3 Credit hours 45 Contact hours Presents the basic elements and concepts of accounting, with emphasis on the procedures used for maintaining journals, ledgers, and other related records, and for completion of end-ofperiod reports for small service and merchandising business. Prerequisite: Successful completion of REA 060 (grade C or higher) or equivalent assessment scores.

This course studies the double-entry accounting system, including: the accounting cycle, books of original entry, preparation of journal entries, worksheets, the trial balance, and statements of financial position and income. Emphasis is on the proper recording and reporting of assets, liabilities, equity, revenue, and expenses.