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College Accounting: Chapters 1-16

by
Edition:
18th
ISBN13:

9780324201499

ISBN10:
0324201494
Format:
Hardcover
Pub. Date:
1/7/2004
Publisher(s):
South-Western College Pub
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Summary

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 students build practical accounting skills that are needed when entering the world of work. The text presents simple topics first and gradually builds to more advanced topics, so learners are not overwhelmed. The narrative approach covers a simple example of a service business before moving to a merchandising business.

Table of Contents

PART 1 ACCOUNTING FOR A SERVICE BUSINESS
Chapter 1 Introduction to Accounting
1(14)
The Purpose of Accounting
2(1)
The Accounting Process
3(1)
Generally Accepted Accounting Principles (GAAP)
3(1)
Three Types of Ownership Structures
4(1)
Sole Proprietorship
4(1)
Partnership
5(1)
Corporation
5(1)
Types of Businesses
5(1)
Career Opportunities in Accounting
6(3)
Accounting Clerks
6(1)
Bookkeepers and Para-Accountants
6(1)
Accountants
6(2)
Job Opportunities
8(1)
Managing Your Writing
9(2)
Key Points
11(1)
Key Terms
12(1)
Review Questions
13(1)
Managing Your Writing
13(1)
Exercises
14(1)
Chapter 2 Analyzing Transactions: The Accounting Equation
15(32)
The Accounting Elements
16(2)
Assets
16(1)
Liabilities
16(1)
Owner's Equity
17(1)
The Accounting Equation
18(1)
Analyzing Business Transactions
18(1)
Effect of Transactions on the Accounting Equation
19(9)
Expanding the Accounting Equation: Revenues, Expenses, and Withdrawals
20(2)
Effect of Revenue, Expense, and Withdrawal Transactions on the Accounting Equation
22(6)
Financial Statements
28(3)
The Income Statement
28(2)
The Statement of Owner's Equity
30(1)
The Balance Sheet
30(1)
Overview of the Accounting Process
31(3)
Key Points 33
Demonstration Problem
34(3)
Key Terms
37(1)
Review Questions
38(1)
Self-Study Test Questions
38(1)
Managing Your Writing
39(1)
Exercises and Problems
39(6)
Mastery Problem
45(1)
Challenge Problem
46(1)
Chapter 3 The Double-Entry Framework
47(40)
The T Account
48(1)
Balancing a T Account
48(1)
Debits and Credits
49(3)
Assets
49(1)
Liabilities and Owner's Equity
49(1)
Normal Balances
50(1)
Revenues
51(1)
Expenses
51(1)
Drawing
51(1)
Normal Balances for the Owner's Equity Umbrella
51(1)
Transaction Analysis
52(15)
Debits and Credits: Asset, Liability, and Owner's Equity Accounts
52(3)
Debits and Credits: Including Revenues, Expenses, and Drawing
55(10)
Summary of Transactions
65(2)
The Trial Balance
67(2)
Key Points
69(1)
Demonstration Problem
70(4)
Key Terms
74(1)
Review Questions
74(1)
Self-Study Test Questions
75(1)
Managing Your Writing
75(1)
Exercises and Problems
76(8)
Mastery Problem
84(1)
Challenge Problem
85(2)
Chapter 4 Journalizing and Posting Transactions
87(46)
Flow of Data
88(1)
The Chart of Accounts
89(1)
Source Documents
90(1)
The General Journal
91(6)
Journalizing
92(5)
The General Ledger
97(9)
Four-Column Account
97(1)
Posting to the General Ledger
98(1)
Steps in the Posting Process
99(6)
The Trial Balance
105(1)
Finding and Correcting Errors in the Trial Balance
106(3)
Ruling Method
107(1)
Correcting Entry Method
108(1)
Key Points
109(1)
Demonstration Problem
110(5)
Key Terms
115(1)
Review Questions
115(1)
Self-Study Test Questions
116(1)
Managing Your Writing
117(1)
Exercises and Problems
117(11)
Mastery Problem
128(1)
Challenge Problem
129(4)
Chapter 5 Adjusting Entries and the Work Sheet
133(42)
End-of-Period Adjustments
134(8)
Supplies
135(2)
Prepaid Insurance
137(1)
Wages Expense
138(1)
Depreciation Expense
139(2)
Expanded Chart of Accounts
141(1)
The Work Sheet
142(2)
The Ten-Column Work Sheet
142(1)
Preparing the Work Sheet
142(1)
Preparing the Work Sheet
142(2)
Finding Errors on the Work Sheet
144(1)
Journalizing Adjusting Entries
144(1)
Posting Adjusting Entries
144(2)
Key Points
146(1)
Demonstration Problem
147(3)
Key Terms
150(1)
Review Questions
151(1)
Self-Study Test Questions
152(1)
Managing Your Writing
153(1)
Exercises and Problems
153(15)
Mastery Problem
168(1)
Challenge Problem
169(2)
Appendix Depreciation Methods
171(4)
Straight-Line Method
171(1)
Sum-of-the-Years'-Digits
172(1)
Double-Declining-Balance Method
173(1)
Modified Accelerated Cost Recovery System
173(1)
Exercises
174(1)
Chapter 6 Financial Statements and the Closing Process
175(42)
The Financial Statements
176(5)
The Income Statement
176(1)
The Statement of Owner's Equity
176(3)
The Balance Sheet
179(1)
Additional Investments by the Owner
180(1)
The Closing Process
181(6)
Journalize Closing Entries
183(2)
Post the Closing Entries
185(2)
Post-Closing Trial Balance
187(1)
The Accounting Cycle
188(4)
Key Points
192(1)
Demonstration Problem
193(3)
Key Terms
196(1)
Review Questions
197(1)
Self-Study Test Questions
198(1)
Managing Your Writing
198(1)
Exercises and Problems
199(9)
Mastery Problem
208(2)
Challenge Problem
210(1)
Appendix Statement of Cash Flows
211(202)
Types of Business Activities
211(2)
Preparing the Statement of Cash Flows
213(2)
Key Points
215(1)
Key Terms
215(1)
Review Questions
215(1)
Exercises and Problems
216(1)
COMPREHENSIVE PROBLEM 1: THE ACCOUNTING CYCLE
217(8)
PART 2 ACCOUNTING FOR CASH, PAYROLL AND SERVICE BUSINESSES
Chapter 7 Accounting for Cash
225(36)
Checking Account
226(6)
Opening a Checking Account
226(1)
Making Deposits
226(3)
Writing Checks
229(2)
Bank Statement
231(1)
Reconciling the Bank Statement
232(5)
Deposits
232(1)
Cash Payments
232(1)
Reasons for Differences Between Bank and Book Balances
233(1)
Steps in Preparing the Bank Reconciliation
233(1)
Illustration of a Bank Reconciliation
234(1)
Journal Entries
235(2)
Electronic Funds Transfer
237(1)
The Petty Cash Fund
237(4)
Establishing a Petty Cash Fund
237(1)
Making Payments from a Petty Cash Fund
238(1)
Petty Cash Payments Record
238(1)
Replenishing the Petty Cash Fund
239(2)
The Change Fund and Cash Short and Over
241(2)
Establishing and Operating the Change Fund
241(1)
Cash Short and Over
241(2)
Key Points
243(1)
Demonstration Problem
244(2)
Key Terms
246(1)
Review Questions
247(1)
Self-Study Test Questions
248(1)
Managing Your Writing
248(1)
Ethics Case
249(1)
Web Work
249(1)
Exercises and Problems
249(9)
Mastery Problem
258(2)
Challenge Problem
260(1)
Chapter 8 Payroll Accounting: Employee Earnings and Deductions
261(36)
Employees and Independent Contractors
262(1)
Employee Earnings and Deductions
262(9)
Salaries and Wages
263(1)
Computing Total Earnings
263(2)
Deductions from Total Earnings
265(5)
Computing Net Pay
270(1)
Payroll Records
271(3)
Payroll Register
271(1)
Payroll Check
272(2)
Employee Earnings Record
274(1)
Accounting for Employee Earnings and Deductions
274(4)
Journalizing Payroll Transactions
274(2)
Wages and Salaries Expense
276(1)
Employee Income Tax Payable
277(1)
Social Security and Medicare Taxes Payable
277(1)
Other Deductions
277(1)
Payroll Record-Keeping Methods
278(1)
Key Points
279(1)
Demonstration Problem
280(3)
Key Terms
283(1)
Review Questions
284(1)
Self-Study Test Questions
285(1)
Managing Your Writing
286(1)
Ethics Case 286
286(1)
Web Work
286(1)
Exercises and Problems
286(12)
Mastery Problem 293
298
Challenge Problem
294(3)
Chapter 9 Payroll Accounting: Employer Taxes and Reports
297(34)
Employer Payroll Taxes
298(3)
Employer FICA Taxes
298(1)
Self-Employment Tax
299(1)
Employer FUTA Tax
300(1)
Employer SUTA Tax
300(1)
Accounting for Employer Payroll Taxes
301(3)
Journalizing Employer Payroll Taxes
301(1)
Payroll Taxes Expense
302(1)
Social Security and Medicare Taxes Payable
302(1)
FUTA Tax Payable
303(1)
SUTA Tax Payable
303(1)
Total Payroll Cost of an Employee
303(1)
Reporting and Payment Responsibilities
304(8)
Federal Income Tax Withholding and Social Security and Medicare Taxes
304(2)
FUTA Taxes
306(3)
SUTA Taxes
309(1)
Employee Wage and Tax Statement
309(1)
Summary of Employee Wages and Taxes
310(1)
Summary of Reports and Payments
310(2)
Workers' Compensation Insurance
312(3)
Key Points
315(1)
Demonstration Problem
316(2)
Key Terms
318(1)
Review Questions
318(1)
Self-Study Test Questions
319(1)
Managing Your Writing
320(1)
Ethics Case
320(1)
Web Work
320(1)
Exercises and Problems
321(7)
Mastery Problem
328(1)
Challenge Problem
329(2)
Chapter 10 Accounting for a Professional Service Business: The Combination Journal
331
Accrual Basis Versus Cash Basis
332(3)
Accounting for a Professional Service Business
335(2)
The Combination Journal
337(4)
Journalizing in a Combination Journal
339(2)
Proving the Combination Journal
341(1)
Posting from the Combination Journal
341(2)
Determining the Cash Balance
343(1)
Performing End-of-Period Work for a Professional Service Business
343(5)
Preparing the Work Sheet
343(3)
Preparing Financial Statements
346(1)
Preparing Adjusting and Closing Entries
347(1)
Key Points
348(1)
Demonstration Problem
349(5)
Key Terms
354(1)
Review Questions
354(1)
Self-Study Test Questions
355(1)
Managing Your Writing
356(1)
Ethics Case
356(1)
Web Work
356(1)
Exercises and Problems
356(10)
Mastery Problem
366(1)
Challenge Problem
367
PART 3 ACCOUNTING FOR A MERCHANDISING BUSINESS
Chapter 11 Accounting for Sales
171(242)
Merchandise Sales Transactions
372(3)
Retailer
372(1)
Wholesaler
373(1)
Credit Memorandum
374(1)
Merchandise Sales Accounts
375(4)
Sales Account
376(1)
Sales Tax Payable Account
377(1)
Sales Returns and Allowances Account
377(1)
Sales Discounts Account
378(1)
Journalizing and Posting Sales and Cash Receipts Transactions
379(8)
Sales
379(1)
Posting to the General Ledger
380(1)
Posting to the Accounts
Receivable Ledger
381(2)
Sales Returns and Allowances
383(1)
Cash Receipts
383(3)
Posting to the General Ledger and Accounts Receivable Ledger
386(1)
Schedule of Accounts Receivable
387(2)
Key Points
389(2)
Demonstration Problem
391(6)
Key Terms
397(1)
Review Questions
398(1)
Self-Study Test Questions
399(1)
Managing Your Writing
400(1)
Ethics Case
400(1)
Web Work
400(1)
Exercises and Problems
401(9)
Mastery Problem
410(2)
Challenge Problem
412(1)
Chapter 12 Accounting for Purchase and Cash Payments
413(42)
Merchandise Purchases Transactions
414(3)
Purchase Requisition
414(1)
Purchase Order
415(1)
Receiving Report and Purchase Invoice
416(1)
Cash and Trade Discounts
416(1)
Merchandise Purchases Accounts
417(6)
Purchases Account
418(1)
Purchases Returns and Allowances Account
419(1)
Purchases Discounts Account
419(1)
Freight-In Account
420(1)
Computation of Gross Profit
421(2)
Journalizing and Posting Purchases and Cash Payments Transactions
423(8)
Purchases
423(1)
Posting to the General Ledger
423(1)
Posting to the Accounts Payable Ledger
424(2)
Purchases Returns and Allowances
426(1)
Cash Payments
427(1)
Posting to the General Ledger and Accounts Payable Ledger
427(2)
Schedule of Accounts Payable
429(2)
Key Points
431(1)
Demonstration Problem
432(5)
Key Terms
437(1)
Review Questions
438(1)
Self-Study Test Questions
438(1)
Managing Your Writing
439(1)
Ethics Case
439(1)
Web Work
440(1)
Exercises and Problems
440(9)
Mastery Problem
449(1)
Challenge Problem
450(1)
Appendix The Net-Price Method of Recording Purchases
451(98)
Net-Price Method
451(1)
Recording with the Net-Price Method
451(1)
Key Points
452(1)
Key Terms
452(1)
Exercises
453(2)
Chapter 13 Special Journals
455(50)
Special Journals
456(1)
Sales Journal
457(3)
Posting from the Sales Journal
458(2)
Cash Receipts Journal
460(7)
Posting from the Cash Receipts Journal
463(4)
Purchases Journal
467(4)
Posting the Purchases Journal
468(3)
Cash Payments Journal
471(7)
Posting the Cash Payments Journal
472(6)
Key Points
478(4)
Demonstration Problem
482(6)
Key Terms
488(1)
Review Questions
488(1)
Self-Study Test Questions
489(1)
Managing Your Writing
489(1)
Ethics Case
490(1)
Exercises and Problems
490(12)
Mastery Problem
502(1)
Challenge Problem
503(2)
Chapter 14 The Voucher System
505(44)
Internal Control of Expenditures
506(3)
Elements of Internal Control
506(1)
Voucher System
507(2)
Preparing a Voucher
509(2)
Voucher Register
511(4)
Filing Unpaid Vouchers
512(1)
Posting from the Voucher Register
512(3)
The Payment Process Using a Voucher System
515(1)
Check Register
516(5)
Posting from the Check Register
518(2)
Schedule of Vouchers Payable
520(1)
Returns, Allowances, and Partial Payments
521(2)
Purchases Returns and Allowances
521(1)
Partial Payments
522(1)
Key Points
523(1)
Demonstration Problem
524(6)
Key Terms
530(1)
Review Questions
530(1)
Self-Study Test Questions
531(1)
Managing Your Writing
532(1)
Ethics Case
532(1)
Web Work
532(1)
Exercises and Problems
533(13)
Mastery Problem
546(1)
Challenge Problem
547(2)
Chapter 15 Adjustments and the Work Sheet for a Merchandising Business
549(46)
Adjustment for Merchandise Inventory
550(3)
Adjustment for Unearned Revenue
553(3)
Expanded Chart of Accounts
554(2)
Preparing a Work Sheet for a Merchandising Business
556(7)
Adjustments for Northern Micro
556(1)
Preparing a Work Sheet for Northern Micro
556(7)
Adjusting Entries
563(1)
Preparing and Journalizing Adjusting Entries Under the Perpetual Inventory System
563(2)
Key Points
565(2)
Demonstration Problem
567(3)
Key Terms
570(1)
Review Questions
571(1)
Self-Study Test Questions
571(1)
Managing Your Writing
572(1)
Ethics Case
573(1)
Web Work
573(1)
Exercises and Problems
573(13)
Mastery Problem
586(3)
Challenge Problem
589(2)
Appendix Expense Method of Accounting for Prepaid Expenses
591(4)
The Expense Method
591(1)
Adjusting Entries Under the Expense Method
591(1)
Key Points
592(1)
Key Terms
593(1)
Exercises
593(2)
Chapter 16 Financial Statements and Year-End Accounting for a Merchandising Business
595(45)
The Income Statement
596(4)
The Statement of Owner's Equity
600(1)
The Balance Sheet
601(2)
Current Assets
602(1)
Property, Plant, and Equipment
602(1)
Current Liabilities
602(1)
Long-Term Liabilities
602(1)
Owner's Equity
603(1)
Financial Statement Analysis
603(3)
Balance Sheet Analysis
603(1)
Interstatement Analysis
604(2)
Closing Entries
606(2)
Post-Closing Trial Balance
608(1)
Reversing Entries
608(3)
Key Points
611(2)
Demonstration Problem
613(7)
Key Terms
620(1)
Review Questions
621(1)
Self-Study Test Questions
621(1)
Managing Your Writing
622(1)
Ethics Case
623(1)
Web Work
623(1)
Exercises and Problems
623(14)
Mastery Problem
637(2)
Challenge Problem
639(1)
COMPREHENSIVE PROBLEM 2: ACCOUNTING CYCLE WITH SUBSIDIARY LEDGERS, PART 1
640(3)
COMPREHENSIVE PROBLEM 2: ACCOUNTING CYCLE WITH SUBSIDIARY LEDGERS, PART 2
643(2)
Answers to Self Study Test Questions 645(2)
Index 647


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