Practical Accounting Procedures 1

Catalog description

Three lecture. Offers a step by step approach to the study of accounting for service, merchandising, and small business operations. This course includes analyzing business transactions, recording transactions in the general journal, posting to the general ledger, preparing adjusting and closing entries. Also, this course encompasses the preparation of the income statement, balance sheet, and the statement of owner’s equity through the use of the worksheet. The three business formations (sole proprietor, partnership, and corporation) are discussed along with the issues of accounting for all three forms of ownership. Students will be able to: analyze accounting transactions and the accounting equation; use the double entry accounting framework; prepare general journal entries, post to the general ledger, record adjusting entries, and closing entries; prepare a trial balance, adjusted trial balance, and a post-closing trial balance; prepare the income statement, balance sheet, and the statement of retained earnings.