Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

H&r block westway shopping center

03/12/2021 Client: muhammad11 Deadline: 2 Day

fourteenth edition

College Accounting

Chapters 1–30

pri62392_fm_i-xl.qxd 11/8/13 2:14 PM Page i Final PDF to printer

This page intentionally left blank

JOHN ELLIS PRICE, Ph.D., CPA Professor of Accounting University of North Texas Denton, Texas

M. DAVID HADDOCK, JR., Ed.D., CPA Professor of Accounting (Retired) Chattanooga State Community College Director of Training Lattimore Black Morgan & Cain, PC Brentwood, Tennessee

MICHAEL J. FARINA, MBA, CPA, CGMA Professor of Accounting Cerritos College Norwalk, California

fourteenth edition

College Accounting

Chapters 1–30

pri62392_fm_i-xl.qxd 11/8/13 2:14 PM Page iii Final PDF to printer

COLLEGE ACCOUNTING, FOURTEENTH EDITION

Chapters 1-30

Published by McGraw-Hill Education, 2 Penn Plaza, New York, NY 10121. Copyright © 2015 by McGraw-Hill Education. All rights reserved. Printed in the United States of America. Previous editions © 2012, 2009, and 2007. No part of this publication may be reproduced or distributed in any form or by any means, or stored in a database or retrieval system, without the prior written consent of McGraw-Hill Education, including, but not limited to, in any network or other electronic storage or transmission, or broadcast for distance learning.

Some ancillaries, including electronic and print components, may not be available to customers outside the United States.

This book is printed on acid-free paper.

1 2 3 4 5 6 7 8 9 0 DOW/DOW 1 0 9 8 7 6 5 4

ISBN 978-0-07-786239-8 (chapters 1–30) MHID 0-07-786239-2 (chapters 1–30) ISBN 978-0-07-763992-1 (chapters 1–24) MHID 0-07-763992-8 (chapters 1–24) ISBN 978-0-07-763991-4 (chapters 1–13 MHID 0-07-763991-X (chapters 1–13)

Senior Vice President, Products & Markets: Kurt L. Strand Vice President, Content Production & Technology Services: Kimberly Meriwether David Director: Tim Vertovec Executive Brand Manager: Steve Schuetz Executive Director of Development: Ann Torbert Managing Development Editor: Christina A. Sanders Director of Digital Content: Patricia Plumb Digital Development Editor: Julie Hankins Senior Marketing Manager: Michelle Nolte Director, Content Production: Terri Schiesl Content Project Manager: Bruce Gin Senior Buyer: Michael R. McCormick Design: Matthew Baldwin Cover Image: Adam Jones/Getty Images Content Licensing Specialist: Joanne Mennemeier Typeface: 10.5/12 Times Roman Compositor: Laserwords Private Limited Printer: R. R. Donnelley

All credits appearing on page or at the end of the book are considered to be an extension of the copyright page.

The Library of Congress has cataloged the single volume edition of this work as follows

Price, John Ellis. College accounting / John Ellis Price, Ph.D., CPA, Professor of Accounting, University of North

Texas, Denton, Texas, M. David Haddock, JR., Ed.D., CPA, Professor of Accounting Emeritus, Chattanooga State Community College, Director of Training, Lattimore Black Morgan & Cain, PC, Brentwood, Tennessee, Michael J. Farina, MBA, CPA, Professor of Accounting, Cerritos College, Norwalk, California. — 14th Edition.

pages cm Includes index. ISBN 978-0-07-786239-8 (chapters 1–30 : alk. paper) — ISBN 0-07-786239-2 (chapters 1–30 : alk.

paper) — ISBN 978-0-07-763992-1 (chapters 1–24 : alk. paper) — ISBN 0-07-763992-8 (chapters 1–24 : alk. paper) — ISBN 978-0-07-763991-4 (chapters 1–13 : alk. paper) — ISBN 0-07-763991-X (chapters 1–13 : alk. paper)

1. Accounting. I. Haddock, M. David. II. Title. HF5636.P747 2015 657'.044—dc23

2013034693

The Internet addresses listed in the text were accurate at the time of publication. The inclusion of a website does not indicate an endorsement by the authors or McGraw-Hill Education, and McGraw-Hill Education does not guarantee the accuracy of the information presented at these sites.

www.mhhe.com

pri62392_fm_i-xl.qxd 11/22/13 11:58 AM Page iv Final PDF to printer

About the Authors

JOHN ELLIS PRICE is professor of accounting at the University of North Texas. Dr. Price has previously held positions of professor and assistant professor, as well as chair and dean, at the Uni- versity of North Texas, Jackson State University, and the University of Southern Mississippi. Dr. Price has also been active in the Internal Revenue Service as a member of the Com- missioner’s Advisory Group for two terms and as an Internal Revenue agent.

Professor Price is a certified public accountant who has twice received the UNT College of Busi- ness Administration’s Outstanding Teaching Award and the university’s President’s Council Award. Majoring in accounting, he received his BBA and MS degrees from the University of Southern Mississippi and his PhD in accounting from the University of North Texas.

Dr. Price is a member of the Mississippi Society of Certified Public Accountants, the American Accounting Association, and the American Taxation Association (serving as past chair of the Sub- committee on Relations with the IRS and Treasury). Dr. Price has also served as chair of the American Institute of Certified Public Accountants Minority Initiatives Committee and as a member of the Foun- dation Trustees.

M. DAVID HADDOCK, JR., is currently director of training for Lattimore, Black, Morgan, & Cain, PC, one of the top 50 CPA firms in the US. He is located in the Brentwood, Tennessee, office. He recently retired from a 35-year career in higher education, having served in faculty and administrative roles at Auburn University at Montgomery, the University of Alabama in Birmingham, the University of West Georgia, and Chattanooga State Community College. He retired as professor of accounting at Chattanooga State Community College in Tennessee. In addition to his teaching, he maintained a sole proprietorship tax practice for 20 years prior to taking his current position.

He received his BS in accounting and MS in adult education from the University of Tennessee, and the EdD degree in administration of higher education from Auburn University. He is a licensed CPA in Tennessee.

Dr. Haddock served as chair of the Tennessee Society of CPAs and the Educational & Memorial Foundation of the TSCPAs for 2012–2013 and a member of AICPA Council. He is a frequent speaker for Continuing Professional Education programs.

MICHAEL J. FARINA is professor of accounting and finance at Cerritos College in California. Prior to joining Cerritos College, Professor Farina was a manager in the audit department at a large multinational firm of certified public accountants and held management positions with other compa- nies in private industry.

He received an AA in business administration from Cerritos College, a BA in business adminis- tration from California State University, Fullerton, and an MBA from the University of California, Irvine. Professor Farina is a member of Beta Gamma Sigma, an honorary fraternity for graduate business students. He is a licensed certified public accountant in California, and a member of the American Institute of Certified Public Accountants and the California Society of Certified Public Accountants. Professor Farina is also a Chartered Global Management Accountant, a designation bestowed by a joint venture of the American Institute of Certified Public Accountants and the Char- tered Institute of Management Accountants.

Professor Farina is currently the cochair of the Accounting and Finance Department at Cerritos College. Professor Farina has received an Outstanding Faculty award from Cerritos College.

v

pri62392_fm_i-xl.qxd 11/8/13 2:14 PM Page v Final PDF to printer

vi

Price/Haddock/Farina

F or students just embarking on a college career, an accounting course can seem daunt-

ing, like a rushing river with no clear path to the other side. As the most trusted and

readable text on the market, College Accounting, 14e, by Price, Haddock, and Farina presents material in a way that will help students understand the content better and more

quickly. Through proven pedagogy, time-tested and accurate problem material, and a

straightforward approach to the basics of accounting, Price/Haddock/Farina bridges the rushing river, offering first-time accounting students a path to understanding and mastery.

Whether a student is taking the course in preparation for a four-year degree or as the first

step to a career in business, Price/Haddock/Farina guides them over the bridge to success.

The authors represent the breadth of educational environments—a community college, a career

school, and a four-year university—ensuring that the text is appropriate for all student popula-

tions. Throughout, they have adhered to a common philosophy about textbooks: they should

be readable, contain many opportunities for practice, and be able to make accounting

relevant for all.

pri62392_fm_i-xl.qxd 11/8/13 2:14 PM Page vi Final PDF to printer

vii

• Encourages Reading The authors’ writing style and clear step-by-step examples make key concepts easy to grasp. College Accounting’s concise chapters are broken into man- ageable sections to avoid overwhelming students who might be seeing the material for the

first time. Features like the Business Transaction Analysis Model make it easy for students to

see how to analyze business transactions. The Important and Recall margin elements briefly

highlight important concepts and remind students of key term definitions as the topics begin

to build on each other.

• Emphasizes Practice Self reviews at the end of each section give students the opportu- nity to practice what they’ve just learned before moving on to the next topic. The author-

created end-of-chapter material includes A and B problem sets, exercises, critical thinking

problems, and Business Connection problems that utilize real-world companies and scenar-

ios and address important topics like ethics. Mini-practice sets included within the text itself

allow students to put theory into practice without paying additional money for a separate

practice set. Select end-of-chapter content is tied to templates in Sage 50 Complete Accounting and Quickbooks, allowing students to practice using software they are likely to encounter in the real world.

• Answers the Question “Why Is Accounting Important?” The “Why It’s Important” explanation that accompanies each learning objective explains to students why

the topics they’re studying matter. Well-known companies like Google, Southwest, and

Urban Outfitters are used in vignettes and examples throughout the text, making a clear

bridge for students between the concepts they’re learning and how those concepts are

applied in the real world.

Bridges College to Career

The Price College Accounting text is thoughtfully planned and well laid out. It goes into detail incorporating real-world examples and context for the accounting student, making it easier for students to understand the content and its application.

—Lora Miller, Centura College

pri62392_fm_i-xl.qxd 11/8/13 2:14 PM Page vii Final PDF to printer

viii

College Accounting is designed to help students learn and master the material.

Chapter Opener Brief features about real-world companies—like Google, Kellogg’s, Whole Foods, and Carnival Cruise Lines—allow students to see how the chapter’s information and insights apply to the world outside the classroom. Thinking Critically questions stimulate thought on the topics to be explored in the chapter.

How Does Price/Haddock/Farina Bridge the Gap from Learning to Mastery?

Learning Objectives Appearing in the chapter opener and within the margins of the text, learning objectives alert students to what they should expect as they progress through the chapter. Many students question the relevance of what they’re learning, which is why we explain “Why It’s Important.”

The Price/Haddock/Farina College Accounting text is designed to introduce a nonaccounting student to a succinct study of accounting concepts. Each chapter is concise using effective visual aids to motivate the student to read actively, while the additional learning resources encourage practice to improve a student’s retention.

—Gisela Dicklin, Edmonds Community College

impo r tant ! For liability T accounts • right side shows increases, • left side shows decreases.

Recall and Important! Recall is a series of brief reinforcements that serve as reminders of material covered in previous chapters that are relevant to the new information being presented. Important! draws students’ attention to critical materials introduced in the current chapter.

pri62392_fm_i-xl.qxd 11/8/13 2:14 PM Page viii Final PDF to printer

ix

Business Transaction Analysis Models Instructors say mastering the ability to properly analyze transactions is critical to success in this course. Price’s step-by-step transaction analysis illustrations show how to identify the appropriate general ledger accounts affected, determine debit or credit activity, present the transaction in T-account form, and record the entry in the general journal.

The Bottom Line Appears in the margins alongside select transactions and concepts in the text. These visuals offer a summary of the effects of these transactions—the end result—on the financial statements of a business.

I love the business transaction illustrations that show students the analysis of a transaction, applies debit/credit rules, T-account presentation, and journal entry.

—Morgan Rocket Moberly Area Community College

Managerial Implications Puts your students in the role of managers and asks them to apply the concepts learned in the chapter.

ABOUT ACCOUNTINGEmployee Fraud

According to the U.S. Chamber ofCommerce, businesses lose billions ofdollars each year to employee fraud.The best defense against fraud is touse good internal controls: Havemultiple employees in contact withsuppliers and screen employees andvendors to reduce fraud opportunities.

About Accounting These marginal notes contain interesting examples of how accounting is used in the real world, providing relevance to students who might not be going on to a career in accounting.

ANA LY S I S 6. The business owner removes supplies that are

worth $900 from the company stockroom. She intends to take them home for personal use. What effect will this have on the company’s net income?

(Answers to Section 1 Self Review are on page 184.)

c. liability, drawing, and expense accounts d. revenue, drawing, and expense accounts

5. After the closing entries are posted, which account normally has a balance other than zero?

a. Capital b. Fees Income c. Income Summary d. Rent Expense

Q U E S T I O N S 1. How is the Income Summary account classified? 2. What are the four steps in the closing process? 3. What is the journal entry to close the drawing

account?

E X E R C I S E S 4. After closing, which accounts have zero balances?

a. asset and liability accounts b. liability and capital accounts

S e c t i o n 1 Self Review

Self Review Each section concludes with a Self Review that includes questions, multiple-choice exercises, and an analy- sis assignment. A Comprehensive Self Review appears at the end of each chapter. Answers are provided at the end of the chapter.

pri62392_fm_i-xl.qxd 11/8/13 2:14 PM Page ix Final PDF to printer

Problem Sets A and B and Critical Thinking Problems conclude with an Analyze question asking the student to evaluate each problem critically.

How Can Price/Haddock/Farina Bridge the Gap from Learning to “Doing”?

Mini-Practice Set 1

Service Business Accounting Cycle Wells’ Consulting Services This project will give you an opportunity to apply your knowledge of accounting principles and proce- dures by handling all the accounting work of Wells’Consulting Services for the month of January 2017.

Assume that you are the chief accountant for Wells’ Consulting Services. During January, the busi- ness will use the same types of records and procedures that you learned about in Chapters 1 through 6. The chart of accounts for Wells’ Consulting Services has been expanded to include a few new accounts. Follow the instructions to complete the accounting records for the month of January.

INTRODUCTION

Assets 101 Cash 111 Accounts Receivable 121 Supplies 134 Prepaid Insurance 137 Prepaid Rent 141 Equipment 142 Accumulated Depreciation—Equipment

Liabilities 202 Accounts Payable

Owner’s Equity 301 Carolyn Wells, Capital 302 Carolyn Wells, Drawing 309 Income Summary

Wells’ Consulting Services Chart of Accounts

1. Open the general ledger accounts and enter the balances for January 1, 2017. Obtain the necessary figures from the postclosing trial balance prepared on December 31, 2016, which appears on page 166.

INSTRUCTIONS

Revenue 401 Fees Income

Expenses 511 Salaries Expense 514 Utilities Expense 517 Supplies Expense 520 Rent Expense 523 Depreciation Expense—Equipment 526 Advertising Expense 529 Maintenance Expense 532 Telephone Expense 535 Insurance Expense

Mini-Practice Sets In addition to two full-length practice sets that are available to your students for purchase with the textbook, Price/Haddock/Farina offers a number of mini-practice sets right in the book. This means additional practice, but less cost, for your students.

Business Connections Reinforces chapter materials from practical and real- world perspectives:

Managerial Focus: Applies accounting concepts to business situations.

Ethical Dilemma: Provides the opportunity for students to discuss ethics in the workplace, formulate a

course of action for certain scenarios, and support their

opinions.

Financial Statement Analysis: A brief excerpt from a real-world annual report and questions

that lead the student through an analysis of the statement, con-

cluding with an Analyze Online activity where students research

the company’s most recent financial reports on the Internet.

TeamWork: Each chapter contains a collaborative learning activity to prepare students for team-oriented projects and work

environments.

Internet Connection: These activities give students the oppor- tunity to conduct online research about major companies,

accounting trends, organizations, and government agencies.

College Accounting is an excellent textbook to introduce students to the world of accounting. The way Haddock/Price/ Farina break down the steps in the Accounting Cycle, then move on to other topics, makes it very easy for students to grasp the accounting concepts. The wide variety of student and instructor resources is very helpful.

—Kathy Bowen, Murray State College

BUSINESS CONNECTIONS Interpreting Financial Statements

1. An officer of Westway Corporation recently commented that when he receives the firm’s financial statements, he looks at just the bottom line of the income statement—the line that shows the net income or net loss for the period. He said that he does not bother with the rest of the income statement because “it’s only the bottom line that counts.” He also does not read the balance sheet. Do you think this manager is correct in the way he uses the financial statements? Why or why not?

2. The president of Brown Corporation is concerned about the firm’s ability to pay its debts on time. What items on the balance sheet would help her to assess the firm’s debt-paying ability?

3. Why is it important that a firm’s financial records be kept up-to-date and that management receive the financial statements promptly after the end of each accounting period?

4. What kinds of operating and general policy decisions might be influenced by data on the financial statements?

Timing of a Check On the last day of the fiscal year, Stanley Carpenter comes to you for a favor. He asks that you enter a check for $2,000 to CD Company for Miscellaneous Expense. You notice the invoice looks a little different from other invoices that are processed. Stanley needs the check immediately to get supplies today to complete the project for a favorite customer. You know that by preparing the closing entries tomorrow, Miscellaneous Expense will be set to zero for the beginning of the new year. Should you write this check and record the expense or find an excuse to write the check tomorrow? What would be the effect if the invoice to CD Company was erroneous and you had written the check?

Income Statement In 2012, CSX Corporation, which operates under the name Surface Transportation, reported operat- ing expenses of $8,299 million. A partial list of the company’s operating expenses follows. CSX Corporation reported revenues from external customers to be $11,756 million for the year.

Ethical DILEMMA

Managerial FOCUS

Financial Statement ANALYSIS

x

pri62392_fm_i-xl.qxd 11/8/13 2:14 PM Page x Final PDF to printer

New to the Fourteenth Edition • Chapter Openers have been revised featuring companies such as: AT&T, Kellogg’s, Marek

Brothers, Williams-Sonoma, Urban Outfitters, Green Mountain Coffee Roasters, Best Buy, HJ Heinz, Teva Pharmaceuticals, Ford, and Avon

• Real-world examples throughout text have been updated

• End-of-chapter exercises, problems, and critical thinking problems have been revised and updated throughout the text

• Business Connections section of end-of-chapter Financial Statement Analysis questions have been updated to include the latest financial data

• NEW section on the perpetual inventory system has been added to Chapters 8 and 9

• Examples in Chapter 10 reflect the latest earnings base for the Social Security tax and min- imum hourly rate of pay

• Section on Reporting and Paying State unemployment taxes has been completely revised in Chapter 11

• NEW section on Accounts Receivable turnover has been added in Chapter 13

• Updated section on International Accounting Standards Board has been added in Chapter 14

• Revised section on Qualitative Characteristics of Financial Reports has been added in Chapter 14

• NEW McGraw-Hill Connect Accounting Intelligent Response Technology is an online assignment and assessment solution that connects students with the tools and resources needed to achieve success through faster learning, more efficient studying, and higher retention of knowledge

NEW McGraw-Hill LearnSmart™ is an adaptive learning program that identifies what an individual student knows and doesn’t know. LearnSmart’s adaptive learning path helps students learn faster, study more efficiently, and retain more knowledge.

Also, NEW with this edition is McGraw-Hill SmartBook, part of McGraw-Hill’s LearnSmart suite of products.

xi

pri62392_fm_i-xl.qxd 11/8/13 2:14 PM Page xi Final PDF to printer

LearnSmart is one of the most effective

and successful adaptive learning

resources available on the market today.

More than 2 million students have

answered more than 1.3 billion ques-

tions in LearnSmart since 2009, making

it the most widely used and intelligent

adaptive study tool that’s proven to

strengthen memory recall, keep students

in class, and boost grades. Students

using LearnSmart are 13% more likely to

pass their classes and 35% less likely to

drop out.

Distinguishing what students know from

what they don’t, and honing in on con-

cepts they are most likely to forget,

LearnSmart continuously adapts to each

student’s needs by building an individual

learning path so students study smarter

and retain more knowledge. Turnkey

reports provide valuable insight to

instructors, so precious class time can be

spent on higher-level concepts and

discussion.

This revolutionary learning resource is

available only from McGraw-Hill

Education, and because LearnSmart is

available for most course areas, instruc-

tors can recommend it to students in

almost every class they teach.

Learn with Adaptive

xii

pri62392_fm_i-xl.qxd 11/8/13 2:14 PM Page xii Final PDF to printer

xiii

Fueled by LearnSmart—the most widely used and intelligent adaptive learning resource—

SmartBook is the first and only adaptive reading experience available today.

Distinguishing what a

student knows from what

they don’t, and honing

in on concepts they are

most likely to forget,

SmartBook personalizes

content for each student

in a continuously adapt-

ing reading experience.

Reading is no longer a

passive and linear expe-

rience, but an engaging

and dynamic one where

students are more likely

to master and retain important concepts, coming to class better prepared. Valuable reports

provide instructors insight as to how students are progressing through textbook

content, and are useful for shaping inclass time or assessment. As a result of the adaptive

reading experience found in SmartBook, students are more likely to retain knowledge, stay in

class, and get better grades.

This revolutionary technology is available only from McGraw-Hill Education and for hundreds

of course areas as part of the LearnSmart Advantage series.

How Does SmartBook Work? Each SmartBook contains four components: Preview, Read, Practice, and Recharge. Starting

with an initial preview of each chapter and key learning objectives, students read the material

and are guided to topics that need the most practice based on their responses to a continu-

ously adapting diagnostic. Read and practice continue until SmartBook directs students to

recharge important material they are most likely to forget to ensure concept mastery and

retention.

Technology

pri62392_fm_i-xl.qxd 11/8/13 2:14 PM Page xiii Final PDF to printer

McGraw-Hill Connect Accounting Get Connect Accounting. Get Results.

McGraw-Hill Connect Accounting is a digital teaching and learning environment that gives students the means to better

connect with their coursework, with their instructors, and

with the important concepts that they will need to know for

success now and in the future. With Connect Accounting, instructors can deliver assignments, quizzes, and tests easily

online. Students can practice important skills at their own

pace and on their own schedule.

Online Assignments

Connect Accounting helps students learn more efficiently by providing feedback and practice material when they need

it, where they need it. Connect Accounting grades home- work automatically and gives immediate feedback on any

questions students may have missed.

Leading Technology Extends Learning

Intelligent Response Technology (IRT)

IRT is a redesigned student interface for our end-of-

chapter assessment content. The benefits include

improved answer acceptance to reduce students’ frus-

tration with formatting issues (such as rounding). Also,

select questions have been redesigned to test students’

knowledge more fully. They now include tables for

students to work through rather than requiring that all

calculations be done offline.

xiv

pri62392_fm_i-xl.qxd 11/8/13 2:14 PM Page xiv Final PDF to printer

Guided Examples

The Guided Examples in Connect Accounting provide a narrated, animated, step-by-step walk-through of select

exercises similar to those assigned. These short presenta-

tions provide reinforcement when students need it most.

Beyond the Classroom

Student Library

The Connect Accounting Student Library gives students access to additional resources such as

recorded lectures, online practice materials, an

eBook, and more.

xv

The online Connect component has changed the way I teach accounting! It is a central location for everything that I need to teach my course.

—Laura Bantz, McHenry Community College

pri62392_fm_i-xl.qxd 11/8/13 2:14 PM Page xv Final PDF to printer

McGraw-Hill Connect Accounting Features Connect Accounting offers a number of powerful tools and features to make managing assignments easier, so fac- ulty can spend more time teaching.

Simple Assignment Management and Smart Grading

With Connect Accounting, creating assignments is easier than ever, so instructors can spend more time teaching and

less time managing.

• Create and deliver assignments easily with selectable

end-of-chapter questions and Test Bank items.

• Go paperless with the eBook and online submission and

grading of student assignments.

• Have assignments scored automatically, giving students

immediate feedback on their work and side-by-side

comparisons with correct answers.

• Access and review each response; manually change

grades or leave comments for students to review.

• Reinforce classroom concepts with practice tests and

instant quizzes.

Student Reporting

Connect Accounting keeps instructors informed about how each student, section, and class is performing, allowing for

more productive use of lecture and office hours. The

progress-tracking function enables you to:

• View scored work immediately and track individual or

group performance with assignment and grade reports.

• Access an instant view of student or class performance

relative to learning objectives.

• Collect data and generate reports required by many

accreditation organizations, such as AACSB and AICPA.

Instructor Library The Connect Accounting Instructor Library is a repository for additional resources to improve student engagement in and out of class. You can select and use any asset that enhances your lecture. The Connect Accounting Instructor Library includes access to the eBook version of the text, videos, slide presentations, Solutions Manual, Instructor’s Manual, and

Test Bank. The Connect Accounting Instructor Library also allows you to upload your own files.xvi

pri62392_fm_i-xl.qxd 11/8/13 2:15 PM Page xvi Final PDF to printer

McGraw-Hill Connect Plus Accounting McGraw-Hill reinvents the textbook

learning experience for the modern

student with Connect Plus Accounting. A seamless integration of an eBook and Connect Accounting, Connect Plus Accounting provides all of the Connect Accounting features plus the following:

• An integrated, media-rich eBook, allowing for anytime, any-

where access to the textbook.

• Media-rich capabilities like embedded audio/visual presenta-

tions, highlighting, and sharing notes.

• Dynamic links between the problems or questions you assign to

your students and the location in the eBook where that concept is

covered.

• A powerful search function to pinpoint key concepts for review.

In short, Connect Plus Accounting offers students powerful tools and features that optimize their time and energy, enabling them to focus on learning.

For more information about Connect Plus Accounting, go to www.mcgrawhillconnect.com, or contact your local McGraw-Hill sales representative.

Tegrity Campus: Lectures 24/7 Tegrity Campus is a service that makes class time available 24/7 by automatically capturing every lec-

ture. With a simple one-click start-and-stop process, you capture all computer screens and correspon-

ding audio in a format that is easily searchable, frame by frame. Students can replay any part of any class with easy-to-use

browser-based viewing on a PC, Mac, iPod, or other mobile device.

Educators know that the more students can see, hear, and experience class resources, the better they learn. In fact, studies prove

it. Tegrity Campus’s unique search feature helps students efficiently find what they need, when they need it, across an entire

semester of class recordings. Help turn your students’ study time into learning moments immediately supported by your lecture.

With Tegrity Campus, you also increase intent listening and class participation by easing students’ concerns about note-taking.

Tegrity Campus will make it more likely you will see students’ faces, not the tops of their heads.

To learn more about Tegrity, watch a 2-minute Flash demo at http://tegritycampus.mhhe.com.

xvii

pri62392_fm_i-xl.qxd 11/8/13 2:15 PM Page xvii Final PDF to printer

McGraw-Hill Campus McGraw-Hill Campus™ is a new one-stop teaching and learning experience available to users of any

learning management system. This institutional service allows faculty and students to enjoy single sign-on

(SSO) access to all McGraw-Hill Higher Education materials, including the award-winning McGraw-Hill Connect platform,

directly from within the institution’s website. McGraw-Hill Campus provides faculty with instant access to teaching materials

(e.g., eTextbooks, Test Banks, PowerPoint slides, animations, and learning objects), allowing them to browse, search, and use

any ancillary content in our vast library. Students enjoy SSO access to a variety of free products (e.g., quizzes, and presenta-

tions) and subscription-based products (e.g., McGraw-Hill Connect). With McGraw-Hill Campus, faculty and students will never

need to create another account to access McGraw-Hill products and services.

Custom Publishing through Create

McGraw-Hill Create™ is a new, self-service website that allows instructors to create custom course materials by drawing upon

McGraw-Hill’s comprehensive, cross-disciplinary content. Instructors can add their own content quickly and easily and tap into

other rights-secured third party sources as well, then arrange the content in a way that makes the most sense for their course.

Instructors can even personalize their book with the course name and information and choose the best format for their

students—color print, black-and-white print, or an eBook.

Through Create, instructors can

• Select and arrange the content in a way

that makes the most sense for their

course.

• Combine material from different sources

and even upload their own content.

• Choose the best format for their

students—print or eBook.

• Edit and update their course materials as often as they’d like.

Begin creating now at www.mcgrawhillcreate.com.

CourseSmart Learn Smart. Choose Smart.

CourseSmart is a way for faculty to find and review eTextbooks. It’s also a great option for students

who are interested in accessing their course materials digitally and saving money.

CourseSmart offers thousands of the most commonly adopted textbooks across hundreds of courses from a wide variety of

higher education publishers. It is the only place for faculty to review and compare the full text of a textbook online, providing

immediate access without the environmental impact of requesting a print exam copy.

With the CourseSmart eTextbook, students can save up to 45 percent off the cost of a print book, reduce their impact on the

environment, and access powerful web tools for learning. CourseSmart is an online eTextbook, which means users access and

view their textbook online when connected to the Internet. Students can also print sections of the book for maximum portability.

CourseSmart eTextbooks are available in one standard online reader with full text search, notes and highlighting, and e-mail

tools for sharing notes between classmates. For more information on CourseSmart, go to www.coursesmart.com.

xviii

pri62392_fm_i-xl.qxd 11/8/13 2:15 PM Page xviii Final PDF to printer

xix

AACSB Statement McGraw-Hill Companies is a proud cor- porate member of AACSB International. Understanding the importance and value of AACSB accreditation, College Accounting recognizes the curricula guidelines detailed in AACSB standards for business accreditation by connecting selected questions in the test bank to the general knowledge and skill guidelines found in the AACSB standards.

The statements contained in College Accounting, 14e, are provided only as a guide for the users of this text. The AACSB leaves content coverage and assessment clearly within the realm and control of individual schools, the mis- sion of the school, and the faculty. While College Accounting, 14e, and the teaching package make no claim of any specific AACSB qualification or evalu- ation, we have, within College Accounting, 14e, labeled selected questions according to the six general knowledge and skills areas.

Instructor CD-ROM ISBN: 9780077639808 (MHID: 0077639804) This all-in-one resource incorporates the Test Bank, PowerPoint® Slides, Instructor’s Resource Guide, and Solutions Manual.

• Instructor’s Resource Guide This supplement contains extensive chapter-by-chapter lecture notes, along with useful suggestions for presenting key concepts and ideas, to help with classroom presentation. The lecture notes coordinate closely with the PowerPoint® Slides, making lesson planning even easier.

• Solutions Manual This supplement contains completed step-by-step calculations to all assignment and Study Guide material, as well as a general discussion of the Thinking Critically questions that appear throughout the text.

• Test Bank This comprehensive Test Bank includes more than 2,000 true/ false, multiple-choice, and completion questions and problems.

Online Learning Center (OLC) www.mhhe.com/price14e The Online Learning Center (OLC) that accompanies College Accounting provides a wealth of extra material for both instruc- tors and students. With content specific to each chapter of the book, the Price OLC doesn’t require any building or mainte- nance on your part.

A secure Instructor Edition stores your essential course materials to save you prep time before class. The Instructor’s Resource Guide, Solutions Manual, PowerPoint®

Slides, Test Bank, and EZ Test Online Test Bank are now just a couple of clicks away.

• EZ Test McGraw-Hill’s EZ Test Online is a flexible and easy-to-use electronic testing program that allows instructors to create tests from book-

specific items. EZ Test accommodates a wide range of question types and allows instructors to add their own questions. Multiple versions of the test can be created and any test can be exported for use with course management systems such as BlackBoard/WebCT.

The OLC website also serves as a doorway to McGraw-Hill’s other technology solutions.

Instructor Supplements

Assurance of Learning Ready Many educational institutions today are focused on the notion of assurance of learning, an important element of some accreditation standards. College Accounting, 14e, is designed specifically to support your assurance of learn- ing initiatives with a simple, yet powerful, solution.

Each test bank question for College Accounting, 14e, maps to a specific chapter learning objective listed in the text. You can use our test bank software, EZ Test, EZ Test Online, or Connect Accounting to easily query for learning objectives that directly relate to the learning objectives for your course. You can then use the report- ing features of EZ Test to aggregate student results in similar fashion, making the col- lection and presentation of assurance of learning data simple and easy.

pri62392_fm_i-xl.qxd 11/8/13 2:15 PM Page xix Final PDF to printer

Student Supplements Study Guide/Working Papers Chapters 1–13—ISBN: 9780077639884 (MHID: 007763988X) Chapters 14–24—ISBN: 9780077639907 (MHID: 0077639901) Chapters 1–30—ISBN: 9780077639891 (MHID: 0077639898) This study aid summarizes essential points in each chapter, tests students’ knowledge using self-test questions, and contains forms that help students organize their solutions to homework problems.

Action Video Practice Set Available through Create Action Video Productions is a sole proprietorship service business that uses source documents, a general journal, a general ledger, worksheets, and a filing system to provide students with a usable practice set. The strength of this set is the use of source documents in conjunction with the daily business activities. This set can be com- pleted after Chapter 6 of College Accounting.

Home Team Advantage Practice Set Available through Create Home Team Advantage is a sole proprietorship merchandising business that uses source documents, special journals, a general ledger, a subsidiary ledger, a worksheet, accounting forms, and a filing system for student use. This very realistic retail business will

give a student accounting practice where merchandise inventory and the cost of goods sold become an integral part of the income statement. This set can be completed after Chapter 13.

Student Guide for QuickBooks Accountant with QuickBooks Accountant Templates ISBN: 9780077639877 (MHID: 0077639871) To better prepare students for accounting in the real world, end-of- chapter material in Price is tied to QuickBooks Accountant 2014 software. The accompanying study guide provides a step-by-step walkthrough for students on how to complete the problem in the software.

Sage 50 Complete Accounting Templates Available on the Online Learning Center. Selected problems in the text are tied to templates created in Sage 50 Complete Accounting. Students use the accompanying guide to complete the problem in the software.

Online Learning Center (OLC) www.mhhe.com/price14e The Online Learning Center (OLC) is full of resources for students, including: Online Quizzing, PowerPoint Presentations, and Sage 50 Templates.

Excellent textbook for our community col- lege students and dual credit accounting. Has all the bells and whistles we need to keep students interested in the topics and help them improve their grades.

—Marina Grau, Houston Community College

–Southwest College

xx

pri62392_fm_i-xl.qxd 11/8/13 2:15 PM Page xx Final PDF to printer

The authors are deeply grateful to the following accounting educators for their input during development of College Accounting, 14e. The feed- back from these knowledgeable instructors provided the authors with valuable assistance in meeting the changing needs of the college accounting classroom.

Cornelia Alsheimer, Santa Barbara City College

Julia Angel, North Arkansas College

James R. Armbrester, Lawson State Community College – Bessemer Campus

Laura Bantz, McHenry County College

Victoria Bentz, Yavapai College

Anne Bikofsky, College of Westchester

David Bland, Cape Fear Community College

Patrick Borja, Citrus College

Kathy Bowen, Murray State College

Gerald Caton, Yavapai College

Steven L. Christian, Jackson Community College

Marilyn Ciolino, Delgado Community College

Jean Condon, Mid-Plains Community College Area (Nebraska)

Joan Cook, Milwaukee Area Technical College

Gisela Dicklin, Edmonds Community College

Michael Discello, Pittsburgh Technical Institute

Sid Downey, Cochise College

Steven Ernest, Baton Rouge Community College

Ann Esarco, McHenry County College

Paul Fisher, Rogue Community College

Allen Ford, Institute for the Deaf, Rochester Institute of Tech

Jeff Forrest, Saint Louis Community College

David Forsyth, Palomar College

Mark Fronke, Cerritos College

Nancy Goehring, Monterey Peninsula College

Renee Goffinet, Spokane Community College

Jane Goforth, North Seattle Community College

David Grooms, Maui Community College

Lori Grady, Buck County Community College

Gretchen Graham, Community College of Allegheny County

Marina Grau, Houston Community College

Chad Grooms, Gateway Community and Technical College

Sue Gudmunson, Lewis-Clark State College

Becky Hancock, El Paso Community College

Christina Hata, Miracosta College

Scott Hays, Central Oregon Community College

Mary Jane Hollars, Vincennes University

R. Stephen Holman, Elizabethtown Community and Technical College

Ray Ingram, Southwest Georgia Technical College

Dennis Jirkovsky, Indiana Business College

Stacy Johnson, Iowa Central Community College

Jane Jones, Mountain Empire Community College

Dmitriy Kalyagin, Chabot College

Norm Katz, National College–Stow

Sandra Kemper, Front Range Community College

Patty Kolarik, Hutchinson Community College

Elida Kraja, Saint Louis Community College–Flors Valley

Greg Lauer, North Iowa Area Community College

David Laurel, South Texas College

Thomas E Lynch, Hocking College

Josephine Mathias, Mercer County Community College

Roger McMillian, Mineral Area College

Jim Meir Cleveland State Community College

Acknowledgments

xxi

pri62392_fm_i-xl.qxd 11/8/13 2:15 PM Page xxi Final PDF to printer

Michelle Meyer, Joliet Junior College

John Miller, Metropolitan Community College

Lora Miller, Centura College

Peter Neshwat, Brookline College

Marc Newman, Hocking Technical College

Anthony Newton, Highline Community College

Anthony Newton, Highline Community College

Kenneth Newton, Cleveland State Community College

Jon Nitschke, Montana State University

Joel Peralto, University of Hawaii–Hawaii Community College

Shirley Powell, Arkansas State University

Carol Reinke, Empire College

Barbara Rice, Gateway Community and Technical College

Reynold Robles, Texas State Technical College–Harlingen

Morgan Rockett, Moberly Area Community College

Joan Ryan, Clackamas Community College

Patricia Scales, Brookstone College

Michael Schaub, Shasta College

Tom Snavely, Yavapai College

Rick Street, Spokane Community College

Domenico Tavella, Pittsburgh Technical Institute

Judy Toland, Bucks County Community College

Donald Townsend, Forsyth Technical Community College

Patricia Walczak, Lansing Community College

Linda Whitten, Skyline College

Thank You . . . WE ARE GRATEFUL for the outstanding support from McGraw-Hill/Irwin. In particular, we would like to thank Tim Vertovec Director; Steve Schuetz, Executive Brand Manager; Christina Sanders, Managing Development Editor; Bruce Gin, Senior Project Manager; Michael McCormick, Senior Buyer; Matt Baldwin, Senior Designer; Joanne Mennemeier, Photo Research Coordinator; and Ron Nelms, Media Project Manager.

Finally, we would like to thank our supplement authors and accuracy checkers: David Krug, Johnson County Community College; Mark McCarthy, East Carolina University: Debra Schmidt, Cerritos College; Anna Boulware, St. Charles Community College; Linda Muren, Cuyahoga Community College; Jeanine Metzler, Northampton Community College; Dominique Svarc, William Rainey Harper College; Jeannie Folk, College of DuPage; Kathleen O’Donnell, Onongada Community College; Jason Bess, Stautzenberger College; Beth Woods; Carol Yacht; Linda Flowers, Houston Community College; Matt Lowenkron; Renee Goffinet, Spokane Com- munity College; and Teresa Alenikov, Cerritos College.

John Price • David Haddock • Michael Farina

The Price College Accounting textbook is a well written and planned out approach to a college accounting approach. It goes into more detail and coverage of topics than most college accounting textbooks that I have seen. Each chapter includes great examples and transac- tional analysis as the topics progress.

—Roger McMillian Mineral Area College

xxii

pri62392_fm_i-xl.qxd 11/8/13 2:15 PM Page xxii Final PDF to printer

To the Student

inte rnal CONTROL

Welcome to College Accounting. This book and the accompanying study materials will help you bridge the gap from your first course in accounting to your next business course . . . and

beyond, to your career.

Marginal Icons are used throughout the text to link content to support materials on the web or via other media, or to highlight consistent elements throughout the text:

This icon indicates that the content being discussed is related to internal control.

Continuing problems build on one another from chapter to chapter, allowing you to use the

concepts you’ve just been introduced to in a chapter to revisit and further reinforce material

you’ve learned in previous chapters.

The Quickbooks software grew out of the success of the personal finance software Quicken.

Problems are pulled into Quickbooks, giving you another way to practice using software that

you are likely to run into in the business world. There is also a Student Guide for Quickbooks Pro

available to you as a printed supplement that will assist you in working with Quickbooks.

Sage 50 Complete Accounting (formerly known as Peachtree) is an accounting tool that you

are likely to encounter if you decide to make accounting your career. This icon indicates that you

can work the problem in Sage 50, gaining experience that will be invaluable once you graduate.

The Sage 50 templates are available on the Online Learning Center.

McGraw-Hill’s Connect Accounting system allows you to submit homework online if your professor chooses to utilize it in the classroom. Your professor will request that you obtain

this software when you purchase your book if he/she plans to ask you to submit your home-

work online.

Self Reviews are a great way to double-check that you’ve understood what you’ve just read in your book or what your professor has just covered in lecture. There is a Self Review at

the end of every section. Answers to the self reviews can be found at the end of each chapter

so you can check your work and make sure you understand a topic before moving on to the

next section.

Learning Objectives can be found at the beginning of each chapter as well as at the beginning of each section. The section opener objectives also contain a brief explanation for

“Why It’s Important” to study the concept presented.

CONTINUING >>> Problem

xxiii

pri62392_fm_i-xl.qxd 11/8/13 2:15 PM Page xxiii Final PDF to printer

Online Learning Center (www.mhhe.com/price14e) The website that accompa- nies Price/Haddock/Farina’s College Accounting, 14e, is a great resource for you. Don’t be afraid to use it! On the Online Learning Center (OLC), there are a lot of great materials that

will help you not only get through your course, but also get a good grade and remember

what you learned. You will find things like Practice Quizzes and PowerPoint® Slides.

To access the OLC, just go to the link above and look to the left. You’ll see a link to the “Student Edition”—click on this and you will find a variety of Course-Wide Content in the top

left corner, including accounting videos. Under this, you will see a drop-down menu from

which you can choose whatever chapter you want and find additional resources.

Practice Sets College Accounting, 14e, comes with two different full-length practice sets (in addition to the Mini-Practice Sets included inside the textbook) that you can purchase to get

additional practice applying the concepts you’ve learned in class. Your instructor can provide

you with the answers so you can check your work.

Study Guide and Working Papers In addition to giving you a hard copy place to enter the answers to the questions, exercises, and problems your instructor assigns you in class,

the Study Guide and Working Papers also include additional activities, exercises, true/false

questions, and a demonstration problem that you can work—all of which give you more chances

to practice what you’re going to see on the test!

Our two main goals are to help you understand and apply accounting and prepare you for

the future, whether that includes additional study or a new workplace. We hope the aids

we’ve provided for you as listed above will help enhance your study and ultimately give you a

greater understanding of accounting and how it applies in the real world.

Good luck with your studies. We think it will be well worth your efforts.

xxiv

pri62392_fm_i-xl.qxd 11/8/13 2:15 PM Page xxiv Final PDF to printer

Brief Contents

1 Accounting: The Language of Business 3

2 Analyzing Business Transactions 21

3 Analyzing Business Transactions Using T Accounts 53

4 The General Journal and the General Ledger 89

5 Adjustments and the Worksheet 123

6 Closing Entries and the Postclosing Trial Balance 155

7 Accounting for Sales and Accounts Receivable 189

8 Accounting for Purchases and Accounts Payable 235

9 Cash Receipts, Cash Payments, and Banking Procedures 269

10 Payroll Computations, Records, and Payment 327

11 Payroll Taxes, Deposits, and Reports 363

12 Accruals, Deferrals, and the Worksheet 397

13 Financial Statements and Closing Procedures 437

14 Accounting Principles and Reporting Standards 485

15 Accounts Receivable and Uncollectible Accounts 519

16 Notes Payable and Notes Receivable 547

17 Merchandise Inventory 573

18 Property, Plant, and Equipment 599

19 Accounting for Partnerships 643

20 Corporations: Formation and Capital Stock Transactions 687

21 Corporate Earnings and Capital Transactions 727

22 Long-Term Bonds 767

23 Financial Statement Analysis 801

24 The Statement of Cash Flows 845

25 Departmentalized Profit and Cost Centers 879

26 Accounting for Manufacturing Activities 903

27 Job Order Cost Accounting 931

28 Process Cost Accounting 957

29 Controlling Manufacturing Costs: Standard Costs 985

30 Cost-Revenue Analysis for Decision Making 1013

xxv

pri62392_fm_i-xl.qxd 11/8/13 2:15 PM Page xxv Final PDF to printer

C h a p t e r 1 Accounting: The Language of Business 3 Section 1 What Is Accounting? 4

The Need for Financial Information 4 Accounting Defined 4 Accounting Careers 5 Users of Financial Information 7 Section 1 Self Review 10

Section 2 Business and Accounting 11 Types of Business Entities 11 Generally Accepted Accounting Principles 13 Section 2 Self Review 15

Chapter Review and Applications 16 Chapter Summary 16 Glossary 17 Comprehensive Self Review 17 Discussion Questions 18 Problem 18 Business Connections 19 Answers to Self Reviews 20

C h a p t e r 2 Analyzing Business Transactions 21 Section 1 Property and Financial Interest 22

Beginning with Analysis 22 Assets, Liabilities, and Owner’s Equity 27 Section 1 Self Review 28

Section 2 The Accounting Equation and Financial Statements 29

The Fundamental Accounting Equation 29 The Income Statement 34 The Statement of Owner’s Equity and the Balance Sheet 35 The Importance of Financial Statements 38 Section 2 Self Review 38

Chapter Review and Applications 39 Chapter Summary 39 Glossary 40 Comprehensive Self Review 40 Discussion Questions 40 Exercises 41 Problems 44 Business Connections 49 Answers to Self Reviews 50

Contents Preface vi

xxvi

pri62392_fm_i-xl.qxd 11/21/13 5:20 PM Page xxvi Final PDF to printer

C h a p t e r 3 Analyzing Business Transactions Using T Accounts 53 Section 1 Transactions That Affect Assets, Liabilities, and Owner’s Equity 54

Asset, Liability, and Owner’s Equity Accounts 54 Account Balances 60 Section 1 Self Review 62

Section 2 Transactions That Affect Revenue, Expenses, and Withdrawals 63 Revenue and Expense Accounts 63 The Drawing Account 67 The Rules of Debit and Credit 68 The Trial Balance 69 Financial Statements 71 Chart of Accounts 71 Permanent and Temporary Accounts 72 Section 2 Self Review 73

Chapter Review and Applications 74 Chapter Summary 74 Glossary 74 Comprehensive Self Review 75 Discussion Questions 75 Exercises 76 Problems 78 Business Connections 85 Answers to Self Reviews 86

C h a p t e r 4 The General Journal and the General Ledger 89 Section 1 The General Journal 90

Journals 90 The General Journal 90 Section 1 Self Review 98

Section 2 The General Ledger 99 Ledgers 99 Correcting Journal and Ledger Errors 103 Section 2 Self Review 104

Chapter Review and Applications 105 Chapter Summary 105 Glossary 106 Comprehensive Self Review 106 Discussion Questions 106 Exercises 107 Problems 109 Business Connections 119 Answers to Self Reviews 120

C h a p t e r 5 Adjustments and the Worksheet 123 Section 1 The Worksheet 124

The Trial Balance Section 124

xxvii

pri62392_fm_i-xl.qxd 11/21/13 5:20 PM Page xxvii Final PDF to printer

The Adjustments Section 125 Section 1 Self Review 130

Section 2 Financial Statements 131 The Adjusted Trial Balance Section 131 The Income Statement and Balance Sheet Sections 132 Preparing Financial Statements 134 Journalizing and Posting Adjusting Entries 137 Section 2 Self Review 139

Chapter Review and Applications 140 Chapter Summary 140 Glossary 141 Comprehensive Self Review 141 Discussion Questions 141 Exercises 142 Problems 144 Business Connections 152 Answers to Self Reviews 153

C h a p t e r 6 Closing Entries and the Postclosing Trial Balance 155 Section 1 Closing Entries 156

The Closing Process 156 Section 1 Self Review 164

Section 2 Using Accounting Information 165 Preparing the Postclosing Trial Balance 165 Interpreting the Financial Statements 166 The Accounting Cycle 168 Section 2 Self Review 170

Chapter Review and Applications 171 Chapter Summary 171 Glossary 172 Comprehensive Self Review 172 Discussion Questions 172 Exercises 172 Problems 175 Business Connections 183 Answers to Self Reviews 184

M i n i - P r a c t i c e S e t 1 Service Business Accounting Cycle 186

Wells’ Consulting Services

C h a p t e r 7 Accounting for Sales and Accounts Receivable 189 Section 1 Merchandise Sales 190

Special Journals and Subsidiary Ledgers 190 The Sales Journal 190 Section 1 Self Review 196

Section 2 Accounts Receivable 197 xxviii

pri62392_fm_i-xl.qxd 11/21/13 5:20 PM Page xxviii Final PDF to printer

The Accounts Receivable Ledger 197 Sales Returns and Allowances 198 Schedule of Accounts Receivable 203 Section 2 Self Review 204

Section 3 Special Topics in Merchandising 205 Credit Sales for a Wholesale Business 205 Credit Policies 207 Sales Taxes 211 Section 3 Self Review 215

Chapter Review and Applications 216 Chapter Summary 216 Glossary 216 Comprehensive Self Review 217 Discussion Questions 217 Exercises 218 Problems 222 Business Connections 231 Answers to Self Reviews 232

C h a p t e r 8 Accounting for Purchases and Accounts Payable 235 Section 1 Merchandise Purchases 236

Accounting for Purchases 236 Section 1 Self Review 242

Section 2 Accounts Payable 243 The Accounts Payable Ledger 243 Purchases Returns and Allowances 244 Schedule of Accounts Payable 246 Determining the Cost of Purchases 248 Internal Control of Purchases 249 The Perpetual Inventory System 250 Section 2 Self Review 251

Chapter Review and Applications 252 Chapter Summary 252 Glossary 252 Comprehensive Self Review 253 Discussion Questions 253 Exercises 254 Problems 257 Business Connections 266 Answers to Self Reviews 268

C h a p t e r 9 Cash Receipts, Cash Payments, and Banking Procedures 269 Section 1 Cash Receipts 270

Cash Transactions 270 The Cash Receipts Journal 270 Section 1 Self Review 276

Section 2 Cash Payments 277 The Cash Payments Journal 277

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Solutions Store
Smart Accountants
Accounting & Finance Mentor
Custom Coursework Service
Financial Analyst
Instant Homework Helper
Writer Writer Name Offer Chat
Solutions Store

ONLINE

Solutions Store

I am a professional and experienced writer and I have written research reports, proposals, essays, thesis and dissertations on a variety of topics.

$30 Chat With Writer
Smart Accountants

ONLINE

Smart Accountants

I find your project quite stimulating and related to my profession. I can surely contribute you with your project.

$34 Chat With Writer
Accounting & Finance Mentor

ONLINE

Accounting & Finance Mentor

I have worked on wide variety of research papers including; Analytical research paper, Argumentative research paper, Interpretative research, experimental research etc.

$20 Chat With Writer
Custom Coursework Service

ONLINE

Custom Coursework Service

I have written research reports, assignments, thesis, research proposals, and dissertations for different level students and on different subjects.

$23 Chat With Writer
Financial Analyst

ONLINE

Financial Analyst

As per my knowledge I can assist you in writing a perfect Planning, Marketing Research, Business Pitches, Business Proposals, Business Feasibility Reports and Content within your given deadline and budget.

$32 Chat With Writer
Instant Homework Helper

ONLINE

Instant Homework Helper

I have written research reports, assignments, thesis, research proposals, and dissertations for different level students and on different subjects.

$48 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Determine the angular velocity of link ab - Phonetool https inside amazon com en pages default aspx - Rome engineering an empire - Reading from the book of sirach - Something i am grateful for - Edge triggered flip flop circuit diagram - Module 8 Discussion - Discussion 2 pages by 10 /04/ 2020 at 4:00 pm please apa style and long term care facility - Week 14 - Expedia survives by research, and Technology to read hidden emotions. - How to code a brute force password cracker c++ - Bus 520 leadership and organizational behavior - Baubles and bubbles columbia sc - Health promotion major deakin - Use the given minimum and maximum data entries - Vcaa physics advice for teachers - Lesson 7.2 practice a ratio in similar polygons - Olongapo sports corporation distributes two premium golf balls - Two types of liquor accords - Negotiation lewicki 7th edition pdf - How was the institution of slavery established in the American colonies? How did the American Revolution impact slavery? - Paradox access control software - Case study healing and autonomy - Children's sense of agency - La mancha neath christmas menu - ERM - How to respond to a case study in apa format - Elmo kills barney song - Strengths and weaknesses of vcat - Impulse and momentum lab answers - V for vendetta antagonist - Explain how research has evolved since the florence nightingale era - Se habla espanol tanya barrientos analysis - Moreton bay council dog complaints - Australian hardware performance management policy - Discussion question, 350 words and 2 references. - Aci 350.1 10 testing reinforced concrete structures for watertightness - Practical Connection Emerging Threats - Discussion - Hacker handbooks com writersref 8th edition - Abstract noun examples with pictures - How far will you travel worksheet - 2011 exam 2 methods solutions - How to change a cell to 20pt in excel 2013 - What is my worst subject quiz - The number of employees in hcl enterprise is about - Copy deck template free - Benchmark assignment risk and quality management paper - Information Governance wek-5-1 - Coca cola human rights issues - Stress inoculation training worksheets - How are new molecules of dna synthesized in living cells - Examples of pneumatic and hydraulic systems - The term receivables refers to - Emirates airlines london office - Nicholas carr is google making us stupid pdf - Characters in what's eating gilbert grape - Assignment - Cynthia jesus died for our sin thias - Job enrichment in hrm - Calculation of hardness of water by edta method - The number of flaws in bolts of cloth - Discussion: - Lionesse white pearl facial peeling instructions - Lesley stowe fine foods case - Why are protists hard to classify - Behavioural explanation of phobias - How do you measure success essay - Concord high school victor newby - Asce 7 seismic design category - How to do french e on keyboard - Edutopia multiple intelligence test - Executive compensation at general electric case analysis - What is webex meeting number - Anatomy of a microscope quiz - Alice dreger is anatomy destiny - For Essays Guru - - 631.2.2 - What are the pros and cons of a socialist economy - I need help with finishing the final draft for my paper assignment - Methods of observation? - Bull moose pipe data sheet - Stephen harris moray and agnew - A new soft drink is being market tested - Deliverable 4 - Hypothesis Tests/ Word Doc and Excel File - Introduction on needs and wants of the ancient communities - 4 actions framework example - Data analysis is usually guided by - Coca cola organizational structure chart - Asch experiment ethical issues - Pictures of the house on mango street - Selected operating data for two divisions of outback brewing, ltd., of australia are given below: - Alternative to practical biology igcse notes - Cognitive Consumer Decision-Making Process - Benchmark assignment business plan presentation - Whirlpool 6th sense freezer manual - Excel chapter 5 real estate - Which of the following is an online library penn foster - Monopoly banker's tray setup - British gas home appliance insurance