GOAL: Before you leave class today you will be able to:
- Define fiscal period and fiscal year and explain the accounting cycle
- List the classifications of the accounts that occupy each column of a ten-column work sheet.
- Open your textbook to page 146 & listen to this intro video about chapter 4–Adjusting Entries and the Work Sheet
- Open your textbook to pages 147-148 & listen to this video about 4-1 Fiscal Period
- Go to page 168 and read and do Practice Exercise 1 at the bottom of the page. Cover the answer & check your work when you are done.
- Read the REMEMBER on page 148!!!
- Open your textbook to pages 148-149 & listen to this video about The Columns of the Work Sheet
- Go to page 169 in your textbook and do Practice Exercise 2–Get the handout from your teacher to complete it. Cover the solution and check your work when you are done.
- Go to page 179 in your textbook and do Exercise 4-1. Get the handout from your teacher. Check your work with the answer key.
- Go to page 180 in your textbook and do Exercise 4-2 on the back of Exercise 4-1. Check your work with the answer key.
- In an email message to me, explain the difference between a fiscal year and a fiscal period. Also, explain the purpose of completing a worksheet.