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This course provides students with an understanding of the accounting cycle for service and merchandising firms. In addition, students reconcile bank accounts and maintain a manual payroll system. This course is intended for students in most career business curricula. This course is generally not transferable. Upon successful completion of this course, students should be able to: Record representative journal entries, post them to the general ledger, foot and balance the accounts, prepare a trial balance and complete a work sheet, financial statements and the remainder of the accounting cycle for a single proprietorship; Record representative business transactions for a merchandising business utilizing the appropriate special journals; Prepare all documents necessary for the maintenance of a checking account and prepare a bank reconciliation; Maintain and reconcile accounts receivable and accounts payable ledgers with appropriate control accounts; Compute and record adjustments for plant assets, prepaid expenses, merchandise inventory and accrued expenses; Maintain a payroll system.

This course introduces the principles and procedures of accounting, emphasizing the role of accounting in making business decisions, understanding the meaning of accounting information, how it is compiled, how it can be used, and its limitations. The focus is on the bookkeeping aspects of accounting, including basic business transactions, payroll, special journals, and the preparation of simple financial statements and worksheets. Pre-requisite: (Test score or ENG 006 or ENG 007 or EAP 093 or higher) and (Test score or MAT 005 or higher)