|
|
|
| Susan Ohm - Ch.23
Accounting 1 Chapter 23 Day 1 ASSUMPTIONS: § Class is 50-minutes long. § Each desk has on it, an adding machine with a tape. § The overhead projector is kept in the room at all times. § Students have begun a manual simulation for a sole proprietorship. § The class size is 24.
OBJECTIVES: At the end of this class, students will be able to: · Define the following words: promissory note, creditor, notes payable, interest, and maturity value. · Identify the parts of a promissory note. · Calculate the interest on a promissory note. · Calculate the maturity date of a note. MATERIALS NEEDED: Teacher: § Class roster § Seating chart § Teachers edition of textbook § Teachers copy of simulation § Working papers for Lesson 23-1 § Transparencies for Lesson 23-1 1. Notes Payable T-Account 2. Chart of Accounts 3. Promissory Note 4. Practice Exercises - Calculating Interest 5. Practice Exercises - Calculating Interest 6. Calculating Maturity Date 7. Work Together Problem page 597 § Transparencies markers § Grade book, pencil and pen § Chapter 22 Tests to return § 24 copies of vocabulary handout for Chapter 23 § 24 copies of interest worksheets for in-class work Student: § Notebook § Pencil and Pen § Folder § Textbook and working papers § Calculator PRIOR TO CLASS
STARTING: § Make sure that the Overhead Projector is working properly § Make sure that the current check figures for the simulation are on the chalkboard § List today's date and agenda on the chalkboard § List today's homework assignment on the chalkboard PROCEDURE:
( ) = minutes 1. Take attendance (2) 2. Preview the upcoming week (1) 2a. This week we will be covering Chapter 23, "Accounting for Notes and Interest." 2b. We will divide the chapter into three sections. Monday Promissory Notes and calculating interest Tuesday Notes Payable Wednesday Notes Receivable 2c. Thursday will be an in-class workday and review. 2d. Friday will be the chapter test. 3. Why do we borrow money? (3) 3a. How many of you have ever-borrowed money from some one? 3b. Who did you borrow the money from? 3c. When you borrowed money, were you charged interest? 3d. Did you sign any agreement to repay the money? 3e. Did you have a set time frame for paying back the money? 3f. Now, why would a business need to borrow money?
Need cash to pay for purchases
and expenses during slow cash sales period Need to make arrangements with its vendors to delay payment for a period of time.
4. Introduction to the first part of Chapter 23 (3) 4a. We have already learned back in chapter 1 that an amount owed by a business is a liability, so when a business borrows money it incurs a liability.
4b.
This liability is a Notes Payable Transparency
#1
4c.
Review chart of accounts (page 451) point out six new accounts.
Transparency #2
Notes Receivable
Interest Receivable
Notes Payable
Interest Payable
Interest Income
Interest Expense 4e. Does anyone know what the difference is between an Accounts Payable/Receivable and a Notes Payable/Receivable? 4f. How a Notes Receivable differs from Accounts Receivable
The promissory note 4g. How a Notes Payable differs from Accounts Payable
The promissory note 5. Uses of a promissory note (5) 5a. When a bank or other business lends money to another business, the loan agreement is made in writing. 5b. A written and signed promise to pay a sum of money at a specified time is called a promissory note or most commonly just a note. It is a promise to pay between two individuals or businesses.
5c.
Review the parts of a promissory note (page 594) Transparency
#3 5d. Point out to the students that the different parts of a promissory note are all vocabulary words for this chapter
6. Interest on promissory notes (5) 6a. Can some one define Interest for me? Define interest: An amount paid for the use of money for a period of time (page 595) Remind students that interest rates are stated as an annual rate that must be adjusted if the time of the note is less than a year. 6b. When calculating the interest on a promissory note we are concerned with three things: principal, interest rate, and amount of time. Point out to students that the basic calculation is on page 595.
6c.
When we were reviewing the parts of a promissory note we defined principal
as the original amount of a note, and we defined interest rate as the
percentage of the principal that is paid for use of the money. The amount of time is also found on the promissory note.
(REFER BACK TO TRANSPARENCY #3) 6d. Practice Exercises Transparency #4 walk students through the calculations. Remind them of how to enter percentages on their calculators. Point out the FYI box on page 596. Have them work along on their worksheets.
6e. When calculating for
less than a year, you use a fraction of 360 days. Transparency
#5. Point out the FYI box on page 596 7. The maturity date of promissory notes (4)
7a.
When determining the maturity date on a note, you must calculate the
exact number of days. 7b. The date of the note is not counted as one of the days. 7c. The maturity date is often written on the promissory note.
7d.
Review the calculation using Transparency
#6 7e. Point out to the students that there is an example on page 596. 8. Review the Work Together problem on page 597 (4) 8a. Have student's turn to page 597
8b.
Have students follow my calculations Transparency
#7 8c. Have students fill in the correct amount on their working papers 9. Have students work independently. On Your Own page 597 (5) 9a. Direct students to the bottom of page 597 9b. Have students complete the On Your Own problem 9c. Review the answers to the On Your Own problem (see the attached answer key) 9c1. Have two students write their calculation for the interest on the note, on the board 9c2. Have two students write their maturity date calculation on the board 9c3. Have two students write their maturity value calculation on the board
10. Review of today's material Audit Your Understanding? page 597 (4) 10a. What conditions would cause a business to have extra cash to deposit in a bank, yet at another time of year need to borrow extra cash from a bank?
The variation in the amount of
cash sales. 10b. What is the advantage of a promissory note over an account receivable?
It is a written agreement that
can be useful in a court of law as written evidence of a debt. 10c. What does interest at 10% mean?
It means that 10 cents will be
paid for the use of each dollar borrowed for a full year. 10d. How is interest calculated for a fraction of a year?
Multiple the principle times the
interest rate times the time stated as a fraction of a year.
10e. Have some one describe the procedures for determining the interest, maturity value, and maturity date of a note. 11. Vocabulary Review (4) 11a. Go over vocabulary handout 12. Accounting In Your Career (3) 12a. Have students read the box on page 593 12b. Discuss the questions on at the bottom of the box. 1. The longer the term, the more risk. The higher interest helps to protect against the greater risk.
2. The new equipment will not generate any revenue for at least six months.
Therefore, half of the new loan would have to be paid back before the
equipment starts generating any revenue. 13. Homework assignment (2) Problem 23-1 found on page 608 Math Work Sheet for Chapter 23, parts A, B, C, and D 14. Review of Chapter 22 test (5)
15. Evaluation Were the objectives met? Did we cover all the material I wanted to? Was there extra time?
Do the students appear to understand what they learned?
Did they all have their calculators? Where there any students absent? 16. Comments Accounting 1 Chapter 23 Day 2 March 21, 2000
ASSUMPTIONS:
OBJECTIVES: At the end of this class, students will be able to:
MATERIALS NEEDED:
Teacher:
1. Notes Payable T-account 2. Problem page 598 3. Blank Cash Receipts Journal 4. Interest Expense T-account 5. Problem page 599 6. Blank Cash Payments Journal 7. Problem page 600 8. Blank General Journal 9. Problem page 601 1 0. Work Together Problem page 602
Student:
PRIOR TO CLASS STARTING:
PROCEDURE: ( ) = minutes 1. Take attendance (2) 2. Review what was learned yesterday (3) 2a. Calculation of the interest of a promissory note 2b. Calculation of the maturity date of a promissory note 2c. Calculation of the maturity value of a promissory note 3. Review Homework from yesterday (7) 3a. Review answers for problem Application problem 23-1 page 608 (see attached answer key) 3b. Math Work Sheet (see attached answer key) 3c. Review any of the problems that students did not understand 4. Preview of Today's Topic (2) 4a. Today we will address a promissory note from the borrowers point of view. 4b. Two new terms: current liability page 598 and interest expense page 599. 4c. Review definition of a current asset from Chapter 21. We defined a current asset as cash and other assets expected to be exchanged for cash or consumed within a year 5. Signing a Note Payable (5) 5a. When a business signs a note payable it must be recorded. 5b. Put up a transparency showing a T-account, labeled Notes Payable Transparency
#1 5c. Have a student identify the increase/decrease, debit/credit, and normal balance sides. 5d. The signed note is evidence of the debt 5e. The bank issues a check or deposits the principal amount of the note in the corporation's checking account. 5f. Put up a transparency with problem from page 598 and two T-accounts, Cash and Notes Payable. Transparency #2 5g. Have a student identify how each account is affected by the receipt of the amount of the note. Complete the T-accounts with the information provided. 5h. Put up transparency of a blank Cash Receipts Journal. Transparency #3 5i. Demonstrate the journalizing steps from the bottom of page 598. Describe each step as demonstrating the entries. 5j. Remind students that the source document for this entry, a receipt, is recorded in the Doc. No. Column using R and the receipt number. 5k. Remind students that the interest on the note is not recorded until payment is made. 6. Paying Principal and Interest on a Note Payable (5) 6a. When the promissory note reaches the maturity date, the maturity value must be paid to the payee. 6b. The interest that has accrued on the note is called interest expense. Show a transparency with a T-account labeled Interest Expense. Transparency #4 6c. Have a student identify the increase/decrease, debit/credit, and normal balance sides. 6d. Interest Expense is a financial expense rather than an expense of the business's normal operations. It is therefore listed in the chart of accounts under Other Expenses. 6e. The corporation issues a check for the maturity value of the promissory note. 6f. Put up a transparency with problem from page 599 and three T-accounts, Notes Payable, Interest Expense, and Cash. Transparency #5 6g. Have a student identify how each account is effected by the payment of the maturity value of the note. Complete the T-accounts with the information provided. 6h. Put up transparency of a blank Cash Payments Journal. Transparency #6 6i. Demonstrate the journalizing steps from the bottom of page 599. Describe each step as demonstrating the entries. 6j. Remind students that the source document for this entry, a check, is recorded in the Ck. No. Column using the check number. 7. Signing a Note Payable for an extension of time (5) 7a. If a business is unable to pay a bill when it is due they may ask for an extension. Some vendors require a promissory note. 7b. The amount owed to the vendor is not paid; the form of the liability is just changed. 7c. One liability Accounts Payable is replaced by another liability Notes Payable. 7d. Draw the students' attention to the FYI box on page 600. 7e. Put up a transparency with problem from page 600 and three T-accounts, Accounts Payable, Notes Payable, and the Accounts Payable Ledger showing the Pollard Supply Company's account. Transparency #7 7f. Have a student identify how each account is effected by the payment of the maturity
value of the note. Complete
the T-accounts with the information provided. 7g. Put up transparency of a blank General Journal. Transparency #8
7h. Demonstrate
the journalizing steps from the bottom of page 600.
Describe each step as demonstrating the entries. 7i. Remind students that the source document for this entry, a memorandum, is
recorded in the Doc. No. Column using the memorandum number. 7j. Remind the students that when a note payable is signed for and extension of time on account, both the general ledger account, Accounts Payable, and the subsidiary ledger account are changed to a note payable. Therefore, both accounts must be debited to remove the amount from the accounts. 8. Paying a Note Payable issued for an extension of time (5) 8a. When the promissory note reaches the maturity date, the maturity value must be
paid to the payee. Note
to students that the following steps should look familiar. This entry is no different from the example on page 599. 8b. The interest that has accrued on the note is called interest expense. Show a transparency with a T-account labeled Interest Expense. Transparency #4 8c. Have a student identify the increase/decrease, debit/credit, and normal balance
sides. 8d. Interest Expense is a financial expense rather than an expense of the business's normal operations. It is therefore listed in the chart of accounts under Other Expenses. 8e. The corporation issues a check for the maturity value of the promissory note. 8f. Put up a transparency with problem from page 601 and three T-accounts, Notes Payable, Interest Expense, and Cash. Transparency #9 8g. Have a student identify how each account is effected by the payment of the maturity
value of the note. Complete the T-accounts with the information
provided. 8h. Put up transparency of a blank Cash Payments Journal. Transparency #6 8i. Demonstrate the journalizing steps. Describe each step as demonstrating the
entries. 8j. Remind students that the source document for this entry, a check, is recorded in the Ck. No. Column using the check number. 9. Review the Work Together problem on page 602 (5) 9a. Have students' turn to page 602 9b. Have students follow my example on the overhead projector. Transparency #10 9c. Have student journalize the entries in the working papers 10. Have students work independently. On Your Own page 602 (5) 10a. Direct students to the bottom of page 602 10b. Have students complete the On Your Own problem 10c. Review the answers to the On Your Own problem 10c1. Have students give their answers to the journalizing problems 10c2. Review any material that the students are having problems with 11. Review today's material Audit Your Understanding (5) 11a. Why are notes payable generally classified as current liabilities?
Because notes payable generally
are paid within one year 11b. What accounts are affected, and how, when a business signs a note payable for
an extension of time on an account payable.
The General Ledger Account, Accounts Payable is debited.
The General Ledger Account, Notes Payable is credited.
The Accounts Payable Account for the vendor is debited. 11c. Call on a student to describe how to record the signing of a note payable 11d. Call on a student to describe how to record the signing of a note payable as an
extension of time. 11e. Call on a student to describe how to record the payment of a note payable. 12. Homework assignment (1) 12a. Application Problem 23-2, page 608. 12b. If you have not started filling in your vocabulary worksheet, you should begin.
They are due on Thursday just as they always are. 13. Evaluation Did the students remember yesterday's lesson? How much review of yesterday's material was necessary? Did the students understand the difference between accounts payable and notes payable? Did the students remember what a current asset is? Were there any students absent? 14. Comments Accounting 1 Chapter 23 Day 3 March 22, 2000
ASSUMPTIONS:
OBJECTIVES: At the end of this class, students will be able to: § Define the following terms: notes receivable, interest income, and dishonored note. § Journalize accepting a note for an extension of time on an account receivable § Journalize the cash receipt for maturity value of a note receivable § Journalize a dishonored note receivable
MATERIALS
NEEDED:
Teacher: § Class Roster § Seating chart § Teachers Edition of Textbook § Teachers Copy of Simulation § Working papers for Lesson 23-3 § Transparencies for Lesson 23-3 1. Notes Receivable T-account 2. Problem page 603 3. Interest Income T-account 4. Problem page 604 5. Blank Cash Receipts Journal 6. Problem page 605 7. Blank General Journal 8. Work Together Problem page 606 9. On Your Own Problem page 606 § Transparency markers § Grade book, pencil and pen
Student: § Notebook § Pencil and Pen § Folder § Textbook and working papers § Simulation Package § Calculator
PRIOR TO CLASS STARTING: § Make sure the Overhead Projector is working property § Make sure that the current check figures for the simulation are on the chalkboard. § Write today's date and agenda on the chalkboard. § Write today's homework assignment on the chalkboard. PROCEDURE: ( ) = minutes 1. Take attendance (2) 2. Review what was learned yesterday (3) 2a. Signing a note payable 2b. Journalizing the receipt of cash from a note payable 2c. Journalizing a cash payment for the maturity value of a note payable 2d. Journalizing signing a note payable for an extension of time 3. Review Homework from yesterday (5) 3a. Review answers for application problem 23-2 page 608 (see attached answer key) 3b. Review any of the problems that students did not understand 4. Why do we loan money? (3) 4a. How many of you have ever loaned some one money? 4b. To whom did you loan the money? 4c. When you loaned the money, did you charge interest? 4d. Did you make the borrower sign any agreement to repay the money? 4e. Did you set a time frame for the borrower to pay back the money? 4f. Now, why would a business loan money?
When a customer is unable to pay
an account on the due date and requests
additional time to pay. In
effect the company is loaning their money by agreeing to an extension of time. 5. Preview of Today's Topic (1) 5a. Today we will address a promissory note from the lender’s point of view. 5b. Three new terms: notes receivable page 603, interest income page 604, and dishonored note page 605 6. Accepting A Note Receivable from A Customer (5) 6a. When a business accepts a note receivable it must be recorded. Notes receivable is a current asset. A promissory note is a note payable to the customer and a note receivable to the business. 6b. Put up a transparency showing a T-account, labeled Notes Receivable
Transparency #1 6c. Have a student identify the increase/decrease, debit/credit, and normal balance sides. 6d. The signed note is evidence of the debt, which provides the business with evidence of the debt in case legal action is required to collect. Explain to students that having the customer sign a note is one method to encourage the customer to pay the amount due. 6e. A note does not pay the amount a customer owes. One asset, Accounts Receivable is replaced by another asset, Notes Receivable. 6f. Put up a transparency with problem from page 603 and three T-accounts, the general ledger accounts Notes Receivable and Accounts Receivable and the Accounts Receivable Ledger/Peter Ange account. Transparency #2 6g. Have a student identify how each account is effected by the receipt of the amount of the note. Complete the T-accounts with the information provided. 6h. Remind students that the interest on the note is not recorded until payment is received. 7. Collecting Principal and Interest on a Note Receivable (5) 7a. When the promissory note reaches the maturity date, the payee receives the maturity value from the maker. 7b. The interest earned on the note is called interest income. Show a transparency with a T-account labeled Interest Income. Transparency #3 7c. Have a student identify the increase/decrease, debit/credit, and normal balance sides. 7d. Interest income is investment revenue rather than revenue from normal operations. It is therefore listed in the chart of accounts under Other Income. 7e. The maker of the note issues a check for the maturity value of the promissory note. 7f. Put up a transparency with problem from page 604 and three T-accounts, Notes Receivable, Interest Income, and Cash. Transparency #4 7g. Review the calculation used to determine interest owed. 7h. Have a student identify how each account is effected by the payment of the maturity value of the note. Complete the T-accounts with the information provided. 7i. Put up transparency of a blank Cash Receipts Journal. Transparency #5 7j. Demonstrate the journalizing steps from the bottom of page 604. Describe each step as demonstrating the entries. 7k. Remind students that the source document for this entry, a receipt, is recorded in the Doc. No. Column using the receipt number. 8. Recording A Dishonored Note Receivable (5) 8a. A note that is not paid when due is called a dishonored note. 8b. We need to remove the amount of the dishonored note from the notes receivable account. 8c. The amount of the note plus interest income earned on the note is still owed by the customer. You record the interest because you have earned it even if it has note been paid. 8d. The total amount owed should be debited to the accounts receivable account in the general ledger. 8e. The recording of a dishonored note is almost the exact opposite of when we first recorded the note receivable. There is one additional entry to Interest Income. 8f. Put up a transparency with problem from page 605 and four T-accounts, the general ledger accounts of Accounts Receivable, Notes Receivable, and Interest Income, and the Accounts Receivable Ledger/Pam Carter. Transparency #6 8g. Have a student identify how each account is effected by the dishonored note. Complete the T-accounts with the information provided. 8h. Put up transparency of a blank General Journal. Transparency #7 8i. Demonstrate the journalizing steps found on the bottom of page 605. Describe each step as demonstrating the entries. 8j. Remind students that the source document for this entry, a memorandum is recorded in the Doc. No. Column using the memorandum number. 8k. Point out to students that the company does not stop trying to collect the account just because the note has been dishonored. 9. Review the Work Together problem on page 606 (5) 9a. Have students' turn to page 606 9b. Have students follow my example on the overhead projector. Transparency #8 9c. Have student journalize the entries in the working papers 10. Have students work independently. On Your Own page 606 (5) 10a. Direct students to the bottom of page 606 10b. Have students complete the On Your Own problem 10c. Review the answers to the On Your Own problem Transparency #9 10c1. Call on students to write their answers to the journalizing problems at the overhead projector. 11. Review today's material Audit Your Understanding (5) 11a. When a business asks a customer to sign a note receivable for an extension of time on the customers account receivable, how does the amount and form of the business asset change?
The amount of the asset does not
change. The form of the asset
changes from an account receivable to a note receivable. It still remains a current asset 11b. lnterest lncome is listed in what chart of account classification?
Other Revenue 11c. What accounts are affected, and how, when a customer dishonors a note receivable?
Accounts Receivable and the customer account are each debited for the
principal
of
the note and the interest Notes Receivable is credited for the principal of
the
note. Interest Income is
credited 11d. Why is interest income recorded at the time a note is dishonored even though the cash has not been received? Because the interest has been earned? 11e. Review the three types of journal entries we do when dealing with a note receivable. 12. Begin Study Guide (5) 12a. Go through part one of the study guide, calling on students to work through the vocabulary section. 13. Homework assignment (1) 13a. Application Problem 23-3 page 609 13b. Application Problem 23-4 page 609 13c. Mastery Problem 23-5 page 610 13d. Part two of the study guide 14. Evaluation Did the students remember what we talked about yesterday? Did they understand the difference between a note payable and a note receivable?
Did
they understand what a dishonored note is?
Were there any students absent? 15. Comments
Accounting 1 Chapter 23 Day 4 ASSUMPTIONS: § Class is 50-minutes long. § Each desk has on it, an adding machine with a tape. § The overhead projector is kept in the room at all times. § Students have begun a manual simulation for a sole proprietorship. § The class size is 24.
OBJECTIVES: At the end of this class, students will be able to: § Analyze and journalize notes payable transactions § Analyze and journalize notes receivable transactions § Complete the chapter test for Chapter 23 MATERIALS NEEDED: Teacher: § Class roster § Seating chart § Teachers edition of textbook § Teachers copy of simulation § Answer keys for homework assigned yesterday § Application Problem 23-3 § Application Problem 23-4 § Mastery Problem 23-5 § Study Guide part 2, 3, and 4 § Transparencies for homework and review 1. General Journal for Application Problem 23-3 2. Cash Receipts Journal for Problem 23-3 3. General Journal for Application Problem 23-4 4. Cash Receipts Journal for Application Problem 23-4 5. Journals for Mastery Problem 23-5 6. Maturity Value calculations for Mastery Problem 23-5 7. Cash Payments Journal for Mastery Problem 23-5 § Grade book, pencil and pen § Copies of Study Guide for Chapter 23, parts 3 and 4 for each student Student: § Notebook § Pencil and Pen § Folder § Textbook and working papers § Calculator PRIOR TO CLASS
STARTING:
PROCEDURE:
( ) = minutes 1. Review Application Problem 23-3 (5) 1a. Ask a student to demonstrate the journal entries for the August 6 transaction. 1b. Repeat demonstration for each of the transactions. Having students volunteer to come to the overhead and write in their answers. 1c. Correct any mistakes that the students may have made. 1d.
Show the transparency with the correct answer.
Transparencies 1 and 2 1e. Review any questions that the students may have on journalizing notes receivable transactions. 2. Review Application Problem 23-4 (5) 2a. Ask a student to demonstrate the journal entries for the November 3 transaction. 2b. Repeat demonstration for each of the transactions. Having students volunteer to come to the overhead and write in their answers. 2c. Correct any mistakes that the students may have made. 2d.
Show the transparency with the correct answer.
Transparencies 3 and 4 2e. Review any questions that the students may have on journalizing notes receivable transactions. 3. Review Mastery Problem 23-5 (7) 3a. Ask a student to demonstrate the journal entries starting with the March 6 transaction. 3b. Repeat demonstration for each of the transactions. Having students volunteer to come to the overhead and write in their answers. 3c. Correct any mistakes that the students may have made. 3d.
Show the transparency with the correct answer.
Transparency 5 3e. Ask a student to demonstrate how they determined the maturity value on the note dated March 6. 3f. Repeat demonstration for the two remaining notes. Have students volunteer to come to the overhead and write out their answers. 3g.
Show the transparency with the correct answer.
Transparency 6 3h. Ask a student to demonstrate the journal entries for the March 21 transaction. 3i. Repeat demonstration for each of the remaining transactions. Have students volunteer to come to the overhead and write in their answers. 3j. Correct any mistakes that the students may have made. 3k.
Show the transparency with the correct answer.
Transparency 7 3l. Review any questions that the students may have on journalizing notes receivable transactions 4. Review Study Guide part 2 (5) 4a. Have a student read each True/False statement and explain their answer. 4b. Repeat for each of the statements. Having students volunteer and then calling on students if no volunteers. 4c. Correct any mistakes that the students may have made. 4d. Review any questions that the students may have regarding the True/False statements. 5. Work time for Study Guide parts 3 and 4 (8) 5a. Have students work independently on parts 3 and 4 of the Study Guide. 6. Review Study Guide parts 3 and 4 (5) 6a. Part 3: Have a student read and analyze the first transaction and determine which account is debited and which account is credited. 6b. Repeat for each of the remaining transactions. Have students volunteer and then call on students if no volunteers. 6c. Correct any mistakes that the students may have made. 6d. Review any questions that the students may have regarding the transactions we analyzed. 6e. Part 4: Have a student read and analyze the first transaction and determine which of the answers given is correct. 6f. Repeat for each of the remaining transactions. Have students volunteer and then call on students if no volunteers. 6g. Correct any mistakes that the students may have made. 6h. Review any questions that the students may have regarding the transactions we analyzed. 7. Review for Chapter 23 test (15) 7a. Review terminology from Chapter 23. 7b. Review how to calculate Interest on a promissory note. 7c. Review how to calculate the maturity date of a promissory note. 7d. Review signing a note payable. Both as a loan and as an extension of time. 7e. Review paying the principal and interest on a note payable. Both as a loan and as an extension of time. 7f. Review accepting a note receivable from a customer. 7g. Review collecting principle and interest on a note receivable 7h. Review recording a dishonored note receivable 7i. Answer any other questions that the students may have. 8. Homework (on chalkboard) 8a. Suggest to students that they review all problems from Chapter 23 and the study guide questions for the test tomorrow. 9. Evaluation Did the students complete the homework correctly? Did the students have many questions regarding the chapter? Did I allow enough time to complete parts 3 and 4 of the study guide? Did I allow enough time to review all parts of the chapter? Were any students absent? 10. Comments Accounting 1 Chapter 23 Day 5 ASSUMPTIONS: § Class is 50-minutes long. § Each desk has on it, an adding machine with a tape. § The overhead projector is kept in the room at all times. § Students have begun a manual simulation for a sole proprietorship. § The class size is 24.
OBJECTIVES: At the end of this class, students will be able to: § Meet all objectives defined for Chapter 23: § Define accounting terms related to notes and interest. § Identify accounting concepts and practices related to notes and interest. § Calculate interest and maturity dates for notes. § Analyze and record transactions for notes payable. § Analyze and record transactions for notes receivable. MATERIALS NEEDED: Teacher: § Class roster § Seating chart § Teachers edition of textbook § Teachers copy of simulation § Grade book, pencil and pen § 24 copies of Chapter 23 test Student: § Notebook § Pencil and Pen § Folder § Textbook and working papers § Calculator PRIOR TO CLASS
STARTING: Make sure the Overhead Projector is working properly. Make sure that the current check figures for the simulation are on the chalkboard. Write today’s date and agenda on the chalkboard. Write today’s homework assignment on the chalkboard. PROCEDURE:
( ) = minutes 1. Take attendance (2) 2. Answer any last minute questions regarding the material for the test. (5) 3. Chapter 23 test (35) 4. Answer any questions that the students may have regarding questions on the test. (2) 5. Answer any questions regarding the simulation (5) 6. Homework assignment (1) §
Preview Chapter 24 “Accounting
for Accrued Revenue and Expenses”
§ Continue working on your simulation 7. Evaluation Did any of the students complete the test in less than 20 minutes? Did any one have trouble completing the test in 50 minutes? Do the students appear to be keeping up with the simulation? Were there any students absent?
8. Comments |
