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STUDENT ASSIGNMENTS

Before completing the chapters, you will need to consider the following questions!
Questions to Ponder
Helpful Websites
Why do we use special journals?
Online Learning Center for Financial Accounting
What benefits do we get from using these journals?
Student Resources
What is the difference between a partnership, limited liability partnership and sole proprietorship?
Partnerships - Wikipedia
What do Accountants need to know about the business they are doing the books for?

Chapter 10:
Read Section 10-1, 10-2, 10-3, and 10-4 and complete Working Together and On Your Own.  Answer the questions below on each chapter section.
Complete Application problems 1,2,3,4 and the mastery problem.  If the mastery problem is correct you will be able to take the assessment and go on to the next chapter.  If it still needs some work you will need to see me for additional assignments.

Chapter 11:
Read Section 11-1, and 11-2 and complete Working Together and On Your Own.  Answer the questions below on each chapter section.
Complete Application problems 1,2 and the mastery problem.  If the mastery problem is correct you will be able to take the assessment and go on to the next chapter.  If it still needs some work you will need to see me for additional assignments.

Chapter 12:
Read Section 12-1, 12-2, 12-3, 12-4, 12-5, and 12-6. Complete Working Together and On Your Own.  Answer the questions below on each chapter section.
Complete Application problems 1,2,3,4,5,6 and the mastery problem.  If the mastery problem is correct you will be able to take the assessment and go on to the next chapter.  If it still needs some work you will need to see me for additional assignments.

Chapter 13:
Read Section 13-1, 13-2, 13-3, and 13-4 and complete Working Together and On Your Own.  Answer the questions below on each chapter section.
Complete Application problems 1,2,3,4,5 and the mastery problem.  If the mastery problem is correct you will be able to take the assessment and go on to the next chapter.  If it still needs some work you will need to see me for additional assignments.

Chapter 14:
Read Section 14-1, 14-2, 14-3, and 14-4 and complete Working Together and On Your Own.  Answer the questions below on each chapter section.
Complete Application problems 1,2,3,4 and the mastery problem.  If the mastery problem is correct you will be able to take the assessment and go on to the next chapter.  If it still needs some work you will need to see me for additional assignments.

Reinforcement Activity 2 Part A:
Complete the problem located on page 368-371 in your text book.  Look in your workbook for the forms to use.  It shouldn't take more than 5 class days to complete.  Turn in for a quiz grade.

Chapter 15:
Read Section 15-1, 15-2, and 15-3 and complete Working Together and On Your Own.  Answer the questions below on each chapter section.
Complete Application problems 1,2,3 and the mastery problem.  If the mastery problem is correct you will be able to take the assessment and go on to the next chapter.  If it still needs some work you will need to see me for additional assignments.

Activity 1:
Test your knowledge! 

10-1

  1. What kinds of transactions are recorded in a purchases journal?
  2. For what are special amount columns in a journal used?
  3. Why are there two account titles in the amount column of the purchases journal?
  4. What is the advantage of having special amount columns in a journal?
10-2
  1. What is recorded in the general amount columns of the cash payments journal?
  2. What is the difference between purchasing merchandise and buying supplies?
  3. When cash is paid on account, what is the effect on the cash account?
10-3
  1. When journalizing a cash payment to replenish petty cash, what is entered in the account title column of the cash payments journal?
  2. Why are withdrawals by partners not recorded as debits directly to the partner's capital accounts?
  3. List the five steps for ruling a cash payments journal at the end of the month.
10-4
  1. What journal is used to record transactions that cannot be recorded in special journals?
  2. Why is a memorandum used as the source document when supplies are bought on account?
  3. Why are two account titles written for the credit amount when supplies are bought on account?
  4. When is the equality of debits and credits proved for a general journal?
  5. Why is the cash payments journal not used when a partner withdraws merchandise for personal use?
11-1
  1. How does a merchandising business differ from a service business?
  2. How are sales tax rates usually stated?
  3. Why is sales tax collected considered a liability?
  4. What is the title of the general ledger account used to summarize the total amount due from all charge customers?
11-2
  1. What accounts are increased and decreased when cash is received on account?
  2. What is written in the cash receipts journal's Account title column for a cash and credit card sales transaction?
  3. Describe how to prove cash.
12-1
  1. What accounts are contained in an accounts payable ledger?
  2. What is the relationship between a controlling account and a subsidiary ledger?
  3. What is the title of the balance amount column of an accounts payable ledger form?
12-2
  1. In which column of the cash payments journal are the amounts that are posted individually to the accounts payable ledger?
  2. What accounts are listed on a schedule of accounts payable?
12-3
  1. What accounts are contained in an accounts receivable ledger?
  2. To which accounts are the separate amounts in the sales journal posted individually?
12-4
  1. In which column of the cash receipts journal are the amounts that are posted individually to the accounts receivable ledger?
  2. What accounts are listed on a schedule of accounts receivable?
12-5
  1. Which amounts in a general journal are posted individually?
  2. List the five steps for posting to a general ledger account.
12-6
  1. For which columns of a special journal are the column totals posted to the general ledger?
  2. In what order should special journals be posted to the general ledger?
13-2
  1. Where does an employer get the information used to determine the amount of federal income tax to withhold from employees' earnings?
  2. Employee federal income tax withholdings are based on what two factors?
  3. Does the employer or employee pay social security tax and medicare tax?
13-3
  1. What does the payroll register summarize?
  2. How is net pay calculated?
13-4
  1. Why does Omni Import have a separate checking account for payroll checks?
  2. What is the source of the information that is recorded on each employee's payroll check stub?
  3. How do payroll procedures differ for an employee who requests that her pay be deposited through electronic funds transfer?
14-1
  1. What account title is used to journalize the Total Earnings column of the payroll register?
  2. What account title is used to journalize the Federal Income Tax column of the payroll register?
  3. What account title is used to journalize the Social Security Tax column of the payroll register?
  4. What account title is used to journalize the Medicare Tax column of the payroll register?
14-2
  1. What is the amount of each employee's earnings that is subject to federal and state unemployment taxes at Omni Import?
14-3
  1. When must employers furnish a W-2 statement to their employees?
  2. What taxes are included in the quarterly federal tax return filed by the employer?
14-4
  1. For a monthly schedule depositor, when are payroll taxes paid to the federal government?
  2. What are two different uses for Form 8109?
15-1
  1. In what order should general ledger accounts be listed on a work sheet?
  2. What accounts are used for the adjustment for merchandise inventory?
15-3
  1. In what column is the Income summary amount extended?
  2. When does a net loss appear on a work sheet?
  3. To which balance sheet column is a net loss amount extended?
  4. What extra step is required when a 10-column work sheet is prepared instead of an 8-column work sheet?