Day 7

After you complete Lesson 2-1, you will be able to:

  • Define accounting terms related to analyzing transactions into debit and credit parts.
  • Identify accounting practices related to analyzing transactions into debit and credit parts.  

Chapter 2 Folder

  1. Inside of your Part 1 folder, create a new folder titled Chapter 2.  All your tasks completed in Chapter 2 should be stored in this folder.

Notes 2-1

  1. Obtain a Notes 2-1 handout from your instructor and record your notes through the presentation.  You can also view the presentation here.

Working Together 2-1

  1. Make a copy of this spreadsheet.
  2. Place this file in your Chapter 2 folder.
  3. Rename the file to Lesson 2-1-(Your Initials)
  4. Complete the spreadsheet according to the directions below.

Type in the answers to the following problem in the Working Papers.  Your instructor will guide you through the following example.

Cash Accounts Payable-Miller Supplies
Accounts Receivable-Christine Kelly Accounts Payable-Wayne Office Supplies
Supplies Jeff Dixon, Capital
Prepaid Insurance  

 

  1. For each of the accounts, complete the following:
    1. Prepare a T account.
    2. Label the debit and credit sides.
    3. Label each side of the T account using the following labels:
      • Normal Balance
      • Increase
      • Decrease

On Your Own 2-1

  1. Type in the answers to the following problem in the Working Papers.  Your instructor will guide you through the following example.
    Cash Accounts Payable-Topline Supplies
    Accounts Receivable-Lee McCann Jeff Dixon, Capital
    Accounts Receivable-Sonya Lopez  
    Supplies  
    Prepaid Insurance  

     

    1. For each of the accounts, complete the following:
      1. Prepare a T account.
      2. Label the debit and credit sides.
      3. Label each side of the T account using the following labels:
        • Normal Balance
        • Increase
        • Decrease

Self-Assessment 2-1

  1. Complete this self-assessment for Lesson 2-1.  You can use your textbook and notes to complete this assessment. 

Lesson 2-1 Assignment

    1. Using your Lesson 2-1 spreadsheet, click on the Application Problem 2-1 sheet at the bottom left, and complete the problem as directed below.

    Write the answers for the following problem  in the Working Papers.

    Instructions: Do the following for each account.  The cash account is given as an example.

    1. Write the account title in Column A.
    2. Write the account classification in Column B.
    3. Place an X in either Column C or D to indicate the normal balance of the account.
    4. Place an X in either Column E or F to indicate the increase side of the account.
    5. Place an X in either Column G or H to indicate the decrease side of the account.