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| Steve Wills - Ch.11
Accounting
I Day 1 Objectives: Define Accounting terms related to sales and cash receipts for a merchandising business. Learn to journalize sales and cash
receipts transactions for a merchandising business.
Materials Needed:
Procedure
Before Class 1. Meet each student as they walk through the door Hand them their Chapter 10 test. 2. Have packets placed on the student's desks .
During Class
Take Attendance 5 Minutes From the lists of test left I will call out the people who may be absent.
Introduce Chapter 11 40
Minutes Student's can start working on the packet. This chapter discusses three different transactions. Omni Import allows its customers to purchase using credit. We will look at how to make a transaction purchasing on credit, we will look how to pay off the accounts payable debt. We will also look at sales tax payable as a new account. Sales Tax Payable Most companies collect sales tax for the government. In order to determine how much Omni will have to pay they have a special liability account called Sales Tax Payable. Questions to the class. What is a liability account? Debt you owe What will be the normal balance? Credit Calculate sales tax Page 1 (Demonstrate on overhead) Price of Goods * Sales Tax Rate = Total 300.00 .06 = $318.00 Transaction Page 1 Demonstrate using T Accounts November 4. Recorded cash and credit card sales $5460, plus sales tax, $327.60; total $5787.60. Cash Register tape Number 4.
Debit Cash 5787.60 Credit Sales 6460.00 Sales Tax Payable 327.60 You debit cash because for the entire amount because you receive the cash. You credit sales for the amount of sales that actually were used for sales and credit Sales Tax Payable the rest because it is a liability that you owe to the government. Journalize the Credit Card Sales Transaction Page 2 Demonstrate each transaction on the overhead projector as the students follow along on their paper handouts. 1. Write the date, November 4 2. Place a check mark in the Account Title column to show that no account title needs to be written in. 3. Write the cash register tape number T4 in the Doc. No column. 4. Place a check mark in the post reference column to show that amounts on this line are not to be posted individually. 5. Write the sales amount $5460.00 in the Sales Credit Column 6. Write the Sales Tax Amount $327.60 in the Sales Tax Payable Credit Column 7. Write the cash amount $5787.60 in the Cash Debit Column Sales on Account page 2 (Demonstrate on Overhead) Review the asset account of Accounts Receivable. Normal balance is the debit side of the equation. Increasing A/R is debit transaction. Decreasing is a credit transaction. T-Account November 3. Sold merchandise on account to Children's Paradise $816.00, plus sales tax $48.96, total $864.96. Sales invoice No. 76. Debit A/R $864.96 Credit Sales $816.00 the actual cost of merchandise Credit Sales Tax Payable $48.95. Journalize the sale on account transaction Demonstrate each transaction on the overhead projector as the students follow along on their paper handouts. 1. Write the date 3 on the date column 2. Write the customer name in the account title column. 3. Write the sales invoice number S76 in the Doc. No column. 4. Write the total amount owed by the customer 864.96 in the A/R Debit column 5. Write the sales amount 816.00 in the Sales Credit Column 6. Write the sales tax amount $48.96, in the Sales Tax Payable Credit Column. Cash Receipts on Account. Page 3 (Demonstrate on Overhead) T-Account November 6. Received cash on account from Fiesta Costumes, $2162.40 covering S69. Receipt No. 90. Debit Cash $162.40 Credit A/R Fiesta Costumes $162.40 Journalize Cash Receipts on account. Demonstrate each transaction on the overhead projector as the students follow along on their paper handouts. 1. Write the date 6, in the Date Column. 2. Write only the customers name Fiesta Costumes in the Account Title Column. 3. Write the receipt number R90 in the Doc. No Column. 4. Write the credit amount $2162.40 in the A/R Credit Column. 5. Write the debit amount $2162.40 in the Cash Debit Column. Start working with the students on Application Problem 11-1 problem 268. Working Papers Page 228. Transactions: 1. Date August 1. Frieda Leno in the Account Title Column. S62 in the Doc. No Column. Debit A/R $145.75. Credit Sales Tax Payable $8.25, Credit Sales $137.50. 2. Ask for volunteers on transaction number 2. Date August 2. Alfredo Guiterrez in the Account Title Column. S63 in the Doc. No Column. Debit A/R $100.70. Credit Sales Tax Payable $5.70. Credit Sales $95.00 3. Finish the Problem for Day 2.
Assignment Finish Application Problem 11-1 for Day 2.
End of Class 5 minutes Have students write in their journal what they learned. What did I learn today? What use do I have for this? What use does industry have for this?
After Class Was there enough time?
What changes would you make? Comments
Accounting
I Day 2 Objectives: Prove and rule a journal. Further develop knowledge of
journalizing sales and cash receipts transactions for a merchandising business.
Materials Needed:
Procedure
Before Class 1. Make sure the desks are arranged properly 2. Overhead projector works 3. Have students get out their packet of worksheets
During Class
Take Attendance 2 Minutes From the seating chart call out the names of people who are not here.
Chapter 11 10 Minutes Review Homework Assignment Start with transaction Number 3 on Problem 11-1 page 268. See worksheet answer key. Introduce Proving and Ruling the Journal. 15 minutes See handout given Day 1 Page 4 (Demonstrate on Overhead) Equality of debits and credits in a journal is proved at the end of each month. Rule an expanded journal at the end of each month. Demonstrate each transaction on the overhead projector as the students follow along on their paper handouts. 1. Rule a single line across all account columns directly the last entry to indicate that all the columns are to be added be sure to rule the single line on both the left and right pages 2. On the next line write the date, 30 in the Date Column. 3. Write the word Totals in the Account Title Column 4. For both the left and right pages, write each column total below the single line. 5. Rule double lines across all amount columns to show that the totals have been verified as correct. Be sure to rule the double lines on both the left and right pages Prove the Journal Total the debits and the credits Bringing Balances Forward Page 4 (Demonstrate on Overhead) 1. Write the new page number 2. Write the date 3. Write the words Brought Forward in the Account Title Column. 4. Place a check mark in the Post Ref. Column. 5. Record the totals brought forward. Proving the Cash Follow demonstration in packet The balance on the next unused check stub is the same as the cash proof. Cash at the beginning of the month $32,666.00 Plus total cash received during the month $25779.20 Equals total $58,439.20 Less total cash paid during the month $18704.16 Equals cash balance on hand at the end of the month $39735.04 Checkbook balance on the next unused check stub. $39735.04 Work together Problem Page 266 10 Minutes See worksheet. Work together in class.
Assignment 8 Minutes Finish Application Problem 11-2 for Day 3. Finish Application Problem 11-3 for Day 3.
End of Class 5 minutes Have students write in their journal what they learned. What did I learn today? What use do I have for this? What use does industry have for this?
After Class Was there enough time?
What changes would you make? Comments
Accounting
I Day 3 Objectives: Combine journalizing, ruling a journal, and doing the proofs.
Materials Needed:
Procedure
Before Class 1. Make sure the desks are arranged properly 2. Overhead projector works
During Class
Take Attendance 2 Minutes From the seating chart call out the names of people who are not here.
Review Homework 10 Minutes Review Homework Assignment Problem 11-2 Transactions Problem 11-3 Transactions See worksheet
Work Together in Class 20 minutes Problem 11-5 Mastery Problem Page 269 Working Papers page 254 (Demonstrate on Overhead) Ask for volunteers to read the instructions on the page 269.
Transactions 1. October 24 Brought Forward in Account Title Column. Place a check in the posting reference Column. Bring the column totals from page 19 to page 20. 2. Prove the debits and credit on the bottom of page 254 of the working papers. 3. Ask for volunteers to make the transactions. from the textbook on page 269. Transactions 1. October 25 Bertha Libby from the Account Title Column. Doc No R104. Credit A/R $143.00 Debit Cash $143.00 2. October 26. Bertha Libby from the Account Title Column. Doc No. S81. Debit A/R $200.20 Credit the Sales Tax Payable Column 7.70, Credit Sales $192.50. 3. October 27. Place a check mark in the Account Title Column. Doc No. T27. Debit Cash $3031.60, Credit Sales Tax Payable $116.60, Credit Sales $2915.00. 4. October 29. Jack Olson Account Title Column Name Doc No. R105. Debit Cash $97.24, Credit A/R $97.24. 5. October 30. Lisa Gardiner Account Title Name. Doc No. S82. Debit A/R $108.68. Credit Sales Tax Payable $4.18 Credit Sales $104.50. 6. October 31. Place a check mark in the Account Title Column. Doc No. T31. Debit Cash $1761.76, Credit Sales Tax Payable $67.76, Credit Sales $1694.00.
Individually prove the journal and Prove the equity of debits and
credit. 5 minutes Have the class go over the
numbers together 5 minutes Assignment
8 Minutes in class Go over instructions and ask if they are any questions. Assign 11-6 Challenge Problem Journalizing Transactions and Proving a Journal. Go over the assignment Day 4. After
Class
Was there enough time?
What changes would you make? Comments
Accounting
I Day 4 Objectives: Review proving and ruling a journal. Review knowledge of journalizing
sales and cash receipts transactions for a merchandising business. Prepare Class for test on Day 5
Materials Needed:
Procedure
Before Class 1. Make sure the desks are arranged properly 2. Overhead projector works 3. Overhead Projector system works with the computer.
During Class
Take Attendance 2 Minutes From the seating chart call out the names of people who are not here.
Review Homework 15 Minutes Review Homework Assignment Problem 11-6 Ask for volunteers to explain each transaction. Review for the test Divide the class into three groups for Chapter 11 Jeopardy. Choose to divide the class by color instead of number of letter. Remind everyone of the directions. That each person rotates to answer the question. Everyone in the class should work to answer the questions. Start with question 1 for 100 Teacher will read the directions and keep score to get everyone involved in participating. See Power Point Presentation for questions. Assignment
Study
for the test on Day 5. After
Class
Was there enough time?
What changes would you make? Comments
Accounting
I Day 5 Objectives: Test on accounting terms related to sales and cash receipts for a merchandising business. Test on journalizing sales and
cash receipts transactions for a merchandising business.
Materials Needed:
Procedure
Before Class 1. Meet each student as they walk through the door Hand them their Chapter 10 test.
During Class
Take Attendance 2 Minutes Call out the names of students who are not here.
Handout Chapter 11 Test 48 Minutes Have students take the test individually. Hand in the test on the counter when completed.
After Class Was there enough time?
What changes would you make? Comments |
