Accounting – 9/17/18

I.   Bellwork  Q&A

1. What two specific accounts are impacted when an owner invests cash in their business? Next to each account write whether it increases or decreases.
2. What two specific accounts are impacted when supplies are bought on account? Next to each account write whether it increases or decreases.

II.  Objectives

• Compare and contrast the types of transactions that increase and decrease owner’s equity.
• Explain the difference between expenses and liabilities.
• Interpret and analyze financial transactions in order to properly recording them based on explanations in the text.

III.  Interested in joining DECA –

• Membership $20.00 this week.  Next week $25 and last week to join

IV.   Discussion:   1-3 PPT on iLearn

1. Sales – Increase Equity
2. Expenses and Withdrawals – Decrease Equity
3. Received Cash from Sales
4. Sold Services on Account
5. Paid Cash for Expense
6. Received Cash on Account
7. Paid Cash to Owner for Personal Use

V.  Classwork

• Working Together 1-3 & Own Your Own 1-3
• Application Problem 1-3

Accounting F2018