accounting 617

Discuss the objectives for Weeks One and Two. Your discussion should include the topics you feel comfortable with, any topics you struggled with, and how the weekly topics relate to application in your field.

Write a 350- to 1,050-word summary of the team’s discussion.

objectives

week 1

1. Prepare journal entries to account for transactions related to accounts receivable and bad debt using both percentage of sales and the percentage of receivables methods.

2. Distinguish between tangible and intangible assets.

3. Identify the entries associated with acquisition, disposal, and sales of plant assets.

          4. Distinguish between revenue and capital expenditures, and the entries associated with each.

week 2

1. Differentiate among accounts payable, notes payable, and accrued expenses.

2. Prepare necessary journal entries to record the issuance of bonds, the periodic interest, and amortization of bond premiums and discounts.

          3. Calculate depreciation and amortization expense using various methods.