You have today and the next 2 classes to finish this lesson plan. Take your time and LEARN!!!
TURN IN YOUR HOMEWORK!!
The Double-Entry Framework
- 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.
- In-Class Exercise: Complete Exercise E3-3A, E3-3B –DO TOGETHER AS A REVIEW
- In-Class Exercise: Complete Exercise E3-5A, E3-5B (5–10 minutes each)–SHOW ME WHEN YOU ARE DONE
- Summary of Transactions (a) Through (o) (See Figure 3-21 page 66). MAKE NOTE OF HOW THEY DO ALL OF THE FOLLOWING:
- Total each side of every individual T Account.
- Write the totals (footings) in small numbers on each side of the T account.
- The balance is shown on the side with the larger footing.
- The footing serves as the balance for the accounts with entries on only one side of the account.
- If an account has only a single entry, it is not necessary to enter a footing or balance.
- In-Class Exercise: Complete Exercise E3-7A, E3-7B (10 minutes each)–SHOW ME WHEN YOU ARE DONE–KEEP THIS!!