| Sumario: | The objective of this practice set is to expose the student to a real-world simulation of maintaining a complete set of books for the accounting information system of a retail business organized as a proprietorship. The Heritage Home Furniture practice set introduces more complex transactions usually associated with larger businesses. The student will have ample opportunity to analyze and record a wide variety of business transactions generally covered in a financial accounting course. However, a major objective of this practice set is to involve the student in the end-of-the-period analytical work which requires a thorough understanding of the accrual basis of accounting and the skills of a trained accountant. The student will become familiar with: Analyzing business transactions and recording them in appropriate accounting journals and records. Business taxes such as employer payroll taxes and employee tax with-holdings. Posting to the general ledger and accounts receivable and accounts payable subsidiary ledgers. Preparing end-of-the-period adjustments, including a bank reconciliation, declining-balance depreciation, and a complete set of financial statements. Closing the accounting records.
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