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. Log in to your Cengage Now account
  5. Click STUDY TOOLS
  6. Click ADAPTIVE STUDY PLAN
  7. Next to Chapter 2 – T Accounts, Debits and Credits, Trial Balance, and Financial Statements click START STUDYING
  8. Click 1. Determine balances of T accounts and complete the following:
    1. eBook – 2.1: The T Account Form — Read & study it as a review
    2.  Show Me How: Determine balances of T accounts.  — Watch it
    3. SHOW ME WHEN YOU ARE DONE
  9. Click 2. Present the fundamental accounting equation using the T account form and label the plus and minus sides. and complete the following:
    1.  eBook – 2.2: The T Account Form with Plus and Minus Sides — Read & study it as a review
    2. Show Me How: Present the fundamental accounting equation using the T account form and label the plus and minus sides. — Watch it
    3.  Practice! — Do it
    4. SHOW ME WHEN YOU ARE DONE
  10. 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.

REVIEW:

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

  • Present the fundamental accounting equation using the T account form and label the debit and credit sides.

RIGHT NOW:

  1. Open your textbook to page 54 & listen to this first video about learning objective 3, the T account form with debits and credits, as you follow along in your textbook
  2. Log in to your Cengage Now account
  3. Click ASSIGNMENTS
  4. Complete the Chapter 2 Learning Objective 3 Assignments
  5. Click STUDY TOOLS
  6. Click ADAPTIVE STUDY PLAN
  7. Next to Chapter 2 – T Accounts, Debits and Credits, Trial Balance, and Financial Statements click RESUME STUDYING
  8. Click 3. Present the fundamental accounting equation using the T account form and label the debit and credit sides.
    1.  eBook – 2.3: The T Account Form with Debits and Credits  — Read & study it
    2. Show Me How: Present the fundamental accounting equation using the T account form and label the debit and credit sides. — Watch it
    3. Practice! — Do it
    4. SHOW ME WHEN YOU ARE DONE
  9. In an email message to me, explain the difference between a debit and credit.

REVIEW:

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

  • Record directly in T accounts a group of business transactions involving changes in asset, liability, owner’s equity, revenue, and expense accounts for a service business.

RIGHT NOW:

  1. Open your textbook to page 55 & listen to this first video about learning objective 4, recording business transactions in T accounts, as you follow along in your textbook
  2. Turn in your textbook to page 64 & listen to this second video about learning objective 4, recording business transactions in T accounts, as you follow along in your textbook
  3. Log in to your Cengage Now account
  4. Click ASSIGNMENTS
  5. Complete the Chapter 1 Objective 4 Assignment
  6. Click STUDY TOOLS
  7. Click ADAPTIVE STUDY PLAN
  8. Next to Chapter 2 – T Accounts, Debits and Credits, Trial Balance, and Financial Statements click RESUME STUDYING
  9. Click 4. Record directly in T accounts a group of business transactions involving changes in asset, liability, owner’s equity, revenue, and expense accounts for a service business.
    1.  eBook – 2.4: Recording Business Transactions in T Accounts — Review & study
    2. Show Me How: Record directly in T accounts a group of business transactions involving changes in asset, liability, owner’s equity, revenue, and expense accounts for a service business. — Watch it
    3. Practice! — Do it
    4. SHOW ME WHEN YOU ARE DONE
  10. In an email message to me, explain in your own words how you will remember the normal balance side for each type of account.

REVIEW:

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

  • Prepare a trial balance

RIGHT NOW:

  1. Open your textbook to page 67 & listen to this video about learning objective 5, the trail balance
  2. Read the “In the Real World” at the top of page 69
  3. Log in to your Cengage Now account
  4. Click ASSIGNMENTS
  5. Complete the Chapter 2 Objective 5 Assignment
  6. Click STUDY TOOLS
  7. Click ADAPTIVE STUDY PLAN
  8. Next to Chapter 2 – T Accounts, Debits and Credits, Trial Balance, and Financial Statements click RESUME STUDYING
  9. Click 5. Prepare a trial balance.
    1.  eBook – 2.5: The Trial Balance  — Review & study
    2. Show Me How: Prepare a trial balance.  — Watch it
    3. Practice! — Do it
    4. Practice! — Do it
    5. SHOW ME WHEN YOU ARE DONE
  10. In an email message to me, explain why it is important for an accountant to prepare a trial balance.

REVIEW:

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

  • Prepare an income statement, a statement of owner’s equity, and a balance sheet

RIGHT NOW:

  1. Open your textbook to page 68 & listen to this video about learning objective 6, the major financial statements
  2. Log in to your Cengage Now account
  3. Click ASSIGNMENTS
  4. Complete the Chapter 2 Objective 6 Assignment
  5. Click STUDY TOOLS
  6. Click ADAPTIVE STUDY PLAN
  7. Next to Chapter 2 – T Accounts, Debits and Credits, Trial Balance, and Financial Statements click RESUME STUDYING
  8. Click 6. Prepare (a) an income statement, (b) a statement of owner’s equity, and (c) a balance sheet.
    1. eBook – 2.6: Major Financial Statements — Review & study
    2. Show Me How: Prepare an income statement. — Watch it
    3. Show Me How: Prepare a statement of owner’s equity. — Watch it
    4. Show Me How: Prepare a balance sheet. — Watch it
    5. Practice! — Do it
    6. SHOW ME WHEN YOU ARE DONE
  9. In an email message to me, explain the order in which the financial statements are created and why it is important for them to be created in that order.

REVIEW:

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

  • Recognize the effect of errors on account balances

RIGHT NOW:

  1. Open your textbook to page 71 & listen to this video about learning objective 7, errors exposed by the trial balance
  2. Log in to your Cengage Now account
  3. Click ASSIGNMENTS
  4. Complete the Chapter 2 Objective 6 Assignment
  5. Click STUDY TOOLS
  6. Click ADAPTIVE STUDY PLAN
  7. Next to Chapter 2 – T Accounts, Debits and Credits, Trial Balance, and Financial Statements click RESUME STUDYING
  8. Click 7. Recognize the effect of errors on account balances.
    1. eBook – 2.7: Errors Exposed by the Trial Balance — Review & study
    2. Show Me How: Recognize the effect of errors on account balances. — Watch it
    3. Practice! — Do it
    4. Practice! — Do it
    5. SHOW ME WHEN YOU ARE DONE
  9. In an email message to me, explain what you should look for if you discover there is an error at any point in preparing the financial statements.