Century 21 Accounting, 8e
Century 21 Accounting, 9e
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Chapter Outlines
PART 1 DEPARTMENTALIZED ACCOUNTING
Chapter 1 Recording Departmental Purchases and Cash Payments
Using Accounting Principles and Records
Accounting Equation
Accounting Records
General Journal
Normal Balances of Accounts
Ledgers
General and Subsidiary Ledger File Maintenance
Journalizing and Posting Purchases and Purchases Returns
Departmental Accounting System
Journalizing Purchases on Account
Posting from a Purchases Journal
Posting the Totals of a Purchases Journal
Journalizing Purchases Returns and Allowances
Journalizing and Posting Cash Payments
Departmental Cash Payments
Cash Payment on Account
Journalizing a Purchases Discount
Taking a Discount after a Purchase Return
Recording Entries in a Cash Payments Journal
Cash Payment to Replenish Petty Cash
Posting from a Cash Payments Journal
Chapter 2 Recording Departmental Sales and Cash Receipts
Departmental Sales on Account and Sales Returns and Allowances
Departmental Sales on Account
Journalizing Sales on Account
Posting from a Sales Journal to the Accounts Receivable Ledger
Posting from a Sales Journal to a General Ledger Account
Journalizing Sales Returns and Allowances
Posting from a General Journal
Steps for Posting from a General Journal
Journalizing and Posting Cash Receipts
Departmental Cash Receipts
Cash Receipts on Account
Journalizing a Cash Receipt with a Sales Discount
Journalizing a Cash Receipt with a Sales Return and a Sales Discount
Journalizing Cash and Credit Card Sales
Posting from a Cash Receipts Journal
Order of Posting from Journals
Chapter 3 Calculating and Recording Departmental Payroll Data
Completing Payroll Records for Employee Earnings and Deductions
Payroll Deductions
Calculating Employee Earnings
Commissions Record
Preparing a Payroll Register (Left Page)
Preparing a Payroll Register (Right Page)
Using the Federal Income Tax Withholding Table
Preparing an Employee Earnings Record
Recording a Payroll and Payroll Taxes
Payroll Bank Account
Automatic Check Deposit
Employer Payroll Taxes
Journalizing Payment of a Payroll
Calculating Employer Payroll Taxes
Journalizing Employer Payroll Taxes
Journalizing Payment of Federal Income Tax, Social Security Tax, and Medicare Tax Liability
Journalizing Payment of Federal Unemployment Tax Liability
Chapter 4 Financial Reporting for a Departmentalized Business
Responsibility Accounting for a Merchandising Business
Features of a Responsibility Accounting System
Recording a Direct Expense
Recording an Indirect Expense
Interim Departmental Statement of Gross Profit
Interim Financial Statements
Determining Ending Merchandise Inventory
Estimating Ending Merchandise Inventory
Interim Departmental Statement of Gross Profit
Analyzing an Interim Departmental Statement of Gross Profit
Cost of Merchandise Sold and Gross Profit Percentages
Determining Acceptable Levels of Performance
Preparing a Work Sheet for a Departmentalized Business
Proving the Accuracy of Posting to Subsidiary Ledgers
Expanded Work Sheet
Trial Balance on a Departmental Work Sheet
Adjustments on a Work Sheet with Departmental Margins
Departmental Work Sheet (Top Half)
Departmental Work Sheet (Bottom Half)
Adjustment Information
Adjustments Shown on Work Sheet
Uncollectible Accounts Expense Adjustment
Merchandise Inventory Adjustments
Supplies Adjustments
Prepaid Insurance Adjustment
Depreciation Expense Adjustments
Federal Income Tax Expense Adjustment
Departmental and Company Loss on a Work Sheet
Responsibility Statements for a Merchandising Business
Departmental Margin Statement—Audio
Component Percentages on Departmental Margin Statements
Departmental Margin Statement—Video
Income Statement with Departmental Margin
Statement of Stockholders’ Equity
Balance Sheet
End-of-Period Work for a Departmentalized Business
Journalizing Adjusting Entries for a Departmentalized Business
Journalizing Closing Entries for a Departmentalized Business
Explanation of Closing Entries
Recording Closing Entries on Two General Journal Pages
Closing Entry for Income Statement Accounts with Credit Balances
Closing Entry for Income Statement Accounts with Debit Balances
Closing Entry to Record Net Income or Net Loss in the Retained Earnings Account and to Close the Income Summary Account
Closing Entry for the Dividends Account
Post-Closing Trial Balance for a Departmentalized Business
Summary of Accounting Cycle
PART 2 ACCOUNTING ADJUSTMENTS AND VALUATION
Chapter 5 A Voucher System
Vouchers and Voucher Registers
Verifying an Invoice
A VOUCHER
PREPARING A VOUCHER FROM AN INVOICE
SECTION 1—PAYEE INFORMATION
Section 2—Accounts Affected
Section 3—Voucher Approval
Voucher Register (Left Side)
Journalizing a Voucher in a Voucher Register’s Special Columns
Section 4 of a Voucher—Where the Voucher Is Recorded
Voucher Register (Right Side)
JOURNALIZING A VOUCHER IN THE GENERAL COLUMNS OF A VOUCHER REGISTER
PROVING, RULING, AND POSTING A VOUCHER REGISTER
VOUCHER CHECK AND CHECK REGISTERS
PREPARING A VOUCHER CHECK
SECTION 5 OF A VOUCHER—PAYMENT OF A VOUCHER
JOURNALIZING CASH PAYMENTS
MAINTAINING BANK COLUMNS IN A CHECK REGISTER
JOURNALIZING CHECKS IN A CHECK REGISTER
Proving, Ruling and Posting a Check Register
Starting a New Page of a Check Register
Selected Transactions in a Voucher System
Purchases Returns And Allowances
RECORDING PAYROLL IN A VOUCHER REGISTER (LEFT SIDE)
A PAYROLL VOUCHER
RECORDING PAYROLL IN A VOUCHER REGISTER (RIGHT SIDE)
ADVANTAGES OF A VOUCHER SYSTEM
Chapter 6 Inventory Planning and Valuation
The Nature of Merchandise Inventory
Flow of Inventory Costs
EFFECTS OF ERRORS IN COSTING AN INVENTORY
COSTING AND COUNTING THE INVENTORY
GOODS IN TRANSIT
GOODS ON CONSIGNMENT
STOCK RECORD FOR A PERPETUAL INVENTORY SYSTEM
INVENTORY RECORD USED FOR THE PERIODIC INVENTORY
INVENTORY COSTING
FIRST-IN, FIRST-OUT INVENTORY COSTING METHOD
LAST-IN, FIRST-OUT INVENTORY COSTING METHOD
WEIGHTED-AVERAGE INVENTORY COSTING METHOD
COSTING INVENTORY DURING PERIODS OF INCREASING PRICES
COSTING INVENTORY DURING PERIODS OF DECREASING PRICES
RESULTS OF THE THREE INVENTORY COSTING METHODS COMPARED
LOWER OF COST OR MARKET INVENTORY COSTING METHOD
ESTIMATING THE INVENTORY
GROSS PROFIT METHOD OF ESTIMATING INVENTORY
RETAIL METHOD OF ESTIMATING INVENTORY
MERCHANDISE INVENTORY TURNOVER
MERCHANDISE INVENTORY TURNOVER RATIO
Average Number of Days’ Sales in Merchandise Inventory
PART 3 GENERAL ACCOUNTING ADJUSTMENTS
Chapter 7 Accounting for Uncollectible Accounts
Direct Write-Off Method of Recording Uncollectible Accounts
Recording Uncollectible Accounts Expense
Collecting a Written-Off Account—Direct Write-Off Method
Allowance Method of Recording Uncollectible Accounts Expense
Estimating Uncollectible Accounts Expense
Adjustment Using the Percentage of Sales Method
Adjustment Using Aging of Accounts Receivable
Adjustment Using Percentage of Accounts Receivable
Writing off An Uncollectible Account—Allowance Method
Collecting a Written-Off Account—Allowance Method
Accounts Receivable Turnover Ratio
Calculating the Accounts Receivable Turnover Ratio
Analyzing Accounts Receivable Turnover Ratios
Chapter 8 Accounting for Plant Assets
Buying Plant Assets
Plant Asset Record
Buying a Plant Asset for Cash
Buying a Plant Asset on Account
Calculating and Paying Property Tax
Assessed Value of Property
Calculating Property Tax on Plant Assets
Paying Property Tax on Plant Assets
Calculating and Journalizing Depreciation Expense
Factors Used to Calculate Depreciation
ORIGINAL COST
ESTIMATED SALVAGE VALUE
Estimated Useful Life
Depreciation Methods
Straight-Line Depreciation
Recording Depreciation on Plant Asset Records
Journalizing Annual Depreciation Expense
Calculating Depreciation Expense for Part of a Year
DISPOSING OF PLANT ASSETS
Discarding a Plant Asset with No Book Value
Discarding a Plant Asset with a Book Value
Selling a Plant Asset
Trading a Plant Asset
Selling Land and Buildings
Calculating the Gain on Sale of Land and Buildings
Other Methods of Depreciation
Declining-Balance Method
Sum-of-the-Years’-Digits Method of Depreciation
Comparison of Three Methods of Depreciation
Production-Unit Method of Depreciation
Calculating Depreciation Expense for Income Tax Purposes
Depletion
Chapter 9 Accounting for Notes Payable, Prepaid Expenses, and Accrued Expenses
Notes Payable
Borrowing Money with a Note Payable
Calculating the Maturity Date
Calculating Interest
Paying a Note Payable
Prepaid Expenses
Description of Prepaid Expenses
Supplies Initially Recorded as an Asset
Closing Entries
Supplies Initially Recorded as an Expense
Closing Entry for Supplies Expense
Reversing Entry—Supplies Initially Recorded as an Expense
Prepaid Insurance Initially Recorded as an Expense
Reversing Entry for Prepaid Insurance
Accrued Expenses
Journalizing Accrued Interest Expense
Reversing Entry for Accrued Interest
Payment of Note at Maturity
Journalizing Accrued Salary Expense
Reversing Entry for Accrued Salary
Journalizing Accrued Employer Payroll Taxes Expense
Reversing Entry for Accrued Employer Payroll Taxes
Journalizing Accrued Federal Income Tax Expense
Chapter 10 Accounting for Notes Receivable, Unearned Revenue, and Accrued Revenue
Notes Receivable
Issuing a Note Receivable for an Account Receivable
Issuing a Note for a Sale
Receiving Cash for a Note Receivable
Recording a Dishonored Note Receivable
Receiving Cash for a Dishonored Note Receivable
Unearned and Accrued Revenue
Adjusting Entry for Unearned Revenue Initially Recorded as Revenue
Reversing Entry for Unearned Revenue Initially Recorded as Revenue
Adjusting Entry for Accrued Interest Income
Reversing Entry for Accrued Interest Income
PART 4 CORPORATION ACCOUNTING
Chapter 11 Organizing a Corporation and Paying Dividends
Starting a Corporation
Articles of Incorporation
Legal Requirements for Forming a Corporation
Rights of Stockholders
Capital Stock of a Corporation
Stock Certificates
Value of Stock
Common Stock
Preferred Stock
Transactions Incurred When Starting a Corporation
Capital Accounts of a Corporation
Issuing Capital Stock When Forming a Corporation
Organization Costs of a Corporation
Stock Subscriptions and the Balance Sheet
Journalizing a Stock Subscription
Balance Sheet of a Newly Formed Corporation
Journalizing Cash Received for a Stock Subscription
Journalizing Issuance of Stock Previously Subscribed
Calculating and Journalizing Dividends for a Corporation
Dividends
Calculating a Dividend
Journalizing Declaration of Dividend
Journalizing Payment of a Dividend
Chapter 12 Acquiring Additional Capital for a Corporation
Capital Stock Transactions
Issuing Preferred Stock at Par Value
Issuing Preferred Stock for More than Par Value
Issuing Preferred Stock for Less than Par Value
Issuing Preferred Stock for Assets Other than Cash
Issuing Common Stock with No Par Value
Issuing Common Stock with a Stated Value
Treasury Stock Transactions
Buying Treasury Stock
Selling Treasury Stock for Original Cost
Selling Treasury Stock for More than Original Cost
Selling Treasury Stock for Less than Original Cost
Bonds Payable Transactions
Corporate Bonds Payable
Issuing Bonds
Paying Interest on Bonds
Depositing Cash in a Bond Sinking Fund
Depositing Cash to Sinking Fund and Recording Income Earned
Retiring a Bond Issue
Comparison of Capital Stock and Bonds as a Source of Corporate Capital
Chapter 13 Financial Analysis and Reporting for a Corporation
Work Sheet for a Corporation
Organization Expense Adjustment
Federal Income Tax Expense Adjustment
Calculating Federal Income Tax Expense
Corporate Work Sheet (Top Half)
Corporate Work Sheet (Bottom Half)
Financial Statements and Analysis
Income Statement for a Corporation
Acceptable and Actual Component Percentages
Share of Net Income Assigned to Preferred and Common Stock
Earnings per Share
Statement of Stockholders’ Equity for a Corporation
Analyzing a Statement of Stockholders’ Equity
Market Value per Share
Price-Earnings Ratio
Equity per Share
Balance Sheet for a Corporation
Accounts Receivable Turnover Ratio
Rate Earned on Average Stockholders’ Equity
Rate Earned on Average Total Assets
Other End-of-Fiscal-Period Work
Adjusting Entries
Closing Entries
Post-Closing Trial Balance
Reversing Entries
Federal Income Tax Return
Dissolving a Corporation
PART 5 MANAGEMENT ACCOUNTING
Chapter 14 Budgetary Planning and Control
Budget Planning
Budget Functions
Budget Period
Sources of Budget Information
Company Records
General Economic Information
Company Staff and Managers
Good Judgment
Comparative Income Statement
Interpreting the Comparative Income Statement
Budgeted Income Statement
Annual Operational Plans and Goals
Sales Budget Schedule
Purchases Budget Schedule
Selling Expenses Budget Schedule
Administrative Expense Budget Schedule
Other Revenue and Expenses Budget Schedule
Budgeted Income Statement
Cash Budgets and Performance Reports
Cash Receipts Budget Schedule
Analysis of Cash Receipts
Cash Payments Budget Schedule
Cash Budget
Quarterly Analysis of Actual Cash Balance
Performance Report
Preparing a Performance Report
Chapter 15 Management Decisions Using Cost-Volume-Profit Analysis
Cost Characteristics that Influence Decisions
Total Costs Versus Unit Cost
Variable Cost Characteristics
Fixed Costs
Gross Profit and Contribution Margin Income Statements
Contribution Margin per Unit
Determining Breakeven
Calculating the Breakeven Point
Calculating Breakeven Point for New Products
Breakeven Income Statement
Decisions that Affect Net Income
Calculating Sales to Earn Planned Net Income
Effect of Volume Changes on Net Income
Effect of Cost Changes at Average Volume
Effect of Cost Changes at Above Average Volume
Effect of Changes in Costs on Contribution Margin Rate
Effect of Change in Sales Price
Using Breakeven to Plan Sales Mix
Chapter 16 Management Decisions Using Present-Value Analysis
Business Decisions Using Present Values
Future Value of Money
Present Value of Money
Business Decisions Using Present Values
Present Value and Annuities
Present Value of an Annuity
Financial Planning Decisions Using the Present Value of an Annuity
Business Decisions using the Present Value of an Annuity
Chapter 17 Financial Statement Analysis
Trend Analysis and Component Percentages
Financial Analysis Objectives
Ratio Analysis
Trend Analysis on the Income Statement
Trend Analysis on the Statement of Stockholders’ Equity
Trend Analysis on the Balance Sheet
Component Percentages on the Income Statement
Component Percentages on the Statement of Stockholders’ Equity
Component Percentages on the Balance Sheet
Calculating Earnings Performance and Efficiency Analysis
Earnings Performance Analysis
Rate Earned on Average Total Assets
Calculating the Rate Earned on Average Total Assets
Rate of Return Earned on Average Stockholders’ Equity
Rate Earned on Net Sales
Earnings per Share
Price-Earnings Ratio
Efficiency Analysis
Accounts Receivable Turnover Ratio
Average Number of Days for Payment
Merchandise Inventory Turnover Ratio
Calculating Financial Strength Analysis
Short-Term Financial Strength Analysis
Working Capital
Current Ratio
Acid-Test Ratio
Long-Term Financial Strength Analysis
Debt Ratio
Equity Ratio
Equity per Share
Chapter 18 Statement of Cash Flows
Understanding Cash Flow Analysis
Cash Flow Analysis
Case Study
Statement of Cash Flows
Timing of Revenue Recognition
Timing of Expense Recognition
Cash Flows from Operating Activities
Cash Flows from Investing Activities
Cash Flows from Financing Activities
Preparing the Operating Activities Section of a Statement of Cash Flows
Determining Cash Flows from Operating Activities
Adjusting Net Income for Depreciation
Analyzing Changes in Current Assets
Analyzing Changes in Current Liabilities
Summary
Reporting Cash Flows from Operating Activities
Completing the Statement of Cash Flows
Preparing the Investing Activities Section
Analyzing Cash Flows from Investing Activities
Preparing the Financing Activity Section
Analyzing Cash Flows from Financing Activities
Calculate the Net Increase or Decrease in Cash
Completing the Statement of Cash Flows
Cash Flow Analysis Summary
PART 6 MANUFACTURING COST ACCOUNTING
Chapter 19 Cost Accounting for a Manufacturing Business
Elements of Manufacturing Cost
Three Cost Elements
Direct Materials
Direct Labor
Factory Overhead
Inventories for a Manufacturing Business
Cost Records
Subsidiary Cost Ledgers
Manufacturing Cost Flows
Maintaining Manufacturing Records
Records for Materials
Recording Direct Materials on a Cost Sheet
Recording Direct Labor on a Cost Sheet
Calculating and Recording Factory Overhead
Completing a Job Cost Sheet
Finished Goods Ledger Card
Chapter 20 Accounting Transactions and Financial Reporting for a Manufacturing Business
Journalizing Manufacturing Accounting Transactions
Flow of Manufacturing Costs
Journal Entries to Record Factory Payroll for a Month
Recording Materials Purchases
Recording Materials Requisitions
Materials and Labor Used in Production
Journalizing Actual Factory Overhead
Recording Applied Overhead
Disposing of Overapplied and Underapplied Factory Overhead Balances
Recording Finished Goods Transactions
Recording Sales and Cost of Goods Sold
Manufacturing Accounts in the General Ledger
Preparing End-of-Fiscal Period Statements
Preparing the Work Sheet
Work Sheet (Top Half)
Work Sheet (Bottom Half)
Statement of Cost of Goods Manufactured
Sources of Income Statement Information
Income Statement
Balance Sheet
PART 7 OTHER ACCOUNTING SYSTEMS
Chapter 21 Organizational Structure of a Partnership
Forming a Partnership
Partnership Agreement
Partnership Capital Accounts
Partners’ Initial Investments
Journal Entries to Record Partners’ Initial Investments
Balance Sheet of Existing Business
Admitting Partners to Existing Partnerships
Admitting a Partner with No Change in Total Equity
Admitting a Partner with Equity Equal to New Partner’s Investment
Admitting a Partner with Equity Greater than New Partner’s Investment
Admitting a Partner when Goodwill Is Recognized
Equity Accounts after Goodwill Is Recognized
Chapter 22 Financial Reporting for a Partnership
Distribution and Withdrawal of Partnership Earnings
Distribution of Partnership Earnings
Fixed Percentage
Percentage of Total Equity
Interest on Equity
Salaries
Combination of Methods
Withdrawal of Partnership Earnings
Withdrawal of Cash
Withdrawal of Assets Other than Cash
End-of-Fiscal-Period Work for a Partnership
Adjustments on a Work Sheet
Income Statement
Work Sheet for a Partnership
Component Percentages on the Income Statement
Distribution of Net Income Statement Showing a Net Income
Distribution of Net Income Statement Showing a Deficit
Owners’ Equity Statement
Balance Sheet
Adjusting Entries
Closing Entries
Federal Income Taxes of a Partnership
Post-Closing Trial Balance
Liquidation of a Partnership
Account Balances before Realization
Gain on Realization
Recognizing a Gain on Realization
Loss on Realization
Liquidating Liabilities
Account Balances after Liquidation of Noncash Assets and Payment of Liabilities
Distributing Loss or Gain on Realization to Partners
Distributing Remaining Cash to Partners
Chapter 23 Budgeting and Accounting for a Not-for-Profit Organization
Not-for-Profit Organizations
Nature of Not-for-Profit Organizations
Types of Not-for-Profit Organizations
Purpose of Governmental Organizations
Characteristics of Governmental Organizations
Characteristics of Governmental Accounting Systems
Fund Accounting Balance Sheets
Modified Accrual Accounting
Difference between Expenses And Expenditures
Financial Reporting Emphasis
Budgeting
Chart of Accounts for a Not-for-Profit Organization
Developing an Annual Governmental Operating Budget
Procedures to Prepare Annual Operating Budget
Journalizing an Approved Annual Operating Budget
Journalizing Revenues
Journalizing Current Property Tax Revenues
Collection of Current Property Taxes
Other Revenue
Accounting for Delinquent Property Taxes
Collection of Delinquent Property Taxes
Journalizing Expenditures, Encumbrances, and Other Transactions
Journalizing Expenditures
Journalizing Encumbrances
Journalizing Expenditures for Amounts Encumbered
Journalizing Expenditures Benefiting Future Periods
Journalizing the Issuance of Liabilities
Journalizing the Payment of Liabilities
Investing in Short-Term Investments
Receiving Cash from Short-Term Investments
Chapter 24 Financial Reporting for a Not-for-Profit Organization
Preparing a Work Sheet for a Governmental Organization
Recording a Trial Balance on a Work Sheet
Adjustment for Inventory of Supplies
Inventory of Supplies Adjustment
Adjustment for Interest Revenue and Reserve for Encumbrances
Extending Amounts to Revenues/Expenditures and Balance Sheet Columns
Calculating the Excess of Revenues over Expenditures
Completing the Work Sheet
Preparing Financial Statements for a Governmental Organization
Statement of Revenues, Expenditures, and Changes in Fund Balance—Budget and Actual
Balance Sheet
Recording Adjusting and Closing Entries for a Governmental Organization
Adjusting and Closing Entries
Closing Entries
Preparing a Post-Closing Trial Balance for a Governmental Organization
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