ACCT 100

Merchandising Entities

Sales, Purchases, Cash transactions, Bank Reconciliations

Internal Controls

·       New Accounts, Type, Normal, Balance, and Financial Statement

·       Sales for cash, on account, on credit, on non-bank credit, JE’s, taxes, journalizing, returns, discounts, trade discounts.  Lots of terms

·       Purchases for cash, on account, on credit, JE’s journalizing, discounts, freight terms, freight on capital assets. LOTS of terms

·       Bank Issues – Internal controls, documents, processes, importance of bank reconciliation, what it is, how it’s done, JE’s, errors, updating cash, endorsements, writing checks, parties to checks, debit memos, credit memos, adjustments, LOTS OF TERMS

·       Controlling Accounts and Subsidiary Ledgers for both, posting, schedules,

CHOOSE 4 PROBLEMS

·       Variety of sales transactions with sales tax, returns, payments

·       Variety of purchase transactions with sales tax, returns, payments

·       Transactions from both sides of the house (buy and sell)

·       Bank Rec with JE’s

·       Cash Short and Over problem

·       Account Identification