Cover image for Bookkeeping the easy way
Bookkeeping the easy way
Kravitz, Wallace W.
Personal Author:
Third edition.
Publication Information:
Hauppauge, NY : Barren's Educational Series, 1999.
Physical Description:
vii, 328 pages ; 28 cm
Subject Term:
Format :


Call Number
Material Type
Home Location
Item Holds
HF5635 .K87 1999 Civil Service and Exam Books Central Closed Stacks-Oversize
HF5635 .K87 1999 Civil Service and Exam Books Civil Service
HF5635 .K87 1999 Adult Non-Fiction Open Shelf
HF5635 .K87 1999 Adult Non-Fiction Open Shelf
HF5635 .K87 1999 Adult Non-Fiction Open Shelf
HF5635 .K87 1999 Adult Non-Fiction Open Shelf

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This updated edition presents a simplified, step-by-step approach to bookkeeping principles for beginners. The book also concentrates on instructing owners of small businesses who keep their own records. Chapters demonstrate use of financial statements, the ledger, the two-column general journal, and various other journals. Instruction includes true-to-life bookkeeping problems with answers.

Table of Contents

Prefacep. vii
Cycle 1 A Personal/Service-Type Business
Chapter 1 Assets, Liabilities, and Owner's Equityp. 3
Definition of Assetsp. 3
Examples of Assets--Personal and Businessp. 3
Definition of Liabilitiesp. 4
Examples of Liabilities--Personal and Businessp. 4
Definition of Owner's Equityp. 5
Examples of Owner's Equityp. 5
The Fundamental Bookkeeping Equation: Assets = Liabilities + Owner's Equityp. 5
Variations of the Fundamental Equationp. 6
Chapter 2 Business Transactions and Changes in the Fundamental Bookkeeping Equationp. 9
Transactions Increasing Accountsp. 10
Transactions Decreasing Accountsp. 10
Transactions That Increase and Decrease Accountsp. 11
Chapter 3 The Balance Sheetp. 15
Purpose, Form, and Contentp. 15
Fundamental Bookkeeping Equationp. 16
Changes in Owner's Equityp. 17
Chapter 4 The Ledgerp. 23
"T" Form of Accounts--Ruled Forms, Debit and Creditp. 23
Opening Account Balancesp. 24
Rules for Increases/Decreases in Assets, Liabilities, and Owner's Equityp. 24
Proving the Equality of Debits and Creditsp. 25
Chapter 5 Owner's Equity Accountsp. 31
Revenue Accounts for Income Earnedp. 31
Expensesp. 31
Net Income/Net Lossp. 31
Effect of Revenue/Expenses on Owner's Equityp. 32
Owner's Drawing Accountp. 32
Effect of Withdrawal on Owner's Equityp. 33
Chapter 6 Two-Column General Journalp. 39
Book of Original Entryp. 39
Source Documentsp. 40
Journalizingp. 42
Chapter 7 Posting the General Journalp. 45
Posting Procedurep. 45
Journal to Ledgerp. 46
Cross Referencingp. 47
Trial Balancep. 47
Chapter 8 The Trial Balance and Work Sheetp. 55
Locating Errorsp. 55
Errors That the Trial Balance Does Not Revealp. 56
The Six-Column Work Sheetp. 56
Chapter 9 Financial Statementsp. 63
Income Statement--Form and Contentp. 63
Capital Statementp. 64
Balance Sheet--Form and Contentp. 66
Chapter 10 Closing the Ledgerp. 73
Revenue and Expense Summaryp. 73
Accounts Closed/Accounts Open--Ruling, Balancingp. 76
Chapter 11 Cash Systems, Checking Accountsp. 91
Opening a Checking Accountp. 91
Endorsing Checksp. 91
Making Depositsp. 92
Drawing Checksp. 93
The Bank Statementp. 94
Reconciling Check Stub Balance and Bank Statementp. 94
Two-Column Cashbookp. 95
Chapter 12 The Petty Cash Fundp. 101
Purpose of the Fundp. 101
Establishing the Fundp. 101
Making Disbursementsp. 102
Proving Petty Cashp. 103
Replenishing the Fundp. 103
Cycle One Examinationp. 109
Cycle 2 A Merchandising Business
Chapter 13 Purchases of Merchandisep. 119
Purchasing on Account--Accounts Payablep. 119
Purchases Journalp. 119
Posting Creditors' Accountsp. 120
Summarizing the Purchases Journalp. 120
Schedule of Accounts Payablep. 122
Chapter 14 Cash Disbursements Journalp. 129
Columnar Journal--Special Columnsp. 129
Summarizing the Journalp. 130
Schedule of Accounts Payablep. 132
Source Document for Cash Disbursementp. 133
Chapter 15 Sales of Merchandisep. 137
Sales on Accountp. 137
Sales Journal and Accounts Receivable Ledgerp. 137
Source Documents for Sales Journal Entriesp. 138
Posting and Summarizing the Sales Journalp. 138
Schedule of Accounts Receivablep. 140
Chapter 16 Cash Receipts Journalp. 147
Purpose of Cash Receipts Journalp. 147
Posting to Accountsp. 148
Summarizing the Cash Receipts Journalp. 148
Schedule of Accounts Receivablep. 151
Expanding the Journalp. 151
Source Documents for Cash Receiptsp. 152
Chapter 17 General Journal, Four-Column Formatp. 159
Sales Returns and Allowances, and Purchases Returns and Allowancesp. 159
Source Documentsp. 160
Correcting Errors in Ledger Postingsp. 161
Statement of Accountp. 162
Chapter 18 Eight-Column Work Sheetp. 171
Trial Balancep. 171
Adjusting Entriesp. 171
Merchandise Inventoryp. 172
Suppliesp. 172
Other Prepaid Expensesp. 172
Extending Updated Balancesp. 172
Determining Net Income or Net Lossp. 172
Chapter 19 Financial Statementsp. 183
Income Statementp. 184
Capital Statementp. 185
Balance Sheetp. 187
Chapter 20 Adjusting and Closing the General Ledgerp. 197
Adjusting Accountsp. 197
Closing Accountsp. 199
Post-Closing Trial Balancep. 201
Chapter 21 Using a Combination Journalp. 207
Combination Journal for Personal Usep. 207
Combination Journal for Business Usep. 208
Computer Spreadsheetsp. 210
Cycle Two Examinationp. 217
Answersp. 231
Indexp. 326