LCS Accounting 1

January 6, 2010

Today in class…

Filed under: Homework — Tags: — Mr. Duvall @ 5:15 pm

First, we will finish the project we started yesterday.

Next, we will complete a short six-column practice worksheet (handed out in class).

Finally, we will start working on the next project.  For this project, you may work with a partner if you choose.

  1. Create a fictional company name.
  2. Create a chart of accounts for your company.  You must have at least two of each account category (assets, liabilities, owner’s equity, revenue, and expenses).
  3. Make up balances for your company’s accounts.  Remember, the final debits and credits must balance, and your accounting equation must also balance.
  4. Start a six-column worksheet for your company.  The worksheet should include the standard heading, account information, and trial balance.
  5. Make a copy of your six-column worksheet and complete the balance sheet and income statement sections.

January 5, 2010

Today in class…

Filed under: Uncategorized — Mr. Duvall @ 5:37 pm

Today in class we will start a project relating to chapter eight and the six-column worksheet.

The project is attached–please download this to your student folder.  You may print it out if you prefer to work with a hard copy.

You will have today (Tuesday) and tomorrow (Wednesday) to complete this project in class.

Accounting_Review_8

December 21, 2009

Today’s Assignment…

Filed under: Homework — Tags: — Mr. Duvall @ 3:44 am

We’re postponing the test until tomorrow (Tuesday).

For today’s class, answer the questions below.  Save your responses to your student folder as a Word or Excel document.

  1. What is “ruling” in a six-column worksheet?  What does it indicate?
  2. What is it called when revenue is greater than expenses?
  3. What is it called when expenses are greater than revenue?
  4. What are the six columns in a six-column worksheet?
  5. How does the Income Statement relate to the trial balance?
  6. How does the Balance Sheet relate to the trial balance?
  7. How do the Income Statement and Balance Sheet relate to each other?
  8. What is the accounting equation?  Which part of the six-column worksheet best represents this equation?
  9. Complete a six-column worksheet using the information below:
Account Number Account Name Debit Balance Credit Balance
110 Cash in Bank $2,500
120 Accounts Receivable $3,200
201 Accounts Payable $650
301 Owner, Capital $5,300
302 Owner, Withdrawals $200
303 Income Summary -
401 Wash Revenue $900
502 Advertising Expense $650
503 Utilities Expense $300

December 16, 2009

Today in Class…

Filed under: Homework — Tags: , — Mr. Duvall @ 5:34 pm

Today and tomorrow, we will be reviewing the working papers for chapter eight.  You will practice creating six-column work sheets and calculating trial balances, balance sheet, and income statement information.

On Monday, December 21, we will have a test over chapter eight.  It will cover the things we’ve discussed in class:

  • Six-column worksheet
  • Setting up the worksheet
  • Trial balance
  • Income statement
  • Balance sheet
  • Net income/loss
  • Revenue and expenses
  • Effect of income on owner’s equity
  • Ruling (what is it and what does it mean?)

December 10, 2009

Project Due Friday

Filed under: Homework — Tags: — Mr. Duvall @ 6:12 pm

This week we’ve been reviewing the six-column worksheet.

By the end of class on Friday, each student needs to prepare a six-column worksheet for LC Yearbooks for the period ended November 30, 2009.  The chart of accounts and balances are included below.

While the numbers here are imaginary, the accounts are based on how the yearbook sales actually work here at Lebanon Catholic.

You can make your six-column worksheet using a computer application, or simply by writing it out by hand.

Account Number Account Name Debit Balance Credit Balance
101 Cash in Bank 3,000
110 Yearbooks 11,000
120 Accounts Receivable 5,450
201 Accounts Payable-Taylor Publishing 11,000
301 LC Yearbook, Capital -
302 LC Yearbook, Withdrawals -
303 Income Summary -
401 Sales Revenue 7,400
402 Parent Letters Revenue 300
403 Dress-down Revenue 1,200
405 Miscellaneous Revenue 50
502 Advertising Expense 500

December 7, 2009

Today in class…

Filed under: Class Notes — Tags: — Mr. Duvall @ 5:11 pm

Today we started discussing chapter eight, which details the six column worksheet and how that is used to prepare trial balances for the balance sheet and the income statement.

In addition to the information from the book, it’s important to understand the financial statements and how they are used by businesses to communicat financial information.

Here’s a website from the SEC that is actually interesting and informative: Beginner’s Guide to Financial Statements.  Have a read and post your response/thoughts/questions as a reply to this blog.

December 4, 2009

Today in Class…

Filed under: Homework — Tags: , — Mr. Duvall @ 6:39 pm

Today we had a review quiz over the concepts we covered in chapters one through seven.  These concepts are foundational to the process of preparing a balance statement and income sheet.

The next few chapters will help us start creating financial statements.  Chapter eight discusses the six-column work sheet.  For homework (if you don’t complete it in class), I would like you to pre-read chapter eight and make an outline of the main chapter headings and term definitions.

Here is an example to get you started:

  1. Chapter eight: The Six-Column Work Sheet
    1. Preparing the Work Sheet
      1. The Sixth Step of the Accounting Cycle: The Work Sheet
        1. What is the Purpose of a Work Sheet?
          1. A work sheet = a working paper used to collect information from the ledger accounts in one place
      2. The Work Sheet Sections
        1. How is the Work Sheet Organized?
          1. The Work Sheet Heading
          2. etc. and so on and so forth

December 2, 2009

QUIZ Friday, December 4

Filed under: Homework — Tags: , — Mr. Duvall @ 6:48 pm

Yesterday (Tuesday), today (Wednesday), and tomorrow (Thursday) we are reviewing the concepts we’ve covered in accounting so far.  The topics include:

  • Reasons for accounting
  • The “language of business”
  • The accounting equation
  • T-accounts
  • Account categories
  • Double-entry accounting
  • Debits and credits
  • Source documents
  • General journal entries
  • General ledger entries
  • Trial balances

On Friday, December 4, we will have a quiz.  It will only cover topics we’ve reviewed in these three days.  Make sure to pay attention in class and take notes, and you will do fine on the quiz.

November 24, 2009

Evaluation Day

Filed under: Homework — Tags: — Mr. Duvall @ 1:41 pm

Today, we are going to have an evaluation.  But instead of me evaluating you, you will be evaluating me.

I’ve included two evaluation forms below.  One is a numerical rating system.  The other is text-based, letting you answer in your own words.  Please fill out one of these forms.  If you’d like to, you may fill out both!

Here is the numeric evaluation:

TeacherEvaluation_Numeric

And here is the text evaluation:

TeacherEvaluation_Text

November 19, 2009

Assignment for Friday, November 20

Filed under: Homework — Tags: — Mr. Duvall @ 7:46 pm

In class today, work with your group to complete the project below.  (The groups are posted on the board.)  You will have today and Monday to finish the project.

Remember, anyone who is not on task will have a homework assignment to complete over Thanksgiving break.

Below are a few descriptions of the project, written by your classmates.  Note that these all describe the same project, just with varying levels of detail.


Project Description 1

Make source document

-Use those to create general journal entries, prepare a trial balance, and make any correcting entries.

 


Project Description 2

-Make a source document.

-Use those source documents to create

- Make General Journal Entries.

-Post them to General Ledger

-prepare a trial balance.

- make any correct entries if necessaries.

- 10 Source Documents.

- Due: Monday 23rd


Project Description 3

Teams of 3.

Make source documents and use them to make journal entries.  Post these to a ledger, and put the ledger on a trial balance.  Make any necessary correcting entries.

10 transactions.

Due date TBD based on work ethic.

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