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Level 3 Foundation Diploma in Accountancy

Processing Double-Entry Transactions

AB303 · Maintaining Financial Records — Week 4 of 16

CourseAB303
Week4 of 16
SemesterII
TutorOnline in the course chat

This week’s topics

Processing Double-Entry Transactions

  1. Recording credit sales and purchases
  2. Handling returns inward and outward
  3. Recording expense payments and drawings
  4. Balancing off ledger accounts

What you will be able to do

  • 2.2 Use the double-entry system of bookkeeping to process accounting data.

Activity

Seminar, guided reading and a short written task: use the double-entry system of bookkeeping to process accounting data.

Study materials

Videos

  • Accounting Lecture 02 Part 1 - Recording Transactions · YouTube · Craig Pence · 12 min · for registered students
  • Accounting 1: Program #9 - "Analyzing and Recording Transactions" · YouTube · JCCCvideo · 51 min · for registered students
  • Accounting Lecture 07 Part II - Inventory Sales and the Income Statement · YouTube · Craig Pence · 15 min · for registered students

Further resources

  • Principles of Accounting Vol. 1, ch. 6.3–6.4: Recording purchases, sales and returns · PDF · OpenStax, textbook chapter; pp. 347–359 · for registered students
  • Introduction to Financial Accounting, Lyryx 2023-A, ch. 5: Accounting for the Sale of Goods · PDF · Other, textbook chapter; pp. 185–220 · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
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Course plan
  • Week 1: The Accounting Equation
  • Week 2: Fundamental Accounting Concepts
  • Week 3: Double-Entry Bookkeeping Principles
  • Week 4: Processing Double-Entry Transactions
  • Week 5: The Trial Balance
  • Week 6: Trade and Cash Discounts
  • Week 7: The Three-Column Cash Book: Structure and Purpose
  • Midterm: Midterm evaluation
  • Week 9: Preparing and Balancing the Three-Column Cash Book
  • Week 10: Bank Reconciliation Principles
  • Week 11: Preparing the Bank Reconciliation Statement
  • Week 12: Applying Maintaining Financial Records in practice: case st…
  • Week 13: Assignment workshop: research, planning and referencing
  • Week 14: Assignment workshop: drafting, feedback and improvement
  • Week 15: Review and coursework completion
  • Final: Final assessment and submission
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