- Write the expanded Accounting equation
- List all the accounts that you know are assets under assets in the Accounting equation
- List all the accounts that you know are liabilities under liabilities in the Accounting equation
- List all the accounts that you know affect Owner’s Equity and how they affect Owner’s Equity.
- Of the following transactions, write down the answers to these 3 questions for each transaction:
- What ACCOUNTS are affected?
- How are they affected?
- How is the Accounting equation affected?
- Purchased office supplies on account
- Performed services for a customer on account
- Paid for prepaid insurance
- Invested money in your own business
- Paid your employees wages
- Took money out of your business for your personal use
- Purchased equipment and paid cash for half and paid for the other half on account
- Received cash from a customer for their payment on their account
- Paid cash on your account from the equipment you purchased in transaction #7
Analyzing Transactions: The Accounting Equation
- LO1 Define the accounting elements.
- LO2 Construct the accounting equation.
- LO3 Analyze business transactions.
- LO4 Show the effects of business transactions on the accounting equation.
- LO5 Prepare and describe the purposes of a simple income statement, statement of owner’s equity, and balance sheet.
- LO6 Define the three basic phases of the accounting process.
- In-Class Exercise:
- Complete Exercises E2-4A, E2-4B on pages 43 & 45–CREATE A SPREADSHEET TO DO THIS–WORK WITH A PARTNER–Print with your names on it
- Complete Problems P2-9A, P2-9B on pages 44 & 47–USE THIS VIDEO TO HELP YOU–Print with your name on it
- Download them to your Accounting folder & save them when you are done. You will use the files again.
- Here are the spreadsheets you need: P2-9A & P2-9B
- Show me when you are done
- In-Class Exercise (HAND THESE ALL IN WHEN YOU ARE DONE):
- Study Guide Review Questions 11, 12, 13, 14, 15
- Study Guide Exercises 2, 6, 7, 8
- Study Guide Problem 13
- End of Chapter Review Question 2
- PLAY THE GAMES FOR CHAPTER 2 HERE
- GO HERE & PLAY BANK ON IT WITH A PARTNER–Our class code is B6U3EMRW
- EXTRA PRACTICE