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Lake Washington Institute of Technology    
 
    
 
  Sep 24, 2017
 
Catalog 2017-2018

ACCT 121 Introduction to Accounting II

5 credits


Course covers basic accounting concepts, principles, and financial statement preparation for a sole proprietorship. The course emphasizes merchandising operations, special journals, payroll, and payroll taxes.

Prerequisites: ACCT 111 MATH 087  (or equivalent placement scores for MATH 098  or higher), or instructor permission.

Quarters Offered: Fall, Winter

Global Outcomes:
This course teaches to the global outcome of Communication.

This course teaches to the global outcome of Teamwork.

Student Outcomes/Competencies:
Upon successful completion of this course students will be able to:

  • Describe and illustrate merchandising operations and the two types of inventory systems
  • Account for the purchase of inventory using a perpetual system
  • Account for the sale of inventory using a perpetual system
  • Adjust and close the accounts of a merchandising business
  • Prepare a merchandiser’s financial statements
  • Use inventory-related ratios to evaluate a business
  • Use the sales journal, the cash receipts journal, and the accounts receivable subsidiary ledger
  • Use the purchases journal, the cash payments journal, and the accounts payable subsidiary ledger
  • Calculate gross pay, employee payroll tax deductions for federal income tax withholding, state income tax withholding, FICA, and net pay
  • Calculate employer taxes for FICA, FUTA, SUTA, and workers’ compensation insurance
  • Prepare a payroll register
  • Maintain an employee earnings record
  • Record payroll and payroll taxes
  • Record employer taxes for FICA, FUTA, SUTA, and workers’ compensation
  • Record the payment of FUTA, SUTA, and workers’ compensation
  • Prepare Forms W-2, W-3, 941, and 940