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Withholdings for Salaried Employees Required by Law

Withholdings Not Required by Law

Other Deductions Required By Law

Hours Worked (Salaried Employees)

Medicare Tax Withholding

Employee Records Required by Law

Employer's Share of Medicare Tax

Employer's Share of Social Security Tax

Employer's Payroll Taxes and Insurance Costs

The Fair Labor Standards Act (FLSA)

State and Local Income Taxes

State Unemployment Tax (SUTA)

Workers' Compensation Insurance Requirements

Federal Income Tax

Who is an Employee (Employees vs Independent Contractors)

Preparing the Check Deposit Slip

Endorsing Checks

Reconciling the Bank Statement

Federal Unemployment Tax (FUTA)

Reconciling Changes in the Checking Account Balance

Control of Cash Payments

Internal Control of Banking Activities

Handling Postdated Checks

Adjusting the Financial Records After Bank Reconciliation

Internal Control of the Petty Cash Fund

Using Online Banking

Establishing the Petty Cash Fund

An Illustration of the Bank Reconciliation Process

Making Payments from the Petty Cash Fund

The Petty Cash Analysis Sheet

Internal Control over Cash

Control of Cash Receipts

Replenishing the Petty Cash Fund

Collection of a Promissory Note and Interest

The Petty Cash Fund

Cash Received on Account

Cash Sales and Cash Short or Over

Receipt of a Cash Refund

Recording Merchandise Purchased With a Trade Discount

Determining the Net Delivered Cost of Purchases

Cash Transactions

Schedule of Accounts Payable

Internal Control of Purchases

The Accounts Payable Ledger

Schedule of Accounts Receivable

Reporting Net Sales

Recording Purchases Discounts

Recording Purchases Returns and Allowances

Purchase Returns and Allowances

Purchases and Cash Payments with Freight Charges

The Purchases Account

Understanding Merchandising Companies

Accounting for Purchases

Purchasing Procedures

Recording Sales with Sales Tax Payable for Cash and On Account

The Accounts Receivable Ledger

Cash Discounts on Sales

Computing Trade Discounts

Recording Sales for Cash and On Account

Accounting for Different Types of Credit Sales

Recording Sales Returns and Sales Allowances

Credit Policies

Transfer Expense Account Balances

Steps in the Closing Process

Interpreting the Financial Statements

The Accounting Cycle

Summary of the Balance Sheet

Transfer Net Income or Net Loss to Owner's Equity

Finding and Correcting Errors

The Income Summary Account

Preparing the Postclosing Trial Balance

Transfer the Drawing Account Balance to Capital

Transfer Revenue Account Balances

Journalizing and Posting the Adjusting Entries (2)

The Closing Process

Summary of the Statement of Owner's Equity

Summary of Financial Statements

Summary of the Income Statement

Adjusting for Expired Rent

Preparing the Balance Sheet

Preparing the Income Statement Section of the Worksheet

Preparing the Income Statement

Preparing the Statement of Owner's Equity

Correcting Journal and Ledger Errors

Ledger Account Forms

Adjusting for Depreciation

Preparing the Balance Sheet Section of the Worksheet

The Adjusted Trial Balance Section of the Worksheet

The Income Statement and Balance Sheet Sections of the Worksheet

Adjusting for Supplies Used

The Trial Balance Section of the Worksheet

The General Journal

Preparing Compound General Journal Entries

Version 1.7

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