ACCT 102: Practical Accounting I

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Class Program

Accounting

Credits

Weekly Contact Hours

Course ID

092117

Meets Degree Requirements For

Restricted Elective

Description

This course covers a sole proprietorship service business. Topics include assets, liabilities, owner's equity, revenue, expenses, worksheets, financial statements, adjusting entries, closing entries, cash funds, and payroll.

Grading Basis

Graded

Course Learning Outcomes

Analyze a service business using the accounting equation.

Demonstrate understanding of the accounting equation, T-accounts, and debits and credits.

Record, in correct format, general journal entries.

Post to the general ledger.

Construct and complete the worksheet.

Prepare the income statement, statement of owner's equity, and balance sheet from the worksheet.

Record, in correct format, adjusting and closing entries.

Prepare the post-closing trial balance.

Demonstrate familiarity with basic cash management and payroll accounting.

Demonstate familiarity with basic payroll computation and recording.

Demonstrate familiarity with Washington State payroll taxes.

Core Topics

The accounting equation.
Transactional analysis and proper use of accounts to record transactions.
Construct financial statements.
The accounting cycle.
Banking procedures and control of cash
Calculating and recording payroll and payroll taxes.