College Accounting 1-26 / Edition 8

College Accounting 1-26 / Edition 8

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

College Accounting is The market leader - and here's why.

  • Accuracy
  • Careful Pacing
  • Up-to-date, understandable, and teachable
  • Emphasis on ethics, problem solving, and communication
  • Comprehensive supplements package
See more details below


College Accounting is The market leader - and here's why.

  • Accuracy
  • Careful Pacing
  • Up-to-date, understandable, and teachable
  • Emphasis on ethics, problem solving, and communication
  • Comprehensive supplements package

Product Details

Houghton Mifflin Company College Division
Publication date:
Edition description:
Book with CD
Product dimensions:
8.74(w) x 11.20(h) x 1.44(d)

Table of Contents

  • I. The Accounting Cycle for a Service Business: Analyzing Business Transactions
    1. Asset, Liability, Owner's Equity, Revenue, and Expense Accounts
    Assets, Liabilities, and Owner's Equity
    Revenue and Expense Accounts
    2. T Accounts, Debits and Credits, Trial Balance, and Financial Statements
    The T Account Form
    The T Account Form with Debits and Credits
    Recording Business Transactions in T Accounts
    The Trial Balance
    Major Financial Statements
    Errors Exposed by the Trial Balance
    3. The General Journal and the General Ledger
    The General Journal
    Posting to the General Ledger
    Correction of Errors
  • The Computer Lab
  • Before a Test Check: Chapters 1–3
    4. Adjusting Entries and the Work Sheet
    Fiscal Period
    The Accounting Cycle
    The Work Sheet
    Journalizing Adjusting Entries
  • The Computer Lab
  • Appendix A. Methods of Depreciation
    5. Closing Entries and the Post-Closing Trial Balance
    Closing Entries
    The Post-Closing Trial Balance
    Bases of Accounting : Cash, Modified Cash, and Accrual
    Interim Statements
  • The Computer Lab
  • Before a Test Check: Chapters 4–5
  • Accounting Cycle Review Problems A and B
    6. Accounting for Professional Enterprises: The Combined Journal (Optional)
    Example: Records of a Dentist
    The Combined Journal
    Designing a Combined Journal
  • II. Accounting for Cash and Payroll
    7. Bank Accounts and Cash Funds
    Using a Checking Account
    Writing Checks
    Bank Statements
    The Petty Cash Fund
    The Change Fund
    Cash Short and Over
  • Appendix B.Bad Debts
    8. Employee Earnings and Deductions
    Objectives of Payroll Records and Accounting
    Employer/Employee Relationships
    Laws Affecting Employees' Pay Deductions
    Laws Affecting Employer's Payroll Tax Contributions (Payroll Tax Expense)
    How Employees Get Paid
    Deductions from Total Earnings
    Payroll Register
    The Payroll Entry
    9. Employer Taxes, Payments, and Reports
    Employer Identification Number
    Employer's Payroll Taxes
    Journal Entries for Recording Payroll
    Payments of FICA Tax and Employees' Federal Income Tax Withholding
    Payments of State Unemployment Insurance
    Payments of Federal Unemployment Tax
    Deposits of Employees' State Income Tax Withholding
    Employer's Quarterly Federal Tax Return (Form 941)
    Reports and Payments of Federal Unemployment Tax
    Workers' Compensation Insurance
    Adjusting for Accrued Salaries and Wages
    Tax Calendar
  • Before a Test Check: Chapters 7–9
  • III. The Accounting Cycle for a Merchandising Business: Using Special Journals
    10. The Sales Journal and the Purchases Journal
    Special Journals
    Specific Accounts for Merchandising Firms
    Recording Sales on Account
    The Sales Journal
    The Accounts Receivable Ledger
    Sales Returns and Allowances
    Purchasing Procedures
    Purchases Journal (Three-Column)
    The Accounts Payable Ledger
    Purchases Returns and Allowances
    Freight Charges on Incoming Merchandise
    Transportation Charges on the Buying of Goods and Services Other Than Merchandise
    Internal Control
  • The Computer Lab
    11. The Cash Receipts Journal and the Cash Payments Journal
    The Cash Receipts Journal
    Credit Terms
    Sales Returns and Allowances and Sales Discounts on an Income Statement
    The Cash Payments Journal: Service Enterprise
    The Cash Payments Journal: Merchandising Enterprise
    Purchases Returns and Allowances, Purchases Discount, and Freight In on an Income Statement
    Check Register
    Trade Discounts
    Comparison of the Five Types of Journals
  • The Computer Lab
  • Before a Test Check: Chapters 10–11
    12. Work Sheet and Adjusting Entries
    Adjustment for Supplies
    Adjustment for Merchandise Inventory Using the Periodic Inventory System
    Adjustment for Unearned Revenue
    Data for the Adjustments
    Completion of the Work Sheet
    Adjusting Entries Under the Periodic Inventory System
    Adjustment for Merchandise Inventory Under the Perpetual Inventory System
    Adjusting Entry Under the Perpetual Inventory System
  • The Computer Lab
    13. Financial Statements, Closing Entries, and Reversing Entries
    The Income Statement
    The Statement of Owner's Equity and the Balance Sheet
    Balance Sheet Classifications
    Closing Entries
    Reversing Entries
  • The Computer Lab
  • Before a Test Check: Chapters 12–13
  • Comprehensive Review Problem
  • Appendix C: Inventory Methods
  • Appendix D: Financial Statement Analysis
  • Appendix E: The Statement of Cash Flows
  • IV. Accounting for Promissory Notes
    14. Notes Payable
    Promissory Notes
    Calculating Interest
    Determining Due Dates
    Transactions Involving Notes Payable
    End-of-Fiscal-Period Adjustments
  • The Computer Lab
    15. Notes Receivable
    Transactions for Notes Receivable
    Dishonored Notes Receivable
    Discounting Notes Receivable
    End-of-Fiscal-Period Adjustments: Accrued Interest on Notes Receivable
  • The Computer Lab
  • Before a Test Check: Chapters 14–15
  • V. Accounting for Valuation of Receivables, Inventory, and Plant and Equipment
    16. Uncollectible Accounts
    Two Methods of Accounting for Uncollectible Accounts
    The Credit Department
    Matching Bad Debt Losses with Sales
    The Allowance Method of Accounting for Bad Debts
    Closing the Bad Debts Expense Account
    Writing Off Accounts as Uncollectible
    Collection of Accounts Previously Written Off
    Specific Charge-off of Bad Debts
    Federal Income Tax Requirement
    17. Ending Merchandise Inventory
    The Importance of Inventory Valuation
    The Need for and the Taking of Inventories
    Methods of Assigning Costs to Ending Inventory
    Lower-of-Cost-or-Market Rule
    Perpetual Inventories
  • Appendix F. Estimating the Value of Inventories
    18. Plant and Equipment
    Initial Costs of Plant and Equipment
    Differentiating Costs of Land, Land Improvements, and Buildings
    The Nature and Recording of Depreciation
    Calculating Depreciation
    Depreciation for Periods of Less Than a Year
    Capital and Revenue Expenditures
    Extraordinary-Repairs Expenditures
    Disposition of Plant and Equipment
    Plant and Equipment Records
    Depreciation for Federal Income Tax
  • Before a Test Check: Chapters 16–18
  • Appendix G. The Voucher System of Accounting
  • VI. Accounting for Partnerships and Corporations
    19. Partnerships
    Characteristics of a Partnership
    Advantages of a Partnership
    Disadvantages of a Partnership
    Partnership Agreements
    Accounting Entries for Partnerships
    Division of Net Income or Net Loss
    Financial Statements for a Partnership
    Dissolution of a Partnership
    Liquidation of a Partnership
    20. Corporate Organization and Capital Stock
    Definition of a Corporation
    Advantages of the Corporate Form
    Disadvantages of the Corporate Form
    Formation of a Corporation
    Structure of a Corporation
    Capital Stock
    Issuing Stock
    Illustration of a Corporate Balance Sheet
    New Accounts and the Fundamental Accounting Equation
    21. Corporate Work Sheets, Taxes, and Dividends
    Procedure for Recording and Paying Income Taxes
    Work Sheet for a Corporation
    Reasons for Appropriating Retained Earnings
    Declaration and Payment of Dividends
    Stock Split
    Statement of Retained Earnings and Balance Sheet for a Corporation
    Guidelines for Account Reports
    22. Corporate Bonds
    Classification of Bonds
    Why a Corporation Issues Bonds
    Accounting for the Issuance of Bonds
    Bond Sinking Fund
    Redemption of Bonds
    Balance Sheet
  • Before a Test Check: Chapters 19–22
  • VII. Accounting for Decision Making and Manufacturing
    23. The Statement of Cash Flows—Direct Method
    A Broad Look at the Statement of Cash Flows
    Classifications of Cash Flows
    Form of the Statement of Cash Flows
    Developing the Statement of Cash Flows
    Interpreting the Statement of Cash Flows
    Schedule of Noncash Investing and Financing Transactions
  • Appendix H. Statement of Cash Flows—Indirect Method
    24. Comparative Financial Statements
    Types of Comparison
    Comparative Statements
    Trend Percentages
    Industry Comparisons
    Analysis by Creditors and Management
    Analysis by Owners and Management
    25. Departmental Accounting
    Gross Profit by Departments
    Income from Operations by Departments
    Departmental Margin
    26. Manufacturing Accounting
    Comparison of Income Statements for Merchandising and
    Manufacturing Enterprises
    Statement of Cost of Goods Manufactured
    Elements of Manufacturing Costs
    Work Sheet for a Manufacturing Firm
    Determining the Value of Ending Inventories
    Cost Accounting Systems for Manufacturing Operations
  • Before a Test Check: Chapters 23–26
  • Before a Test Check Solutions
  • Credits (continued)
  • Index

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