{"product_id":"bookkeeping-kit-for-dummies-isbn-9781118116456","title":"Bookkeeping Kit For Dummies","description":"\u003cb\u003eThe easy way to get a handle on bookkeeping\u003c\/b\u003e  \u003cp\u003eAccurate and complete bookkeeping is crucial to any business owner, but it's also important to those who work with the business, such as investors, financial institutions, and employees. \u003ci\u003eBookkeeping For Dummies\u003c\/i\u003e provides the easy and painless way to master this critical skill.\u003c\/p\u003e \u003cp\u003eYou'll get clear and concise information on keeping track of transactions, figuring out balance sheets, keeping ledgers or journals, creating financial statements, and operating accounts for businesses, along with practices and examples to hone your skills. Plus, the bonus CD includes samples of bookkeeping forms, working papers, letters, resources, and spreadsheets.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eKeeping track of transactions\u003c\/li\u003e \u003cli\u003eFiguring out the balance sheet\u003c\/li\u003e \u003cli\u003eKeeping a ledger and journal\u003c\/li\u003e \u003cli\u003eCreating financial statements\u003c\/li\u003e \u003cli\u003eOperating accounts for businesses\u003c\/li\u003e \u003cli\u003eRecognizing assets and liabilities\u003c\/li\u003e \u003cli\u003eUp-to-date tax information\u003c\/li\u003e \u003cli\u003eChanges in small business regulations\u003c\/li\u003e \u003cli\u003eAdditional and complementary examples\u003c\/li\u003e \u003cli\u003eDemonstration problems\u003c\/li\u003e \u003cli\u003eTrue\/false and multiple-choice questions and scenarios\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eWhether you're a professional or a student looking to expand your skills, \u003ci\u003eBookkeeping Kit For Dummies\u003c\/i\u003e is a one-stop resource for anyone interested in this ever-growing occupation.\u003c\/p\u003e \u003cp\u003eIntroduction 1\u003c\/p\u003e \u003cp\u003eAbout This Book 1\u003c\/p\u003e \u003cp\u003eConventions Used in This Book 2\u003c\/p\u003e \u003cp\u003eFoolish Assumptions 3\u003c\/p\u003e \u003cp\u003eWhat You’re Not to Read 3\u003c\/p\u003e \u003cp\u003eHow This Book Is Organized 3\u003c\/p\u003e \u003cp\u003ePart I: Basic Bookkeeping: Why You Need It 4\u003c\/p\u003e \u003cp\u003ePart II: Keeping a Paper Trail 4\u003c\/p\u003e \u003cp\u003ePart III: Tracking Day-to-Day Business Operations with Your Books 4\u003c\/p\u003e \u003cp\u003ePart IV: Preparing the Books for Year’s (or Month’s) End 4\u003c\/p\u003e \u003cp\u003ePart V: Reporting Results and Starting Over 5\u003c\/p\u003e \u003cp\u003ePart VI: The Part of Tens 5\u003c\/p\u003e \u003cp\u003ePart VII: Appendixes 5\u003c\/p\u003e \u003cp\u003eIcons Used in This Book 5\u003c\/p\u003e \u003cp\u003eWhere to Go From Here 6\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I: Basic Bookkeeping: Why You Need It 7\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1: So You Want to Do the Books 9\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDelving Into Bookkeeping Basics 9\u003c\/p\u003e \u003cp\u003ePicking your accounting method 10\u003c\/p\u003e \u003cp\u003eUnderstanding assets, liabilities, and equity 10\u003c\/p\u003e \u003cp\u003eIntroducing debits and credits 10\u003c\/p\u003e \u003cp\u003eCharting your bookkeeping course 11\u003c\/p\u003e \u003cp\u003eRecognizing the Importance of an Accurate Paper Trail 11\u003c\/p\u003e \u003cp\u003eMaintaining a ledger 12\u003c\/p\u003e \u003cp\u003eKeeping journals 12\u003c\/p\u003e \u003cp\u003eConsider computerizing 12\u003c\/p\u003e \u003cp\u003eInstituting internal controls 13\u003c\/p\u003e \u003cp\u003eUsing Bookkeeping’s Tools to Manage Daily Finances 13\u003c\/p\u003e \u003cp\u003eMaintaining inventory 13\u003c\/p\u003e \u003cp\u003eTracking sales 14\u003c\/p\u003e \u003cp\u003eHandling payroll 14\u003c\/p\u003e \u003cp\u003eRunning Tests for Accuracy 14\u003c\/p\u003e \u003cp\u003eProving out your cash 15\u003c\/p\u003e \u003cp\u003eTesting your balance 15\u003c\/p\u003e \u003cp\u003eDoing bookkeeping corrections 15\u003c\/p\u003e \u003cp\u003eFinally Showing Off Your Financial Success 15\u003c\/p\u003e \u003cp\u003ePreparing financial reports 16\u003c\/p\u003e \u003cp\u003ePaying taxes 16\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2: Getting Down to Bookkeeping Basics 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eBookkeepers: The Record Keepers of the Business World 17\u003c\/p\u003e \u003cp\u003eBasic Bookkeeping Lingo 18\u003c\/p\u003e \u003cp\u003eAccounts for the balance sheet 19\u003c\/p\u003e \u003cp\u003eAccounts for the income statement 19\u003c\/p\u003e \u003cp\u003eOther common bookkeeping terms 20\u003c\/p\u003e \u003cp\u003ePractice: Account Basics 21\u003c\/p\u003e \u003cp\u003ePedaling through the Accounting Cycle 23\u003c\/p\u003e \u003cp\u003eTackling the Big Decision: Cash-Basis or Accrual Accounting 25\u003c\/p\u003e \u003cp\u003eWaiting for funds with cash-basis accounting 25\u003c\/p\u003e \u003cp\u003eRecording right away with accrual accounting 26\u003c\/p\u003e \u003cp\u003ePractice: Accrual versus Cash Accounting 27\u003c\/p\u003e \u003cp\u003eSeeing Double with Double-Entry Bookkeeping 29\u003c\/p\u003e \u003cp\u003eDifferentiating Debits and Credits 31\u003c\/p\u003e \u003cp\u003ePractice: Double-Entry Accounting 32\u003c\/p\u003e \u003cp\u003eAnswers to Problems on the Basics 34\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3: Outlining Your Financial Road Map with a Chart of Accounts 39\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGetting to Know the Chart of Accounts 39\u003c\/p\u003e \u003cp\u003eStarting with the Balance Sheet Accounts 41\u003c\/p\u003e \u003cp\u003eTackling assets 42\u003c\/p\u003e \u003cp\u003eLaying out your liabilities 45\u003c\/p\u003e \u003cp\u003eEyeing the equity 47\u003c\/p\u003e \u003cp\u003eTracking the Income Statement Accounts 48\u003c\/p\u003e \u003cp\u003eRecording the money you make: Revenue 49\u003c\/p\u003e \u003cp\u003eTracking the cost of sales 50\u003c\/p\u003e \u003cp\u003eAcknowledging the money you spend: Expense accounts 50\u003c\/p\u003e \u003cp\u003eSetting Up Your Chart of Accounts 53\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II: Keeping a Paper Trail 55\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4: The General Ledger: A One-Stop Summary of Your Business Transactions 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe Eyes and Ears of a Business: Looking at the General Ledger 57\u003c\/p\u003e \u003cp\u003eDeveloping Entries for the Ledger 58\u003c\/p\u003e \u003cp\u003ePractice: Summaries for General Ledger 62\u003c\/p\u003e \u003cp\u003ePosting Entries to the Ledger 65\u003c\/p\u003e \u003cp\u003eThe Cash account 65\u003c\/p\u003e \u003cp\u003eThe Accounts Receivable account 66\u003c\/p\u003e \u003cp\u003eThe Accounts Payable account 66\u003c\/p\u003e \u003cp\u003eThe balance sheet 67\u003c\/p\u003e \u003cp\u003eThe Sales account 67\u003c\/p\u003e \u003cp\u003eAdjusting for Ledger Errors 69\u003c\/p\u003e \u003cp\u003ePractice: Posting to the General Ledger 69\u003c\/p\u003e \u003cp\u003eUsing Computerized Transactions to Post and Adjust in the General Ledger 74\u003c\/p\u003e \u003cp\u003eAnswers to Problems on Ledgers 76\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5: Keeping Journals 81\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eEstablishing a Transaction’s Point of Entry 81\u003c\/p\u003e \u003cp\u003eWhen Cash Changes Hands: Juggling the Cash Accounts Journals 82\u003c\/p\u003e \u003cp\u003eKeeping track of incoming cash 82\u003c\/p\u003e \u003cp\u003eFollowing outgoing cash 84\u003c\/p\u003e \u003cp\u003ePractice: Cash Receipts and Cash Disbursements Journals 86\u003c\/p\u003e \u003cp\u003eManaging Sales Like a Pro 90\u003c\/p\u003e \u003cp\u003ePractice: Sales Journals 92\u003c\/p\u003e \u003cp\u003eKeeping Track of Purchases 93\u003c\/p\u003e \u003cp\u003ePractice: Purchases Journal 95\u003c\/p\u003e \u003cp\u003eDealing with Transactions that Don’t Fit the Big Four 96\u003c\/p\u003e \u003cp\u003ePractice: General Journal 98\u003c\/p\u003e \u003cp\u003ePosting Journal Information to Accounts 99\u003c\/p\u003e \u003cp\u003eSimplifying Your Journaling with Computerized Accounting 101\u003c\/p\u003e \u003cp\u003eAnswers to Problems on Keeping Journals 104\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6: Computer Options for Your Bookkeeping 111\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSurveying Your Software Options 111\u003c\/p\u003e \u003cp\u003eBookkeeper 112\u003c\/p\u003e \u003cp\u003eQuickBooks 113\u003c\/p\u003e \u003cp\u003eSage Peachtree Complete Accounting 114\u003c\/p\u003e \u003cp\u003eSetting Up Your Computerized Books 115\u003c\/p\u003e \u003cp\u003eCustomizing software to match your operations 117\u003c\/p\u003e \u003cp\u003eConverting your manual bookkeeping to a computerized system 119\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7: Controlling Your Books, Your Records, and Your Money 121\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePutting Controls on Your Business’s Cash 121\u003c\/p\u003e \u003cp\u003eChecking accounts 122\u003c\/p\u003e \u003cp\u003eSavings accounts 125\u003c\/p\u003e \u003cp\u003ePetty cash accounts 125\u003c\/p\u003e \u003cp\u003eCash registers 126\u003c\/p\u003e \u003cp\u003ePractice: Cash Controls 128\u003c\/p\u003e \u003cp\u003eKeeping the Right Paperwork 129\u003c\/p\u003e \u003cp\u003eCreating a fi ling system 130\u003c\/p\u003e \u003cp\u003eFiguring out what to keep and for how long 131\u003c\/p\u003e \u003cp\u003eProtecting Your Business against Internal Fraud 132\u003c\/p\u003e \u003cp\u003eFacing the reality of financial fraud 132\u003c\/p\u003e \u003cp\u003eDividing staff responsibilities 133\u003c\/p\u003e \u003cp\u003eBalancing control costs 135\u003c\/p\u003e \u003cp\u003ePractice: Internal Controls 136\u003c\/p\u003e \u003cp\u003eInsuring Your Cash through Employee Bonding 138\u003c\/p\u003e \u003cp\u003eAnswers to Problems on Controlling Your Books, Records, and Money 138\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart III: Tracking Day-to-Day Business Operations with Your Books 139\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8: Buying and Tracking Your Purchases 141\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eKeeping Track of Inventory 141\u003c\/p\u003e \u003cp\u003eEntering initial cost 143\u003c\/p\u003e \u003cp\u003eManaging inventory and its value 146\u003c\/p\u003e \u003cp\u003ePractice: Working with Inventory and Calculating Cost of Goods Sold 150\u003c\/p\u003e \u003cp\u003eBuying and Monitoring Supplies 153\u003c\/p\u003e \u003cp\u003eStaying on Top of Your Bills 154\u003c\/p\u003e \u003cp\u003eKeeping tasks separate 154\u003c\/p\u003e \u003cp\u003eDeveloping a system for Accounts Payable 155\u003c\/p\u003e \u003cp\u003ePaying early if it benefits you 155\u003c\/p\u003e \u003cp\u003ePractice: Calculating Discounts 156\u003c\/p\u003e \u003cp\u003eAnswers to Problems on Buying and Tracking Your Purchases 157\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9: Counting Your Sales 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCollecting on Cash Sales 159\u003c\/p\u003e \u003cp\u003eDiscovering the value of sales receipts 160\u003c\/p\u003e \u003cp\u003eRecording cash transactions in the books 161\u003c\/p\u003e \u003cp\u003ePractice: Recording Sales in the Books 163\u003c\/p\u003e \u003cp\u003eSelling on Credit 166\u003c\/p\u003e \u003cp\u003eDeciding whether to offer store credit 166\u003c\/p\u003e \u003cp\u003eRecording store credit transactions in the books 167\u003c\/p\u003e \u003cp\u003ePractice: Sales on Store (Direct) Credit 170\u003c\/p\u003e \u003cp\u003eProving Out the Cash Register 174\u003c\/p\u003e \u003cp\u003ePractice: Proving Out 175\u003c\/p\u003e \u003cp\u003eTracking Sales Discounts 177\u003c\/p\u003e \u003cp\u003ePractice: Recording Discounts 179\u003c\/p\u003e \u003cp\u003eRecording Sales Returns and Allowances 182\u003c\/p\u003e \u003cp\u003ePractice: Tracking Sales Returns and Allowances 183\u003c\/p\u003e \u003cp\u003eMonitoring Accounts Receivable 184\u003c\/p\u003e \u003cp\u003ePractice: Aging Summary 185\u003c\/p\u003e \u003cp\u003eAccepting Your Losses 186\u003c\/p\u003e \u003cp\u003eAnswers to Counting Your Sales 187\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10: Employee Payroll and Benefits 191\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eSetting the Stage for Staffing: Making Payroll Decisions 191\u003c\/p\u003e \u003cp\u003eCompleting government forms 192\u003c\/p\u003e \u003cp\u003ePicking pay periods 194\u003c\/p\u003e \u003cp\u003eDetermining wage and salary types 195\u003c\/p\u003e \u003cp\u003eCollecting Employee Taxes 197\u003c\/p\u003e \u003cp\u003eSorting out Social Security tax 197\u003c\/p\u003e \u003cp\u003eMaking sense of Medicare tax 197\u003c\/p\u003e \u003cp\u003eFiguring out federal withholding tax 198\u003c\/p\u003e \u003cp\u003eSettling up state and local withholding taxes 199\u003c\/p\u003e \u003cp\u003eDetermining Net Pay 199\u003c\/p\u003e \u003cp\u003ePractice: Payroll Tax Calculations 200\u003c\/p\u003e \u003cp\u003eSurveying Your Benefits Options 201\u003c\/p\u003e \u003cp\u003eTax-exempt benefits 201\u003c\/p\u003e \u003cp\u003eTaxable benefits 203\u003c\/p\u003e \u003cp\u003eDealing with cafeteria plans 203\u003c\/p\u003e \u003cp\u003ePreparing Payroll and Posting It in the Books 204\u003c\/p\u003e \u003cp\u003eCalculating payroll for hourly employees 204\u003c\/p\u003e \u003cp\u003eDoling out funds to salaried employees 204\u003c\/p\u003e \u003cp\u003eTotaling up for commission checks 205\u003c\/p\u003e \u003cp\u003eDetermining base salary plus tips 206\u003c\/p\u003e \u003cp\u003ePractice: Payroll Preparation 207\u003c\/p\u003e \u003cp\u003eFinishing the Job 209\u003c\/p\u003e \u003cp\u003eDepositing Employee Taxes 210\u003c\/p\u003e \u003cp\u003eOutsourcing Payroll and Benefits Work 211\u003c\/p\u003e \u003cp\u003eAnswers to Problems on Employee Payroll and Benefits 211\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11: Employer-Paid Taxes and Government Payroll Reporting 213\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePaying Employer Taxes on Social Security and Medicare 214\u003c\/p\u003e \u003cp\u003eFiling Form 941 214\u003c\/p\u003e \u003cp\u003eKnowing how often to fi le 215\u003c\/p\u003e \u003cp\u003eCompleting Unemployment Reports and Paying Unemployment Taxes 216\u003c\/p\u003e \u003cp\u003eExamining how states calculate the FUTA tax rate 217\u003c\/p\u003e \u003cp\u003eCalculating FUTA tax 218\u003c\/p\u003e \u003cp\u003eFiling and paying unemployment taxes to state governments 219\u003c\/p\u003e \u003cp\u003ePractice: Calculating FUTA Tax 220\u003c\/p\u003e \u003cp\u003eCarrying Workers’ Compensation Insurance 221\u003c\/p\u003e \u003cp\u003eMaintaining Employee Records 222\u003c\/p\u003e \u003cp\u003eAnswers to Problems on Employer-Paid Taxes and Government Payroll Reporting 225\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart IV: Preparing the Books for Year’s (or Month’s) End 227\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 12: Depreciating Your Assets 229\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDefining Depreciation 229\u003c\/p\u003e \u003cp\u003eKnowing what you can and can’t depreciate 230\u003c\/p\u003e \u003cp\u003eFiguring out the useful life of a fixed asset 231\u003c\/p\u003e \u003cp\u003eDelving into cost basis 232\u003c\/p\u003e \u003cp\u003ePractice: Calculating Cost Basis 233\u003c\/p\u003e \u003cp\u003eReducing the Value of Assets 234\u003c\/p\u003e \u003cp\u003eSharing the cost evenly: Straight-Line depreciation 234\u003c\/p\u003e \u003cp\u003eStarting stronger: Sum-of-Years-Digits depreciation 235\u003c\/p\u003e \u003cp\u003eDecreasing more quickly: Double-Declining Balance depreciation 236\u003c\/p\u003e \u003cp\u003eAccounting for varying output: Units of Production depreciation 237\u003c\/p\u003e \u003cp\u003ePractice: Calculating Depreciation 237\u003c\/p\u003e \u003cp\u003eTackling Taxes and Depreciation 238\u003c\/p\u003e \u003cp\u003eSection 179 239\u003c\/p\u003e \u003cp\u003eMACRS 240\u003c\/p\u003e \u003cp\u003eSetting Up Depreciation Schedules 240\u003c\/p\u003e \u003cp\u003eRecording Depreciation Expenses 241\u003c\/p\u003e \u003cp\u003eAnswers to Problems on Depreciating Your Assets 241\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 13: Paying and Collecting Interest 243\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDeciphering Types of Interest 243\u003c\/p\u003e \u003cp\u003eSimple interest 244\u003c\/p\u003e \u003cp\u003eCompound interest 244\u003c\/p\u003e \u003cp\u003ePractice: Calculating Simple and Compound Interest 245\u003c\/p\u003e \u003cp\u003eHandling Interest Income 246\u003c\/p\u003e \u003cp\u003eDelving Into Loans and Interest Expenses 247\u003c\/p\u003e \u003cp\u003eShort-term debt 247\u003c\/p\u003e \u003cp\u003eLong-term debt 251\u003c\/p\u003e \u003cp\u003ePractice: Calculating and Recording Credit and Long-Term Debt Payments 254\u003c\/p\u003e \u003cp\u003eAnswers to Problems on Paying and Collecting Interest 257\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 14: Proving Out the Cash 261\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Prove Out the Books? 261\u003c\/p\u003e \u003cp\u003eMaking Sure Ending Cash Is Right 262\u003c\/p\u003e \u003cp\u003eClosing the Cash Journals 263\u003c\/p\u003e \u003cp\u003eFinalizing cash receipts 264\u003c\/p\u003e \u003cp\u003eFinalizing cash outlays 268\u003c\/p\u003e \u003cp\u003ePractice: Closing the Cash Journals 269\u003c\/p\u003e \u003cp\u003eUsing a Temporary Posting Journal 271\u003c\/p\u003e \u003cp\u003eReconciling Bank Accounts 271\u003c\/p\u003e \u003cp\u003eTracking down errors 272\u003c\/p\u003e \u003cp\u003eUsing a computerized system 273\u003c\/p\u003e \u003cp\u003ePosting Adjustments and Corrections 275\u003c\/p\u003e \u003cp\u003eAnswers to Problems on Proving Out the Cash 276\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 15: Closing the Journals 277\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePrepping to Close: Checking for Accuracy and Tallying Things Up 277\u003c\/p\u003e \u003cp\u003ePaying attention to initial transaction details 278\u003c\/p\u003e \u003cp\u003eSummarizing journal entries 278\u003c\/p\u003e \u003cp\u003eAnalyzing summary results 281\u003c\/p\u003e \u003cp\u003ePlanning for cash flow 282\u003c\/p\u003e \u003cp\u003ePosting to the General Ledger 282\u003c\/p\u003e \u003cp\u003eChecking Out Computerized Journal Records 283\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 16: Checking Your Accuracy by Trial and (Hopefully No) Error 289\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWorking with a Trial Balance 289\u003c\/p\u003e \u003cp\u003eConducting your trial balance 290\u003c\/p\u003e \u003cp\u003eDealing with trial balance errors 291\u003c\/p\u003e \u003cp\u003ePractice: Preparing a Trial Balance 293\u003c\/p\u003e \u003cp\u003eTesting Your Balance with Computerized Accounting Systems 294\u003c\/p\u003e \u003cp\u003eDeveloping a Financial Statement Worksheet 295\u003c\/p\u003e \u003cp\u003eReplacing Worksheets with Computerized Reports 297\u003c\/p\u003e \u003cp\u003eAnswers to Problem on Checking Your Accuracy 299\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 17: Adjusting the Books 301\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAdjusting All the Right Areas 301\u003c\/p\u003e \u003cp\u003eDepreciating assets 302\u003c\/p\u003e \u003cp\u003eAllocating prepaid expenses 304\u003c\/p\u003e \u003cp\u003eCounting inventory 304\u003c\/p\u003e \u003cp\u003eAllowing for bad debts 305\u003c\/p\u003e \u003cp\u003eRecognizing unpaid salaries and wages 307\u003c\/p\u003e \u003cp\u003ePractice: Adjusting for Certain Expenses and Inventory 309\u003c\/p\u003e \u003cp\u003eTesting Out an Adjusted Trial Balance 312\u003c\/p\u003e \u003cp\u003eChanging Your Chart of Accounts 313\u003c\/p\u003e \u003cp\u003eAnswers to Problems on Adjusting the Books 314\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart V: Reporting Results and Starting Over 317\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 18: Developing a Balance Sheet 319\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGathering Balance Sheet Ingredients 319\u003c\/p\u003e \u003cp\u003eDividing and listing your assets 321\u003c\/p\u003e \u003cp\u003eAcknowledging your debts 323\u003c\/p\u003e \u003cp\u003eNaming your investments 324\u003c\/p\u003e \u003cp\u003eTa Da! Pulling Together the Final Balance Sheet 325\u003c\/p\u003e \u003cp\u003eAccount format 325\u003c\/p\u003e \u003cp\u003eReport format 326\u003c\/p\u003e \u003cp\u003eFinancial Position format 326\u003c\/p\u003e \u003cp\u003ePractice: Formatting Balance Sheets 327\u003c\/p\u003e \u003cp\u003ePutting Your Balance Sheet to Work 328\u003c\/p\u003e \u003cp\u003eTesting your cash 328\u003c\/p\u003e \u003cp\u003eAssessing your debt 329\u003c\/p\u003e \u003cp\u003ePractice: Calculating Balance Sheet Ratios 330\u003c\/p\u003e \u003cp\u003eGenerating Balance Sheets Electronically 332\u003c\/p\u003e \u003cp\u003eAnswers to Developing a Balance Sheet 332\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 19: Producing an Income Statement 337\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat’s an Income Statement? 337\u003c\/p\u003e \u003cp\u003eFormatting the Income Statement 338\u003c\/p\u003e \u003cp\u003ePreparing the Income Statement 339\u003c\/p\u003e \u003cp\u003eFinding Net Sales 340\u003c\/p\u003e \u003cp\u003eFinding Cost of Goods Sold 340\u003c\/p\u003e \u003cp\u003eDrawing the remaining amounts from your worksheet 340\u003c\/p\u003e \u003cp\u003eGauging your Cost of Goods Sold in a manufacturing environment 342\u003c\/p\u003e \u003cp\u003ePractice: Calculating Net Sales and Cost of Goods Sold 342\u003c\/p\u003e \u003cp\u003eDeciphering Gross Profit 344\u003c\/p\u003e \u003cp\u003eMonitoring Expenses 344\u003c\/p\u003e \u003cp\u003eUsing the Income Statement to Make Business Decisions 345\u003c\/p\u003e \u003cp\u003eTesting Profits 347\u003c\/p\u003e \u003cp\u003eReturn on Sales 348\u003c\/p\u003e \u003cp\u003eReturn on Assets 348\u003c\/p\u003e \u003cp\u003eReturn on Equity 349\u003c\/p\u003e \u003cp\u003ePractice: Calculating ROS, ROA, and ROE 349\u003c\/p\u003e \u003cp\u003eBranching Out with Income Statement Data 351\u003c\/p\u003e \u003cp\u003eAnswers to Producing an Income Statement 352\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 20: Completing Year-End Payroll and Reports 355\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTackling Year-End Employee Reporting 355\u003c\/p\u003e \u003cp\u003eSending in wage reports 360\u003c\/p\u003e \u003cp\u003eProducing 1099s for Vendors and Contractors 360\u003c\/p\u003e \u003cp\u003eFiling Year-End Summaries 363\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 21: Satisfying the Tax Man 365\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinding the Right Business Type 365\u003c\/p\u003e \u003cp\u003eSole proprietorship 365\u003c\/p\u003e \u003cp\u003ePartnership 366\u003c\/p\u003e \u003cp\u003eLimited Liability Companies (LLCs) 366\u003c\/p\u003e \u003cp\u003eCorporations 367\u003c\/p\u003e \u003cp\u003eTackling Tax Reporting for Sole Proprietors 368\u003c\/p\u003e \u003cp\u003eFiling Tax Forms for Partnerships 369\u003c\/p\u003e \u003cp\u003ePaying Corporate Taxes 370\u003c\/p\u003e \u003cp\u003eReporting for an S corporation 370\u003c\/p\u003e \u003cp\u003eReporting for a C corporation 370\u003c\/p\u003e \u003cp\u003eTaking Care of Sales Taxes Obligations 371\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 22: Prepping the Books for a New Accounting Cycle 373\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eFinalizing the General Ledger 373\u003c\/p\u003e \u003cp\u003eZeroing out income statement accounts 374\u003c\/p\u003e \u003cp\u003eCarrying over balance sheet accounts 375\u003c\/p\u003e \u003cp\u003eConducting Special Year-End Bookkeeping Tasks 375\u003c\/p\u003e \u003cp\u003eChecking customer accounts 376\u003c\/p\u003e \u003cp\u003eAssessing vendor accounts 377\u003c\/p\u003e \u003cp\u003eDeleting accounts 377\u003c\/p\u003e \u003cp\u003eStarting the Cycle Anew 378\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart VI: The Part of Tens 379\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 23: Ten Ways to Manage Your Business Cash with Your Books 381\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCharting the Way 381\u003c\/p\u003e \u003cp\u003eBalancing Your Entries 381\u003c\/p\u003e \u003cp\u003ePosting Your Transactions 382\u003c\/p\u003e \u003cp\u003eTracking Customer Collections 382\u003c\/p\u003e \u003cp\u003ePaying Bills Accurately and On Time 382\u003c\/p\u003e \u003cp\u003ePlanning Profi ts 383\u003c\/p\u003e \u003cp\u003eComparing Budget to Actual Expenses 383\u003c\/p\u003e \u003cp\u003eLooking at Sales Goals against Actual Sales 383\u003c\/p\u003e \u003cp\u003eMonitoring Cost Trends 384\u003c\/p\u003e \u003cp\u003eMaking Pricing Decisions 384\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 24: The Ten (Plus One) Most Important Accounts for Any Bookkeeper 385\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCash 385\u003c\/p\u003e \u003cp\u003eAccounts Receivable 386\u003c\/p\u003e \u003cp\u003eInventory 386\u003c\/p\u003e \u003cp\u003eAccounts Payable 386\u003c\/p\u003e \u003cp\u003eLoans Payable 386\u003c\/p\u003e \u003cp\u003eSales 387\u003c\/p\u003e \u003cp\u003ePurchases 387\u003c\/p\u003e \u003cp\u003ePayroll Expenses 387\u003c\/p\u003e \u003cp\u003eOffice Expenses 387\u003c\/p\u003e \u003cp\u003eOwners’ Equity 388\u003c\/p\u003e \u003cp\u003eRetained Earnings 388\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart VII: Appendixes 389\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAppendix A: Glossary 391\u003c\/p\u003e \u003cp\u003eAppendix B: About the CD 395\u003c\/p\u003e \u003cp\u003eSystem Requirements 395\u003c\/p\u003e \u003cp\u003eUsing the CD 396\u003c\/p\u003e \u003cp\u003eWhat You’ll Find on the CD 396\u003c\/p\u003e \u003cp\u003eSoftware 397\u003c\/p\u003e \u003cp\u003eChapter files 397\u003c\/p\u003e \u003cp\u003eTroubleshooting 399\u003c\/p\u003e \u003cp\u003eCustomer Care 400\u003c\/p\u003e \u003cp\u003eIndex 403\u003c\/p\u003e \u003cp\u003e\u003cb\u003eLita Epstein, MBA,\u003c\/b\u003e designs online courses about reading financial reports, investing, and taxes. She’s the author of \u003ci\u003eReading Financial Reports For Dummies\u003c\/i\u003e and also writes periodically for AOL’s Daily Finance. \u003c\/p\u003e  \u003cp\u003e\u003cb\u003eThe easy way to get a handle on bookkeeping\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eAccurate and complete bookkeeping is crucial to investors, financial institutions, and various employees in businesses, and \u003ci\u003eBookkeeping Kit For Dummies\u003c\/i\u003e provides the easy and painless way to master this critical skill. You’ll get clear and concise information along with plenty of practice opportunities and examples to hone your bookkeeping skills.  \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003e\u003cb\u003e\u003ci\u003eBrush up on basics — get an overview of how bookkeeping works, understand terminology unique to bookkeeping, and set up your company’s books\u003c\/i\u003e\u003c\/b\u003e\u003c\/li\u003e \u003cli\u003eKeep a paper trail — find out how to enter your financial transactions in the books, post transactions to your General Ledger, and track all the details in your journals \u003c\/li\u003e \u003cli\u003eRoll out the dough — track your day-to-day business operations, set up and manage employee payroll, and make sense of government paperwork that comes with new hires\u003c\/li\u003e \u003cli\u003eAll good things come to an end — delve into the process for closing out an accounting period, whether at the end of a month or the end of a year\u003c\/li\u003e \u003cli\u003eReport your results — discover how to use all the information in your books to prepare reports that show how well your company did during the month, quarter, or year\u003c\/li\u003e\n\u003c\/ul\u003e \u003cp\u003e\u003cb\u003eOpen the book and find:\u003c\/b\u003e \u003c\/p\u003e\u003cul\u003e\n\u003cli\u003e\u003cb\u003eTips for developing a good internal control system for managing your books\u003c\/b\u003e\u003c\/li\u003e \u003cli\u003eThe importance of an accurate paper trail\u003c\/li\u003e \u003cli\u003eHow to test the balance of your books\u003c\/li\u003e \u003cli\u003eYear-end government reports and IRS forms\u003c\/li\u003e \u003cli\u003eLedgers, journals, and computer options \u003c\/li\u003e \u003cli\u003eHow to protect your business against internal fraud\u003c\/li\u003e \u003cli\u003eWays to stay on top of inventory, supplies, and bills\u003c\/li\u003e \u003cli\u003eLots of practice exercises\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"For Dummies","offers":[{"title":"Default Title","offer_id":47988851409125,"sku":"NP9781118116456","price":34.99,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9781118116456.jpg?v=1761781776","url":"https:\/\/k12savings.com\/es\/products\/bookkeeping-kit-for-dummies-isbn-9781118116456","provider":"K12savings","version":"1.0","type":"link"}