Objectives:

· Identify accounting concepts and practices related to starting a service business organized as a proprietorship.

· Analyze how transactions related to starting a service business organized as a proprietorship affect accounts in an accounting equation.

I.  Bellwork

II.  Turn in WB pg 7

III.  1-2  How Business Activities Change the Accounting Equation

A.  Read and Discuss Pgs 9-11

1.  Receiving Cash

2.  Paying Cash

3.  Transactions on Account – Buying & Paying on Account

IV.  Classwork Pg 12

A.  Terms (5) and 1-3 Questions & Answers

B.  #4 & #5 WorkBook pgs 3 & 4

C.  Pg 17 Application Problem 1-2 WB pg 9