Accounting 1

Chapter 5 - Intro.

Lesson Plan - Day 1

Objectives:

Students will be able to:

1. Know what the normal balance is for a revenue account

2. Know how debits and credits affect a revenue account

3. Define what a temporary account is and what happens to it at the end of an accounting cycle

Materials Needed:

Daily attendance sheet, attendance book, seating chart, grade book, pen/pencil, textbooks, chalk, eraser, chalkboard, overhead projector, overhead transparencies, damp cloth.

Before Class:

Write on the board--Homework Assignment: Problem 5-3 #2, Problem 5-4 #1, Problem 5-5 #3, Problem 5-6 #6 and #10 (total 5 problems) Test Friday!

Procedure:

1. Take attendance while students copy down homework assignment 8

2.  Review of Owner’s Capital account 5

·        Review what the purpose of the Owner’s Capital is

·        PUT TRANSPARENCY UP  Go over the normal balance of the Owner’s Capital account

·        Review that affects of debits and credits on Owner’s Capital

3. Temporary Accounts 5

·        The temporary accounts that we are going to be dealing with are Revenue, Expenses, and Withdrawals.  These three accounts are temporary Owner’s Capital accounts.

·        Temporary accounts are used to help the owner or accountant make business decisions for the business such as what expenses could be decreased.

·        Unlike permanent accounts whose balances are carried from one accounting period to the next, the balances of temporary accounts are closed out to the Owner’s Capital account at the end of the accounting period and they start the new accounting period with a zero balance.

4.  Revenue Account 8

·        We’re going to start out with the Revenue account.  The revenue account is used to record the revenue that comes into the business; you do not record any of the owner’s investments here.

·        PUT TRANSPARENTCY UP OF REVENUE ACCOUNT  Think of the revenue account working the same way as the owner’s capital account with the credit side increasing the balance and the debit side decreasing.  Therefore the normal balance of the revenue account is on the credit side. 

·        If you record money that is coming into the business in a revenue account then revenue increases the owner’s capital.

5.  Go through analyzing revenue transactions 10

·        PUT UP BLANK TRANSPARENCY OF 7 STEP TRANSACTION ANALYSIS AND COMPLETE WITH STUDENT’S ANSWERS AS WE GO THOUGHT IT.   You should copy the questions and answers as we go through this transaction because it will help you a great deal with tonight’s homework.

6.  You can start on the homework that is on the board and due tomorrow.  If you have any questions raise your hand or come up to my desk and ask.  Remainder of the period

7.  Evaluation

Did I have enough time to cover the material planned?

Did I not have enough material planned?

What went well and what could have gone better?

Comments:

Analyzing Transactions

1.  What has happened?

2.  What accounts are affected?

3.  What are the classifications of these accounts?

4.  How are the account balances affected?

5.  Apply the accounting rules.

6.  What entry is made?

7.  Prepare the “T” accounts.

Owner’s Capital

              DEBIT                               CREDIT

                                                INCREASE SIDE

                                                NORMAL BALANCE

REVENUE

       DECREASE SIDE              INCREASE SIDE

                                                NORMAL BALANCE

Accounting 1

Chapter 5

Lesson Plan 2 - Day 2

Objectives:

Students will be able to:

1.  Define the uses of an expense account and a withdrawals account

2.  Know the normal balance of an expense and withdrawal account

3.  Know how a debit and credit affect each account

Materials Needed:

Daily attendance sheet, attendance book, seating chart, grade book, pen/pencil, textbooks, chalk, eraser, chalkboard, overhead projector, overhead transparencies, damp cloth, “Self-Test”, Chapter 5 Review worksheet.

Before Class:

Write on the board: Homework Assignment--Problem 5-4, #2-#4; Problem 5-5 #4, #7-#9; Self-Test T/F 1-12; Chapter 5 Review Parts 1 & 2.  Test Friday!

Procedure:

1.  Take attendance while students write down homework assignment and do a 5 minute write of what they learned yesterday and from last night’s homework  8

·       Your homework assignment is on the board, please copy it down.  Start on a 5 minute write and write down what you learned in class yesterday and from doing last night’s homework.

·       AT THE END OF THE 8 MINUTES, COLLECT THE 5-MINUTE WRITE.

2.  Go over last night’s homework 10

·       PUT UP TRANSPARENCY OF HOMEWORK  You can go through and correct your own work, if you have any questions raise your hand.

·       When done, please pass up your homework assignment

3.  Expense Account 5

·       Expense accounts are also temporary owner’s capital accounts so the balance of expense accounts is not carried over to the next accounting period like permanent account balances.  They are used to record such things as rent expense and utilities expense.

·       PUT UP TRANSPARECY OF EXPENSE “T” ACCOUNT--Expense accounts increase with a debit and decrease with a credit.  The normal balance of an expense account is on the debit side. 

·       Since expenses decrease money supply, and owner’s capital, they are then recorded at the end of the accounting period as a debit to the owner’s capital account.

4.  Withdrawal account 5

·       The withdrawal account is also a temporary owner’s capital account therefore the balance is not carried over to the next accounting period.  Withdrawal accounts are used to record withdrawals made by the owner of the business for personal use.

·       PUT UP TRANSPARENCY OF WITHDRAWAL “T” ACCOUNT--Withdrawal accounts are similar to expense accounts in that they increase with a debit and decrease with a credit and the normal balance is on the debit side just like expense accounts.

·       Since with a withdrawal account, the owner is removing money from the business, the balance is then recorded at the end of the accounting period as a debit to owner’s capital account.

5.  Bringing Revenue, Expense, and Withdrawal accounts together under Owner’s Capital  2

·       PUT UP TRANSPARENCY OF OWNER’S CAPITAL “T” ACCOUNT WITH REVENUE, EXPENSES, AND WITHDRAWAL ON THEIR PROPER SIDES--This is how the balances of each temporary account affects owner’s capital.  WHILE POINTING TO THE TRANSPARENCY EXPAIN THAT--the normal credit balance of revenue is going to increase the normal credit balance of owner’s capital.  However, the normal debit balances of expenses and withdrawals will decrease the balance of owner’s capital.

6.  Go through analysis of an expense transaction and withdrawal transaction 10

·       PUT UP BLANK TRANSPARENCY OF 7 STEP TRANSACTION ANALYSIS AND COMPLETE WITH STUDENT’S ANSWERS AS WE GO THOUGHT IT.   You should copy the questions and answers as we go through these transactions because they will be helpful for tonight’s homework.

7. You can start on the homework that is on the board and due tomorrow.  If you have any questions raise your hand or come up to my desk and ask.  Remainder of the period

8. Evaluation

Did I have enough time to cover the material planned?

Did I not have enough material planned?

What went well and what could have gone better?

Comments:

Owner’s Capital

       Withdrawals

       (Decrease Side)                 (Increase Side)

                                                (Normal balance)

Expense

       Increase Side                    Decrease Side

       Normal Balance

Withdrawals

              Debit                                        Credit

       Increase Side                           Decrease Side

       Normal Balance

Accounting 1

Chapter 5

Lesson Plan 3 - Day 3

Objectives:

Students will be able to:

1.  Know the new accounting terms that were presented in the chapter

2.  Analyze a series of transactions that deal with revenue, expenses, and withdrawal accounts.

Materials Needed:

Daily attendance sheet, attendance book, grade book, seating chart, pen/pencil, textbooks, chalk, eraser, chalkboard, overhead projector, overhead transparencies, damp cloth.

Before Class:

Write on the board: Homework Assignment--complete “Self-Test,” Problem 5-6 #5-#10 Problem 5-1 and 5-2, study for test which is on Friday.

Procedure:

1.  Take attendance while students write down their homework assignment 5

2.  Review homework 10

·        PUT UP TRANSPARENCY OF HOMEWORK PROBLEMS. Please correct the “Self-Test” and the Chapter 5 Review on your own. 

·        Does anyone have any questions on the homework or want me to review any of the concepts presented in the chapter?  Pass your homework to the front of your row.

3.  Go through a transaction for each temporary account 10

·        Open your books to page 104.  We are going to go through these transactions and if you have any questions while we are going through them, just raise your hand. 

·        PUT UP BLANK TRANSPARENCY OF 7 STEP TRANSACTION ANALYSIS.  Please copy down the questions and answers for each transaction as we go through them as a class--they will be useful when studying for the test.

·        Use correct terminology when giving your answers and when you write them down in your notes.

4.  Assign the rest of Chapter 5 Review as seat work 10

·        Please complete Parts 3 and 4 of the Chapter 5 Review now

5.   Go over Chapter 5 Review 5

·        ANSWERE ANY QUESTIONS THAT THE STUDENTS MAY HAVE.

6.  Students can start on their homework  Remainder of the period

·        You can start on tonight’s homework and if you have any questions, now is the time to ask since the test is in two days.

7.  Evaluation

Did I have enough time to cover the material?

Do students seem to understand the material in the chapter?

What do students need me to go over more in depth tomorrow?

Comments:

Accounting 1

Chapter 5

Lesson 4 - Day 4

Objectives:

Students will be able to:

1.  Define the new vocabulary terms that were presented in the chapter

2.  Analyze transactions that involve revenue, expenses, and withdrawal accounts

3.  Know accounting vocabulary

Materials Needed:

Daily attendance sheet, attendance book, grade book, seating chart, pen/pencil, textbooks, chalk, eraser, chalkboard, overhead projector, overhead transparencies, damp cloth.

Before Class:

Write on the board: Homework Assignment--Study for test

Procedure:

1.  Take attendance while students do an in-your-seat activity 8

·        Take out a half sheet of paper and write down a question that you have about the chapter, a concept that you do not quite understand and want me to go over or anything else that you want me to review for tomorrow’s test.

·        Pass your half sheet of paper with your question on it to the front of the row.

2.  Go over homework 10

·        PUT UP TRANSPARENCY OF HOMEWORK ASSIGNMENT AND GO OVER PROBLEM 5-6 #5-10, 5-1, and 5-2.

·        PUT UP TRANSPARENCY OF “SELF-TEST”  Correct the “self-test” on your own making corrections.  Do not pass these to the front; keep them to study from tonight.

·        Pass back Self-Test and Chapter 5 Review

·        Does anyone have questions on the homework or want me to review anything that they are unsure of.

3.  Go through student’s questions that they wrote down at the beginning of the period and use them to review for the test. 15

4.  Analyze transactions 5

·        USING TRANSPARENCIES, GO THROUGH ANALYZING A TRANSACTION FOR EACH TEMPORARY ACCOUNT

5.  Jeopardy 10

·        Quickly divide yourselves into two equal teams and come up with a name for your team. 

·        Put name of each team on the board and follow with a game of Jeopardy till the bell rings. 

6.  Don’t forget to study for the test and bring some other homework or a book to read in case you finish the test early.

7.  Evaluation

Did I have enough time to cover the material planned?

Do students seem to have a firm grasp of the material?

Comments:

Accounting 1

Chapter 5

Lesson Plan 5 - Day 5

Objectives:

Students will be able to:

1.  Show their understanding of temporary accounts

2.  Know the balances of revenue, expenses, and withdrawals

3.  Know how debits and credits affect each of these temporary accounts

Materials Needed:

Daily attendance sheet, attendance book, grade book, pen/pencil, chalk, eraser, and tests.

Before Class:

Write on the board: When you finish the test, bring it up to my desk and put it into a neat pile in the left-hand corner.  Read or do some other homework quietly in your seat until the bell rings.

Procedure:

1.      Take attendance 5

·        Are there any questions before I pass the test out?

2. Pass out test 45

·        The test is being passed out now so everyone it is time to be quiet.  If I hear any talking during the test then I will take your paper and you will receive a zero as a grade.

3. Evaluation

Did students have enough time to complete the test?

Did students have too much time to complete the test?

Were all the students present to take the test?

Comments: