CENTURY 21 ACCOUNTING, 8e Multicolumn Journal Chapter Objectives

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CENTURY 21 ACCOUNTING, 8e
                            Multicolumn Journal
                            Chapter Objectives

Chapter 1      Starting A Proprietorship: Changes that Affect the Accounting
               Equation
After studying Chapter 1, you will be able to:
1. Define accounting terms related to starting a service business organized as a
   proprietorship and to changes that affect the accounting equation.
2. Identify accounting concepts and practices related to starting a service business
   organized as a proprietorship and to changes that affect the accounting equation.
3. Classify accounts as assets, liabilities, or owner's equity and demonstrate their
   relationships in the accounting equation.
4. Analyze how transactions affect accounts in an accounting equation.

Chapter 2      Analyzing Transactions into Debit and Credit Parts
After studying Chapter 2, you will be able to:
1. Define accounting terms related to analyzing transactions into debit and credit parts.
2. Identify accounting practices related to analyzing transactions into debit and credit
   parts.
3. Use T accounts to analyze transactions showing which accounts are debited or
   credited for each transaction.
4. Analyze how transactions to set up a business affect accounts.
5. Analyze how transactions affect owner's equity accounts.

Chapter 3      Journalizing Transactions
After studying Chapter 3, you will be able to:
1. Define accounting terms related to journalizing transactions.
2. Identify accounting concepts and practices related to journalizing transactions.
3. Record transactions to set up a business in a five-column journal.
4. Record transactions to buy insurance for cash and supplies on account in a five-
   column journal.
5. Record transactions that affect owner's equity and receiving cash on account in a
   five-column journal.
6. Prove and rule a five-column journal and prove cash.

Chapter 4      Posting to a General Ledger
After studying Chapter 4, you will be able to:
1. Define accounting terms related to posting from a journal to a general ledger.
2. Identify accounting concepts and practices related to posting from a journal to a
   general ledger.
3. Prepare a chart of accounts for a service business organized as a proprietorship.
4. Post separate amounts from a journal to a general ledger.
5. Post column totals from a journal to a general ledger.
6. Analyze and journalize correcting entries.
Chapter 5      Cash Control Systems
After studying Chapter 5, you will be able to:
1. Define accounting terms related to using a checking account and a petty cash fund.
2. Identify accounting concepts and practices related to using a checking account.
3. Prepare business papers related to using a checking account.
4. Reconcile a bank statement.
5. Journalize dishonored checks and electronic banking transactions.
6. Establish and replenish a petty cash fund.

Chapter 6      Work Sheet for a Service Business
After studying Chapter 6, you will be able to:
1. Define accounting terms related to a work sheet for a service business organized as a
   proprietorship.
2. Identify accounting concepts and practices related to a work sheet for a service
   business organized as a proprietorship.
3. Prepare a heading and a trial balance on a work sheet.
4. Plan adjustments for supplies and prepaid insurance.
5. Complete a work sheet for a service business organized as a proprietorship.
6. Identify selected procedures for finding and correcting errors in accounting records.

Chapter 7      Financial Statements for a Proprietorship
After studying Chapter 7, you will be able to:
1. Define accounting terms related to financial statements for a service business
   organized as a proprietorship.
2. Identify accounting concepts and practices related to preparation of financial
   statements for a service business organized as a proprietorship.
3. Prepare an income statement for a service business organized as a proprietorship and
   analyze an income statement using component percentages.
4. Prepare a balance sheet for a service business organized as a proprietorship.

Chapter 8      Recording Adjusting and Closing Entries for a Service Business
After studying Chapter 8, you will be able to:
1. Define accounting terms related to adjusting and closing entries for a service business
   organized as a proprietorship.
2. Identify accounting concepts and practices related to adjusting and closing entries for
   a service business organized as a proprietorship.
3. Record adjusting entries for a service business organized as a proprietorship.
4. Record closing entries for a service business organized as a proprietorship.
5. Prepare a post-closing trial balance for a service business organized as a
   proprietorship.

Chapter 9      Journalizing Purchases and Cash Payments
After studying Chapter 9, you will be able to:
1. Define accounting terms related to purchases and cash payments for a merchandising
   business.
2. Identify accounting concepts and practices related to purchases and cash payments for
   a merchandising business.
3. Journalize purchases of merchandise using a purchases journal.
4. Journalize cash payments and cash discounts using a cash payments journal.
5. Prepare a petty cash report and journalize the reimbursement of the petty cash fund.
6. Total, prove, and rule a cash payments journal and start a new cash payments journal
   page.
7. Journalize purchases returns and allowances and other transactions using a general
   journal.

Chapter 10 Journalizing Sales and Cash Receipts Using Special Journals
After studying Chapter 10, you will be able to:
1. Define accounting terms related to sales and cash receipts for a merchandising
   business.
2. Identify accounting concepts and practices related to sales and cash receipts for a
   merchandising business.
3. Journalize sales on account using a sales journal.
4. Journalize cash receipts using a cash receipts journal.
5. Record sales returns and allowances using a general journal.

Chapter 11 Posting To General and Subsidiary Ledgers
After studying Chapter 11, you will be able to:
1. Define accounting terms related to posting to ledgers.
2. Identify accounting practices related to posting to ledgers.
3. Post separate items from a purchases, cash payments, and general journal to an
   accounts payable ledger.
4. Post separate items from a sales, cash receipts, and general journal to an accounts
   receivable ledger.
5. Post separate items from a cash payments and general journal to a general ledger.
6. Post special journal column totals to a general ledger.
7. Journalize and post correcting entries affecting customer accounts.

Chapter 12 Preparing Payroll Records
After studying Chapter 12, you will be able to:
1. Define accounting terms related to payroll records.
2. Identify accounting practices related to payroll records.
3. Complete a payroll time card.
4. Calculate payroll taxes.
5. Complete a payroll register and an employee earnings record.
6. Prepare payroll checks.

Chapter 13 Payroll Accounting, Taxes, and Reports
After studying Chapter 13, you will be able to:
1. Define accounting terms related to payroll accounting, taxes, and reports.
2. Identify accounting concepts and practices related to payroll accounting, taxes, and
   reports.
3.   Analyze payroll transactions and record a payroll.
4.   Record employer payroll taxes.
5.   Prepare selected payroll tax reports.
6.   Pay and record withholding and payroll taxes.

Chapter 14     Distributing Dividends and Preparing a Work Sheet for a
               Merchandising Business
After studying Chapter 14, you will be able to:
1. Define accounting terms related to distributing dividends and preparing a work sheet
   for a merchandising business.
2. Identify accounting concepts and practices related to distributing dividends and
   preparing a work sheet for a merchandising business.
3. Journalize the declaration and payment of a dividend.
4. Begin a work sheet for a merchandising business.
5. Plan work sheet adjustments for merchandise inventory, supplies, prepaid expenses,
   uncollectible accounts, and depreciation.
6. Calculate federal income tax and plan the work sheet adjustment for federal income
   tax.
7. Complete a work sheet for a merchandising business.

Chapter 15 Financial Statements for a Corporation
After studying Chapter 15, you will be able to:
1. Define accounting terms related to financial statements for a merchandising business
   organized as a partnership.
2. Identify accounting concepts and practices related to financial statements for a
   merchandising business organized as a corporation.
3. Prepare an income statement for a merchandising business organized as a corporation.
4. Analyze an income statement using component percentages and financial ratios.
5. Prepare a statement of stockholders' equity for a merchandising business organized as
   a corporation.
6. Prepare a balance sheet for a merchandising business organized as a corporation.

Chapter 16 Recording Adjusting and Closing Entries for a Corporation
After studying Chapter 16, you will be able to:
1. Identify accounting concepts and practices related to adjusting and closing entries for
   a merchandising business organized as a corporation.
2. Record adjusting entries.
3. Record closing entries for income statement accounts.
4. Record closing entries for dividends.
5. Prepare a post-closing trial balance.

Chapter 17 Accounting for Uncollectible Accounts Receivable
After studying Chapter 17, you will be able to:
1. Define accounting terms related to uncollectible accounts.
2. Identify accounting concepts and practices related to uncollectible accounts.
3. Calculate, journalize, and post estimated uncollectible accounts expense.
4. Journalize and post entries related to writing off and collecting uncollectible accounts
   receivable.

Chapter 18 Accounting for Plant Assets and Depreciation
After studying Chapter 18, you will be able to:
1. Define accounting terms related to plant assets, depreciation, and property tax
   expense.
2. Identify accounting concepts and practices related to accounting for plant assets,
   depreciation, and property tax expense.
3. Record the buying of a plant asset and the paying of property tax.
4. Calculate depreciation expense and book value using the straight-line method of
   depreciation.
5. Prepare plant asset records and journalize annual depreciation expense.
6. Record entries related to disposing of plant assets.
7. Calculate depreciation expense using the double declining-balance method of
   depreciation.

Chapter 19 Accounting for Inventory
After studying Chapter 19, you will be able to:
1. Define accounting terms related to inventory.
2. Identify accounting concepts and practices related to inventory.
3. Prepare a stock record.
4. Determine the cost of merchandise inventory using the fifo, lifo, and weighted-
   average inventory costing methods.
5. Estimate the cost of merchandise inventory using the gross profit method of
   estimating inventory.

Chapter 20 Accounting for Notes and Interest
After studying Chapter 20, you will be able to:
1. Define accounting terms related to notes and interest.
2. Identify accounting concepts and practices related to notes and interest.
3. Calculate interest and maturity dates for notes.
4. Analyze and record transactions for notes payable.
5. Analyze and record transactions for notes receivable.

Chapter 21 Accounting for Accrued Revenue and Expenses
After studying Chapter 21, you will be able to:
1. Define accounting terms related to accrued revenue and accrued expenses.
2. Identify accounting concepts and practices related to accrued revenue and accrued
   expenses.
3. Record adjusting, closing, and reversing entries for accrued revenue.
4. Record adjusting, closing, and reversing entries for accrued expenses.

Chapter 22 End-Of-Fiscal-Period Work for a Corporation
After studying Chapter 22, you will be able to:
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