accounting 341

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Week 2:

http://www.principlesofaccounting.com/(PoA).


A. Complete the self-graded questions for ch 4 5 6 7 & 8 at PoA. Writing Journal Entries is an important skill.
the questions appear at the top of the first screen for each chapter as Fill in the Blank and Multiple Choice

B. Review your SEC 10-K company’s balance sheet. Your SEC 10-K company should have inventory and Cost of Goods Sold accounts.
Sales require 4 line items for the Journal Entry

Debit Cash or Accounts Receivable (if on account)
Credit Sales Revenue
Debit Cost of Goods Sold (an expense account, included on the income statement)
Credit Inventory (a balance sheet account)

Consider the logic of this process.

What key profit factor do you learn from this Journal entry?

Complete the report below and submit in the Assignment Folder.

Write a brief report on your activities this week as a Word document and upload it to this week’s Homework assignment folder.

If you’re not sure what to write, here are some things to consider:

  • What resources did you find most/least helpful this week?
  • What topic(s) gave you trouble this week (if any)?
  • What topic(s) do you feel you were able to grasp?
  • How might you change your time management or study habits?
  • Comment on the value of the activities you completed this week

These are just examples of things you could write about, but feel free to write anything you want. There are no right or wrong answers to this weekly homework report assignment.

Remember all submissions and postings in our class must be in your own words. Deliverables are to be single spaced with double spacing between paragraphs. We are writing business reports. Comments you create in this submission, serve, effectively, as a business report on the week.

 
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