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
- 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
- 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
- Make a copy of this spreadsheet.
- Place this file in your Chapter 2 folder.
- Rename the file to Lesson 2-1-(Your Initials)
- 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 |
- For each of the accounts, complete the following:
- Prepare a T account.
- Label the debit and credit sides.
- Label each side of the T account using the following labels:
- Normal Balance
- Increase
- Decrease
On Your Own 2-1
- 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 - For each of the accounts, complete the following:
- Prepare a T account.
- Label the debit and credit sides.
- Label each side of the T account using the following labels:
- Normal Balance
- Increase
- Decrease
- For each of the accounts, complete the following:
Self-Assessment 2-1
- Complete this self-assessment for Lesson 2-1. You can use your textbook and notes to complete this assessment.
Lesson 2-1 Assignment
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- 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.
- Write the account title in Column A.
- Write the account classification in Column B.
- Place an X in either Column C or D to indicate the normal balance of the account.
- Place an X in either Column E or F to indicate the increase side of the account.
- Place an X in either Column G or H to indicate the decrease side of the account.