Final Class

In class students finished up Mini-Practice Set #4.  If you have not submitted the assignment, turn it in as soon as possible.

FInish Mini-Practice #4

In class student continued to work on Mini-Practice #4.  Please finish the assignment and any other missing assignments by Friday, May 15th.

Mini-Practice Set #4 Cont.

In class students continued to work on Mini-Practice Set #4 in class.  All work is due by Friday, May 15th.  So if you will not be in class next week due to an AP Exam or another obligation, you must finish all work outside of class.

Final Assignment - Mini-Practice Set #4

In class students completed workbook question 19-8.  Afterwards, students began working on the final assignment in the course Mini-Practice #4.  The assignment will be due 5/13.

The Worksheet and 3 Financials

In class students continued to work on problem 19-8, the worksheet and 3 financials.  The assignment is due Tuesday, have a nice weekend.

Financial Statements

In class we reviewed how to produce an income statement for a merchandising corporation.  The income statement is the most difficult of the 3 main financial statements we have covered.  Afterwards, student learned how to create the Statement of Retained Earnings and the Balance Sheet.  After completing an example, students began working on 19-8 which puts everything together-the 10 column worksheet and 3 financials.  We will continue working on the activity on Friday.

Financial Statements - The Income Statement

In class student learned about the four main financial statements for a merchandising corporations: 1) Income Statement, 2) Statement of Retained Earnings, 3) Balance Sheet and 4) Cash Flows Statement.  Afterwards, students produced an income Statement using the 18-7 worksheet.

The notes are attached and the homework is listed below.

Notes - Financial Statements of a Corporation

HW - Read 19.3

The 10 Column Worksheet and Recording Adjustments in the General Journal and General Ledger

In class students completed the 10 column worksheet and recorded the adjustments in the General Journal and General Ledger.

There is no homework.

Quiz - Chpters 15-18 - Special Journals and The 10-Column Worksheet

Students took a quiz in class on Special Journals and the 10 column worksheet.  Afterwards, students began working on Workbook problem 18-8 which will be completed next class.

HW - Read 19.1 and 19.2 - Financial Statements for a Merchandising Corporation

Quiz Review

In class students reviewed for a quiz on Chapters 15-18, special journals and the 10 column worksheet.

HW - study for quiz

10 Column Worksheet Cont.

In class students reviewed how to complete a 10 column worksheet for a merchandising corporation. Afterwards, students completed problem 18-7 in the workbook. 

HW - Finish 18-7
        ***Study for Quiz on Chapters 14 - 18.

10-Column Worksheet

In class student were introduced to the 10-column worksheet which organized accounting data that is eventually used to produce various financial statements (Income Statement, Statement of Retained Earnings, Balance Sheet and Statement of Cash Flows).  Students also learned about adjustments that must be made before producing such accounts and are as follows:

1) Merchandise Inventory
2) Supplies
3) Prepaid Insurance
4) Federal Corporate Income Taxes

The notes are attached and the homework is listed below.

Notes - 10 Column Worksheet

HW - Finish 8-5 which was started in class.

Special Journals (cont.)

In class students completed 17-8 that required students to record transaction in the Purchases Journal and the Cash Payments journal before posting in the ledger.

There is no homework.  Have a nice break!

Special Journals - Purchases and Cash Payments Journal

In class we continued working with special journals to record transactions for a merchandising corporation.  We looked at transactions that affect the Purchases Journal and the Cash Payments Journal. 

The homework is listed below and the notes are attached.

Notes - Purchases and Cash Payments Journal

HW - read/look over 18.1/18.2

Special Journals - Sales and Cash Receipts Journal

In class we reviewed two special journals used by a merchandising corporation.  Afterwards, students completed 16-6.

The homework is listed below.

HW - Finish 16-6 to be turned in.
          Read Chapter 17

Special Journals

In class students were introduced to a number of new journals they will encounter while recording transactions for a merchandising corporation:

1) Sales Journal
2) Cash Receipts Journal
3) Purchases Journal
4) Cash Payments Journal

*The General Journal will still be used, but sparingly, going forward for transactions that cannot be recorded in one of the above journals.

The notes are attached and the homework is listed below.

Notes - Special Journals - Sales and Cash Receipts

HW - Finish/Submit any missing work by Friday, March 27th

Purchases Cont.

In class students completed 15-10 which dealt with purchases of merchandise.  Afterwards, we finished the movie Too Big to Fail. 

HW - Read Chapter 16 - Specials Journals

Recording Purchases (cont.)

In class students completed 15-8 and 15-9 in the general journal.  Afterwards, we finished the movie Too Big to Fail.

HW - Finish 15-8/15-9 to be turned in
          Read 16.1

Accounting Quiz - Accounting for Sales Receipts

In class students took a quiz on accounting for sales and sales receipts.  There is no homework.

Accounting for Purchases

In class we reviewed how to record transactions for sales.  Afterwards, we moved on to recording general journal transactions for purchases (inventory, supplies and equipment). 

The notes are attached and the homework is listed below.

Notes - Accounting for Purchases

HW - Finish 15-6 in the General Journal
          *Study for Chapter 14 Quiz*

Accounting fo Cash and Cash Receipts

In class student learned how to record cash sales, credit (on account) sales, sales discounts and sales returns and allowances.  We completed 14-7 together and I have attached the document below:

Answer Key - 14-7

The notes are attached and the homework is listed below.

Notes - Cash Sales and Receipts

HW - Read 15.1 -15.2

Accounting for a Merchandising Corporation

In class students learned about the accounting cycle for a retail corporation (ex. Walmart, Best Buy etc.).  Students were also introduced to a number of new accounts they will be using to record transactions including Sales Tax Payable, Sales Returns and Allowances, Merchandise Inventory, etc. 

HW - Read Chapter 14.3

Quiz - Payroll Cycle

In class students took a quiz on the payroll cycle.

HW - Read Chapters 14.1 and 14.2

Enron - A case study (cont.)

In class we finished the documentary on Enron. 

Again, if you have not turned in either of the 1040EZ form or Mini Practice #3 be do so as soon as possible.

HW - Study for Quiz - The Payroll Cycle
          Read Chapter 14

Enron - A case study

In class I returned two items to students:  Mini Practice Set III and 1040EZ form  If you have not turned in either of these items please do so as soon as possible.

Afterwards, students watched the first half of Enron: The Smartest Guys in the Room.  We will finishing watching the movie next class. 

*Quiz on Payroll Accounting Cycle will be on Monday, March 2.

Filing Federal Income Taxes cont.

In class students continued to work on filing federal income taxes using the 1040EZ form.
If you were absent please complete the assignment which is attached below.

There will be a quiz on the payroll tax cycle.

1040EZ Template

1040EZ Problem

Fiiling Federal Income Taxes

In class students learned how to file federal income taxes using form 1040EZ.  Students should now be able to use the information from their W-2 to fill out the form 1040EZ to determine if they will receive a refund or need to pay additional taxes.

The homework is listed below and the notes are attached.

Notes - Federal Tax Forms

HW - Finish Mini-Practice III for Monday

Mini Practice III

In class students continued working on Mini Practice III...but silly me, most people will need more time.  Given that students will need more time, we will push the quiz to Wednesday 2/11 and in the meantime move on to filing Federal Income Taxes.


HW - Continue working on Mini Practice III
        - Read Appendix B (A -12  -  A -15)

Mini-Practice III

In class students reviewed how to process the payroll for a pay period.  Afterwards, students began completing Mini-Practice III. 

Students should finish up through step (9) on pg. 376 so that you will have enough time to finish the assignment at the end of next class.

Mini-Practice III

HW - Work on Mini-Practice III (Due at the end of class Tues. 2/3)

Completeing the Payroll Cycle

In class students continued to work on completing the payroll cycle for a business. 

There is no homework.

*Quiz - Thursday 2/5

Tax Liability Payments

In class, we tried, to put the payroll cycle (1 part of the accounting cycle) together.  The payroll cycle is as follows:

1.  Complete Payroll Register - Record in GJ/GL
2.  Compute Employer's Payroll Tax Expense - Record in GJ/GL
3.  Pay Liabilities (ex. SS Tax Payable) when due; either monthly or quarterly.


Do your best to complete 13-10 by Wed. - we will be going over it and practicing one together.


Notes - Tax Liability Payments


HW - Finish 13-10

Employer's Payroll Taxes

In class students learned how to record Salaries Expense in the General Journal.  Afterwards, students learned how to calculate and record a company's Payroll Tax Expense in the General Journal.

The homework is listed below and the notes and handout are attached.

Notes - Employer's Payroll Taxes

Handout - Payroll Register and General Journal Entries

HW - Read 13.3

Payroll Records Cont.

In class we students continued to practice completing the payroll for a business.  Students should be able to differentiate the way individuals are paid (hourly wage, salary or salary plus commission).  Students should now have a good grasp of the mandatory deductions (Social Security, Medicare, Federal Income Taxes and State Income Taxes) as well as voluntary deductions (Health Ins., 401K, etc.) - and how to calculate the deductions.

HW - Finish 12-8
          Read 13.1-13.2 (343-353)

Payroll Records

In class we reviewed the various mandatory and voluntary deductions that reduce an individuals gross earnings.  Afterwards, students learned how to prepare a payroll register and an employee's earnings report.

The notes are attached and the homework is listed below.

Notes - Payroll Records

HW - Finish/Complete 12-6 and 12-7
          Read 13.1