Day 17 (A)

GOAL: Before you leave class today you will be able to:

  • Determine balances of T accounts
  • Present the fundamental accounting equation using the T form and label the plus and minus sides

RIGHT NOW:

  1. Open your textbook to page 50 & listen to this intro to chapter 2 video as you follow along in your textbook
  2. Turn in your textbook to page 51 & listen to this learning objective 1 video about The T Account Form as you follow along
  3. Open your textbook to page 53 & listen to this video about learning objective 2, the T account form with plus and minus sides, as you follow along in your textbook
  4. Go to page 73 and do the following:
    1. Practice Exercise 1
      1. Get the handout from your teacher
      2. Read the instructions & do it
      3. Check your work with the solution on page 73
    2. Practice Exercise 2
      1. On the bottom of the handout from Practice Exercise 1, read the instructions & do Practice Exercise 2 without looking at the solution–actually DRAW the t-accounts……
      2. Check your work with the solution on page 74
  5. In an email message to me, explain in your own words why assets, liabilities, and the owner’s equity accounts increase on the sides they increase on.