REVIEW GAME:

  1. Write the expanded Accounting equation
  2. List all the accounts that you know are assets under assets in the Accounting equation
  3. List all the accounts that you know are liabilities under liabilities in the Accounting equation
  4. List all the accounts that you know affect Owner’s Equity and how they affect Owner’s Equity.
  5. Of the following transactions, write down the answers to these 3 questions for each transaction:
    1. What ACCOUNTS are affected?
    2. How are they affected?
    3. How is the Accounting equation affected?
      1. TRANSACTIONS:
        1. Purchased office supplies on account
        2. Performed services for a customer on account
        3. Paid for prepaid insurance
        4. Invested money in your own business
        5. Paid your employees wages
        6. Took money out of your business for your personal use
        7. Purchased equipment and paid cash for half and paid for the other half on account
        8. Received cash from a customer for their payment on their account
        9. Paid cash on your account from the equipment you purchased in transaction #7

Chapter 2

Analyzing Transactions: The Accounting Equation

 Learning Objectives

  • 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.

LO4

  1. In-Class Exercise:
    1. 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
    2. Complete Problems P2-9A, P2-9B on pages 44 & 47–USE THIS VIDEO TO HELP YOU–Print with your name on it
    3. Download them to your Accounting folder & save them when you are done. You will use the files again.
    4. Here are the spreadsheets you need:  P2-9A  & P2-9B
    5. Show me when you are done
  2. In-Class Exercise (HAND THESE ALL IN WHEN YOU ARE DONE):
    1. Study Guide Review Questions 11, 12, 13, 14, 15
    2. Study Guide Exercises 2, 6, 7, 8
    3. Study Guide Problem 13
    4. End of Chapter Review Question 2
  3. PLAY THE GAMES FOR CHAPTER 2 HERE
  4. GO HERE & PLAY BANK ON IT WITH A PARTNER–Our class code is B6U3EMRW
  5. EXTRA PRACTICE