investing and Financing Transactions

865

(20)

Comparative Financial Statements

885

(31)

Types of Comparison

886

(1)

Comparative Statements

886

(8)

Trend Percentages

894

(2)

Industry Comparisons

896

(1)

Analysis by Creditors and Management

896

(5)

Analysis by Owners and Management

901

(15)

Departmental Accounting

916

(36)

Gross Profit by Departments

917

(2)

Income from Operations by Departments

919

(12)

Departmental Margin

931

(21)

Manufacturing Accounting

952

(1)

Comparison of Income Statements for Merchandising and Manufacturing Enterprises

953

(1)

Statement of Cost of Goods Manufactured

954

(1)

Elements of Manufacturing Costs

954

(1)

Work Sheet for a Manufacturing Firm

955

(7)

Determining the Value of Ending Inventories

962

(2)

Cost Accounting Systems for Manufacturing Operations

964

(16)

Cumulative Self-Check: Chapters 24--27

980

Answers to Cumulative Self-Check

(1)

Credits (continued)

(1)

Index

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COLLEGE ACCT 1-27 COMP 7ED

Table of Contents

Supplemental Materials