TURN IN YOUR HOMEWORK FROM LAST CLASS: Managing Your Writing (page 19) & Chapter 1 Quiz on the STUDENT RESOURCE WEB PAGE

You have today and the next 3 classes to finish this lesson plan. Take your time and LEARN!!!

TAKE THE TUTORIAL QUIZ as a PRE-TEST–THIS WILL NOT GO IN MY GRADEBOOK!!! Be sure to choose CHAPTER 2 from the drop-down menu!!

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.
  1. The definitions for the accounting elements are very important.Memorizing definitions can be boring. But it is extremely important that you ensure a solid understanding of these definitions. Throughout the course, you will be expected to be able to identify the accounting elements represented by the accounts used in transactions.
  2. At the end of this chapter and all subsequent chapters, there is a fully worked-out demonstration problem, which will aid you in completing and understanding your assignments.

LO1–WATCH THIS VIDEO

In-Class Exercise: Complete Exercises E2-1A, E2-1B on pages 42 & 45 with a partner–we will check them together

Homework: Study Guide Review Questions 2, 3, 4, 5, 7 (in the Green Book on page SG 8); End of Chapter Review Question 1, 2 (in your textbook on page 42)

Watch this video as a Review to LO1