Catalog Course Search Details

 Department:    ACCT

 Course #:    145

 Credits:    5

 Variable:     No

 IUs:    5

 CIP:    520302

 EPC:    547

 REV:    2018

 Course Description  

Learn to analyze and record the business transactions of sole-proprietorship, service businesses in journals and ledgers using double-entry accounting. Complete worksheets, record adjusting and closing entries, and create financial statements as required for a complete accounting cycle. Additional topics include cash control, basic payroll preparation, and partnerships. Not intended for transfer.

 Prerequisite  

None

Contact Hours (based on 11 week quarter)

Lecture: 55

Lab: 0

Other: 0

Systems: 0

Clinical: 0

Intent: Distribution Requirement(s) Status:  

Vocational Preparatory Required for ATA degree, Required for certificate  

Equivalencies At Other Institutions

Learning Outcomes

After completing this course, the student will be able to:

1. Analyze basic business transactions for sole-proprietorship, service businesses.
2. Journalize transactions in a general journal and post them to general ledger accounts.
3. Prepare a trial balance, income statement, statement of owner�s equity, and a balance sheet.
4. Complete end-of-period accounting activities: worksheet, financial statements, adjusting and closing entries, and post-closing trial balance.
5. Complete bank reconciliations and record related journal entries.
6. Establish Petty Cash Funds and Change Funds and record related journal entries.
7. Calculate employee earnings and deductions.
8. Complete payroll registers and employee earnings records and record related journal entries.
9. Calculate employer payroll taxes and record related journal entries.
10. Complete federal payroll tax forms (Form 940 and Form 941).
11. Record accounting entries related to partnerships (formation, distribution of income, dissolution).

General Education Learning Values & Outcomes

Revised August 2008 and affects outlines for 2008 year 1 and later.

2. Critical Thinking

Definition: The ability to think critically about the nature of knowledge within a discipline and about the ways in which that knowledge is constructed and validated and to be sensitive to the ways these processes often vary among disciplines.

Outcomes: Students will be able to . . .
2.1 Identify and express concepts, terms, and facts related to a specific discipline.
2.3 Identify, interpret, and evaluate pertinent data and previous experience to reach conclusions.

8. Mathematical Reasoning

Definition: Understanding and applying concepts of mathematics and logical reasoning in a variety of contexts, both academic and non-academic.

Outcomes: Students will be able to . . .
8.2 Correctly apply logical reasoning and mathematical principles to solve problems.

Course Contents

1. Analyzing and recording business transactions for a sole-proprietorship, service business.
2. Adjusting entries and the worksheet.
3. Closing entries and financial statements.
4. Bank accounts and cash control.
5. Accounting for payroll.
6. Accounting for partnerships.
7. Accounting cycle review problem.