Day 6

After studying Chapter 1, you will be able to:

1. Define accounting terms related to starting a service business organized as a proprietorship and to changes that affect the accounting equation.
2. Identify accounting concepts and practices related to starting a service business organized as a proprietorship and to changes that affect the accounting equation.
3. Classify accounts as assets, liabilities, or owner’s equity and demonstrate their relationships in the accounting equation.
4. Analyze how transactions affect amounts in an accounting equation.

Chapter 1 Folder

1. Share your Chapter 1 folder with your teacher.  Your folder should include the following:
   • Lesson 1-1
   • Lesson 1-2
   • Lesson 1-3
   • Mastery Problem 1-4
   • Study Guide 1

Chapter 1 Exam

1. Chapter 1 Exam (password required)

Assignment

1. Read Chapter 2