Day 65 (A)

LOG IN TO CENGAGE & TAKE THE CHAPTER 5 TEST–You only get ONE ATTEMPT!! You can only SUBMIT ONE TIME!!

 

 

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

  • Define and identify asset, liability, and owner’s equity accounts.

RIGHT NOW:

  1. Open your textbook to page 12 & listen to this intro to chapter 1 video as you follow along in your textbook
  2. Turn in your textbook to page 14 & listen to this learning objective 1 video about assets, liabilities, and owner’s equity as you follow along
  3. Log in to your Cengage Now account
  4. Click ASSIGNMENTS
  5. Complete the Chapter 1 Learning Objective 1 Exercises assignment
  6. Watch & do this video about how to use the Adaptive Study Plan in CengageNOW–remember to show me when you are done!
  7. In an email message to me, explain what types of asset accounts you might have if you owned your own bowling alley.

REVIEW:

  1. Play this Kahoot! to review learning objective 1, define and identify asset, liability, and owner’s equity accounts

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

  • Record, in column form, a group of business transactions involving changes in assets, liabilities, and owner’s equity

RIGHT NOW:

  1. Open your textbook to page 16 & listen to this first video about learning objective 2, how to analyze transactions, as you follow along in your textbook
  2. Turn in your textbook to page 19 & listen to this learning objective 2 video about analyzing transactions as you follow along
  3. Log in to your Cengage Now account
  4. Click ASSIGNMENTS
  5. Complete the Chapter 1 Learning Objective 2 Assignment
  6. Click STUDY TOOLS
  7. Click ADAPTIVE STUDY PLAN
  8. Next to Chapter 1 – Asset, Liability, Owner’s Equity, Revenue, and Expense Accounts click RESUME STUDYING
  9. Click 2. Record, in column form, a group of business transactions involving changes in assets, liabilities, and owner’s equity and complete the following:
    1. eBook – 1.2: Recording Business Transactions — Read & study it as a review
    2. Show Me How: Record, in column form, a group of business transactions involving changes in assets, liabilities, and owner’s equity. — Watch it
    3. Practice! — Do it
    4. Practice! — Do it
    5. Practice! — Do it
    6. SHOW ME WHEN YOU ARE DONE
  10. In an email message to me, explain what types of liability accounts you might have if you owned your own bowling alley.

REVIEW:

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

  • Define and identify revenue and expense accounts

RIGHT NOW:

  1. Read the top of page 21–ACCOUNTING IN YOUR FUTURE
  2. Open your textbook to page 21 & listen to this first video about learning objective 3, define and identify revenue and expense accounts, as you follow along in your textbook
  3. Log in to your Cengage Now account
  4. Click ASSIGNMENTS
  5. Complete the Chapter 1 Learning Objective 3 Assignments
  6. Click STUDY TOOLS
  7. Click ADAPTIVE STUDY PLAN
  8. Next to Chapter 1 – Asset, Liability, Owner’s Equity, Revenue, and Expense Accounts click RESUME STUDYING
  9. Click 3. Define and identify revenue and expense accounts.
    1. eBook – 1.3: Revenue and Expense Accounts — Read & study it
    2. Show Me How: Define and identify revenue and expense accounts. — Watch it
    3. SHOW ME WHEN YOU ARE DONE
  10. In an email message to me, explain what types of revenue & expense accounts you might have if you owned your own bowling alley.

REVIEW:

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

  • Record, in column form, a group of business transactions involving all five elements of the fundamental accounting equation.

RIGHT NOW:

  1. Open your textbook to page 23 & listen to this first video about learning objective 4, record, in column form, a group of business transactions involving all five elements of the fundamental accounting equation, as you follow along in your textbook
  2. Turn in your textbook to page 27 & listen to this second video about learning objective 4, record, in column form, a group of business transactions involving all five elements of the fundamental accounting equation, as you follow along in your textbook
  3. Turn in your textbook to page 30 & listen to this third video about learning objective 4, record, in column form, a group of business transactions involving all five elements of the fundamental accounting equation, as you follow along in your textbook
  4. Log in to your Cengage Now account
  5. Click ASSIGNMENTS
  6. Complete the Chapter 1 Objective 4 Assignment
  7. Click STUDY TOOLS
  8. Click ADAPTIVE STUDY PLAN
  9. Next to Chapter 1 – Asset, Liability, Owner’s Equity, Revenue, and Expense Accounts click RESUME STUDYING
  10. Click 4. Record, in column form, a group of business transactions involving all five elements of the fundamental accounting equation.
    1. eBook – 1.4: Recording Business Transactions — Review & study
    2. Show Me How: Record, in column form, a group of business transactions involving all five elements of the fundamental accounting equation. — Watch it
    3. Practice! — Do it
    4. Practice! — Do it
    5. SHOW ME WHEN YOU ARE DONE
  11. In an email message to me, explain what types of transactions you might have if you owned your own bowling alley.

REVIEW:

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

  • Review your knowledge of analyzing transactions

RIGHT NOW:

  1. Log in to your Cengage Now account
  2. Click STUDY TOOLS
  3. Click eBook
  4. Click Part 1: The Accounting Cycle for a Service Business: Analyzing Business Transactions
  5. Click Chapter 1: Asset, Liability, Owner’s Equity, Revenue, and Expense Accounts
  6. Click CHAPTER CONTENTS
  7. Scroll down and click 1-5 Chapter Review
  8. Read and do all of 1-5a Study and Practice
  9. Click the next arrow and review 1-5b Glossary
  10. Click the next arrow and do 1-5c Quiz Yourself
  11. Click the next arrow and answer the questions for 1-5d Chapter Assignments Discussion Questions in a Word Online file shared with me. Name the file YOUR NAME CHAPTER 1 DISCUSSION QUESTIONS (ex. SUE JONES CHAPTER 1 DISCUSSION QUESTIONS). Be sure to save it to your Accounting folder in your OneDrive online.

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

  • Review your knowledge of analyzing transactions

RIGHT NOW:

  1. WATCH THIS VIDEO TO SEE HOW TO USE OFFICE 365 (You will use EXCEL instead of WORD like the video is showing)
  2. Open your textbook to page 41 and complete Problem 1-1A–Click this link to the spreadsheet needed to complete the problem.
    1. Click DOWNLOAD in the upper right corner.
    2. Scroll to choose ONEDRIVE – BELLEVUE.K12.IA.US
    3. Click NEW FOLDER & name the new folder ACCOUNTING
    4. Click SAVE
    5. Click the downloaded file to open it
    6. Click Enable Editing
    7. File–Save As–Save it as YOUR NAME PROBLEM 1-1A (ex: SUE JONES PROBLEM 1-1A) to your Accounting folder
    8. When you are finished with Problem 1-1A–RAISE YOUR HAND TO SHOW ME or zoom out until the entire spreadsheet is visable, take a screenshot, compose a new email to me, paste the screenshot into the email (ctrl V) or send the file to me as an email attachment
  3. Open your textbook to page 41 and complete Problem 1-2A–Click this link to the spreadsheet needed to complete the problem.
    1. Click DOWNLOAD in the upper right corner.
    2. Scroll to choose ONEDRIVE – BELLEVUE.K12.IA.US
    3. Click SAVE
    4. Click the downloaded file to open it
    5. Click Enable Editing
    6. File–Save As–Save it as YOUR NAME PROBLEM 1-2A (ex: SUE JONES PROBLEM 1-1A) to your Accounting folder
    7. When you are finished with Problem 1-2A–RAISE YOUR HAND TO SHOW ME or zoom out until the entire spreadsheet is visable, take a screenshot, compose a new email to me, paste the screenshot into the email (ctrl V) or send the file to me as an email attachment
  4. Open your textbook to page 42 and complete Problem 1-3A–Click this link to the spreadsheet needed to complete the problem.
    1. Click DOWNLOAD in the upper right corner.
    2. Scroll to choose ONEDRIVE – BELLEVUE.K12.IA.US
    3. Click SAVE
    4. Click the downloaded file to open it
    5. Click Enable Editing
    6. File–Save As–Save it as YOUR NAME PROBLEM 1-3A (ex: SUE JONES PROBLEM 1-1A) to your Accounting folder
    7. When you are finished with Problem 1-3A–RAISE YOUR HAND TO SHOW ME or zoom out until the entire spreadsheet is visable, take a screenshot, compose a new email to me, paste the screenshot into the email (ctrl V) or send the file to me as an email attachment
  5. Open your textbook to page 42 and complete Problem 1-4A–Click this link to the spreadsheet needed to complete the problem.
    1. Click DOWNLOAD in the upper right corner.
    2. Scroll to choose ONEDRIVE – BELLEVUE.K12.IA.US
    3. Click SAVE
    4. Click the downloaded file to open it
    5. Click Enable Editing
    6. File–Save As–Save it as YOUR NAME PROBLEM 1-4A (ex: SUE JONES PROBLEM 1-1A) to your Accounting folder
    7. When you are finished with Problem 1-4A–RAISE YOUR HAND TO SHOW ME or zoom out until the entire spreadsheet is visable, take a screenshot, compose a new email to me, paste the screenshot into the email (ctrl V) or send the file to me as an email attachment
  6. Open your textbook to page 42 and complete Problem 1-5A–Click this link to the spreadsheet needed to complete the problem.
    1. Click DOWNLOAD in the upper right corner.
    2. Scroll to choose ONEDRIVE – BELLEVUE.K12.IA.US
    3. Click SAVE
    4. Click the downloaded file to open it
    5. Click Enable Editing
    6. File–Save As–Save it as YOUR NAME PROBLEM 1-5A (ex: SUE JONES PROBLEM 1-1A) to your Accounting folder
    7. When you are finished with Problem 1-5A–RAISE YOUR HAND TO SHOW ME or zoom out until the entire spreadsheet is visable, take a screenshot, compose a new email to me, paste the screenshot into the email (ctrl V) or send the file to me as an email attachment
  7. ADDITIONAL PRACTICE, IF NEEDED:
    1. Problem 1-1B
    2. Problem 1-2B
    3. Problem 1-3B
    4. Problem 1-4B
    5. Problem 1-5B
  1. Log in to your Cengage Now account
  2. Click Assignments
  3. Click CHAPTER 1 TEST

GOAL: Before you leave class today you will:

  • Identify the advantages and disadvantages of a computerized accounting system

RIGHT NOW:

  1. Read pages 47 to 48 in your textbook
  2. Download, read, and do: QUICKBOOKS ONLINE CHAPTER 1

GOAL: Before you leave class today you will:

  • Apply what you learned in chapter 1 to real-world situations and scenarios

RIGHT NOW:

  1. Turn to page 49 in your textbook
  2. Choose to do ONE of the following (MAKE A GRADING RUBRIC):
    1. Why Does It Matter?
    2. What Would You Say?
    3. What Do You Think?

 

GET INSPIRED!

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

GOAL:  Before you finish chapter 1 you will be able to:

  • Describe the purpose of accounting.
  • Describe the accounting process.
  •  Define GAAP and describe the process used by FASB to develop these principles.
  • Define three types of business ownership structures.
  • Classify different types of businesses by activities.
  • Identify career opportunities in accounting.
  1. Get your textbook & workbook–let me know your book number
  2. STUDENT RESOURCE WEB PAGE–Bookmark this!!!!
  3. Select CHAPTER 1 from the drop down list
  4. Click TUTORIAL QUIZ on the left side of your screen. Do the quiz. THIS IS A PRE-TEST–IT WILL NOT GO IN THE GRADEBOOK!!! When you have answered all the questions click END QUIZ AND VIEW SUMMARY.  Email the results to tracyweber@bellevue.k12.ia.us
  5. READ THE TEXT!!! In order to successfully complete this college credit course (1 full year), you MUST READ THE TEXT OUTSIDE OF CLASS. It will be your responsibility to READ before you come to class, If you do, you will easily pass the course with a high grade and understand everything we will do in class. If you do not read before class, expect to struggle. Today only we will do it together in class.
  6. RIGHT NOW: Read pages 3 to  18. As you read, do the following & answer the following questions. You may want to record your answers to use as a study guide in a Google Doc shared with me. In addition, you will be more likely to remember what you have read if you take notes as you go. These questions will help you to take notes.
    1. Page 4–at the top–DO what the first paragraph is asking you to do. SHARE IT WITH ME!!
    2. WATCH THIS VIDEO–It discusses pages 1-7 in chapter 1
    3. What is the purpose of accounting?
    4. Identify 4 user groups normally interested in financial information about a business?
      1. DO WITH A PARTNER ON PAGE 19: E 1-1A & E 1-1B–ask me to check your work when you are done.
    5. Identify the 6 major steps of the accounting process and explain each step.
      1. FYI: The best way to learn accounting is by doing accounting. Yes, you must read the chapters. However, most learning takes place while answering questions, writing memos, and working the exercises and problems. Remember that it is very important to do the homework as it is assigned. Don’t wait until a few days before the examination to work the problems.
      2. DO WITH A PARTNER ON PAGE 19: E 1-2A & E 1-2B–ask me to check your work when you are done.
      3. Think of a business transaction, like buying stamps at the post office. Explain how the transaction would affect all phases of the accounting process.
    6. What are generally accepted accounting principles (GAAP)?
    7. Describe the steps followed by the Financial Accounting Standards Board when developing an accounting standard.
    8. What is the name of the organization that issues accounting standards followed by many firms in countries outside the United States?
    9. Identify the 3 types of ownership structures and discuss the advantages and disadvantages of each.
      1. FYI: Most businesses in the United States operate as sole proprietorships or gh. However, corporations earn the highest amount of revenue. The largest corporations in the United States are known as the “Fortune 500”.
      2. What are some examples of each type of ownership in the Bellevue area?
    10. Identify 3 types of businesses according to activities.
      1. What are some examples of each type of business based on their activities in the Bellevue area?
    11. WATCH THIS VIDEO–It discusses pages 8-13 in chapter 1
    12. What are the main functions of an accounting clerk?
    13. Name and describe 4 areas of specialization for a public accountant.What is the purpose of the Sarbanes-Oxley Act?
      1. FYI: The relationship between the government’s regulatory power (the SEC) and the private industry (the FASB) exists because of accounting scandals that led to the Sarbanes-Oxley Act, which prohibits management advisory and auditing services being provided to the same client/company.
    14. Name and describe 6 areas of specialization for a managerial accountant.
      1. FYI: The largest public accounting firms in the United States are known as the “Big Four”. They are:
        1. Deloitte and Touche
        2. Ernst & Young
        3. KPMG
        4. PricewaterhouseCoopers
  7. Do MANAGING YOUR WRITING on your own. Share it with me.
  8. Go to the STUDENT RESOURCE WEB PAGE and take the Chapter 1 Quiz again. Send the results to tracyweber@bellevue.k12.ia.us
    1. THIS IS AN FYI ONLY–hopefully you noticed that the questions covered not only the information contained in my videos, but also information in the textbook that wasn’t discussed in the videos. It is YOUR RESPONSIBILITY to READ THE TEXTBOOK!!!! You will be successful in this class if you READ THE TEXTBOOK and do the homework on time!!
  9. HOMEWORK: Read pages 20 to 23 in the textbook.

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

GOAL:  Before you finish chapter 1 you will be able to:

  • Describe the purpose of accounting.
  • Describe the accounting process.
  •  Define GAAP and describe the process used by FASB to develop these principles.
  • Define three types of business ownership structures.
  • Classify different types of businesses by activities.
  • Identify career opportunities in accounting.
  1. RIGHT NOW: Read pages 3 to  18. As you read, do the following & answer the following questions. You may want to record your answers to use as a study guide in a Google Doc shared with me. In addition, you will be more likely to remember what you have read if you take notes as you go. These questions will help you to take notes.
    1. BEN, RENEE, COLIN, & ANNA: Page 4–at the top–DO what the first paragraph is asking you to do. SHARE IT WITH ME!!
    2. WATCH THIS VIDEO–It discusses pages 1-7 in chapter 1
    3. What is the purpose of accounting?
    4. Identify 4 user groups normally interested in financial information about a business?
      1. DO WITH A PARTNER ON PAGE 19: E 1-1A & E 1-1B–ask me to check your work when you are done.
    5. Identify the 6 major steps of the accounting process and explain each step.
      1. FYI: The best way to learn accounting is by doing accounting. Yes, you must read the chapters. However, most learning takes place while answering questions, writing memos, and working the exercises and problems. Remember that it is very important to do the homework as it is assigned. Don’t wait until a few days before the examination to work the problems.
      2. DO WITH A PARTNER ON PAGE 19: E 1-2A & E 1-2B–ask me to check your work when you are done.
      3. Think of a business transaction, like buying stamps at the post office. Explain how the transaction would affect all phases of the accounting process.
    6. What are generally accepted accounting principles (GAAP)?
    7. Describe the steps followed by the Financial Accounting Standards Board when developing an accounting standard.
    8. What is the name of the organization that issues accounting standards followed by many firms in countries outside the United States?
    9. Identify the 3 types of ownership structures and discuss the advantages and disadvantages of each.
      1. FYI: Most businesses in the United States operate as sole proprietorships or gh. However, corporations earn the highest amount of revenue. The largest corporations in the United States are known as the “Fortune 500”.
      2. What are some examples of each type of ownership in the Bellevue area?
    10. Identify 3 types of businesses according to activities.
      1. What are some examples of each type of business based on their activities in the Bellevue area?
    11. WATCH THIS VIDEO–It discusses pages 8-13 in chapter 1
    12. What are the main functions of an accounting clerk?
    13. Name and describe 4 areas of specialization for a public accountant.What is the purpose of the Sarbanes-Oxley Act?
      1. FYI: The relationship between the government’s regulatory power (the SEC) and the private industry (the FASB) exists because of accounting scandals that led to the Sarbanes-Oxley Act, which prohibits management advisory and auditing services being provided to the same client/company.
    14. Name and describe 6 areas of specialization for a managerial accountant.
      1. FYI: The largest public accounting firms in the United States are known as the “Big Four”. They are:
        1. Deloitte and Touche
        2. Ernst & Young
        3. KPMG
        4. PricewaterhouseCoopers
  2. Do MANAGING YOUR WRITING on your own. Share it with me.
  3. Go to the STUDENT RESOURCE WEB PAGE and take the Chapter 1 Quiz again. Send the results to tracyweber@bellevue.k12.ia.us
    1. THIS IS AN FYI ONLY–hopefully you noticed that the questions covered not only the information contained in my videos, but also information in the textbook that wasn’t discussed in the videos. It is YOUR RESPONSIBILITY to READ THE TEXTBOOK!!!! You will be successful in this class if you READ THE TEXTBOOK and do the homework on time!!
  4. HOMEWORK: Read pages 20 to 23 in the textbook.

You have today to finish this lesson plan. Take your time and LEARN!!!

GOAL:  Before you finish chapter 1 you will be able to:

  • Describe the purpose of accounting.
  • Describe the accounting process.
  •  Define GAAP and describe the process used by FASB to develop these principles.
  • Define three types of business ownership structures.
  • Classify different types of businesses by activities.
  • Identify career opportunities in accounting.
    1. WATCH THIS VIDEO–It discusses pages 8-13 in chapter 1
    2. What are the main functions of an accounting clerk?
    3. Name and describe 4 areas of specialization for a public accountant.What is the purpose of the Sarbanes-Oxley Act?
      1. FYI: The relationship between the government’s regulatory power (the SEC) and the private industry (the FASB) exists because of accounting scandals that led to the Sarbanes-Oxley Act, which prohibits management advisory and auditing services being provided to the same client/company.
    4. Name and describe 6 areas of specialization for a managerial accountant.
      1. FYI: The largest public accounting firms in the United States are known as the “Big Four”. They are:
        1. Deloitte and Touche
        2. Ernst & Young
        3. KPMG
        4. PricewaterhouseCoopers
  1. Do MANAGING YOUR WRITING on your own. Share it with me.
  2. Go to the STUDENT RESOURCE WEB PAGE and take the Chapter 1 Quiz again. Send the results to tracyweber@bellevue.k12.ia.us
    1. THIS IS AN FYI ONLY–hopefully you noticed that the questions covered not only the information contained in my videos, but also information in the textbook that wasn’t discussed in the videos. It is YOUR RESPONSIBILITY to READ THE TEXTBOOK!!!! You will be successful in this class if you READ THE TEXTBOOK and do the homework on time!!
  3. HOMEWORK: Read pages 20 to 23 in the textbook–DUE NEXT CLASS

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

 

You have today and the next 2 classes to finish this chapter. Take your time and LEARN!!!

TURN IN THIS WORK FROM YESTERDAY, IF YOU HAVEN’T ALREADY:

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)

FOR THE FIRST 5 MINUTES OF CLASS DO THE FLASH CARDS TO REVIEW THE ACCOUNTING TERMS

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.

LO2–WATCH THIS VIDEO

In-Class Exercise: Complete Exercises E2-2A, E2-2B on pages 42& 45 with a partner–we will check them together

In-Class Exercise: Complete Problems P2-8A, P2-8B on pages 44& 46 with a partner–we will check them together

Homework: Study Guide Review Questions 1, 6, 8, 9, 10; Study Guide Exercises 1, 4, 5; Study Guide Problem 12

LO3–WATCH THIS VIDEO

Homework:  End of Chapter Review Question 3

You have today next class to finish this chapter. Take your time and LEARN!!!

TURN IN YOUR HOMEWORK!!

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.

LO4

  1. WATCH THIS VIDEO
  2. LOOK AT THIS TO GIVE YOU AN OVERVIEW AND IT CAN SERVE AS A REFERENCE WHEN ANALYZING TRANSACTIONS: At the end of this Learning Objective (LO4), Figure 2-1 Summary of Transactions Illustrated shows how the following transactions fit into the “big picture” on a step-by-step basis.
  3. In-Class Exercise:
    1. Exercises E2-3A, E2-3B on pages 42 &  45–USE THE FOLLOWING SPREADSHEETS TO COMPLETE EACH EXERCISE DO THIS VIDEO
    2. HERE ARE THE SPREADSHEETS YOU NEED: E2-3A & E2-3B
    3. Show me when you are done
  4. WATCH THIS VIDEO and read the following about Expanding the Accounting Equation: Revenue, Expenses, and Withdrawals
  5. In-Class Exercise:
    1. Complete Exercises E2-4A, E2-4B on pages 43 & 45
    2. Complete Problems P2-9A, P2-9B on pages 44 & 47–USE THIS VIDEO TO HELP YOU
    3. Download them to your Accounting folder & save them when you are done. You will use the files again.
    4. Here are the spreadsheets you need:  P2-9A  & P2-9B
    5. Show me when you are done
  6. In-Class Exercise:
    1. Study Guide Review Questions 11, 12, 13, 14, 15;
    2. Study Guide Exercises 2, 6, 7, 8
    3. Study Guide Problem 13
    4. End of Chapter Review Question 2
    5. Show me all of them when you are done

 

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.

LO4

  1. WATCH THIS VIDEO and read the following about Expanding the Accounting Equation: Revenue, Expenses, and Withdrawals
  2. In-Class Exercise:
    1. Complete Exercises E2-4A, E2-4B on pages 43 & 45
    2. Complete Problems P2-9A, P2-9B on pages 44 & 47–USE THIS VIDEO TO HELP YOU
    3. Download them to your Accounting folder & save them when you are done. You will use the files again.
    4. Here are the spreadsheets you need:  P2-9A  & P2-9B
    5. Show me when you are done
  3. In-Class Exercise:
    1. Study Guide Review Questions 11, 12, 13, 14, 15;
    2. Study Guide Exercises 2, 6, 7, 8
    3. Study Guide Problem 13
    4. End of Chapter Review Question 2
    5. Show me all of them when you are done

NOTES TOGETHER

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.

LO4

  1. WATCH THIS VIDEO and read the following about Expanding the Accounting Equation: Revenue, Expenses, and Withdrawals
  2. In-Class Exercise:
    1. Complete Exercises E2-4A, E2-4B on pages 43 & 45–CREATE A SPREADSHEET TO DO THIS–WORK WITH A PARTNER–Print with your names on it
    2. Complete Problems P2-9A, P2-9B on pages 44 & 47–USE THIS VIDEO TO HELP YOU–Print with your name on it
    3. Download them to your Accounting folder & save them when you are done. You will use the files again.
    4. Here are the spreadsheets you need:  P2-9A  & P2-9B
    5. Show me when you are done
  3. In-Class Exercise (HAND THESE ALL IN WHEN YOU ARE DONE):
    1. Study Guide Review Questions 11, 12, 13, 14, 15
    2. Study Guide Exercises 2, 6, 7, 8
    3. Study Guide Problem 13
    4. End of Chapter Review Question 2
  4. PLAY THE GAMES FOR CHAPTER 2 HERE
  5. GO HERE & PLAY BANK ON IT WITH A PARTNER–Our class code is B6U3EMRW

 

You have today to finish this lesson plan. Take your time and LEARN!!!

TURN IN YOUR HOMEWORK!!

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.

LO5

  1. The Income Statement (See Figure 2-2) & WATCH THIS VIDEO
  2. 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
  1. The Statement of Owner’s Equity (See Figure 2-2) & WATCH THIS VIDEO
  2. In-Class Exercise (COMPLETE THEM IN ORDER):
    1. E2-6A page 43 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM
    2. E2-6B  page 46
    3. E2-7A page 43 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM
    4. E2-7B page 46
    5. 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
    6. P2-11B page 47
  1. The Balance Sheet (See Figure 2-2) & WATCH THIS VIDEO
    1. In-Class Exercise:
      1. P2-12A page 45 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM–Create the balance sheets in the same Excel file you downloaded for P2-9A, P2-9B on pages 44 & 47
      2. P2-12B page 47

Guidelines for preparing financial Statements–READ AND DO:

  1. Standard formats should be used.
  2. Headings should be used on all statements.
  3. Single underline should be used to add or subtract numbers above the line; double underlines indicate a total.
  4. Dollar signs are used at the top of columns and beneath single (subtotal) underlines.
  5. Expenses may be listed from highest to lowest dollar amount.
  6. Assets are listed from most liquid to least liquid.
  7. Liabilities are listed from most current to the least current.

In-Class Exercise: Complete Exercises E2-5A, E2-5B with a partner. We will check them together.\

Homework: Study Guide Review Questions 16, 17, 18, 19; Study Guide Exercises 3, 9, 10, 11; Study Guide Problems 14, 15, 16, 17; End of Chapter Review Questions 4, 5, 6

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.

LO4

  1. In-Class Exercise:
    1. Complete Exercises E2-4A, E2-4B on pages 43 & 45–CREATE A SPREADSHEET TO DO THIS–WORK WITH A PARTNER–Print with your names on it
    2. Complete Problems P2-9A, P2-9B on pages 44 & 47–USE THIS VIDEO TO HELP YOU–Print with your name on it
    3. Download them to your Accounting folder & save them when you are done. You will use the files again.
    4. Here are the spreadsheets you need:  P2-9A  & P2-9B
    5. Show me when you are done
  2. In-Class Exercise (HAND THESE ALL IN WHEN YOU ARE DONE):
    1. Study Guide Review Questions 11, 12, 13, 14, 15
    2. Study Guide Exercises 2, 6, 7, 8
    3. Study Guide Problem 13
    4. End of Chapter Review Question 2
  3. PLAY THE GAMES FOR CHAPTER 2 HERE
  4. GO HERE & PLAY BANK ON IT WITH A PARTNER–Our class code is B6U3EMRW
  5. EXTRA PRACTICE

 

REVIEW GAME:

  1. Write the expanded Accounting equation
  2. List all the accounts that you know are assets under assets in the Accounting equation
  3. List all the accounts that you know are liabilities under liabilities in the Accounting equation
  4. List all the accounts that you know affect Owner’s Equity and how they affect Owner’s Equity.
  5. Of the following transactions, write down the answers to these 3 questions for each transaction:
    1. What ACCOUNTS are affected?
    2. How are they affected?
    3. How is the Accounting equation affected?
      1. TRANSACTIONS:
        1. Purchased office supplies on account
        2. Performed services for a customer on account
        3. Paid for prepaid insurance
        4. Invested money in your own business
        5. Paid your employees wages
        6. Took money out of your business for your personal use
        7. Purchased equipment and paid cash for half and paid for the other half on account
        8. Received cash from a customer for their payment on their account
        9. Paid cash on your account from the equipment you purchased in transaction #7

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.

LO4

  1. In-Class Exercise:
    1. Complete Exercises E2-4A, E2-4B on pages 43 & 45–CREATE A SPREADSHEET TO DO THIS–WORK WITH A PARTNER–Print with your names on it
    2. Complete Problems P2-9A, P2-9B on pages 44 & 47–USE THIS VIDEO TO HELP YOU–Print with your name on it
    3. Download them to your Accounting folder & save them when you are done. You will use the files again.
    4. Here are the spreadsheets you need:  P2-9A  & P2-9B
    5. Show me when you are done
  2. In-Class Exercise (HAND THESE ALL IN WHEN YOU ARE DONE):
    1. Study Guide Review Questions 11, 12, 13, 14, 15
    2. Study Guide Exercises 2, 6, 7, 8
    3. Study Guide Problem 13
    4. End of Chapter Review Question 2
  3. PLAY THE GAMES FOR CHAPTER 2 HERE
  4. GO HERE & PLAY BANK ON IT WITH A PARTNER–Our class code is B6U3EMRW
  5. EXTRA PRACTICE

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.

LO4

  1. In-Class Exercise (HAND THESE ALL IN WHEN YOU ARE DONE):
    1. Study Guide Review Questions 11, 12, 13, 14, 15
    2. Study Guide Exercises 2, 6, 7, 8
    3. Study Guide Problem 13
    4. End of Chapter Review Question 2
  2. PLAY THE GAMES FOR CHAPTER 2 HERE
  3. GO HERE & PLAY BANK ON IT WITH A PARTNER–Our class code is B6U3EMRW
  4. EXTRA PRACTICE

 

FINISH:

LO4

  1. In-Class Exercise (HAND THESE ALL IN WHEN YOU ARE DONE):
    1. Study Guide Review Questions 11, 12, 13, 14, 15
    2. Study Guide Exercises 2, 6, 7, 8
    3. Study Guide Problem 13
    4. End of Chapter Review Question 2
  2. PLAY THE GAMES FOR CHAPTER 2 HERE
  3. GO HERE & PLAY BANK ON IT WITH A PARTNER–Our class code is B6U3EMRW
  4. EXTRA PRACTICE

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.

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.

LO5

Guidelines for preparing financial Statements–READ AND DO:

  1. Standard formats should be used.
  2. Headings should be used on all statements.
  3. Single underline should be used to add or subtract numbers above the line; double underlines indicate a total.
  4. Dollar signs are used at the top of columns and beneath single (subtotal) underlines.
  5. Expenses may be listed from highest to lowest dollar amount.
  6. Assets are listed from most liquid to least liquid.
  7. Liabilities are listed from most current to the least current.
  1. The Income Statement (See Figure 2-2) & WATCH THIS VIDEO
  2. 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!!!!
  1. The Statement of Owner’s Equity (See Figure 2-2) & WATCH THIS VIDEO
  2. In-Class Exercise (COMPLETE THEM IN ORDER):
    1. E2-6A page 43 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM
    2. E2-6B  page 46
    3. E2-7A page 43 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM
    4. E2-7B page 46
    5. 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
    6. P2-11B page 47
  1. The Balance Sheet (See Figure 2-2) & WATCH THIS VIDEO
    1. In-Class Exercise:
      1. P2-12A page 45 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM–Create the balance sheets in the same Excel file you downloaded for P2-9A, P2-9B on pages 44 & 47
      2. P2-12B page 47

FINISH:

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.

LO5

Guidelines for preparing financial Statements–READ AND DO:

  1. Standard formats should be used.
  2. Headings should be used on all statements.
  3. Single underline should be used to add or subtract numbers above the line; double underlines indicate a total.
  4. Dollar signs are used at the top of columns and beneath single (subtotal) underlines.
  5. Expenses may be listed from highest to lowest dollar amount.
  6. Assets are listed from most liquid to least liquid.
  7. Liabilities are listed from most current to the least current.

 

  1. The Income Statement (See Figure 2-2) & WATCH THIS VIDEO
  2. 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!!!!
  1. The Statement of Owner’s Equity (See Figure 2-2) & WATCH THIS VIDEO
  2. In-Class Exercise (COMPLETE THEM IN ORDER):
    1. E2-6A page 43 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM
    2. E2-6B  page 46
    3. E2-7A page 43 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM
    4. E2-7B page 46
    5. 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
    6. P2-11B page 47
  1. The Balance Sheet (See Figure 2-2) & WATCH THIS VIDEO
    1. In-Class Exercise:
      1. P2-12A page 45 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM–Create the balance sheets in the same Excel file you downloaded for P2-9A, P2-9B on pages 44 & 47
      2. P2-12B page 47

 

Guidelines for preparing financial Statements–READ AND DO:

  1. Standard formats should be used.
  2. Headings should be used on all statements.
  3. Single underline should be used to add or subtract numbers above the line; double underlines indicate a total.
  4. Dollar signs are used at the top of columns and beneath single (subtotal) underlines.
  5. Expenses may be listed from highest to lowest dollar amount.
  6. Assets are listed from most liquid to least liquid.
  7. Liabilities are listed from most current to the least current.

 

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.

LO6

Overview of the Accounting Process (See Figure 2-4) & WATCH THIS VIDEO

  1. Input. Business transactions provide the necessary information for input.
  2. Processing. Identifying, classifying, and determining how accounts are increased or decreased in business transactions.
  3. Output. Recording the processed information on financial statements.

Homework: 

  1. In-Class Exercise: Complete Exercises E2-5A with a partner. We will check them together.
  2. Homework: Study Guide Review Questions 16, 17, 18, 19; Study Guide Exercises 3, 9, 10, 11; Study Guide Problems 14, 15, 16, 17

FINISH:

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.

ORDER OF EVENTS TODAY (homework if not completed in class):

  1. Study the Demonstration Problem on pages 36-38–together
  2. Do the Self-Study Test Questions on pages 40-41 and check your work with the answers on page 49
  3. Do the Mastery Problem on page 48 by creating an Excel spreadsheet or using the working papers (get them from your teacher)
  4. Do Managing Your Writing on page 47 by creating a memo in Word using a template.

Extra Credit Learning Activities

  1. Talk with the manager of a small business to identify the types of expenses in the business.
  2. Identify the difference between the six different types of accounts. Classifying accounts correctly in these early chapters is a must. Give numerous examples of the types of accounts. Know the difference between an asset and an expense. Explain the difference between Accounts Payable and Accounts Receivable. Explain the effect of a “payment on account” by the business and by a customer.

Extra Credit Critical Thinking Activity

Mark Hahn invested $26,000 in cash to open a law office on April 28 of the current year. On April 29, he purchased office equipment for $10,800. He paid cash for all but $1,550 of the office equipment. On April 30, Mark paid $1,200 for six months’ insurance for his law practice. mark wants to know his financial condition of the business as of April 30.

TURN ALL HOMEWORK–CHECK JMC

DO THE TUTORIAL QUIZ FOR CHAPTER 2 AND SUBMIT THE RESULTS TO: tracyweber@bellevue.k12.ia.us

CHAPTER 1 & 2 TEST

GO OVER THE CHAPTER 1 & 2 TEST

You have today and the next 4 classes to finish this lesson plan. Take your time and LEARN!!!

TURN IN YOUR HOMEWORK!!

TAKE THE CHAPTER 3 TUTORIAL QUIZ–PRE-TEST–WILL NOT IN MY GRADE–This is done to provide you with an overview of Chapter 3. You will take this again when you are done with chapter 3.

Chapter 3

The Double-Entry Framework

Learning Objectives

  • LO1    Define the parts of a T account.
  • LO2    Foot and balance a T account.
  • LO3    Describe the effects of debits and credits on specific types of accounts.
  • LO4    Use T accounts to analyze transactions.
  • LO5    Prepare a trial balance and explain the purpose and link with the financial statements.

LO1–The T Account

  1. Other kinds of accounts will be illustrated later after the T accounts. However, T accounts are the most effective way to learn the double-entry system. Practicing accountants use them frequently when analyzing business transactions.
  2. Double-entry accounting represents the fact that every transaction has a dual effect on the accounting equation.
  3. A separate account records the increases and decreases in each type of asset, liability, owner’s equity, revenue, and expense
  4. Use T accounts to analyze transactions.
    1. Each account has a title.
    2. The left side is the debit side of each account.
    3. The right side is the credit side of each account.
  5. WATCH THIS VIDEO ABOUT LEARNING OBJECTIVE 1 FOR CHAPTER 3

LO2

  1. You may find it helpful to think of the T account like a scale. The heavier side will weigh down the lighter side, so the balance is always written on the side with the larger or “heavier” footing (or balance).
  2. Balancing a T Account (See Figure 3-1)
    1. Footings are totals on the debit and credit sides.
    2. The difference between the footings is called the balance of the account.
    3. The balance is written on the side with the larger footing.
  3. WATCH THIS VIDEO ABOUT LEARNING OBJECTIVE 2 FOR CHAPTER 3
  4. In-Class Exercise: Complete Exercise E3-1A, E3-1B (10 minutes each)–WE WILL CHECK THEM TOGETHER IN CLASS

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

TURN IN YOUR HOMEWORK!!

Chapter 3

The Double-Entry Framework

Learning Objectives

  • LO1    Define the parts of a T account.
  • LO2    Foot and balance a T account.
  • LO3    Describe the effects of debits and credits on specific types of accounts.
  • LO4    Use T accounts to analyze transactions.
  • LO5    Prepare a trial balance and explain the purpose and link with the financial statements.

LO3 Debits and Credits

  1. Debit simply means left and credit means right. You have heard about receiving credit. Often this has a positive connotation. Debit sounds like debt, which often has a negative impression. Forget about any positive or negative thoughts about debits and credits. They simply mean left and right—that to debit something simply means to put it on the left, to credit means to simply put it on the right.
  2. Debit means to enter an amount on the left side; credit means to enter an amount on the right side.
  3. Assets
    1. Are on the left side of the accounting equation.
    2. Increases are entered on the debit, or left, side.
    3. Decreases are entered on the credit, or right, side.
  4. Liabilities and Owner’s Equity
    1. Are on the right side of the accounting equation.
    2. Increases are entered on the credit, or right, side.
    3. Decreases are entered on the debit, or left, side.
  5. The Owner’s Equity Umbrella (See Figure 3-2)
    1. The accounting equation is Assets = Liabilities + Owner’s Equity.
    2. The “umbrella” expands owner’s equity.
    3. The owner’s equity “umbrella” includes capital, drawing revenue and expense accounts.S
  6. Since drawing and expenses decrease owner’s equity, they are shown on the debit side of the umbrella. (Debits decrease owner’s equity). As expenses and drawing increase (debits), owner’s equity decreases. revenue increases owner’s equity and is shown on the credit side.
  7. Owner’s Capital
    1. Is the owner’s investment in the business.
    2. Increases are recorded on the credit side.
    3. Decreases are recorded on the debit side.
  8. Drawing
    1. Are the owner’s asset withdrawals for personal reasons.
    2. Increases are recorded on the debit side.
    3. Decreases are recorded on the credit side.
  9. Revenues
    1. Are the earnings of the business.
    2. Increases are recorded on the credit side.
    3. Decreases are recorded on the debit side.
  10. Expenses
    1. Are the costs of operating the business.
    2. Increases are recorded on the debit side.
    3. Decreases are recorded on the credit side.
  11. Normal balances (See Figure 3-3)
    1. Is on the side of an account that is used to increase the account.
    2. Asset accounts’ normal balances are on the debit side; therefore, they generally have a debit balance.
    3. Liability accounts’ and owner’s equity normal balances are on the credit side; therefore, they generally have a credit balance.
    4. Expense and drawing accounts are generally debit balances; therefore, their normal balance is a debit.
  12. WATCH THIS VIDEO ABOUT LEARNING OBJECTIVE 3 FOR CHAPTER 3
  13. In-Class Exercise: Complete Exercises E3-2A, E3-2B (5 minutes each)–WE WILL CHECK THEM TOGETHER
  14. In-Class Exercise: Complete Exercises E3-4A, E3-4B (5 minutes each)–WE WILL CHECK THEM TOGETHER

You have today and the next 2 classes to finish this lesson plan. Take your time and LEARN!!!

TURN IN YOUR HOMEWORK!!

Chapter 3

The Double-Entry Framework

Learning Objectives

  • LO1    Define the parts of a T account.
  • LO2    Foot and balance a T account.
  • LO3    Describe the effects of debits and credits on specific types of accounts.
  • LO4    Use T accounts to analyze transactions.
  • LO5    Prepare a trial balance and explain the purpose and link with the financial statements.

LO4

  1. Steps in Transaction Analysis (See Figure 3-4)
  2. It is important to go through the three steps when analyzing transactions. The transaction must be fully understood before it can be accounted for correctly. Transactions in this chapter are easy to understand, but transactions in business can become quite complex, making this first step very important. Ultimately, you should strive to fully understand the transaction to determine its effects on the accounts, accounting equation and, finally, the financial statements.
  3. Also, as a problem-solving point that you should ensure that the total of the debits equals the total of the credits for the transaction you are working on before you go on to the next transaction.
  4. Steps in Transaction Analysis
    1. What happened?
    2. Which accounts are affected?
      1. Identify the accounts.
      2. Classify the accounts.
      3. Locate the accounts in the expanded accounting equation—left or right.
    3. How is the accounting equation affected?
      1. Determine whether the accounts have increased or decreased.
      2. Determine whether the accounts should be debited or credited.
      3. Make certain the accounting equation remains in balance after the transaction has been entered.
  5. The same transactions are used in both Chapter 2 and chapter 3 in the chapter content. This allows you to focus on the new learning objectives: the double-entry framework.
  6. Debits and Credits: Asset, Liability, and Owner’s Equity Accounts
    1. Transaction (a): Investment by owner (See Figure 3-5)
      1. a) An increase in cash is entered as a debit.
      2. b) An increase in Jessica Jane, Capital is entered as a credit.
    2. Transaction (b): Purchase of an asset for cash (See Figure 3-6)
      1. a) An increase in an asset (Delivery Equipment) is entered as a debit.
      2. b) A decrease in Cash is entered as a credit.
    3. Transaction (c): Purchase of an asset on account (See Figure 3-7)
      1. a) An increase in an asset (delivery Equipment) is entered as a debit.
      2. b) An increase in Accounts Payable is entered as a credit.
  7. The asset purchased by the loan is in the past—that transaction is completed—payment on the loan is our concern now. The business decreased the loan amount by making the cash payment.
    1. Transaction (d): Payment on account  (See Figure 3-8)
      1. a) A decrease in Accounts Payable is entered as a debit.
      2. b) A decrease in Cash is entered as a credit.
  8. Recall that expenses are debited because increases in expenses decrease owner’s equity.
  9. Debits and Credits: Including Revenues, Expenses, and Drawing–The Expanded Accounting Equation (See Figure 3-9)
    1. Transaction (e): Delivery revenues earned in cash (See Figure 3-10)
      1. a) An increase in Cash is entered as a debit.
      2. b) An increase in Delivery Fees is entered as a credit.
    2. Transaction (f): Paid rent for month (See Figure 3-11)
      1. (a)An increase in Rent Expense is entered as a debit.
      2. b) A decrease in Cash is entered as a credit.
    3. Transaction (g): Paid telephone bill (See Figure 3-12)
      1. a) An increase in Telephone Expense is entered as a debit.
      2. b) A decrease in Cash is entered as a credit.
    4. Transaction (h): Delivery revenues earned on account (See Figure 3-13)
      1. a) An increase in Accounts Receivable is entered as a debit.
      2. b) An increase in Delivery Fees is entered as a credit.
    5. Transaction (i): Purchase of supplies (See Figure 3-14)
      1. a) Supplies will last several months; therefore, they are treated as an asset.
      2. b) An increase in Supplies is entered as a debit.
      3. c) A decrease in Cash is entered as a credit.
    6. Transaction (j): Payment of insurance premium (See Figure 3-15)
      1. a) Since insurance is paid in advance and will provide future benefits, it is treated as an asset.
      2. b) An increase in Prepaid Insurance is entered as a debit.
      3. c) A decrease in Cash is entered as a credit.
  10. The sale transaction is complete. Now the customer is reducing his debt owed to the business by making a cash payment.
    1. Transaction (k): Cash receipts from prior sales on account (See Figure 3-16)
      1. a) An increase in Cash is entered as a debit.
      2. b) A decrease in Accounts Receivable is entered as a credit.
    2. Transaction (l): Purchase of an asset on credit making a partial payment (See Figure 3-17)
      1. a) An increase in an asset (Delivery Equipment) is entered as a debit.
      2. b) A decrease in Cash is entered as a credit.
      3. c) An increase in Accounts Payable is entered as a credit.
      4. d) Total of debits equals total of credits for this transaction.
    3. Transaction (m): Payment of wages (See Figure 3-18)
      1. a) An increase in Wages Expense is entered as a debit.
      2. b) A decrease in Cash is entered as a credit.
    4. Transaction (n): Deliveries made for cash and credit (See Figure 3-19)
      1. a) An increase in Cash is entered as a debit.
      2. b) An increase in Accounts Receivable is entered as a debit.
      3. c) An increase in Delivery Fees in recorded as a credit.
      4. d) Total debits equals total credits.
    5. Transaction (o): Withdrawal of cash from business (See Figure 3-20)
      1. a) An increase in Jessica Jane, Drawing is entered as a debit.
      2. A decrease in Cash is entered as a credit.
  11. WATCH THIS VIDEO, THEN READ AND DO THE FOLLOWING:
  12. YOU WILL HAVE NEXT CLASS TO FINISH THIS:
  13. In-Class Exercise: Complete Exercise E3-3A, E3-3B (5–10 minutes each)–SHOW ME WHEN YOU ARE DONE
  14. In-Class Exercise: Complete Exercise E3-5A, E3-5B (5–10 minutes each)–SHOW ME WHEN YOU ARE DONE
  15. In-Class Exercise: Complete Exercise E3-6A, E3-6B (5 minutes each)–SHOW ME WHEN YOU ARE DONE
  16. Summary of Transactions (a) Through (o) (See Figure 3-21)
    1. Total each side of every individual T Account.
    2. Write the totals (footings) in small numbers on each side of the T account.
    3. The balance is shown on the side with the larger footing.
    4. The footing serves as the balance for the accounts with entries on only one side of the account.
    5. If an account has only a single entry, it is not necessary to enter a footing or balance.
  17. In-Class Exercise: Complete Exercise E3-7A, E3-7B (10 minutes each)–SHOW ME WHEN YOU ARE DONE–KEEP THIS!!

You have today and the next 2 classes to finish this lesson plan. Take your time and LEARN!!!

TURN IN YOUR HOMEWORK!!

Chapter 3

The Double-Entry Framework

Learning Objectives

  • LO1    Define the parts of a T account.
  • LO2    Foot and balance a T account.
  • LO3    Describe the effects of debits and credits on specific types of accounts.
  • LO4    Use T accounts to analyze transactions.
  • LO5    Prepare a trial balance and explain the purpose and link with the financial statements.

LO4

  1. FINISH:
  2. In-Class Exercise: Complete Exercise E3-3A, E3-3B –DO TOGETHER AS A REVIEW
  3. In-Class Exercise: Complete Exercise E3-5A, E3-5B (5–10 minutes each)–SHOW ME WHEN YOU ARE DONE
  4. Summary of Transactions (a) Through (o) (See Figure 3-21 page 66). MAKE NOTE OF HOW THEY DO ALL OF THE FOLLOWING:
    1. Total each side of every individual T Account.
    2. Write the totals (footings) in small numbers on each side of the T account.
    3. The balance is shown on the side with the larger footing.
    4. The footing serves as the balance for the accounts with entries on only one side of the account.
    5. If an account has only a single entry, it is not necessary to enter a footing or balance.
  5. In-Class Exercise: Complete Exercise E3-7A, E3-7B (10 minutes each)–SHOW ME WHEN YOU ARE DONE–KEEP THIS!!

FINISH:

  1. In-Class Exercise: Complete Exercise E3-7A, E3-7B (10 minutes each)–SHOW ME WHEN YOU ARE DONE–KEEP THIS!!

Chapter 3

The Double-Entry Framework

Learning Objectives

  • LO1    Define the parts of a T account.
  • LO2    Foot and balance a T account.
  • LO3    Describe the effects of debits and credits on specific types of accounts.
  • LO4    Use T accounts to analyze transactions.
  • LO5    Prepare a trial balance and explain the purpose and link with the financial statements.

LO5

  1. The Trial Balance (See Figure 3-22)
    1. Is prepared periodically to determine the equality of the debits and the credits.
    2. Is a list of all accounts showing the title and balance of each account.
    3. Provides proof that the:
      1. The sum total of the debits equals the sum total of the credits.
      2. The accounting equation has remained in balance.
  2. The totals for the trial balance are not the same as those for the accounting equation. The trial balance compares the sum of all accounts with debit balances (assets, drawing, and expenses) with those with credit balances (liabilities, owner’s equity, and revenue). The accounting equation compares the sum of the asset accounts with the sum of the liabilities and owner’s equity accounts using the expanded equation (Assets = Liabilities + Capital – Drawing + Revenue – Expenses).
  3. On financial statements, single underlines are used for amounts to be summed. Double underlines are used for totals.
  4. Dollar signs are not used on the trial balance.Dollar signs are used on financial statements at the top of each column and for the first amount entered in a column beneath an underline.
  5. WATCH THIS VIDEO
  6. YOU WILL HAVE NEXT CLASS TO FINISH:
  7. In-Class Exercise: Complete Exercise E3-8A, E3-8B (10 minutes each)–USE EXCEL TO DO THIS–SHOW ME WHEN YOU ARE DONE
  8. In-Class Exercise: Complete Exercise E3-9A, E3-9B (10 minutes each)–USE EXCEL TO DO THIS–SHOW ME WHEN YOU ARE DONE

FINISH:

  1. In-Class Exercise: Complete Problem P3-13A, P3-13B–KEEP THE PAPER YOU DO THE T ACCOUNTS ON & USE IT TO DO THE TRIAL BALANCE. CREATE THE TRIAL BALANCE USING EXCEL.

Chapter 3

The Double-Entry Framework

Learning Objectives

  • LO1    Define the parts of a T account.
  • LO2    Foot and balance a T account.
  • LO3    Describe the effects of debits and credits on specific types of accounts.
  • LO4    Use T accounts to analyze transactions.
  • LO5    Prepare a trial balance and explain the purpose and link with the financial statements.

LO5

  1. The trial balance can be used as an aid in preparing the financial statements.
  2. Linkages Between the Trial Balance and Financial Statements (See Figure 3-23)
    1. In-Class Exercise: Complete Exercise E3-10A, E3-11A, E3-12A–USE EXCEL TO DO THIS–SHOW ME WHEN YOU ARE DONE
    2. In-Class Exercise: Complete Exercise  E3-10B, E3-11B, E3-12B–USE EXCEL TO DO THIS–SHOW ME WHEN YOU ARE DONE
    3. In-Class Exercise: Complete Problem P3-14A, P3-14B–USE EXCEL TO DO THIS–SHOW ME WHEN YOU ARE DONE
    4. In-Class Exercise: Complete Problem P3-15A, P3-15B–SHOW ME WHEN YOU ARE DONE

FINISH:

  • In-Class Exercise: Complete Problem P3-14A, P3-14B–USE EXCEL TO DO THIS–SHOW ME WHEN YOU ARE DONE
  • In-Class Exercise: Complete Problem P3-15A, P3-15B–SHOW ME WHEN YOU ARE DONE

EXTRA CREDIT OPPORTUNITY: Develop an idea for a service business and prepare a list of assets, liabilities, revenues, and expenses. If similar businesses exist in your community, students can interview the owner or manager to identify the types of accounts used.

 

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

  • Review your knowledge of T-accounts, debits & credits, trial balances, and financial statements

RIGHT NOW:

  1. FINISH:
    1. Open your textbook to page 85 and complete Problem 2-2A–Click this link to the spreadsheet needed to complete the problem.
      1. Click DOWNLOAD in the upper right corner.
      2. Scroll to choose ONEDRIVE – BELLEVUE.K12.IA.US
      3. Double click your ACCOUNTING folder
      4. Click SAVE
      5. Click the downloaded file to open it
      6. Click Enable Editing
      7. File–Save As–Save it as YOUR NAME PROBLEM 2-2A (ex: SUE JONES PROBLEM 2-2A) to your Accounting folder
      8. When you are finished with Problem 2-2A–RAISE YOUR HAND TO SHOW ME or zoom out until the entire spreadsheet is visable, take a screenshot, compose a new email to me, paste the screenshot into the email (ctrl V) or send the file to me as an email attachment
    2. Open your textbook to page 86 and complete Problem 2-3A–Click this link to the spreadsheet needed to complete the problem.
      1. Click DOWNLOAD in the upper right corner.
      2. Scroll to choose ONEDRIVE – BELLEVUE.K12.IA.US
      3. Click SAVE
      4. Click the downloaded file to open it
      5. Click Enable Editing
      6. File–Save As–Save it as YOUR NAME PROBLEM 2-3A (ex: SUE JONES PROBLEM 2-3A) to your Accounting folder
      7. When you are finished with Problem 2-3A–RAISE YOUR HAND TO SHOW ME or zoom out until the entire spreadsheet is visable, take a screenshot, compose a new email to me, paste the screenshot into the email (ctrl V) or send the file to me as an email attachment
    3. Open your textbook to page 87 and complete Problem 2-4A–Click this link to the spreadsheet needed to complete the problem.
      1. Click DOWNLOAD in the upper right corner.
      2. Scroll to choose ONEDRIVE – BELLEVUE.K12.IA.US
      3. Click SAVE
      4. Click the downloaded file to open it
      5. Click Enable Editing
      6. File–Save As–Save it as YOUR NAME PROBLEM 2-4A (ex: SUE JONES PROBLEM 2-4A) to your Accounting folder
      7. When you are finished with Problem 2-4A–RAISE YOUR HAND TO SHOW ME or zoom out until the entire spreadsheet is visable, take a screenshot, compose a new email to me, paste the screenshot into the email (ctrl V) or send the file to me as an email attachment
  2. ADDITIONAL PRACTICE, IF NEEDED:
    1. Problem 2-2B
    2. Problem 2-3B
    3. Problem 2-4B
  1. Log in to your Cengage Now account
  2. Click Assignments
  3. Click CHAPTER 2 TEST

GOAL: Before you leave class today you will:

  • Identify the advantages and disadvantages of a computerized accounting system

RIGHT NOW:

  1. Read pages 47 to 48 in your textbook
  2. Download, read, and do: QUICKBOOKS ONLINE CHAPTER 1

CHAPTER 3

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

  • Record a group of transactions pertaining to a service business in a two-column general journal.

RIGHT NOW:

  1. Open your textbook to pages 96-97 & listen to this intro video about chapter 3–The General Journal and the General Ledger 
  2. Open your textbook to pages 97-104 & listen to this video about 3-1 The General Journal
  3. Read the bottom of page 101–Accounting In Your Future
  4. Log in to your Cengage Now account
  5. Click ASSIGNMENTS
  6. Complete the Chapter 3 Objective 1 Assignment
  7. Click STUDY TOOLS
  8. Click ADAPTIVE STUDY PLAN
  9. Next to Chapter 3 – The General Journal and the General Ledger click START STUDYING
  10. Click 1. Record a group of transactions pertaining to a service business in a two-column general journal.
    1. SHOW ME WHEN YOU ARE DONE
  11. In an email message to me, explain the order in which transactions are recorded in a general journal and what must be the same before moving on to the next transaction? Also, what is a source document?

REVIEW:

  • Browse to zzi.sh and enter this code: gzr9675 then take the Accounting Chapter 3 Learning Objective 1 Quiz. Let me know how it goes.

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

  • Post entries from a two-column general journal to general ledger accounts

RIGHT NOW:

  1. Open your textbook to pages 104-113 & listen to this video about The General Ledger & Posting from the General Journal–GET THE GENERAL JOURNAL FORM FROM YOUR TEACHER–You will do it at the end of the video–SHOW ME–Get the Journal from the last class to use to complete the posting process today.
  2. Log in to your Cengage Now account
  3. Click ASSIGNMENTS
  4. Complete the Chapter 3 Objective 2 Assignment
  5. Click STUDY TOOLS
  6. Click ADAPTIVE STUDY PLAN
  7. Next to Chapter 3 – The General Journal and the General Ledger click RESUME STUDYING
  8. Click 2. Post entries from a two-column general journal to general ledger accounts.
    1. SHOW ME WHEN YOU ARE DONE
  9. In an email message to me, explain the steps in the posting process.

REVIEW:

  • Browse to zzi.sh and enter this code: gzr9675 then take the Accounting Chapter 3 Learning Objective 2 Quiz. Let me know how it goes.

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

  • Prepare a trial balance from ledger accounts

RIGHT NOW:

  1. Open your textbook to pages 113-114 & listen to this video about preparing a trial balance from ledger accounts
  2. Log in to your Cengage Now account
  3. Click ASSIGNMENTS & do the Chapter 3 Learning Objective 3 Assignment
  4. Click STUDY TOOLS
  5. Click ADAPTIVE STUDY PLAN
  6. Click to RESUME Chapter 3: T Accounts, Debits & Credits, Trial Balance, & Financial Statements
  7. Click 3. Prepare a trial balance from the ledger accounts.
    1.  Practice!–SHOW ME
  8. In an email message to me, explain where an accountant gets the balances for each account when preparing the trial balance.

REVIEW:

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

  • Explain the importance of source documents.

RIGHT NOW:

  1. Open your textbook to pages 114-116 & listen to this video about the importance of source documents
  2. READ PAGE 115–SMALL BUSINESS SUCCESS
  3. Log in to your Cengage Now account
  4. Click STUDY TOOLS
  5. Click ADAPTIVE STUDY PLAN
  6. Click to RESUME Chapter 3: T Accounts, Debits & Credits, Trial Balance, & Financial Statements
  7. Click 4. Explain the importance of source documents.
    1.  eBook – 3.4: Source Documents 
    2.  Show Me How: Explain the importance of source documents. –SHOW ME
  8. In an email message to me, explain why you think it is so important for the accountant to put the source document in the explanation in the journal for every transaction.

REVIEW:

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

  • Correct entries using the ruling or correcting entry method

RIGHT NOW:

  1. Open your textbook to pages 117-119 & listen to this video about correcting entries using the ruling or correcting entry methods
  2. Log in to your Cengage Now account
  3. Click ASSIGNMENTS & complete the CHAPTER 3 LEARNING OBJECTIVE 5 ASSIGNMENTS
  4. Click STUDY TOOLS
  5. Click ADAPTIVE STUDY PLAN
  6. Click to RESUME Chapter 3: T Accounts, Debits & Credits, Trial Balance, & Financial Statements
  7. Click 5. Correct entries using the ruling or correcting entry method.
    1.  eBook – 3.5: Correction of Errors—Manual and Computerized 
    2.  Show Me How: Correct entries using the ruling or correcting entry method. 
    3.  Practice!–SHOW ME
  8. In an email message to me, explain, in your own words, why it is necessary to use the ruling method or correcting entry methods to fix mistakes as an account instead of just erasing or deleting to fix errors.
  1. Click CHAPTER CONTENTS
  2. Scroll down and click 2-8 Chapter Review
  3. Read and do all of 2-8a Study and Practice
  4. Click the next arrow and review 2-8b Glossary
  5. Click the next arrow and do 2-8c Quiz Yourself
  6. Click the next arrow and answer the questions for 2-8d Chapter Assignments Discussion Questions in a Word Online file shared with me. Name the file YOUR NAME CHAPTER 2 DISCUSSION QUESTIONS (ex. SUE JONES CHAPTER 2 DISCUSSION QUESTIONS). Be sure to save it to your Accounting folder in your OneDrive online.

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

  • Review your knowledge of T-accounts, debits & credits, trial balances, and financial statements

RIGHT NOW:

  1. Cengage Online Chapter 2 Assignments:
    1. Log in to your cengage.com account.
    2. Click assignments
    3. Do Chapter 02 Homework (Application)
  2. Open your textbook to page 85 and complete Problem 2-2A–Click this link to the spreadsheet needed to complete the problem.
    1. Click DOWNLOAD in the upper right corner.
    2. Scroll to choose ONEDRIVE – BELLEVUE.K12.IA.US
    3. Double click your ACCOUNTING folder
    4. Click SAVE
    5. Click the downloaded file to open it
    6. Click Enable Editing
    7. File–Save As–Save it as YOUR NAME PROBLEM 2-2A (ex: SUE JONES PROBLEM 2-2A) to your Accounting folder
    8. When you are finished with Problem 2-2A–RAISE YOUR HAND TO SHOW ME or zoom out until the entire spreadsheet is visable, take a screenshot, compose a new email to me, paste the screenshot into the email (ctrl V) or send the file to me as an email attachment
  3. Open your textbook to page 86 and complete Problem 2-3A–Click this link to the spreadsheet needed to complete the problem.
    1. Click DOWNLOAD in the upper right corner.
    2. Scroll to choose ONEDRIVE – BELLEVUE.K12.IA.US
    3. Click SAVE
    4. Click the downloaded file to open it
    5. Click Enable Editing
    6. File–Save As–Save it as YOUR NAME PROBLEM 2-3A (ex: SUE JONES PROBLEM 2-3A) to your Accounting folder
    7. When you are finished with Problem 2-3A–RAISE YOUR HAND TO SHOW ME or zoom out until the entire spreadsheet is visable, take a screenshot, compose a new email to me, paste the screenshot into the email (ctrl V) or send the file to me as an email attachment
  4. Open your textbook to page 87 and complete Problem 2-4A–Click this link to the spreadsheet needed to complete the problem.
    1. Click DOWNLOAD in the upper right corner.
    2. Scroll to choose ONEDRIVE – BELLEVUE.K12.IA.US
    3. Click SAVE
    4. Click the downloaded file to open it
    5. Click Enable Editing
    6. File–Save As–Save it as YOUR NAME PROBLEM 2-4A (ex: SUE JONES PROBLEM 2-4A) to your Accounting folder
    7. When you are finished with Problem 2-4A–RAISE YOUR HAND TO SHOW ME or zoom out until the entire spreadsheet is visable, take a screenshot, compose a new email to me, paste the screenshot into the email (ctrl V) or send the file to me as an email attachment
  5. ADDITIONAL PRACTICE, IF NEEDED:
    1. Problem 2-2B
    2. Problem 2-3B
    3. Problem 2-4B
  1. Log in to your Cengage Now account
  2. Click Assignments
  3. Click CHAPTER 2 TEST

GOAL: Before you leave class today you will:

  • Identify the advantages and disadvantages of a computerized accounting system

RIGHT NOW:

  1. Read pages 47 to 48 in your textbook
  2. Download, read, and do: QUICKBOOKS ONLINE CHAPTER 1

GOAL: Before you leave class today you will:

  • Apply what you learned in chapter 1 to real-world situations and scenarios

RIGHT NOW:

  1. Turn to page 49 in your textbook
  2. Choose to do ONE of the following (MAKE A GRADING RUBRIC):
    1. Why Does It Matter?
    2. What Would You Say?
    3. What Do You Think?

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

  • Define and identify asset, liability, and owner’s equity accounts.

RIGHT NOW:

  1. Open your textbook to page 12 & listen to this intro to chapter 1 video as you follow along in your textbook
  2. Turn in your textbook to page 14 & listen to this learning objective 1 video about assets, liabilities, and owner’s equity as you follow along
  3. Log in to your Cengage Now account
  4. Click ASSIGNMENTS
  5. Complete the Chapter 1 Learning Objective 1 Exercises assignment
  6. Watch & do this video about how to use the Adaptive Study Plan in CengageNOW–remember to show me when you are done!
  7. In an email message to me, explain what types of asset accounts you might have if you owned your own bowling alley.

REVIEW:

  1. Play this Kahoot! to review learning objective 1, define and identify asset, liability, and owner’s equity accounts

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

  • Record, in column form, a group of business transactions involving changes in assets, liabilities, and owner’s equity

RIGHT NOW:

  1. Open your textbook to page 16 & listen to this first video about learning objective 2, how to analyze transactions, as you follow along in your textbook
  2. Turn in your textbook to page 19 & listen to this learning objective 2 video about analyzing transactions as you follow along
  3. Log in to your Cengage Now account
  4. Click ASSIGNMENTS
  5. Complete the Chapter 1 Learning Objective 2 Assignment
  6. Click STUDY TOOLS
  7. Click ADAPTIVE STUDY PLAN
  8. Next to Chapter 1 – Asset, Liability, Owner’s Equity, Revenue, and Expense Accounts click RESUME STUDYING
  9. Click 2. Record, in column form, a group of business transactions involving changes in assets, liabilities, and owner’s equity and complete the following:
    1. eBook – 1.2: Recording Business Transactions — Read & study it as a review
    2. Show Me How: Record, in column form, a group of business transactions involving changes in assets, liabilities, and owner’s equity. — Watch it
    3. Practice! — Do it
    4. Practice! — Do it
    5. Practice! — Do it
    6. SHOW ME WHEN YOU ARE DONE
  10. In an email message to me, explain what types of liability accounts you might have if you owned your own bowling alley.

REVIEW:

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

  • Define and identify revenue and expense accounts

RIGHT NOW:

  1. Read the top of page 21–ACCOUNTING IN YOUR FUTURE
  2. Open your textbook to page 21 & listen to this first video about learning objective 3, define and identify revenue and expense accounts, as you follow along in your textbook
  3. Log in to your Cengage Now account
  4. Click ASSIGNMENTS
  5. Complete the Chapter 1 Learning Objective 3 Assignments
  6. Click STUDY TOOLS
  7. Click ADAPTIVE STUDY PLAN
  8. Next to Chapter 1 – Asset, Liability, Owner’s Equity, Revenue, and Expense Accounts click RESUME STUDYING
  9. Click 3. Define and identify revenue and expense accounts.
    1. eBook – 1.3: Revenue and Expense Accounts — Read & study it
    2. Show Me How: Define and identify revenue and expense accounts. — Watch it
    3. SHOW ME WHEN YOU ARE DONE
  10. In an email message to me, explain what types of revenue & expense accounts you might have if you owned your own bowling alley.

REVIEW:

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

  • Record, in column form, a group of business transactions involving all five elements of the fundamental accounting equation.

RIGHT NOW:

  1. Open your textbook to page 23 & listen to this first video about learning objective 4, record, in column form, a group of business transactions involving all five elements of the fundamental accounting equation, as you follow along in your textbook
  2. Turn in your textbook to page 27 & listen to this second video about learning objective 4, record, in column form, a group of business transactions involving all five elements of the fundamental accounting equation, as you follow along in your textbook
  3. Turn in your textbook to page 30 & listen to this third video about learning objective 4, record, in column form, a group of business transactions involving all five elements of the fundamental accounting equation, as you follow along in your textbook
  4. Log in to your Cengage Now account
  5. Click ASSIGNMENTS
  6. Complete the Chapter 1 Objective 4 Assignment
  7. Click STUDY TOOLS
  8. Click ADAPTIVE STUDY PLAN
  9. Next to Chapter 1 – Asset, Liability, Owner’s Equity, Revenue, and Expense Accounts click RESUME STUDYING
  10. Click 4. Record, in column form, a group of business transactions involving all five elements of the fundamental accounting equation.
    1. eBook – 1.4: Recording Business Transactions — Review & study
    2. Show Me How: Record, in column form, a group of business transactions involving all five elements of the fundamental accounting equation. — Watch it
    3. Practice! — Do it
    4. Practice! — Do it
    5. SHOW ME WHEN YOU ARE DONE
  11. In an email message to me, explain what types of transactions you might have if you owned your own bowling alley.

REVIEW:

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

  • Review your knowledge of analyzing transactions

RIGHT NOW:

  1. Log in to your Cengage Now account
  2. Click STUDY TOOLS
  3. Click eBook
  4. Click Part 1: The Accounting Cycle for a Service Business: Analyzing Business Transactions
  5. Click Chapter 1: Asset, Liability, Owner’s Equity, Revenue, and Expense Accounts
  6. Click CHAPTER CONTENTS
  7. Scroll down and click 1-5 Chapter Review
  8. Read and do all of 1-5a Study and Practice
  9. Click the next arrow and review 1-5b Glossary
  10. Click the next arrow and do 1-5c Quiz Yourself
  11. Click the next arrow and answer the questions for 1-5d Chapter Assignments Discussion Questions in a Word Online file shared with me. Name the file YOUR NAME CHAPTER 1 DISCUSSION QUESTIONS (ex. SUE JONES CHAPTER 1 DISCUSSION QUESTIONS). Be sure to save it to your Accounting folder in your OneDrive online.

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

  • Review your knowledge of analyzing transactions

RIGHT NOW:

  1. WATCH THIS VIDEO TO SEE HOW TO USE OFFICE 365 (You will use EXCEL instead of WORD like the video is showing)
  2. Open your textbook to page 41 and complete Problem 1-1A–Click this link to the spreadsheet needed to complete the problem.
    1. Click DOWNLOAD in the upper right corner.
    2. Scroll to choose ONEDRIVE – BELLEVUE.K12.IA.US
    3. Click NEW FOLDER & name the new folder ACCOUNTING
    4. Click SAVE
    5. Click the downloaded file to open it
    6. Click Enable Editing
    7. File–Save As–Save it as YOUR NAME PROBLEM 1-1A (ex: SUE JONES PROBLEM 1-1A) to your Accounting folder
    8. When you are finished with Problem 1-1A–RAISE YOUR HAND TO SHOW ME or zoom out until the entire spreadsheet is visable, take a screenshot, compose a new email to me, paste the screenshot into the email (ctrl V) or send the file to me as an email attachment
  3. Open your textbook to page 41 and complete Problem 1-2A–Click this link to the spreadsheet needed to complete the problem.
    1. Click DOWNLOAD in the upper right corner.
    2. Scroll to choose ONEDRIVE – BELLEVUE.K12.IA.US
    3. Click SAVE
    4. Click the downloaded file to open it
    5. Click Enable Editing
    6. File–Save As–Save it as YOUR NAME PROBLEM 1-2A (ex: SUE JONES PROBLEM 1-1A) to your Accounting folder
    7. When you are finished with Problem 1-2A–RAISE YOUR HAND TO SHOW ME or zoom out until the entire spreadsheet is visable, take a screenshot, compose a new email to me, paste the screenshot into the email (ctrl V) or send the file to me as an email attachment
  4. Open your textbook to page 42 and complete Problem 1-3A–Click this link to the spreadsheet needed to complete the problem.
    1. Click DOWNLOAD in the upper right corner.
    2. Scroll to choose ONEDRIVE – BELLEVUE.K12.IA.US
    3. Click SAVE
    4. Click the downloaded file to open it
    5. Click Enable Editing
    6. File–Save As–Save it as YOUR NAME PROBLEM 1-3A (ex: SUE JONES PROBLEM 1-1A) to your Accounting folder
    7. When you are finished with Problem 1-3A–RAISE YOUR HAND TO SHOW ME or zoom out until the entire spreadsheet is visable, take a screenshot, compose a new email to me, paste the screenshot into the email (ctrl V) or send the file to me as an email attachment
  5. Open your textbook to page 42 and complete Problem 1-4A–Click this link to the spreadsheet needed to complete the problem.
    1. Click DOWNLOAD in the upper right corner.
    2. Scroll to choose ONEDRIVE – BELLEVUE.K12.IA.US
    3. Click SAVE
    4. Click the downloaded file to open it
    5. Click Enable Editing
    6. File–Save As–Save it as YOUR NAME PROBLEM 1-4A (ex: SUE JONES PROBLEM 1-1A) to your Accounting folder
    7. When you are finished with Problem 1-4A–RAISE YOUR HAND TO SHOW ME or zoom out until the entire spreadsheet is visable, take a screenshot, compose a new email to me, paste the screenshot into the email (ctrl V) or send the file to me as an email attachment
  6. Open your textbook to page 42 and complete Problem 1-5A–Click this link to the spreadsheet needed to complete the problem.
    1. Click DOWNLOAD in the upper right corner.
    2. Scroll to choose ONEDRIVE – BELLEVUE.K12.IA.US
    3. Click SAVE
    4. Click the downloaded file to open it
    5. Click Enable Editing
    6. File–Save As–Save it as YOUR NAME PROBLEM 1-5A (ex: SUE JONES PROBLEM 1-1A) to your Accounting folder
    7. When you are finished with Problem 1-5A–RAISE YOUR HAND TO SHOW ME or zoom out until the entire spreadsheet is visable, take a screenshot, compose a new email to me, paste the screenshot into the email (ctrl V) or send the file to me as an email attachment
  7. ADDITIONAL PRACTICE, IF NEEDED:
    1. Problem 1-1B
    2. Problem 1-2B
    3. Problem 1-3B
    4. Problem 1-4B
    5. Problem 1-5B
  1. Log in to your Cengage Now account
  2. Click Assignments
  3. Click CHAPTER 1 TEST

GOAL: Before you leave class today you will:

  • Identify the advantages and disadvantages of a computerized accounting system

RIGHT NOW:

  1. Read pages 47 to 48 in your textbook
  2. Download, read, and do: QUICKBOOKS ONLINE CHAPTER 1

GOAL: Before you leave class today you will:

  • Apply what you learned in chapter 1 to real-world situations and scenarios

RIGHT NOW:

  1. Turn to page 49 in your textbook
  2. Choose to do ONE of the following (MAKE A GRADING RUBRIC):
    1. Why Does It Matter?
    2. What Would You Say?
    3. What Do You Think?

 

GET INSPIRED!

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

GOAL:  Before you finish chapter 1 you will be able to:

  • Describe the purpose of accounting.
  • Describe the accounting process.
  •  Define GAAP and describe the process used by FASB to develop these principles.
  • Define three types of business ownership structures.
  • Classify different types of businesses by activities.
  • Identify career opportunities in accounting.
  1. Get your textbook & workbook–let me know your book number
  2. STUDENT RESOURCE WEB PAGE–Bookmark this!!!!
  3. Select CHAPTER 1 from the drop down list
  4. Click TUTORIAL QUIZ on the left side of your screen. Do the quiz. THIS IS A PRE-TEST–IT WILL NOT GO IN THE GRADEBOOK!!! When you have answered all the questions click END QUIZ AND VIEW SUMMARY.  Email the results to tracyweber@bellevue.k12.ia.us
  5. READ THE TEXT!!! In order to successfully complete this college credit course (1 full year), you MUST READ THE TEXT OUTSIDE OF CLASS. It will be your responsibility to READ before you come to class, If you do, you will easily pass the course with a high grade and understand everything we will do in class. If you do not read before class, expect to struggle. Today only we will do it together in class.
  6. RIGHT NOW: Read pages 3 to  18. As you read, do the following & answer the following questions. You may want to record your answers to use as a study guide in a Google Doc shared with me. In addition, you will be more likely to remember what you have read if you take notes as you go. These questions will help you to take notes.
    1. Page 4–at the top–DO what the first paragraph is asking you to do. SHARE IT WITH ME!!
    2. WATCH THIS VIDEO–It discusses pages 1-7 in chapter 1
    3. What is the purpose of accounting?
    4. Identify 4 user groups normally interested in financial information about a business?
      1. DO WITH A PARTNER ON PAGE 19: E 1-1A & E 1-1B–ask me to check your work when you are done.
    5. Identify the 6 major steps of the accounting process and explain each step.
      1. FYI: The best way to learn accounting is by doing accounting. Yes, you must read the chapters. However, most learning takes place while answering questions, writing memos, and working the exercises and problems. Remember that it is very important to do the homework as it is assigned. Don’t wait until a few days before the examination to work the problems.
      2. DO WITH A PARTNER ON PAGE 19: E 1-2A & E 1-2B–ask me to check your work when you are done.
      3. Think of a business transaction, like buying stamps at the post office. Explain how the transaction would affect all phases of the accounting process.
    6. What are generally accepted accounting principles (GAAP)?
    7. Describe the steps followed by the Financial Accounting Standards Board when developing an accounting standard.
    8. What is the name of the organization that issues accounting standards followed by many firms in countries outside the United States?
    9. Identify the 3 types of ownership structures and discuss the advantages and disadvantages of each.
      1. FYI: Most businesses in the United States operate as sole proprietorships or gh. However, corporations earn the highest amount of revenue. The largest corporations in the United States are known as the “Fortune 500”.
      2. What are some examples of each type of ownership in the Bellevue area?
    10. Identify 3 types of businesses according to activities.
      1. What are some examples of each type of business based on their activities in the Bellevue area?
    11. WATCH THIS VIDEO–It discusses pages 8-13 in chapter 1
    12. What are the main functions of an accounting clerk?
    13. Name and describe 4 areas of specialization for a public accountant.What is the purpose of the Sarbanes-Oxley Act?
      1. FYI: The relationship between the government’s regulatory power (the SEC) and the private industry (the FASB) exists because of accounting scandals that led to the Sarbanes-Oxley Act, which prohibits management advisory and auditing services being provided to the same client/company.
    14. Name and describe 6 areas of specialization for a managerial accountant.
      1. FYI: The largest public accounting firms in the United States are known as the “Big Four”. They are:
        1. Deloitte and Touche
        2. Ernst & Young
        3. KPMG
        4. PricewaterhouseCoopers
  7. Do MANAGING YOUR WRITING on your own. Share it with me.
  8. Go to the STUDENT RESOURCE WEB PAGE and take the Chapter 1 Quiz again. Send the results to tracyweber@bellevue.k12.ia.us
    1. THIS IS AN FYI ONLY–hopefully you noticed that the questions covered not only the information contained in my videos, but also information in the textbook that wasn’t discussed in the videos. It is YOUR RESPONSIBILITY to READ THE TEXTBOOK!!!! You will be successful in this class if you READ THE TEXTBOOK and do the homework on time!!
  9. HOMEWORK: Read pages 20 to 23 in the textbook.

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

GOAL:  Before you finish chapter 1 you will be able to:

  • Describe the purpose of accounting.
  • Describe the accounting process.
  •  Define GAAP and describe the process used by FASB to develop these principles.
  • Define three types of business ownership structures.
  • Classify different types of businesses by activities.
  • Identify career opportunities in accounting.
  1. RIGHT NOW: Read pages 3 to  18. As you read, do the following & answer the following questions. You may want to record your answers to use as a study guide in a Google Doc shared with me. In addition, you will be more likely to remember what you have read if you take notes as you go. These questions will help you to take notes.
    1. BEN, RENEE, COLIN, & ANNA: Page 4–at the top–DO what the first paragraph is asking you to do. SHARE IT WITH ME!!
    2. WATCH THIS VIDEO–It discusses pages 1-7 in chapter 1
    3. What is the purpose of accounting?
    4. Identify 4 user groups normally interested in financial information about a business?
      1. DO WITH A PARTNER ON PAGE 19: E 1-1A & E 1-1B–ask me to check your work when you are done.
    5. Identify the 6 major steps of the accounting process and explain each step.
      1. FYI: The best way to learn accounting is by doing accounting. Yes, you must read the chapters. However, most learning takes place while answering questions, writing memos, and working the exercises and problems. Remember that it is very important to do the homework as it is assigned. Don’t wait until a few days before the examination to work the problems.
      2. DO WITH A PARTNER ON PAGE 19: E 1-2A & E 1-2B–ask me to check your work when you are done.
      3. Think of a business transaction, like buying stamps at the post office. Explain how the transaction would affect all phases of the accounting process.
    6. What are generally accepted accounting principles (GAAP)?
    7. Describe the steps followed by the Financial Accounting Standards Board when developing an accounting standard.
    8. What is the name of the organization that issues accounting standards followed by many firms in countries outside the United States?
    9. Identify the 3 types of ownership structures and discuss the advantages and disadvantages of each.
      1. FYI: Most businesses in the United States operate as sole proprietorships or gh. However, corporations earn the highest amount of revenue. The largest corporations in the United States are known as the “Fortune 500”.
      2. What are some examples of each type of ownership in the Bellevue area?
    10. Identify 3 types of businesses according to activities.
      1. What are some examples of each type of business based on their activities in the Bellevue area?
    11. WATCH THIS VIDEO–It discusses pages 8-13 in chapter 1
    12. What are the main functions of an accounting clerk?
    13. Name and describe 4 areas of specialization for a public accountant.What is the purpose of the Sarbanes-Oxley Act?
      1. FYI: The relationship between the government’s regulatory power (the SEC) and the private industry (the FASB) exists because of accounting scandals that led to the Sarbanes-Oxley Act, which prohibits management advisory and auditing services being provided to the same client/company.
    14. Name and describe 6 areas of specialization for a managerial accountant.
      1. FYI: The largest public accounting firms in the United States are known as the “Big Four”. They are:
        1. Deloitte and Touche
        2. Ernst & Young
        3. KPMG
        4. PricewaterhouseCoopers
  2. Do MANAGING YOUR WRITING on your own. Share it with me.
  3. Go to the STUDENT RESOURCE WEB PAGE and take the Chapter 1 Quiz again. Send the results to tracyweber@bellevue.k12.ia.us
    1. THIS IS AN FYI ONLY–hopefully you noticed that the questions covered not only the information contained in my videos, but also information in the textbook that wasn’t discussed in the videos. It is YOUR RESPONSIBILITY to READ THE TEXTBOOK!!!! You will be successful in this class if you READ THE TEXTBOOK and do the homework on time!!
  4. HOMEWORK: Read pages 20 to 23 in the textbook.

You have today to finish this lesson plan. Take your time and LEARN!!!

GOAL:  Before you finish chapter 1 you will be able to:

  • Describe the purpose of accounting.
  • Describe the accounting process.
  •  Define GAAP and describe the process used by FASB to develop these principles.
  • Define three types of business ownership structures.
  • Classify different types of businesses by activities.
  • Identify career opportunities in accounting.
    1. WATCH THIS VIDEO–It discusses pages 8-13 in chapter 1
    2. What are the main functions of an accounting clerk?
    3. Name and describe 4 areas of specialization for a public accountant.What is the purpose of the Sarbanes-Oxley Act?
      1. FYI: The relationship between the government’s regulatory power (the SEC) and the private industry (the FASB) exists because of accounting scandals that led to the Sarbanes-Oxley Act, which prohibits management advisory and auditing services being provided to the same client/company.
    4. Name and describe 6 areas of specialization for a managerial accountant.
      1. FYI: The largest public accounting firms in the United States are known as the “Big Four”. They are:
        1. Deloitte and Touche
        2. Ernst & Young
        3. KPMG
        4. PricewaterhouseCoopers
  1. Do MANAGING YOUR WRITING on your own. Share it with me.
  2. Go to the STUDENT RESOURCE WEB PAGE and take the Chapter 1 Quiz again. Send the results to tracyweber@bellevue.k12.ia.us
    1. THIS IS AN FYI ONLY–hopefully you noticed that the questions covered not only the information contained in my videos, but also information in the textbook that wasn’t discussed in the videos. It is YOUR RESPONSIBILITY to READ THE TEXTBOOK!!!! You will be successful in this class if you READ THE TEXTBOOK and do the homework on time!!
  3. HOMEWORK: Read pages 20 to 23 in the textbook–DUE NEXT CLASS

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

 

You have today and the next 2 classes to finish this chapter. Take your time and LEARN!!!

TURN IN THIS WORK FROM YESTERDAY, IF YOU HAVEN’T ALREADY:

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)

FOR THE FIRST 5 MINUTES OF CLASS DO THE FLASH CARDS TO REVIEW THE ACCOUNTING TERMS

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.

LO2–WATCH THIS VIDEO

In-Class Exercise: Complete Exercises E2-2A, E2-2B on pages 42& 45 with a partner–we will check them together

In-Class Exercise: Complete Problems P2-8A, P2-8B on pages 44& 46 with a partner–we will check them together

Homework: Study Guide Review Questions 1, 6, 8, 9, 10; Study Guide Exercises 1, 4, 5; Study Guide Problem 12

LO3–WATCH THIS VIDEO

Homework:  End of Chapter Review Question 3

You have today next class to finish this chapter. Take your time and LEARN!!!

TURN IN YOUR HOMEWORK!!

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.

LO4

  1. WATCH THIS VIDEO
  2. LOOK AT THIS TO GIVE YOU AN OVERVIEW AND IT CAN SERVE AS A REFERENCE WHEN ANALYZING TRANSACTIONS: At the end of this Learning Objective (LO4), Figure 2-1 Summary of Transactions Illustrated shows how the following transactions fit into the “big picture” on a step-by-step basis.
  3. In-Class Exercise:
    1. Exercises E2-3A, E2-3B on pages 42 &  45–USE THE FOLLOWING SPREADSHEETS TO COMPLETE EACH EXERCISE DO THIS VIDEO
    2. HERE ARE THE SPREADSHEETS YOU NEED: E2-3A & E2-3B
    3. Show me when you are done
  4. WATCH THIS VIDEO and read the following about Expanding the Accounting Equation: Revenue, Expenses, and Withdrawals
  5. In-Class Exercise:
    1. Complete Exercises E2-4A, E2-4B on pages 43 & 45
    2. Complete Problems P2-9A, P2-9B on pages 44 & 47–USE THIS VIDEO TO HELP YOU
    3. Download them to your Accounting folder & save them when you are done. You will use the files again.
    4. Here are the spreadsheets you need:  P2-9A  & P2-9B
    5. Show me when you are done
  6. In-Class Exercise:
    1. Study Guide Review Questions 11, 12, 13, 14, 15;
    2. Study Guide Exercises 2, 6, 7, 8
    3. Study Guide Problem 13
    4. End of Chapter Review Question 2
    5. Show me all of them when you are done

 

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.

LO4

  1. WATCH THIS VIDEO and read the following about Expanding the Accounting Equation: Revenue, Expenses, and Withdrawals
  2. In-Class Exercise:
    1. Complete Exercises E2-4A, E2-4B on pages 43 & 45
    2. Complete Problems P2-9A, P2-9B on pages 44 & 47–USE THIS VIDEO TO HELP YOU
    3. Download them to your Accounting folder & save them when you are done. You will use the files again.
    4. Here are the spreadsheets you need:  P2-9A  & P2-9B
    5. Show me when you are done
  3. In-Class Exercise:
    1. Study Guide Review Questions 11, 12, 13, 14, 15;
    2. Study Guide Exercises 2, 6, 7, 8
    3. Study Guide Problem 13
    4. End of Chapter Review Question 2
    5. Show me all of them when you are done

NOTES TOGETHER

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.

LO4

  1. WATCH THIS VIDEO and read the following about Expanding the Accounting Equation: Revenue, Expenses, and Withdrawals
  2. In-Class Exercise:
    1. Complete Exercises E2-4A, E2-4B on pages 43 & 45–CREATE A SPREADSHEET TO DO THIS–WORK WITH A PARTNER–Print with your names on it
    2. Complete Problems P2-9A, P2-9B on pages 44 & 47–USE THIS VIDEO TO HELP YOU–Print with your name on it
    3. Download them to your Accounting folder & save them when you are done. You will use the files again.
    4. Here are the spreadsheets you need:  P2-9A  & P2-9B
    5. Show me when you are done
  3. In-Class Exercise (HAND THESE ALL IN WHEN YOU ARE DONE):
    1. Study Guide Review Questions 11, 12, 13, 14, 15
    2. Study Guide Exercises 2, 6, 7, 8
    3. Study Guide Problem 13
    4. End of Chapter Review Question 2
  4. PLAY THE GAMES FOR CHAPTER 2 HERE
  5. GO HERE & PLAY BANK ON IT WITH A PARTNER–Our class code is B6U3EMRW

 

You have today to finish this lesson plan. Take your time and LEARN!!!

TURN IN YOUR HOMEWORK!!

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.

LO5

  1. The Income Statement (See Figure 2-2) & WATCH THIS VIDEO
  2. 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
  1. The Statement of Owner’s Equity (See Figure 2-2) & WATCH THIS VIDEO
  2. In-Class Exercise (COMPLETE THEM IN ORDER):
    1. E2-6A page 43 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM
    2. E2-6B  page 46
    3. E2-7A page 43 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM
    4. E2-7B page 46
    5. 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
    6. P2-11B page 47
  1. The Balance Sheet (See Figure 2-2) & WATCH THIS VIDEO
    1. In-Class Exercise:
      1. P2-12A page 45 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM–Create the balance sheets in the same Excel file you downloaded for P2-9A, P2-9B on pages 44 & 47
      2. P2-12B page 47

Guidelines for preparing financial Statements–READ AND DO:

  1. Standard formats should be used.
  2. Headings should be used on all statements.
  3. Single underline should be used to add or subtract numbers above the line; double underlines indicate a total.
  4. Dollar signs are used at the top of columns and beneath single (subtotal) underlines.
  5. Expenses may be listed from highest to lowest dollar amount.
  6. Assets are listed from most liquid to least liquid.
  7. Liabilities are listed from most current to the least current.

In-Class Exercise: Complete Exercises E2-5A, E2-5B with a partner. We will check them together.\

Homework: Study Guide Review Questions 16, 17, 18, 19; Study Guide Exercises 3, 9, 10, 11; Study Guide Problems 14, 15, 16, 17; End of Chapter Review Questions 4, 5, 6

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.

LO4

  1. In-Class Exercise:
    1. Complete Exercises E2-4A, E2-4B on pages 43 & 45–CREATE A SPREADSHEET TO DO THIS–WORK WITH A PARTNER–Print with your names on it
    2. Complete Problems P2-9A, P2-9B on pages 44 & 47–USE THIS VIDEO TO HELP YOU–Print with your name on it
    3. Download them to your Accounting folder & save them when you are done. You will use the files again.
    4. Here are the spreadsheets you need:  P2-9A  & P2-9B
    5. Show me when you are done
  2. In-Class Exercise (HAND THESE ALL IN WHEN YOU ARE DONE):
    1. Study Guide Review Questions 11, 12, 13, 14, 15
    2. Study Guide Exercises 2, 6, 7, 8
    3. Study Guide Problem 13
    4. End of Chapter Review Question 2
  3. PLAY THE GAMES FOR CHAPTER 2 HERE
  4. GO HERE & PLAY BANK ON IT WITH A PARTNER–Our class code is B6U3EMRW
  5. EXTRA PRACTICE

 

REVIEW GAME:

  1. Write the expanded Accounting equation
  2. List all the accounts that you know are assets under assets in the Accounting equation
  3. List all the accounts that you know are liabilities under liabilities in the Accounting equation
  4. List all the accounts that you know affect Owner’s Equity and how they affect Owner’s Equity.
  5. Of the following transactions, write down the answers to these 3 questions for each transaction:
    1. What ACCOUNTS are affected?
    2. How are they affected?
    3. How is the Accounting equation affected?
      1. TRANSACTIONS:
        1. Purchased office supplies on account
        2. Performed services for a customer on account
        3. Paid for prepaid insurance
        4. Invested money in your own business
        5. Paid your employees wages
        6. Took money out of your business for your personal use
        7. Purchased equipment and paid cash for half and paid for the other half on account
        8. Received cash from a customer for their payment on their account
        9. Paid cash on your account from the equipment you purchased in transaction #7

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.

LO4

  1. In-Class Exercise:
    1. Complete Exercises E2-4A, E2-4B on pages 43 & 45–CREATE A SPREADSHEET TO DO THIS–WORK WITH A PARTNER–Print with your names on it
    2. Complete Problems P2-9A, P2-9B on pages 44 & 47–USE THIS VIDEO TO HELP YOU–Print with your name on it
    3. Download them to your Accounting folder & save them when you are done. You will use the files again.
    4. Here are the spreadsheets you need:  P2-9A  & P2-9B
    5. Show me when you are done
  2. In-Class Exercise (HAND THESE ALL IN WHEN YOU ARE DONE):
    1. Study Guide Review Questions 11, 12, 13, 14, 15
    2. Study Guide Exercises 2, 6, 7, 8
    3. Study Guide Problem 13
    4. End of Chapter Review Question 2
  3. PLAY THE GAMES FOR CHAPTER 2 HERE
  4. GO HERE & PLAY BANK ON IT WITH A PARTNER–Our class code is B6U3EMRW
  5. EXTRA PRACTICE

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.

LO4

  1. In-Class Exercise (HAND THESE ALL IN WHEN YOU ARE DONE):
    1. Study Guide Review Questions 11, 12, 13, 14, 15
    2. Study Guide Exercises 2, 6, 7, 8
    3. Study Guide Problem 13
    4. End of Chapter Review Question 2
  2. PLAY THE GAMES FOR CHAPTER 2 HERE
  3. GO HERE & PLAY BANK ON IT WITH A PARTNER–Our class code is B6U3EMRW
  4. EXTRA PRACTICE

 

FINISH:

LO4

  1. In-Class Exercise (HAND THESE ALL IN WHEN YOU ARE DONE):
    1. Study Guide Review Questions 11, 12, 13, 14, 15
    2. Study Guide Exercises 2, 6, 7, 8
    3. Study Guide Problem 13
    4. End of Chapter Review Question 2
  2. PLAY THE GAMES FOR CHAPTER 2 HERE
  3. GO HERE & PLAY BANK ON IT WITH A PARTNER–Our class code is B6U3EMRW
  4. EXTRA PRACTICE

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.

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.

LO5

Guidelines for preparing financial Statements–READ AND DO:

  1. Standard formats should be used.
  2. Headings should be used on all statements.
  3. Single underline should be used to add or subtract numbers above the line; double underlines indicate a total.
  4. Dollar signs are used at the top of columns and beneath single (subtotal) underlines.
  5. Expenses may be listed from highest to lowest dollar amount.
  6. Assets are listed from most liquid to least liquid.
  7. Liabilities are listed from most current to the least current.
  1. The Income Statement (See Figure 2-2) & WATCH THIS VIDEO
  2. 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!!!!
  1. The Statement of Owner’s Equity (See Figure 2-2) & WATCH THIS VIDEO
  2. In-Class Exercise (COMPLETE THEM IN ORDER):
    1. E2-6A page 43 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM
    2. E2-6B  page 46
    3. E2-7A page 43 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM
    4. E2-7B page 46
    5. 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
    6. P2-11B page 47
  1. The Balance Sheet (See Figure 2-2) & WATCH THIS VIDEO
    1. In-Class Exercise:
      1. P2-12A page 45 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM–Create the balance sheets in the same Excel file you downloaded for P2-9A, P2-9B on pages 44 & 47
      2. P2-12B page 47

FINISH:

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.

LO5

Guidelines for preparing financial Statements–READ AND DO:

  1. Standard formats should be used.
  2. Headings should be used on all statements.
  3. Single underline should be used to add or subtract numbers above the line; double underlines indicate a total.
  4. Dollar signs are used at the top of columns and beneath single (subtotal) underlines.
  5. Expenses may be listed from highest to lowest dollar amount.
  6. Assets are listed from most liquid to least liquid.
  7. Liabilities are listed from most current to the least current.

 

  1. The Income Statement (See Figure 2-2) & WATCH THIS VIDEO
  2. 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!!!!
  1. The Statement of Owner’s Equity (See Figure 2-2) & WATCH THIS VIDEO
  2. In-Class Exercise (COMPLETE THEM IN ORDER):
    1. E2-6A page 43 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM
    2. E2-6B  page 46
    3. E2-7A page 43 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM
    4. E2-7B page 46
    5. 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
    6. P2-11B page 47
  1. The Balance Sheet (See Figure 2-2) & WATCH THIS VIDEO
    1. In-Class Exercise:
      1. P2-12A page 45 (USE THIS VIDEO TO HELP YOU) RAISE YOUR HAND & SHOW ME BEFORE YOU DO THE NEXT PROBLEM–Create the balance sheets in the same Excel file you downloaded for P2-9A, P2-9B on pages 44 & 47
      2. P2-12B page 47

 

Guidelines for preparing financial Statements–READ AND DO:

  1. Standard formats should be used.
  2. Headings should be used on all statements.
  3. Single underline should be used to add or subtract numbers above the line; double underlines indicate a total.
  4. Dollar signs are used at the top of columns and beneath single (subtotal) underlines.
  5. Expenses may be listed from highest to lowest dollar amount.
  6. Assets are listed from most liquid to least liquid.
  7. Liabilities are listed from most current to the least current.

 

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.

LO6

Overview of the Accounting Process (See Figure 2-4) & WATCH THIS VIDEO

  1. Input. Business transactions provide the necessary information for input.
  2. Processing. Identifying, classifying, and determining how accounts are increased or decreased in business transactions.
  3. Output. Recording the processed information on financial statements.

Homework: 

  1. In-Class Exercise: Complete Exercises E2-5A with a partner. We will check them together.
  2. Homework: Study Guide Review Questions 16, 17, 18, 19; Study Guide Exercises 3, 9, 10, 11; Study Guide Problems 14, 15, 16, 17

FINISH:

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.

ORDER OF EVENTS TODAY (homework if not completed in class):

  1. Study the Demonstration Problem on pages 36-38–together
  2. Do the Self-Study Test Questions on pages 40-41 and check your work with the answers on page 49
  3. Do the Mastery Problem on page 48 by creating an Excel spreadsheet or using the working papers (get them from your teacher)
  4. Do Managing Your Writing on page 47 by creating a memo in Word using a template.

Extra Credit Learning Activities

  1. Talk with the manager of a small business to identify the types of expenses in the business.
  2. Identify the difference between the six different types of accounts. Classifying accounts correctly in these early chapters is a must. Give numerous examples of the types of accounts. Know the difference between an asset and an expense. Explain the difference between Accounts Payable and Accounts Receivable. Explain the effect of a “payment on account” by the business and by a customer.

Extra Credit Critical Thinking Activity

Mark Hahn invested $26,000 in cash to open a law office on April 28 of the current year. On April 29, he purchased office equipment for $10,800. He paid cash for all but $1,550 of the office equipment. On April 30, Mark paid $1,200 for six months’ insurance for his law practice. mark wants to know his financial condition of the business as of April 30.

TURN ALL HOMEWORK–CHECK JMC

DO THE TUTORIAL QUIZ FOR CHAPTER 2 AND SUBMIT THE RESULTS TO: tracyweber@bellevue.k12.ia.us

CHAPTER 1 & 2 TEST

GO OVER THE CHAPTER 1 & 2 TEST

You have today and the next 4 classes to finish this lesson plan. Take your time and LEARN!!!

TURN IN YOUR HOMEWORK!!

TAKE THE CHAPTER 3 TUTORIAL QUIZ–PRE-TEST–WILL NOT IN MY GRADE–This is done to provide you with an overview of Chapter 3. You will take this again when you are done with chapter 3.

Chapter 3

The Double-Entry Framework

Learning Objectives

  • LO1    Define the parts of a T account.
  • LO2    Foot and balance a T account.
  • LO3    Describe the effects of debits and credits on specific types of accounts.
  • LO4    Use T accounts to analyze transactions.
  • LO5    Prepare a trial balance and explain the purpose and link with the financial statements.

LO1–The T Account

  1. Other kinds of accounts will be illustrated later after the T accounts. However, T accounts are the most effective way to learn the double-entry system. Practicing accountants use them frequently when analyzing business transactions.
  2. Double-entry accounting represents the fact that every transaction has a dual effect on the accounting equation.
  3. A separate account records the increases and decreases in each type of asset, liability, owner’s equity, revenue, and expense
  4. Use T accounts to analyze transactions.
    1. Each account has a title.
    2. The left side is the debit side of each account.
    3. The right side is the credit side of each account.
  5. WATCH THIS VIDEO ABOUT LEARNING OBJECTIVE 1 FOR CHAPTER 3

LO2

  1. You may find it helpful to think of the T account like a scale. The heavier side will weigh down the lighter side, so the balance is always written on the side with the larger or “heavier” footing (or balance).
  2. Balancing a T Account (See Figure 3-1)
    1. Footings are totals on the debit and credit sides.
    2. The difference between the footings is called the balance of the account.
    3. The balance is written on the side with the larger footing.
  3. WATCH THIS VIDEO ABOUT LEARNING OBJECTIVE 2 FOR CHAPTER 3
  4. In-Class Exercise: Complete Exercise E3-1A, E3-1B (10 minutes each)–WE WILL CHECK THEM TOGETHER IN CLASS

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

TURN IN YOUR HOMEWORK!!

Chapter 3

The Double-Entry Framework

Learning Objectives

  • LO1    Define the parts of a T account.
  • LO2    Foot and balance a T account.
  • LO3    Describe the effects of debits and credits on specific types of accounts.
  • LO4    Use T accounts to analyze transactions.
  • LO5    Prepare a trial balance and explain the purpose and link with the financial statements.

LO3 Debits and Credits

  1. Debit simply means left and credit means right. You have heard about receiving credit. Often this has a positive connotation. Debit sounds like debt, which often has a negative impression. Forget about any positive or negative thoughts about debits and credits. They simply mean left and right—that to debit something simply means to put it on the left, to credit means to simply put it on the right.
  2. Debit means to enter an amount on the left side; credit means to enter an amount on the right side.
  3. Assets
    1. Are on the left side of the accounting equation.
    2. Increases are entered on the debit, or left, side.
    3. Decreases are entered on the credit, or right, side.
  4. Liabilities and Owner’s Equity
    1. Are on the right side of the accounting equation.
    2. Increases are entered on the credit, or right, side.
    3. Decreases are entered on the debit, or left, side.
  5. The Owner’s Equity Umbrella (See Figure 3-2)
    1. The accounting equation is Assets = Liabilities + Owner’s Equity.
    2. The “umbrella” expands owner’s equity.
    3. The owner’s equity “umbrella” includes capital, drawing revenue and expense accounts.S
  6. Since drawing and expenses decrease owner’s equity, they are shown on the debit side of the umbrella. (Debits decrease owner’s equity). As expenses and drawing increase (debits), owner’s equity decreases. revenue increases owner’s equity and is shown on the credit side.
  7. Owner’s Capital
    1. Is the owner’s investment in the business.
    2. Increases are recorded on the credit side.
    3. Decreases are recorded on the debit side.
  8. Drawing
    1. Are the owner’s asset withdrawals for personal reasons.
    2. Increases are recorded on the debit side.
    3. Decreases are recorded on the credit side.
  9. Revenues
    1. Are the earnings of the business.
    2. Increases are recorded on the credit side.
    3. Decreases are recorded on the debit side.
  10. Expenses
    1. Are the costs of operating the business.
    2. Increases are recorded on the debit side.
    3. Decreases are recorded on the credit side.
  11. Normal balances (See Figure 3-3)
    1. Is on the side of an account that is used to increase the account.
    2. Asset accounts’ normal balances are on the debit side; therefore, they generally have a debit balance.
    3. Liability accounts’ and owner’s equity normal balances are on the credit side; therefore, they generally have a credit balance.
    4. Expense and drawing accounts are generally debit balances; therefore, their normal balance is a debit.
  12. WATCH THIS VIDEO ABOUT LEARNING OBJECTIVE 3 FOR CHAPTER 3
  13. In-Class Exercise: Complete Exercises E3-2A, E3-2B (5 minutes each)–WE WILL CHECK THEM TOGETHER
  14. In-Class Exercise: Complete Exercises E3-4A, E3-4B (5 minutes each)–WE WILL CHECK THEM TOGETHER

You have today and the next 2 classes to finish this lesson plan. Take your time and LEARN!!!

TURN IN YOUR HOMEWORK!!

Chapter 3

The Double-Entry Framework

Learning Objectives

  • LO1    Define the parts of a T account.
  • LO2    Foot and balance a T account.
  • LO3    Describe the effects of debits and credits on specific types of accounts.
  • LO4    Use T accounts to analyze transactions.
  • LO5    Prepare a trial balance and explain the purpose and link with the financial statements.

LO4

  1. Steps in Transaction Analysis (See Figure 3-4)
  2. It is important to go through the three steps when analyzing transactions. The transaction must be fully understood before it can be accounted for correctly. Transactions in this chapter are easy to understand, but transactions in business can become quite complex, making this first step very important. Ultimately, you should strive to fully understand the transaction to determine its effects on the accounts, accounting equation and, finally, the financial statements.
  3. Also, as a problem-solving point that you should ensure that the total of the debits equals the total of the credits for the transaction you are working on before you go on to the next transaction.
  4. Steps in Transaction Analysis
    1. What happened?
    2. Which accounts are affected?
      1. Identify the accounts.
      2. Classify the accounts.
      3. Locate the accounts in the expanded accounting equation—left or right.
    3. How is the accounting equation affected?
      1. Determine whether the accounts have increased or decreased.
      2. Determine whether the accounts should be debited or credited.
      3. Make certain the accounting equation remains in balance after the transaction has been entered.
  5. The same transactions are used in both Chapter 2 and chapter 3 in the chapter content. This allows you to focus on the new learning objectives: the double-entry framework.
  6. Debits and Credits: Asset, Liability, and Owner’s Equity Accounts
    1. Transaction (a): Investment by owner (See Figure 3-5)
      1. a) An increase in cash is entered as a debit.
      2. b) An increase in Jessica Jane, Capital is entered as a credit.
    2. Transaction (b): Purchase of an asset for cash (See Figure 3-6)
      1. a) An increase in an asset (Delivery Equipment) is entered as a debit.
      2. b) A decrease in Cash is entered as a credit.
    3. Transaction (c): Purchase of an asset on account (See Figure 3-7)
      1. a) An increase in an asset (delivery Equipment) is entered as a debit.
      2. b) An increase in Accounts Payable is entered as a credit.
  7. The asset purchased by the loan is in the past—that transaction is completed—payment on the loan is our concern now. The business decreased the loan amount by making the cash payment.
    1. Transaction (d): Payment on account  (See Figure 3-8)
      1. a) A decrease in Accounts Payable is entered as a debit.
      2. b) A decrease in Cash is entered as a credit.
  8. Recall that expenses are debited because increases in expenses decrease owner’s equity.
  9. Debits and Credits: Including Revenues, Expenses, and Drawing–The Expanded Accounting Equation (See Figure 3-9)
    1. Transaction (e): Delivery revenues earned in cash (See Figure 3-10)
      1. a) An increase in Cash is entered as a debit.
      2. b) An increase in Delivery Fees is entered as a credit.
    2. Transaction (f): Paid rent for month (See Figure 3-11)
      1. (a)An increase in Rent Expense is entered as a debit.
      2. b) A decrease in Cash is entered as a credit.
    3. Transaction (g): Paid telephone bill (See Figure 3-12)
      1. a) An increase in Telephone Expense is entered as a debit.
      2. b) A decrease in Cash is entered as a credit.
    4. Transaction (h): Delivery revenues earned on account (See Figure 3-13)
      1. a) An increase in Accounts Receivable is entered as a debit.
      2. b) An increase in Delivery Fees is entered as a credit.
    5. Transaction (i): Purchase of supplies (See Figure 3-14)
      1. a) Supplies will last several months; therefore, they are treated as an asset.
      2. b) An increase in Supplies is entered as a debit.
      3. c) A decrease in Cash is entered as a credit.
    6. Transaction (j): Payment of insurance premium (See Figure 3-15)
      1. a) Since insurance is paid in advance and will provide future benefits, it is treated as an asset.
      2. b) An increase in Prepaid Insurance is entered as a debit.
      3. c) A decrease in Cash is entered as a credit.
  10. The sale transaction is complete. Now the customer is reducing his debt owed to the business by making a cash payment.
    1. Transaction (k): Cash receipts from prior sales on account (See Figure 3-16)
      1. a) An increase in Cash is entered as a debit.
      2. b) A decrease in Accounts Receivable is entered as a credit.
    2. Transaction (l): Purchase of an asset on credit making a partial payment (See Figure 3-17)
      1. a) An increase in an asset (Delivery Equipment) is entered as a debit.
      2. b) A decrease in Cash is entered as a credit.
      3. c) An increase in Accounts Payable is entered as a credit.
      4. d) Total of debits equals total of credits for this transaction.
    3. Transaction (m): Payment of wages (See Figure 3-18)
      1. a) An increase in Wages Expense is entered as a debit.
      2. b) A decrease in Cash is entered as a credit.
    4. Transaction (n): Deliveries made for cash and credit (See Figure 3-19)
      1. a) An increase in Cash is entered as a debit.
      2. b) An increase in Accounts Receivable is entered as a debit.
      3. c) An increase in Delivery Fees in recorded as a credit.
      4. d) Total debits equals total credits.
    5. Transaction (o): Withdrawal of cash from business (See Figure 3-20)
      1. a) An increase in Jessica Jane, Drawing is entered as a debit.
      2. A decrease in Cash is entered as a credit.
  11. WATCH THIS VIDEO, THEN READ AND DO THE FOLLOWING:
  12. YOU WILL HAVE NEXT CLASS TO FINISH THIS:
  13. In-Class Exercise: Complete Exercise E3-3A, E3-3B (5–10 minutes each)–SHOW ME WHEN YOU ARE DONE
  14. In-Class Exercise: Complete Exercise E3-5A, E3-5B (5–10 minutes each)–SHOW ME WHEN YOU ARE DONE
  15. In-Class Exercise: Complete Exercise E3-6A, E3-6B (5 minutes each)–SHOW ME WHEN YOU ARE DONE
  16. Summary of Transactions (a) Through (o) (See Figure 3-21)
    1. Total each side of every individual T Account.
    2. Write the totals (footings) in small numbers on each side of the T account.
    3. The balance is shown on the side with the larger footing.
    4. The footing serves as the balance for the accounts with entries on only one side of the account.
    5. If an account has only a single entry, it is not necessary to enter a footing or balance.
  17. In-Class Exercise: Complete Exercise E3-7A, E3-7B (10 minutes each)–SHOW ME WHEN YOU ARE DONE–KEEP THIS!!

You have today and the next 2 classes to finish this lesson plan. Take your time and LEARN!!!

TURN IN YOUR HOMEWORK!!

Chapter 3

The Double-Entry Framework

Learning Objectives

  • LO1    Define the parts of a T account.
  • LO2    Foot and balance a T account.
  • LO3    Describe the effects of debits and credits on specific types of accounts.
  • LO4    Use T accounts to analyze transactions.
  • LO5    Prepare a trial balance and explain the purpose and link with the financial statements.

LO4

  1. FINISH:
  2. In-Class Exercise: Complete Exercise E3-3A, E3-3B –DO TOGETHER AS A REVIEW
  3. In-Class Exercise: Complete Exercise E3-5A, E3-5B (5–10 minutes each)–SHOW ME WHEN YOU ARE DONE
  4. Summary of Transactions (a) Through (o) (See Figure 3-21 page 66). MAKE NOTE OF HOW THEY DO ALL OF THE FOLLOWING:
    1. Total each side of every individual T Account.
    2. Write the totals (footings) in small numbers on each side of the T account.
    3. The balance is shown on the side with the larger footing.
    4. The footing serves as the balance for the accounts with entries on only one side of the account.
    5. If an account has only a single entry, it is not necessary to enter a footing or balance.
  5. In-Class Exercise: Complete Exercise E3-7A, E3-7B (10 minutes each)–SHOW ME WHEN YOU ARE DONE–KEEP THIS!!

FINISH:

  1. In-Class Exercise: Complete Exercise E3-7A, E3-7B (10 minutes each)–SHOW ME WHEN YOU ARE DONE–KEEP THIS!!

Chapter 3

The Double-Entry Framework

Learning Objectives

  • LO1    Define the parts of a T account.
  • LO2    Foot and balance a T account.
  • LO3    Describe the effects of debits and credits on specific types of accounts.
  • LO4    Use T accounts to analyze transactions.
  • LO5    Prepare a trial balance and explain the purpose and link with the financial statements.

LO5

  1. The Trial Balance (See Figure 3-22)
    1. Is prepared periodically to determine the equality of the debits and the credits.
    2. Is a list of all accounts showing the title and balance of each account.
    3. Provides proof that the:
      1. The sum total of the debits equals the sum total of the credits.
      2. The accounting equation has remained in balance.
  2. The totals for the trial balance are not the same as those for the accounting equation. The trial balance compares the sum of all accounts with debit balances (assets, drawing, and expenses) with those with credit balances (liabilities, owner’s equity, and revenue). The accounting equation compares the sum of the asset accounts with the sum of the liabilities and owner’s equity accounts using the expanded equation (Assets = Liabilities + Capital – Drawing + Revenue – Expenses).
  3. On financial statements, single underlines are used for amounts to be summed. Double underlines are used for totals.
  4. Dollar signs are not used on the trial balance.Dollar signs are used on financial statements at the top of each column and for the first amount entered in a column beneath an underline.
  5. WATCH THIS VIDEO
  6. YOU WILL HAVE NEXT CLASS TO FINISH:
  7. In-Class Exercise: Complete Exercise E3-8A, E3-8B (10 minutes each)–USE EXCEL TO DO THIS–SHOW ME WHEN YOU ARE DONE
  8. In-Class Exercise: Complete Exercise E3-9A, E3-9B (10 minutes each)–USE EXCEL TO DO THIS–SHOW ME WHEN YOU ARE DONE

FINISH:

  1. In-Class Exercise: Complete Problem P3-13A, P3-13B–KEEP THE PAPER YOU DO THE T ACCOUNTS ON & USE IT TO DO THE TRIAL BALANCE. CREATE THE TRIAL BALANCE USING EXCEL.

Chapter 3

The Double-Entry Framework

Learning Objectives

  • LO1    Define the parts of a T account.
  • LO2    Foot and balance a T account.
  • LO3    Describe the effects of debits and credits on specific types of accounts.
  • LO4    Use T accounts to analyze transactions.
  • LO5    Prepare a trial balance and explain the purpose and link with the financial statements.

LO5

  1. The trial balance can be used as an aid in preparing the financial statements.
  2. Linkages Between the Trial Balance and Financial Statements (See Figure 3-23)
    1. In-Class Exercise: Complete Exercise E3-10A, E3-11A, E3-12A–USE EXCEL TO DO THIS–SHOW ME WHEN YOU ARE DONE
    2. In-Class Exercise: Complete Exercise  E3-10B, E3-11B, E3-12B–USE EXCEL TO DO THIS–SHOW ME WHEN YOU ARE DONE
    3. In-Class Exercise: Complete Problem P3-14A, P3-14B–USE EXCEL TO DO THIS–SHOW ME WHEN YOU ARE DONE
    4. In-Class Exercise: Complete Problem P3-15A, P3-15B–SHOW ME WHEN YOU ARE DONE

FINISH:

  • In-Class Exercise: Complete Problem P3-14A, P3-14B–USE EXCEL TO DO THIS–SHOW ME WHEN YOU ARE DONE
  • In-Class Exercise: Complete Problem P3-15A, P3-15B–SHOW ME WHEN YOU ARE DONE

EXTRA CREDIT OPPORTUNITY: Develop an idea for a service business and prepare a list of assets, liabilities, revenues, and expenses. If similar businesses exist in your community, students can interview the owner or manager to identify the types of accounts used.

 

TEST NEXT CLASS

FINISH:

  • In-Class Exercise: Complete Problem P3-15A, P3-15B–SHOW ME WHEN YOU ARE DONE

EXTRA CREDIT OPPORTUNITY: Develop an idea for a service business and prepare a list of assets, liabilities, revenues, and expenses. If similar businesses exist in your community, students can interview the owner or manager to identify the types of accounts used.

 

CHAPTER 3 TEST–GET IT FROM YOUR TEACHER

TAKE THE CHAPTER 3 TUTORIAL QUIZ–POST-TEST–WILL GO IN MY GRADE–This is done to show you what learned from Chapter 3.

CHAPTER 4 TUTORIAL QUIZ–PRE-TEST

FINISH:

Chapter 4

Journalizing and Posting Transactions

 Learning Objectives

  1. LO1    Describe the flow of data from source documents through the trial balance.
  2. LO2    Describe and explain the purpose of source documents.
  3. LO3    Describe the chart of accounts as a means of classifying financial information.
  4. LO4    Journalize transactions.
  5. LO5    Post to the general ledger and prepare a trial balance.
  6. LO6    Explain how to find and correct errors.

LO1

  1. Flow of Data (See Figure 4-1)–WATCH THIS VIDEO
    1. Analyze transactions using source documents and chart of accounts.
    2. Enter journal transactions in the general journal in proper form.
    3. Post entries to the accounts in the general ledger.
    4. Prepare a trial balance.

LO2

  1. Source Documents (See Figure 4-2)–WATCH THIS VIDEO
    1. Are almost any document that provides information about a business transaction.
    2. Trigger the analysis of what has happened.
    3. Serve as objective evidence and to verify the accuracy of accounting records.
    4. FYI: Notice the chart of accounts on the inside back cover of the text.
    5. Use the chart of accounts order for listing expenses on the income statement. This is often easier than listing by amount when doing the homework.
    6. Emphasize that source documents provide objective, verifiable evidence of the transaction. These documents are important if anyone challenges the accuracy of the accounting records.

LO3

  1. The Chart of Accounts (See Figure 4-3)–WATCH THIS VIDEO
    1. Is a list of all accounts used by a business.
    2. Arranged according to the accounting equation.
    3. Asset accounts begin with “1.”
    4. Liability accounts begin with “2.”
    5. Owner’s equity accounts begin with “3.”
    6. Revenue accounts begin with “4.”
    7. Expense accounts begin with “5.”
  1. Share the following with me in a Google Doc:
    1. Complete Exercises E4-1A, E4-1B
    2. Study Guide Review Question (pages SG-36 to SG-37) #1 –  4
    3. End of Chapter Review Questions (page 115 in the big textbook) # 1 – 4

 

Chapter 4

Journalizing and Posting Transactions

 Learning Objectives

  1. LO1    Describe the flow of data from source documents through the trial balance.
  2. LO2    Describe and explain the purpose of source documents.
  3. LO3    Describe the chart of accounts as a means of classifying financial information.
  4. LO4    Journalize transactions.
  5. LO5    Post to the general ledger and prepare a trial balance.
  6. LO6    Explain how to find and correct errors.

LO4–WATCH THIS VIDEO

  1. Complete Exercises E4-2A, E4-2B (5 minutes each)–WE WILL CHECK THEM TOGETHER–MAKE A COLUMN FOR DEBITS & A COLUMN FOR CREDITS & FILL THE ACCOUNT NAMES UNDER THE APPROPRIATE COLUMN HEADING
  2. Textbook Exercises E4-4A, E4-4B–YOU WILL NEED THESE FOR NEXT CLASS–GET THE WORKING PAPERS FROM YOUR TEACHER
  3. Study Guide Review Questions 5, 6, 7, 8, 9
  4. Study Guide Exercise 1, 2
  5. Textbook End of Chapter Review Questions 5, 6
  1. Textbook Exercises E4-4A, E4-4B–TURN THE ENTIRE PACKET IN WHEN FINISHED WITH 4A & 4B (you will get them back in order to do 5 & 6)
  2. Study Guide Exercise 1, 2–GET THE PACKET FROM YOUR TEACHER–TURN IN THE ENTIRE PACKET WHEN YOU ARE DONE WITH EXERCISES 1 & 2 (you will get them back to do the other exercises)
  3. Study Guide Review Questions 5, 6, 7, 8, 9 & Textbook End of Chapter Review Questions 5, 6–DO THESE IN A GOOGLE DOC SHARED WITH ME

Chapter 4

Journalizing and Posting Transactions

 Learning Objectives

  1. LO1    Describe the flow of data from source documents through the trial balance.
  2. LO2    Describe and explain the purpose of source documents.
  3. LO3    Describe the chart of accounts as a means of classifying financial information.
  4. LO4    Journalize transactions.
  5. LO5    Post to the general ledger and prepare a trial balance.
  6. LO6    Explain how to find and correct errors.

LO5

The General Ledger–WATCH THIS VIDEO

  1. A complete set of all of the accounts used by a business.
  2. Provides a complete record of the transactions entered into each account.
  3. Accounts are numbered and arranged in the same order as the chart of accounts
  4. The journal and ledger are different books.
  5. Transactions should be entered in the journal as they occur. However, posting can wait until enough transactions have accumulated to use posting time efficiently. Of course, all transactions must be entered and posted prior to preparing financial statements.
  6. Double check your math as you go along. This can save hours of searching for an error later.
  7. A cross reference is the link between the journal and ledger as shown by information in the posting reference columns of the journal and the ledger. (See Figure 4-11 and Figure 4-12)
  8. STAPLE THE FOLLOWING TOGETHER & TURN THEM IN AT THE END OF CLASS:
    1. E4-3AWATCH THIS VIDEO TO HELP YOU–PRINT
    2. E4-3B–PRINT

The Trial Balance (See Figure 4-13)–WATCH THIS VIDEO

  1. Used to prove the totals of the debits and credits in the ledger accounts are equal.
  2. All transactions should be journalized and posted before the trial balance is prepared.
  3. The accounts are listed in the order used in the chart of accounts.
  4. STAPLE ALL OF THE FOLLOWING TOGETHER & TURN THEM IN AT THE END OF CLASS:
    1. E4-5A, E4-6A–GET THE WORKING PAPERS FROM YOUR TEACHER
    2. E4-5B, E4-6B–GET THE WORKING PAPERS FROM YOUR TEACHER
    3. E4-7A–USE EXCEL–PRINT
    4. E4-7B–USE EXCEL–PRINT

Chapter 4

Journalizing and Posting Transactions

 Learning Objectives

  1. LO1    Describe the flow of data from source documents through the trial balance.
  2. LO2    Describe and explain the purpose of source documents.
  3. LO3    Describe the chart of accounts as a means of classifying financial information.
  4. LO4    Journalize transactions.
  5. LO5    Post to the general ledger and prepare a trial balance.
  6. LO6    Explain how to find and correct errors.

LO5

The General Ledger–WATCH THIS VIDEO

  1. A complete set of all of the accounts used by a business.
  2. Provides a complete record of the transactions entered into each account.
  3. Accounts are numbered and arranged in the same order as the chart of accounts
  4. The journal and ledger are different books.
  5. Transactions should be entered in the journal as they occur. However, posting can wait until enough transactions have accumulated to use posting time efficiently. Of course, all transactions must be entered and posted prior to preparing financial statements.
  6. Double check your math as you go along. This can save hours of searching for an error later.
  7. A cross reference is the link between the journal and ledger as shown by information in the posting reference columns of the journal and the ledger. (See Figure 4-11 and Figure 4-12)
  8. STAPLE THE FOLLOWING TOGETHER & TURN THEM IN AT THE END OF CLASS:
    1. E4-3AWATCH THIS VIDEO TO HELP YOU–PRINT
    2. E4-3B–PRINT

The Trial Balance (See Figure 4-13)–WATCH THIS VIDEO

  1. Used to prove the totals of the debits and credits in the ledger accounts are equal.
  2. All transactions should be journalized and posted before the trial balance is prepared.
  3. The accounts are listed in the order used in the chart of accounts.
  4. STAPLE ALL OF THE FOLLOWING TOGETHER & TURN THEM IN AT THE END OF CLASS:
    1. E4-5A, E4-6A–GET THE WORKING PAPERS FROM YOUR TEACHER
    2. E4-5B, E4-6B–GET THE WORKING PAPERS FROM YOUR TEACHER
    3. E4-7A–USE EXCEL–PRINT
    4. E4-7B–USE EXCEL–PRINT

WORK ON:

  1. STAPLE ALL OF THE FOLLOWING TOGETHER & TURN THEM IN AT THE END OF CLASS:
    1. E4-5A, E4-6A–GET THE WORKING PAPERS FROM YOUR TEACHER
    2. E4-5B, E4-6B–GET THE WORKING PAPERS FROM YOUR TEACHER
    3. E4-7A–USE EXCEL–PRINT
    4. E4-7B–USE EXCEL–PRINT

COMPLETE:

  1. STAPLE ALL OF THE FOLLOWING TOGETHER & TURN THEM IN AT THE END OF CLASS:
    1. E4-5A, E4-6A–GET THE WORKING PAPERS FROM YOUR TEACHER
    2. E4-5B, E4-6B–GET THE WORKING PAPERS FROM YOUR TEACHER
    3. E4-7A–USE EXCEL–PRINT
    4. E4-7B–USE EXCEL–PRINT

HOMEWORK: LO5

  1. Study Guide Review Questions 10, 11, 12, 13, 14, 15 & End of Chapter Review Questions 7, 8, 9, 10–In a Google Doc shared with me.
  2. Study Guide Exercises 3, 4–PACKET
  3. Study Guide Problems 5, 6–PACKET
  4. Problems:
    1.  P4-9AWATCH THIS VIDEO TO HELP YOU
    2. P4-9B
    3. P4-10A
    4. P4-10B
  5. HERE IS AN EXCEL WORKBOOK THAT YOU CAN USE TO JOURNALIZE, POST, & CREATE FINANCIAL STATEMENTS

 

CHECK JMC to see what you need to get turned in. I am caught up in my grading.

COMPLETE:

  1. STAPLE ALL OF THE FOLLOWING TOGETHER & TURN THEM IN AT THE END OF CLASS:
    1. E4-5A, E4-6A–GET THE WORKING PAPERS FROM YOUR TEACHER
    2. E4-5B, E4-6B–GET THE WORKING PAPERS FROM YOUR TEACHER
    3. E4-7A–USE EXCEL–PRINT
    4. E4-7B–USE EXCEL–PRINT

HOMEWORK: LO5

  1. Study Guide Review Questions 10, 11, 12, 13, 14, 15 & End of Chapter Review Questions 7, 8, 9, 10–In a Google Doc shared with me.
  2. Study Guide Exercises 3, 4–PACKET
  3. Study Guide Problems 5, 6–PACKET
  4. Problems:
    1.  P4-9AWATCH THIS VIDEO TO HELP YOU
    2. P4-9B
    3. P4-10A
    4. P4-10B
  5. HERE IS AN EXCEL WORKBOOK THAT YOU CAN USE TO JOURNALIZE, POST, & CREATE FINANCIAL STATEMENTS

 

Chapter 4

Journalizing and Posting Transactions

 Learning Objectives

  1. LO1    Describe the flow of data from source documents through the trial balance.
  2. LO2    Describe and explain the purpose of source documents.
  3. LO3    Describe the chart of accounts as a means of classifying financial information.
  4. LO4    Journalize transactions.
  5. LO5    Post to the general ledger and prepare a trial balance.
  6. LO6    Explain how to find and correct errors.

LO6–WATCH THIS VIDEO

  1. Finding and Correcting Errors in the Trial Balance
  2. Tips for Finding Errors in the Trial Balance (See Figure 4-14)
    1. Double check your addition.
    2. Find the difference between the debits and credits.
      1. Check for missing debits and credits if the error is the same as the transaction.
      2. Divide the difference by 2. It could mean two debits and no credits or vice versa.
      3. Divide the difference by 9.
        1. It could mean a slide error.
        2. It could mean a transposition error.
    3. Retrace your steps through the accounting process.
  3. Correcting Errors
    1. Ruling Method (See Figure 4-15)
      1. Used to correct two types of errors:
        1. When an incorrect journal entry has been made, but not yet posted.
        2. When a proper entry has been made but posted to the wrong account or for the wrong amount.
      2. Using the ruling method
        1. Draw a single line through the incorrect account title or amount.
        2. Write the correct information directly above the line.
        3. Initial the correction.
    2. Correcting Entry Method (See Figure 4-16)
      1. Used when an incorrect entry has been journalized and posted to the wrong account
      2. Using the correcting entry method:
        1. Make an entry in the general journal to reverse the original entry.
        2. Include an explanation.
        3. Post to the related general ledger accounts. (See Figure 4-17)
        4.  “Correcting” is written in the Item column of the general ledger.

In-Class Exercise: Complete Exercises E4-8A, E4-8B (10 minutes each)

In-Class Exercise: Complete Problems P4-11A, P4-11B (10 minutes each

FINISH:

In-Class Exercise: Complete Problems P4-11A, P4-11B–SHOW ME

LO6

  1. Study Guide Problem 7
  2. Study Guide Review Questions 16, 17, 18, 19
  3. End of Chapter Review Questions 11, 12, 13, 14, 15
  4. Mastery Problem
  5. Challenge Problem

Learning Activities–EXTRA CREDIT

  1. In earlier chapters, you developed an idea for a business. Develop a chart of accounts for that business.
  2. Make a list of the source documents that you have for you own personal transactions and to bring samples of these documents to class.

Critical Thinking Activities–EXTRA CREDIT

  1. The chart of accounts is like any numbering system in that it is a process of grouping data in a specific way. To demonstrate this, list various numbering systems and define what type of data the system is used to organize. For example, the Dewey Decimal system is a way of organizing books in a library. Street addresses are a way of identifying specific houses on a street.
  2. Prepare a chart of accounts for a business of your own choosing or to use the chart of accounts prepared in Learning Activity 1. List two source documents that could be used as evidence of amounts shown in those accounts. Source documents are EXTREMELY important. If the business is audited, the source documents may be used to prove the numbers on the tax return.
    1. Examples:
      1. Cash – check stubs and bank statement
      2. Supplies – canceled check and receipt of payment
      3. Prepaid Insurance – canceled check and policy
      4. Vehicle – purchase agreement and title
      5. Rent Expense – canceled check and lease agreement

STUDY GUIDE Exercises 3 & 4 and Problems 5 & 6

STUDY GUIDE Exercises 3 & 4 and Problems 5 & 6–FINISH–SHOW ME AS YOU FINISH THEM

10A

FINISH CHAPTER 4–TEST NEXT CLASS

CHAPTER 4 TEST–ONLINE

Chapter 4 Test

Chapter 5 Pre Test

Chapter 5 Learning Objectives

LO1    Prepare end-of-period adjustments.

LO2    Post adjusting entries to the general ledger.

LO3    Prepare a work sheet.

LO4    Describe methods for finding errors on the work sheet.

LO5    Journalize adjusting entries from the worksheet.

LO6    Explain the cash, modified cash, and accrual bases of accounting.

DAY 1

LO1–PREPARE END OF PERIOD ADJUSTMENTS–WATCH THIS VIDEO FIRST

  1. Please SHOW ME EACH ONE BEFORE YOU PROCEED TO THE NEXT ONE:
    1. In-Class Exercise: Complete Exercises E5-1A, E5-1B
    2. In-Class Exercise: Complete Exercises E5-6A, E5-6B

DAY 2

LO1–PREPARE END OF PERIOD ADJUSTMENTS

  1. Read and do (check yourself–answers are on pages 175-176):
    1. Page 155–True/False #1-5 & Multiple Choice #1-4
    2. Page 156–Checkpoint Exercise #1 only
  2. The analysis for prepaid insurance is very similar to that used for supplies. First, compute the amount of insurance that expires per period—the text uses a month. This amount is an expense and reduces the amount that should be reported as an asset.
    1. Prepaid Insurance (See Figure 5-5 and Figure 5-6)
    2. Adjust the amount of insurance expired–Debit Insurance Expense and credit Prepaid Insurance.
    3. Please SHOW ME EACH ONE BEFORE YOU PROCEED TO THE NEXT ONE:
      1. In-Class Exercise: Complete Exercises E5-2A, E5-2B (5 minutes each)
      2. In-Class Exercise: Complete Exercises E5-7A, E5-7B (5 minutes each)
  3. Wages Expense (See Figure 5-7 and Figure 5-8)
    1. Adjust for the amount of wages owed but not yet paid.
    2. Debit Wages Expense and credit Wages Payable.
    3. Please SHOW ME EACH ONE BEFORE YOU PROCEED TO THE NEXT ONE:
      1. In-Class Exercise: Complete Exercises E5-3A, E5-3B (5 minutes each)

 

  1. Why is an adjusting entry needed for supplies? What accounts are affected?
  2. Why is an adjusting entry needed for wages? What accounts are affected?
  3. Why is an adjusting entry needed for insurance? What accounts are affected?

DAY 3

LO1–PREPARE END OF PERIOD ADJUSTMENTS–WATCH THIS VIDEO FIRST

  1. Please SHOW ME EACH ONE BEFORE YOU PROCEED TO THE NEXT ONE:
    1. In-Class Exercise: Complete Exercises E5-4A, E5-4B
    2. In-Class Exercise: Complete Exercises E5-5A, E5-5B
  1. Why is an adjusting entry needed for certain asset accounts? Which accounts are affected?
  2. What accounts go on the income statement?
  3. What accounts go on the balance sheet?

DAY 4

LO3–The Work Sheet

  1. The Work Sheet–Pulls together all of the information needed to enter adjusting entries and prepare the financial statements.
  2. The work sheet is a tool used by the accountant. None of the adjustments made on the work sheet have any effect on the accounts unless the entries are made in journal form and posted.
  3. Tips for assuring accuracy when preparing a work sheet are as follows:
    • Check that the sum of the debits equal the sum of the credits in the trial balance columns BEFORE making adjustments.
    • Check the adjustment debit total sums and equals adjustment credit total sum BEFORE extending any accounts.
  4. WATCH THIS VIDEO FIRST & OPEN YOUR TEXTBOOK TO PAGE 142
  5. Please SHOW ME EACH ONE BEFORE YOU PROCEED TO THE NEXT ONE:
    1. In-Class Exercise: Complete Exercises E5-9A, E5-9B (click the link to download the spreadsheet to use to complete the exercise–SAVE THIS SPREADSHEET YOU WILL NEED IT TO DO 10 A & 10 B)
  6. WATCH THIS VIDEO & TURN IN YOUR TEXTBOOK TO PAGE 144E
  7. Please SHOW ME EACH ONE BEFORE YOU PROCEED TO THE NEXT ONE:
    1. In-Class Exercise: Complete Exercises E5-11A & 12A, E5-11B & 12B (click the link to download the spreadsheet to use to complete the exercise)

On pages 155 to 156 answer the following questions and check yourself on pages 175-176

  1. Page 155 Multiple Choice question #5
  2. Page 156 question #3

DAY 5

  1. P5-14A–Show me when you are done
  2. P5-15A–Show me when you are done
  3. P5-14B–Show me when you are done
  4. P5-15B–Show me when you are done

FINISH:

On pages 155 to 156 answer the following questions and check yourself on pages 175-176

  1. Page 155 Multiple Choice question #5
  2. Page 156 question #3

DAY 5

  1. P5-14B–Show me when you are done
  2. P5-15B–Show me when you are done

LO4–Finding Errors on the Work Sheet

  1. Check the addition of all columns.
  2. Check the addition and subtraction required when extending to the Adjusted Trial Balance columns.
  3. Make sure the adjusted account balances have been extended to the appropriate columns.
  4. Make sure that the net income or loss has been added to the appropriate columns.
  5. Please SHOW ME EACH ONE BEFORE YOU PROCEED TO THE NEXT ONE:
    1. In-Class Exercise: Complete Problems P5-17A, P5-17B–PRINT THIS TO DO THE PROBLEMS

FINISH:

LO4–Finding Errors on the Work Sheet

  1. Check the addition of all columns.
  2. Check the addition and subtraction required when extending to the Adjusted Trial Balance columns.
  3. Make sure the adjusted account balances have been extended to the appropriate columns.
  4. Make sure that the net income or loss has been added to the appropriate columns.
  5. Please SHOW ME EACH ONE BEFORE YOU PROCEED TO THE NEXT ONE:
    1. In-Class Exercise: Complete Problems P5-17A, P5-17B–PRINT THIS TO DO THE PROBLEMS

On pages 155 to 156 answer the following questions and check yourself on pages 175-176

  1. Page 156 question #4

Day 6

LO5–Journalize Adjusting Entries from the Work Sheet

  1. Journalizing Adjusting Entries (See Figure 5-23)
  2. Copy the adjustments from the work sheet into journal form.
  3. Journalize the adjustments on the end of period date.
  4. Write “Adjusting Entries” in the Description column prior to the first adjusting entry.
  5. Please SHOW ME EACH ONE BEFORE YOU PROCEED TO THE NEXT ONE:
    1. In-Class Exercise: Complete Exercises E5-10A, E5-10B–USE E5-9A and E5-9B that you saved earlier to complete these exercises.

LO2–Posting Adjusting Entries

  1. Posting Adjusting Entries (See Figure 5-14 p. 141)
  2. Post to the general ledger in the same manner as all other journal entries.
  3. Write “Adjusting” in the Item column of the general ledger.
  4. Please SHOW ME EACH ONE BEFORE YOU PROCEED TO THE NEXT ONE:
    1. In-Class Exercise: Post the journalized adjusting entries from E5-10A, E5-10B–USE E5-9A and E5-9B that you saved earlier to complete these exercises. WATCH THIS VIDEO TO HELP YOU DO THIS 

FINISH:

On pages 155 to 156 answer the following questions and check yourself on pages 175-176

  1. Page 156 question #4

LO5–Journalize Adjusting Entries from the Work Sheet

  1. Journalizing Adjusting Entries (See Figure 5-23)
  2. Copy the adjustments from the work sheet into journal form.
  3. Journalize the adjustments on the end of period date.
  4. Write “Adjusting Entries” in the Description column prior to the first adjusting entry.
  5. Please SHOW ME EACH ONE BEFORE YOU PROCEED TO THE NEXT ONE:
    1. In-Class Exercise: Complete Exercises E5-10A, E5-10B–USE E5-9A and E5-9B that you saved earlier to complete these exercises.

LO2–Posting Adjusting Entries

  1. Posting Adjusting Entries (See Figure 5-14 p. 141)
  2. Post to the general ledger in the same manner as all other journal entries.
  3. Write “Adjusting” in the Item column of the general ledger.
  4. Please SHOW ME EACH ONE BEFORE YOU PROCEED TO THE NEXT ONE:
    1. In-Class Exercise: Post the journalized adjusting entries from E5-10A, E5-10B–USE E5-9A and E5-9B that you saved earlier to complete these exercises. WATCH THIS VIDEO TO HELP YOU DO THIS 

On pages 155 to 156 answer the following questions and check yourself on pages 175-176

  1. Page 157 question #5

LO6–Methods of Accounting: Cash, Modified Cash, and Accrual–WATCH THIS VIDEO FIRST

(See Figure 5-24 and Figure 5-25)

  1. Accrual basis of accounting
    1. Revenues are recorded when earned.
    2. A service is provided.
    3. A product is sold.
    4. A receivable is created if payment is not yet received.
    5. Expenses are recorded when incurred.
    6. A service is received.
    7. An asset is consumed.
    8. A payable is created if a service is not yet paid for.
    9. Measures income best for most businesses.
  2. Cash basis of accounting
    1. Revenues are recorded when cash is received.
    2. Expenses are recorded when cash is paid.
    3. Does not recognize prepaid assets or long-term assets.
  3. Modified cash basis of accounting
    1. Uses the cash basis for recording revenue and expenses.
    2. Assets acquired other than cash are recorded as assets instead of being recorded as expenses.
    3. Does not account for receivables or for payables for services rendered.
    4. It is the same as the accrual basis except that receivables and payables are not recorded for revenues and operating expenses.
    5. By using the modified cash basis, a business can avoid distortions resulting from the purchase of plant assets.
  4. Choosing an accounting method is an important decision for every business. Most small service businesses use the modified cash basis of accounting because it is workable for them. Such businesses do not want to record revenues for monies they have not received. Manufacturing and merchandising businesses generally use the accrual basis of accounting. Such companies need to match revenues and expenses very accurately. The cash basis of accounting is rarely used in business. Almost all companies have assets other than cash. To record these assets as expenses would not only be impractical but violate the tax laws for many businesses.

In-Class Exercise: Complete Exercises E5-13A and E5-13B–Use the journal tab of this file for this exercise

On pages 155 to 156 answer the following questions and check yourself on pages 175-176

  1. Page 157 question #6
  2. Mastery Problem–In addition to the instructions in your book, journal and post the adjusting entries. USE THIS FILE

TEST

CHAPTER 5 ONLINE TEST

 

CHAPTER 6 PRE-TEST

Chapter 6–Financial Statements and the Closing Process

Chapter 6 Learning Objectives

LO1    Prepare financial statements with the aid of a work sheet.

LO2    Journalize and post closing entries.

LO3    Prepare a post-closing trial balance.

LO4    List and describe the steps in the accounting cycle.


LO1– Prepare financial statements with the aid of a work sheet.

  1. The Financial Statements (See Figure 6-1 and Figure 6-2)
    1. Appearance
      1. Dollar signs are placed at the top of each column and beneath underlines.
      2. Single underlines indicate addition or subtraction.
      3. Double underlines are placed under totals.
      4. The headings of financial statements relate to who, what, and when:
        1. company name
        2. statement title
        3. period ended or date
  2. The Income Statement--WATCH THIS VIDEO
    1. Use the work sheet to prepare adjusting entries that you learned in Chapter 5.
    2. Income Statement columns of the work sheet provide the information needed to prepare the income statement.
    3. Revenue is listed first.
    4. Expenses are listed next.
      1. They could be listed in the same order that they appear in the chart of accounts.
      2. They could be listed in descending order by dollar amount.
      3. Amounts are itemized in the left column, when two columns are used.
      4. Subtotals appear in the right column.
    5. Revenues – Expenses = Net Income or Net Loss
  3. In-Class Exercise:
    1. E6-1A
      1. USE THE INCOME STATEMENT TAB IN THIS SPREADSHEET
        1. Click DOWNLOAD & ENABLE EDITING to properly use this spreadsheet
      2. SHOW ME BEFORE MOVING ON
      3. You will use this same spreadsheet for 2A
    2. E6-1B
      1. USE THE INCOME STATEMENT TAB IN THIS SPREADSHEET
        1. Click DOWNLOAD & ENABLE EDITING to properly use this spreadsheet
      2. SHOW ME BEFORE MOVING ON
      3. You will use this same spreadsheet for 2B
  4. The Statement of Owner’s Equity–WATCH THIS VIDEO
    1. Information is taken from the:
      1. Balance Sheet columns of the work sheet.
        • Capital account balance (includes beginning balance plus any investments made during the period).
        • Drawing account balance.
      2. Net income or net loss from the income statement.
  5. In-Class Exercise:
    1. E6-2A
      1. Use the spreadsheet you used for E6-1A
      2. SHOW ME BEFORE MOVING ON
    2. E6-2B
      1. Use the spreadsheet you used for E6-1B
      2. SHOW ME BEFORE MOVING ON
    3. E6-9A–Use page 187 to help you
      1. USE THE STATEMENT OF OWNER’S EQUITY TAB IN THIS SPREADSHEET
      2. SHOW ME BEFORE YOU MOVE ON
    4. E6-9B–Use page 187 to help you
      1. USE THE STATEMENT OF OWNER’S EQUITY TAB IN THIS SPREADSHEET
      2. SHOW ME BEFORE YOU MOVE ON
  6. The Balance Sheet–WATCH THIS VIDEO
    1. Information is taken from the:
      1. Balance Sheet columns of the work sheet.
      2. Ending balance from the statement of owner’s equity replaces the owner’s Capital balance.
    2. Types of balance sheets
      1. Report form
        • The liabilities and owner’s equity are shown below the assets section.
      2. Account form
        • The assets are listed on the left.
        • The liabilities and owner’s equity sections are listed on the right.
    3. Classified balance sheet
      • Similar items are grouped together.
      • The following major balance sheet classifications are generally used.
        • Current assets include cash and items that will be converted into cash within one year or the normal operating cycle of the business.
          • An operating cycle is the period of time required to purchase supplies and services and convert them back into cash. (See Figure 6-3)
        • Property, plant, and equipment, also called plant assets or long-term assets, are assets that are expected to serve the business for many years.
        • Current liabilities include accounts payable, wages payable, and other items due within one year or the normal operating cycle.
        • Long-term liabilities, or long-term debt, are obligations that are not expected to be paid within a year and do not require the use of current assets.
  7. Additional Investments by the Owner:
    1. If additional investments were not reported on the statement of owner’s equity, the beginning balance of owner’s equity for the current period would not be the same as the ending balance for owner’s equity from the prior period due to Net Income/Net Loss being included into the sum total.
    2. Additional investments by the owner would not be represented on the work sheet.
    3. The owner’s capital account in the general ledger must be reviewed in order to prepare the proper statement of owner’s equity.
    4. Beginning owner’s equity balance + Additional investments + Net income (or – Net loss) – Withdrawals = Ending owner’s equity balance (See Figure 6-4)
  8. In-Class Exercise:
    1. E6-3A
      1. USE THIS SPREADSHEET
        1. Download it and Enable Editing in Excel
      2. SHOW ME BEFORE MOVING ON
    2. E6-3B
      1. USE THIS SPREADSHEET
        1. Download it and Enable Editing in Excel
      2. SHOW ME BEFORE MOVING ON
    3. P6-7A
      1. USE THIS SPREADSHEET
        1. Download it and Enable Editing in Excel
      2. SHOW ME BEFORE MOVING ON
    4. P6-7B
      1. USE THIS SPREADSHEET
        1. Download it and Enable Editing in Excel
      2. SHOW ME BEFORE MOVING ON

 

CHECK JMC & FINISH LAST CLASSES LESSON PLAN

REVIEW:

  1. Do the Self-Study Test Questions 1-4 on page 200–Look at page 214 for the answers
  2. Do the Checkpoint Exercise #1 on page 201–Look at page 215 to see the answer

LO2–Journalize and post closing entries.

  1. WATCH THIS VIDEO
  2. The Closing Process (See Figure 6-5): Closing means resetting the temporary accounts to a zero balance. Each fiscal period is like a new ball game with a 0 starting score.
    1.  Accounts
      1. Permanent
        1. Assets, liabilities, and owner’s equity balances are carried forward to each new accounting period.
      2. Temporary
        1. Revenue, expense, and drawing accounts accumulate information for a specific accounting period.
        2. At the end of the fiscal year, these accounts must be closed.
      3. Accounts reported on the balance sheet are permanent and remain open, the exception is the Drawing account. All other accounts, (those reported on the income statement and drawing) are temporary and closed.
      4. Income Summary is a temporary owner’s equity account used in the closing process, revenue and expense account balances are transferred here during the closing process.
      5. The Income Summary is not really needed for the closing process. One benefit of using the Income Summary account is to review the activity and make certain the transactions equal the net income or net loss for the period.
      6. Why is Income Summary not included with the other accounts on the work sheet? It is not included because it is not needed for the adjusting entries and is not used in the preparation of financial statements for a service business. Income Summary will be used later in the text for a merchandising business.
  3. Steps in the Closing Process (See Figure 6-6 and Figure 6-7)
    1. Close Revenue Accounts to Income Summary.
      1. Debit the revenue accounts.
      2. Credit Income Summary.
    2. Close Expense Accounts to Income Summary.
      1. Debit Income Summary.
      2. Credit the expense accounts.
    3. Close Income Summary to Owner’s Capital Account. (See Figure 6-6)
      1. Net income
        • Debit Income Summary.
        • Credit the owner’s capital account.
      2. Net loss
        • Debit the owner’s capital account.
        • Credit Income Summary.
      3. Close Drawing to the Owner’s Capital Account.
        1. Debit the owner’s capital account.
        2. Credit Drawing.
          1. Do not treat drawing as an expense.
          2. Definition of an expense: an outflow of assets, or increase in liabilities, as a result of the efforts made to produce revenue.
          3. Withdrawals by the owner are not made in an attempt to produce revenue. Thus, the Drawing account is a contra-equity account rather than an expense account.
  4. Journalize Closing Entries (See Figure 6-8)
    1. Journalize the closing entries on the year-end date.
    2. Write “Closing Entries” in the Description column prior to making the first closing entry.
    3. Explanations are not required in the Description column for individual closing entries.
    4. Make one compound entry to close the expense accounts.
  5. Post the Closing Entries (See Figure 6-9)
    1. Post to the general ledger in the same manner as all other entries.
    2. Write “Closing” in the Item column of the general ledger to identify the closing entries.
  6. In-Class Exercise:
    1. E6-4A–WATCH AND DO THIS VIDEO
      1. USE THIS SPREADSHEET
        1. Download it and Enable Editing
      2. SHOW ME BEFORE MOVING ON
    2. E6-4B
      1. USE THIS SPREADSHEET
        1. Download it and Enable Editing
      2. SHOW ME BEFORE MOVING ON
    3. E6-6A
      1. USE THIS SPREADSHEET
        1. Download it and Enable Editing
      2. SHOW ME BEFORE MOVING ON
    4. E6-6B
      1. USE THIS SPREADSHEET
        1. Download it and Enable Editing
      2. SHOW ME BEFORE MOVING ON

REVIEW:

  1. Answer Self-Study Test Questions #5 & #1-3 on page 200–check your answers on page 214
  2. Do Checkpoint Exercise #2 on page 201–check your answer on page 215

LO3–Prepare a post-closing trial balance.

  1. WATCH THIS VIDEO
  2. Post-Closing Trial Balance (See Figure 6-10)
    1. Prepared to prove the total sum of the debit balances and the total sum of the credit balances in the general ledger accounts are equal.
    2. All amounts reflected on the post-closing trial balance are the same as in the Balance Sheet columns of the work sheet except drawing and capital which are changed during the closing process.
  3. In-Class Exercise:
    1. P6-8A–DOWNLOAD THIS SPREADSHEET & ENABLE EDITING
    2. P6-8B–DOWNLOAD THIS SPREADSHEET & ENABLE EDITING

REVIEW:

  1. Answer Self-Study Test Question #4 on page 200–Check your answer on page 214
  2. Do Checkpoint Exercise #3 on page 201–Check your answer on page 215

LO4–List and describe the steps in the accounting cycle.

  1. WATCH THIS VIDEO
  2. The Accounting Cycle–The steps involved in accounting for all of the business activities during an account period.
    1. Steps in the accounting cycle
      1. Analyze source documents.
      2. Journalize the transactions.
      3. Post to the general ledger accounts.
      4. Prepare a trial balance.
      5. Determine and prepare the needed adjustments on the work sheet.
      6. Complete an end-of-period work sheet.
      7. Journalize and post the adjusting entries.
      8. Prepare an income statement, a statement of owner’s equity, and a balance sheet.
      9. Journalize and post the closing entries.
      10. Prepare a post-closing trial balance.
      11. Steps 4 through 10 are performed “as of” the last day of the accounting period.
  3. In Class Exercise: Mastery Problem
    1. DOWNLOAD, ENABLE EDITING, & USE THIS SPREADSHEET
    2. You need to JOURNALIZE the ADJUSTING ENTRIES and the CLOSING ENTRIES
    3. SHOW ME WHEN YOU ARE DONE
  4. EXTRA CREDIT:
    1. Using the accounts from a business the students are familiar with, identify the current asset accounts; property, plant, and equipment accounts; and current liability accounts.
    2. Knowing how to classify accounts is a key piece of accounting knowledge. Reading a financial statement in today’s business world is not limited to accounting personnel. Anyone involved with making business decisions must have a firm grasp of the parts of financial statements. By reviewing published financial statements, students can practice identifying the various classifications, such as current assets; current liabilities; and property, plant, and equipment.
    3. LO1    Study Guide Review Questions 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13; Study Guide Exercises 1, 2; Study Guide Problems 4, 5, 6, 7; End of Chapter Review Questions 1, 2, 3, 4, 5; Exercises E6-1A, E6-1B
    4. LO2    Study Guide Review Questions 14, 15, 16, 17, 18; Study Guide Exercise 3; Study Guide Problem 8; End of Chapter Review Questions 6, 7, 8, 9; Exercises E6-4A, E6-4B, E6-5A, E6-5B
    5. LO3    Study Guide Review Question 19; Study Guide Problem 9; End of Chapter Review Question 10
    6. LO4    Study Guide Review Question 20; End of Chapter Review Question 11
    7. Managing Your Writing, Mastery Problem, and Challenge Problem

Ten Things You Might Ask

  1. How important is the placement of dollar signs and single and double lines?
  2.  Do you mean “the bottom line” is really two lines?
  3. Should you always use “less” or “add” on financial statements (i.e., “Add additional investments”)?
  4. Are accounts receivable always current assets?
  5. Are computers, in today’s world, current or long-term assets?
  6. Would we treat a software license as a short-term or long-term asset?
  7. To close, do you do the opposite of the balance (i.e., if there is a debit balance, close with a credit)?
  8. When you close an account, does that amount go into Income Summary?
  9. If you close an account with a credit, then do you debit Income Summary?
  10. Should the balance sheet and the post-closing trial balance have the same numbers?