College:  Great  Bay  Community  College  Course:  Introduction  Dan  Murphy  Text:    Fundamental  Accounting  Principles,  19th  Ed;  Wild,  Shaw,  Chiappetta          

Contents:  Interview  Summary .....................................................................................................................................2  

Assignment  1 ..................................................................................................................................................3  

Text  excerpt  for  Assignment  1 .................................................................................................5  

Syllabus .............................................................................................................................................................11  

Other  assignments  from  course  including  projects  and  a  quiz.................................................16  

 

*Assignments  2  and  3  are  calculation  and  data  entry  projects,  so  they  are  not  

included  for  rating.  For  reference,  they  are  included  at  the  end  of  the  packet  

(Project  1  and  Project  2).  

 

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GBCC  ACCT  Interview Dan  Murphy,  November  14

• He  assigns  reading  from  the  text  throughout  the  semester.  Chapters  1-­‐8  of  text,  each  assignment  is  to  read  the  chapter.  

• He  does  quizes  based  on  that  reading,  at  least  one  quiz  and  occasionally  more  than  one  quiz  per  chapter.  

• Quizzes  are  multiple  choice  and  data  entry,  with  the  exception  of  quiz  2  (attached)  

• He  gives  two  assignments  during  the  semester,  which  are  journal  entry  assignments  (attached).  

• All  tests  (midterm  and  final)  are  multiple-­‐choice  style.    3  cases:  

• Quiz  2,  attached.  • Project  1  (assigned  around  midterm)  • Project  2  (assigned  after  midterm)  

 • Quiz  5  is  attached  as  well  to  give  a  feel  for  the  majority  of  the  other  quizzes  

and  tasks  assigned  (data  entry  style  stuff).  

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Department of Business Studies & Computer Technologies

ACCOUNTING & FINANCIAL REPORTING 1 ACCT 113 FALL, 2011

QUIZ #2

Name: _________________________________ Date: _____________________ Date: September 7, 2011 Due Date: September 14, 2011 Instructor: Read the attached questions carefully and answer each of them completely. Remember, you don’t lose points for incorrect information; you can only gain points for providing the correct information. It helps you to attempt each question even if you’re in doubt. Take a risk, and do your best. Good luck.

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1) Explain in your own words the meaning of the business entity assumption. Why is it so important for business owners to understand?

2) What is the accounting equation and how does it relate to “being in balance”?

3) You are told that a company has $150,000 in assets and $45,000 in liabilities. What is its net worth?

4) Set up a “T” account and indicate where the debits and where the credits would be found.

5) What are the four required financial statements? Explain briefly the use of each?

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Curriculum Committee 2006-2007 Proposal Form

Great Bay CC Course Content Outline

Course Number: ACCT113 Course Title: Introduction to Accounting and

Financial Reporting 1 Department: Business Studies Date Prepared: 09/2000 Program: Accounting Prepared by: L. Morgan Theory Hours: 3 Date Revised 10/2007 Credits: 3 Lab Hours: NONE Prerequisites: NONE Corequisites: NONE

Catalog Description: An introduction to accounting as the language of business. Students will develop an understanding of the concepts and use of assets, liabilities, equities, revenue and expense accounts. The student will be introduced to accounting procedures used to prepare financial statements utilizing the latest techniques and principles of accounting. It will include analyzing transactions, preparing journal entries, adjusting journal entries, and closing journal entries. Preparing a trial balance, analyzing and preparing accounts receivable and accounts payable, special journals, cash receipts, cash disbursements and banking procedures. Course Objectives: The student will:

1. Analyze and record a business transaction 2. Explain the accounting cycle 3. Post journal entries to the general ledger accounts 4. Prepare and post adjusting and closing journal entries 5. Prepare an accounting worksheet 6. Prepare unadjusted, adjusted and post-close trial balances 7. Prepare a balance sheet, income statement and statement of changes in owner’s equity 8. Prepare a basic statement of changes in cash flow 9. Explain the accounting for merchandising activities 10. Explain the assignment of costs to inventory, compute inventory using four commonly used

methods, and apply the Lower of Cost or Market rule for valuing inventory 11. Explain the use of special journals 12. Explain the use of technology-based accounting information systems 13. Explain basic internal control procedures 14. Prepare a bank reconciliation

Required Text(s): Fundamentals of Accounting Principles, (latest edition). Larson, Volume 1, Wild & Chiappetta. McGraw-Hill Irwin.

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Curriculum Committee 2006-2007 Proposal Form

Outline of Content: I. Accounting in the Information Age

1. Forms & Activities of an Organization 2. Users of Accounting Information 3. Ethics and Social Responsibility 4. Opportunities in Practice

II. Financial Statements and Accounting

1. Communicating with Financial Statements 2. Generally Accepted Accounting Principles 3. Transactions and the Accounting Equation 4. Financial Statements

III. Analyzing and Recording Transactions

1. Double-Entry Accounting 2. Analyzing & Recording Transactions 3. Preparation of the Trial Balance

IV. Adjusting Accounts for Financial Statements

1. Adjusting Journal Entries 2. Preparing an Adjusted Trial Balance 3. Preparing Financial Statements

V. Completing the Accounting Cycle

1. Closing Entries 2. The Worksheet 3. The Classified Balance Sheet

VI. Accounting for Merchandising Activities

1. Accounting for Purchases and Sales 2. Cost and Price Adjustments 3. Journal entries required 4. Preparation of Multiple-Step Income Statements 5. Periodic and Perpetual Inventory Systems

VII. Merchandise Inventories and Cost of Sales

1. Assigning Costs to Inventory using different methods 2. Inventory Valuations

VIII. Accounting Information Systems

1. System Principles

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Curriculum Committee 2006-2007 Proposal Form

2. Components of Accounting Systems 3. Special Journals 4. Technology-Based Accounting Information Systems

IX. Internal Control and Cash

1. Internal Control 2. Control of Cash 3. Petty Cash 4. Preparation of Bank Reconciliations

Required Methods of Evaluation: Score based upon traditional letter (A-F) or 100 point grading scale. Grading guideline will be outlined in the instructor’s syllabus.

1. Weekly or periodic quizzes 2. Homework assignments, class participation

and / or instructor observations 3. Midterm comprehensive exam 4. Final comprehensive exam 5. Project(s)

Other Possible Performance Based Measures:

1. Writing and presentation skills 2. Promptness in handing in assignments

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Curriculum Committee 2006-2007 Proposal Form

Assessment Addendum Acceptable substitute (such as curriculum specific PBLOs) may be attached instead of this addendum. Instructions for completing the Course Content Outline Addendum: Identify assessment techniques used to measure student learning outcome. Use this form to explain assessment methods identified in the Course Content Outline.

1. Identify assessment technique used to measure student learning outcomes. a. Identify the learning objective for this assessment. What will the student know or be

able to do on completion of the course? b. Identify the outcome measures used to document student learning.

1. Weekly or periodic quizzes

a. Objectives 1 - 14 b. Weekly quizzes are designed to provide rapid feedback to the instructor and the student

that concepts and materials are being understood and students are keeping up the material. They can take whatever form the instructor feels adequately tests knowledge of the material covered (i.e. multiple choice, essay, problem solving, etc)

2. Homework assignments, class participation and / or instructor observations a. Objectives 1 - 14 b. Homework assignments may or may not be graded but should be reviewed during class

participation. If homework is not graded, than class participation must be. In either case, assessment should be based on the student’s correct verbal or written response to questions asked. Assessment for class participation should reflect the student’s critical thinking and comprehension of the material covered.

3. Midterm exam a. Objectives 1 - 7 b. Midterm exam may be closed or open book but should be comprehensive for all subjects

covered in the first half of the semester. 4. Final exam

a. Objectives 1 - 14 b. Final exam may be closed or open book but should be comprehensive for all subjects

covered during the full semester. 5. Project(s)

a. Objectives 1 – 7 and Objective 10 b. Projects should be prepared using electronic software tools and should test the student’s

ability to communicate effectively. Assessment should be based on the student’s level of organization skills, mastery of subject assigned, presentation skills, and language skills.

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Department of Business Studies & Computer Technologies

ACCOUNTING & FINANCIAL REPORTING 1 ACCT 113 FALL, 2011

QUIZ #5

Name: _________________________________ Date: _____________________ DATE: September 28, 2011 DUE DATE: October 5, 2011 Instructor: Read the attached questions carefully and answer each of them completely. Remember, you don’t lose points for incorrect information; you can only gain points for providing the correct information. It helps you to attempt each question even if you’re in doubt. Take a risk, and do your best. Good luck.

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Fill in the blanks for the following 5 statements:

1) ______________________ are required at the end of the accounting period because certain internal transactions and events remain unrecorded.

2) Accrual accounting and the adjusting process rely on two principles: the ___________________ principle and the ________________________ principle.

3) ______________________ basis accounting means that revenues are recognized when cash is received and that expenses are recorded when cash is paid. ________________________ basis accounting means that the financial effects of revenues and expenses are recorded when earned or incurred.

4) The ________________________________ depreciation method allocates equal amounts of an

asset's cost to depreciation during its useful life.

5) An _______________________ is a listing of all of the accounts in the ledger with their account

balances before adjustments are made.

CONTINUED ON FOLLOWING PAGE:

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Adjusting journal entries and an adjusted trial balance: Westby Delivery Service’s unadjusted trial balance for the current year follows:

Westby  Delivery  Service  

December  31  

TRIAL  BALANCE  ACCOUNT  NAME   DR. CR.

Cash   6,100        Accounts  Receivable   2,100        Office  Supplies   6,235        Truck  Supplies   6,500        Prepaid  Insurance   4,350        Office  Equipment   21,000        Accumulated  Depreciation  -­‐  Office  Equipment       4,000    Trucks   57,000        Accumulated  Depreciation  -­‐  Trucks       8,400    Accounts  Payable       6,000    Salaries  Payable          Property  Taxes  Payable          Interest  Payable          Long-­‐term  Note  Payable       50,000    Greg  Westby,  Capital       17,085    Greg  Westby,  Drawing   15,000        Service  Revenue       103,150    Rent  Expense   4,800        Office  Supplies  Expense          Truck  Supplies  Expense          Insurance  Expense          Salaries  Expense   58,000        Depreciation  Expense  -­‐  Office  Equipment          Depreciation  Expense  -­‐  Trucks          Utilities  Expense   2,600        Property  Tax  Expense   600        Interest  Expense   4,350        

   Totals        

188,635          

188,635    

Adjustment data:

(a) An inventory count showed $2,000 of unused office supplies still available. (b) An inventory count showed $2,650 of unused truck supplies still available. (c) An insurance policy examination showed $1,800 of expired insurance. (d) Depreciation of office equipment during the year, $2,800. (e) Depreciation of trucks during the year, $4,200. (f) Salaries unpaid at the end of the year, $1,200.

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(g) Three month’s property taxes totaling $450 have accrued. This additional amount of property tax expense has not been recorded.

(h) One month’s interest on the note payable has accrued but is unrecorded. The annual rate of interest on the note is 14.4%.

Required: (1) Based on the above information, prepare the adjusting journal entries for Westby Delivery Service.

(2) Use the above information to prepare the adjusted trial balance for Westby Delivery Service

(worksheet is attached for your use if you want it).

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Westby  Delivery  Service  

Trial  Balance  12/31/2010  

  Unadjusted  Trial  Balance   Adjustments  

Adjusted  Trial  Balance  

  DR   CR   DR   CR   DR   CR  Cash   6,100                Accounts  Receivable   2,100                Office  Supplies   6,235                Truck  Supplies   6,500                Prepaid  Insurance   4,350                Office  Equipment   21,000                Accumulated  Depreciation  -­‐  Office  Equipment     4,000      

       

Trucks   57,000                Accumulated  Depreciation  -­‐  Trucks     8,400            Accounts  Payable     6,000            Salaries  Payable                Property  Taxes  Payable              Interest  Payable              Long-­‐term  Note  Payable     50,000          Greg  Westby,  Capital     17,085            Greg  Westby,  Drawing   15,000                Service  Revenue     103,150            Rent  Expense   4,800                Office  Supplies  Expense                Truck  Supplies  Expense                Insurance  Expense                Salaries  Expense   58,000                Depreciation  Expense  -­‐  Office  Equipment                

Depreciation  Expense  -­‐  Trucks                

Utilities  Expense   2,600                

Property  Tax  Expense   600                

Interest  Expense   4,350                

                 

   Totals        

188,635          

188,635            

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Department of Business Studies & Computer Technologies

John Burtt, Chair Jeanne Furfari, Economics

Daniel Murphy, Accounting

GREAT BAY COMMUNITYCOLLEGE

ACCT113 Accounting 1

FALL, 2011

PROJECT #1

 Name: _________________________________ Date: _____________________ DATE:         September  16,  2011    Instructor:           DUE  DATE:  October  5,  2011

This  project  can  be  done  as  a  group  of  up  to  2  students.    It  must  be  handed  in  typewritten,  neat  and  well-­‐presented.    Proper  grammar  and  spelling  is  required.  

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CASE #1: On May 5, 2011, Michael Ditch started a carpet cleaning business called Best Way Carpet Cleaners. He completed the following transactions during the month:

a. Michael invested $15,500 cash and a small truck with a value of $8,000 to start his business. b. Prepaid $5,000 cash for 12 months’ rent on a small office. c. Purchased office supplies for cash, $575. d. Purchased equipment on account, $4,000. e. Received cash for services performed, $1,150. f. Performed services on credit, $2,350. g. Purchased truck supplies on account, $125. h. Received $5,000 cash in advance of providing cleaning services to a customer. i. Paid $2,500 cash for the premium on a 6-month insurance policy. j. Paid salary of employee, $550. k. Purchased $2,500 of additional equipment by paying $400 cash and signing a long-term note

payable for $2,100. l. Paid for repairs to truck, $225. m. Received $350 for the services performed in transaction f. n. Paid utilities, $315. o. Completed cleaning services and immediately collected $10,500. p. Paid creditor $75 on the purchase in transaction g. q. Provided $2,000 of cleaning services from transaction h. r. Michael withdrew cash for personal use, $700. s. Paid $1,000 cash for advertisements on the local television station during May.

Required:

1. Prepare general journal entries to record these transactions (use the account titles listed in part 2).

2. Open a set of T accounts with the following titles: Cash (101), Accounts Receivable (106); Office Supplies (124); Truck Supplies(128); Equipment (131); Prepaid Rent (140); Prepaid Insurance (150); Truck (163); Accounts Payable (201); Notes Payable (202); Unearned Cleaning Revenue (203); Michael Ditch, Capital (301); Michael Ditch, Drawing (302); Cleaning Revenue (403); Salaries Expense (620); Truck Expense (630); Utilities Expense (640) and Advertising Expense (650). Post journal entries from Part 1 to the T accounts and calculate the account balance for each account.

3. Prepare a trial balance as of the end of this month’s operations.

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CASE #2: Brian Jones operates a roofing and siding company called Raise the Roof. On June 30, 2011, the company’s records show the following accounts which all have normal balances:

Account  Name   Amount  Cash   5,000  Accounts  Receivable   7,500  Office  Supplies   550  Truck   8,000  Office  Equipment   4,500  Repair  Supplies   850  Accounts  Payable   6,750  Notes  Payable   3,800  B.  Jones,  Capital,  June  1   4,690  B.  Jones,  Investment,  June  10   2,500  B.  Jones,  Investment,  June  20   3,000  B.  Jones,  Withdrawals   2,500  

Roofing  Revenue   4,250  

Unearned  Roofing  Revenue   2,500  Siding  Revenue   5,200  Unearned    Siding  Revenue   2,700  Miscellaneous  Expense   1,490  Rent  Expense   1,200  Salaries  Expense   2,800  Utilities  Expense   1,000  

Required:

1. Prepare an income statement for the month ended June 30, 2011.

2. Prepare a statement of owner’s equity for the month ended June 30, 2011.

3. Prepare a balance sheet as of June 30, 2011.

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Department of Business Studies & Computer Technologies

GREAT BAY COMMUNITYCOLLEGE

ACCT113 Accounting 1

FALL, 2011

PROJECT #2  Name: _________________________________ Date: _________________ DATE:         November  2,  2011    Instructor:              DUE  DATE:  November  16,  2011    

   

This  project  can  be  done  as  a  group  of  up  to  2  students.    It  must  be  handed  in  typewritten,  neat  and  well-­‐presented.    Proper  grammar  and  spelling  is  required.  

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Ceres Computer Sales bought merchandise from and sold merchandise to Joubert’s Electronics. The following transactions took place during the month of December: Dec 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500 Dec 3 Purchased merchandise for cash, $720. (The items had a cost of $500) Dec 4 Purchased merchandise on credit for $2,600, terms 1/20, n/30. (The items had a cost of

$1,800) Dec 5 Issued a credit memorandum for $300 to Joubert’s Electronics who returned merchandise

purchased Nov 29th. The returned items had a cost of $210 Dec 11 Received payment for merchandise sold Dec 1 Dec 15 Received a credit memorandum for the return of faulty merchandise purchased on Dec 4 for

$600. (Items had a cost of $450) Dec 18 Paid freight charges of $200 for merchandise ordered last month (FOB shipping point) Dec 23 Paid for the merchandise purchased Dec 4 less the portion that was returned Dec 24 Sold merchandise on credit for $7,000, terms 2/10, n/30. The items had a cost of $4,900 Dec 31 Received payment for merchandise sold on Dec 24

Problem #1 Assuming a periodic inventory system, prepare the required journal entries that Ceres Computer Sales must make to record these transactions:

Problem #2 Assuming a perpetual inventory system, prepare the required journal entries that Ceres Computer Sales must make to record these transactions:

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Ceres Computer Sales bought merchandise from and sold merchandise to Joubert’s Electronics. The following transactions took place during the month of December:

Dec 1 Sold merchandise on credit for $5,000, terms 3/10, n/30. The items sold had a cost of $3,500 Dec 3 Purchased merchandise for cash, $720. (The items had a cost of $500) Dec 4 Purchased merchandise on credit for $2,600, terms 1/20, n/30. (The items had a cost of

$1,800) Dec 5 Issued a credit memorandum for $300 to Joubert’s Electronics who returned merchandise

purchased Nov 29th. The returned items had a cost of $210 Dec 11 Received payment for merchandise sold Dec 1 Dec 15 Received a credit memorandum for the return of faulty merchandise purchased on Dec 4 for

$600. (Items had a cost of $450) Dec 18 Paid freight charges of $200 for merchandise ordered last month (FOB shipping point) Dec 23 Paid for the merchandise purchased Dec 4 less the portion that was returned Dec 24 Sold merchandise on credit for $7,000, terms 2/10, n/30. The items had a cost of $4,900 Dec 31 Received payment for merchandise sold on Dec 24

Problem #3 Assuming a periodic inventory system, prepare the required journal entries that Joubert’s Electronics must make to record these transactions:

Problem #4 Assuming a perpetual inventory system, prepare the required journal entries that Joubert’s Electronics must make to record these transactions:

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