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This book presents concepts simply, while ensuring the best, most accurate coverage. College Accounting is designed to make accounting understandable to virtually everyone without sacrificing substance and technical correctness. A step-by-step, straightforward approach helps readers build practical accounting skills that are needed when entering the world of work. The book presents simple topics first and gradually builds to more advanced topics, so learners are not overwhelmed. The narrative approach covers a simpler example of a service business before moving to a merchandising business, and finally, a manufacturing environment.
PART ONE: ACCOUNTING FOR A SERVICE BUSINESS.
1. Introduction to Accounting.
2. Analyzing Transactions: The Accounting Equation.
3. The Double-Entry Framework.
4. Journalizing and Posting Transactions.
5. Adjusting Entries and the Work Sheet.
6. Financial Statements and the Closing Process. Comprehensive Problem 1: The Accounting Cycle.
PART TWO: ACCOUNTING FOR CASH, PAYROLL AND SERVICE BUSINESSES.
7. Accounting for Cash.
8. Payroll Accounting: Employee Earnings and Deductions.
9. Payroll Accounting: Employer Taxes and Reports.
10. Accounting for a Professional Service Business: The Combination Journal.
PART THREE: ACCOUNTING FOR A MERCHANDISING BUSINESS.
11. Accounting for Sales and Cash Receipts.
12. Accounting for Purchases and Cash Payments.
13. Special Journals.
14. The Voucher System.
15. Adjustments and the Work Sheet for a Merchandising Business.
16. Financial Statements and Year-End Accounting for a Merchandising Business. Comprehensive Problem 2: Accounting Cycle with Subsidiary Ledgers, Part 1. Comprehensive Problem 2: Accounting Cycle with Subsidiary Ledgers, Part 2.
PART FOUR: SPECIALIZED ACCOUNTING PROCEDURES FOR MERCHANDISING BUSINESSES AND PARTNERSHIPS.
17. Accounting for Accounts Receivable.
18. Accounting for Notes and Interest.
19. Accounting for Merchandise Inventory.
20. Accounting for Long-Term Assets.
21. Accounting for Partnerships. Comprehensive Problem 3: Specialized Accounting Procedures.
PART FIVE: ACCOUNTING FOR CORPORATIONS AND MANUFACTURING BUSINESSES.
22. Corporations: Organizations and CapitalStock.
23. Corporations: Earnings, Taxes, Distributions, and the Retained Earnings Statement.
24. Corporations: Bonds.
25. Statement of Cash Flows.
26. Analysis of Financial Statements.
27. Departmental Accounting.
28. Manufacturing Accounting: The Job Order Cost System.
29. Manufacturing Accounting: The Work Sheet and Financial Statements. Answers to Self-Study Test Questions. Index.