Accounting – 9/27/2017

I.  Bellwork: Questions & Answers

1. What are the Four Essential Questions to Answer for each Transaction?
2. Apply and answer the Four Essential Questions  for the transaction below?

• Paid Cash on Account to Hank’s Hardware $500.00

II.  Objectives:

• Analyze and interpret transactions for operating a business into debit and credit parts.

III.   Small Quiz on 2-1 & 2-2 on iLearn

IV.  Notebook/Discussion  PPT  2-3

• Owners Equity T Account Analysis
• Four Essential Questions to Answer for each Transaction
• Revenue Recognition Principle: Create two sets of T accounts (received cash from a sale and sold services on account) so that students can compare/contrast and see that revenues are recognized at the time of sale whether or not cash is received.
• Cause & Effect Principle: Draw two sets of T accounts on the board (one set to show sold services on account and one set to show received cash on account) to illustrate what the cause and effect of a sale on account is and when the payment is made.

V.  Classwork:  Page 49

• Page 49 Audit Your Understanding 1-5 Q&A
• 2-3 Working Together & OYO

MBCC - Accounting 1 F2017