630 PRINCIPLES OF ACCOUNTING 1 (UB)

Unit 2: Accounting for a Merchandise Business Organized as a Corporation: Special & General Journals/Posting

Duration of Days: 32

Accounting Cycle for a Merchandising Business Organized as a Corporation
How to Identify transactions and which special journal to record the transactions

1. Identify the forms needed to create a corporation and the cost in Connecticut
2. Identify the differences between a sole proprietorship and a corporation
3. Create a Chart of Accounts for a Merchandising Business organized as a corporation
4. Analyze business transactions and correctly journal into the following journals:
Purchases Journal
Cash Payments Journal
Sales Journal
Cash Receipts Journal
General Journal
5. Be able to explain in detail the purpose and impact special journals has on accounting for a corporation
6. Understand and record transactions into subsidiary ledgers
7. Journal and understand the impact Sales returns and allowances
8. Journal and understand the impact of purchases returns and allowances



Students will work on a real world cloud based accounting simulation or complete a reinforcement/recycling problem. The options provides: 

  • quick and efficient implementation of new software
  • readily accessible from virtually anywhere
  • streamline bookkeeping process
  • updates of financial record in real time
  • real world application of what learned in course

 

Lesson # Lesson Title Duration of Days
0 0
16 Difference between Sole Proprietorship and Corporate Accounting Records 2
17 Subsididary Ledgers & Controlling Accounts 2
18 Accounting: Purchases Journal, Vendor Accounts, Merchandise/Posting 2
20 Accounting for Cash Payments/Posting 2
21 Independent Practice Purchases/Cash Payments 4
22 Accounting for Sales on Account/Posting 2
23 Accounting for Cash and Credit Card Sales 3
24 Independent Practice/Sales of Account/Cash & Credit Card Sales 4
25 Accounting for Purchases Transactions Using General Journal 2
26 Recording Sales Transaction Using a General Journal 2
27 Accounting for Declaration and Payment of a Dividend 3
28 Independent Practice: journalizing/posting using general jounral, account for sales return and allowances and declaration and payment of Dividends 4