In an email message to me, write a short 1-2 sentence thank you to Laura Dawson, our guest speaker from last week. Be sure to write at least 1 specific thing you gained from listening to her.
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.
Guidelines for preparing financial Statements–READ AND DO:
- Standard formats should be used.
- Headings should be used on all statements.
- Single underline should be used to add or subtract numbers above the line; double underlines indicate a total.
- Dollar signs are used at the top of columns and beneath single (subtotal) underlines.
- Expenses may be listed from highest to lowest dollar amount.
- Assets are listed from most liquid to least liquid.
- Liabilities are listed from most current to the least current.
- The Income Statement (See Figure 2-2) & WATCH THIS VIDEO
- In-Class Exercise: Complete Problems P2-10A, P2-10B –Create the income statements in the same Excel file you downloaded for P2-9A, P2-9B on pages 44 & 47–WATCH THIS VIDEO TO HELP YOU COMPLETE P2-10A–SHOW ME WHEN YOU ARE DONE!!!!
- The Statement of Owner’s Equity (See Figure 2-2) & WATCH THIS VIDEO
- In-Class Exercise (COMPLETE THEM IN ORDER):
- E2-6A page 43 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM
- E2-6B page 46
- E2-7A page 43 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM
- E2-7B page 46
- P2-11A page 45 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM–Create the statements of owner’s equity in the same Excel file you downloaded for P2-9A, P2-9B on pages 44 & 47
- P2-11B page 47