# Objectives:

Document Sample

```					Accounting 1                                            Name __________________________
9/18/06

Objectives:
 Apply the rules of debit and credit to asset, liability, and owner’s equity
accounts.
 Use T accounts to analyze a business transaction into its debit and credit parts.
 Identify the normal balance of accounts.
 Check the balance of the accounting equation after a business transaction has
been analyzed and recorded.
 Analyze transactions that increase or decrease assets, liabilities, and owner’s
capital and record them in T accounts.
 Define and use the accounting terms discussed. (Chapter 3 & 4)

BR:      Say hello to one of your classmates!!!!!!!!!

Classwork/Homework: (Hand in all work today)
 Chapter 4 Vocab----page 86
 Begin outline for chapter 4 (pages 70-77)
 Thinking Critically page 77 #1 only
 Computing in the Business World page 77 #1 & #2
 Concepts & Procedures page 86 #1-10

________________________________________________________________________

Notes:
Chapter 4-----Transactions that Affect Assets, Liabilities & Owner’s Equity

The Account
 grouped together in a ____________________
 another term is “keeping the books.”

Chart of Accounts
 Used to keep track of accounts
 Lists all accounts & ____________________account numbers
 Numbering System
o Owner’s Equity starts with _________________
o Revenue starts with 400
 Easier to find accounts if number system used

Double Entry Accounting
 Recordkeeping system
 Each transaction affects minimum of ____________ accounts
Accounting 1                                      Name __________________________
9/18/06

 “T” Accounts
 label parts

 Assets
o Increased on the ______________ side (answer = debit or credit)
o Decreased on the _____________ side
o Normal Balance is on the debit side

 Liabilities
o Increased on the ______________ side
o Decreased on the _____________ side
o Normal Balance is on the credit side

 Owner’s Equity
o Increased on the _____________ side
o Decreased on the _____________ side
o Normal Balance is on the credit side

Refer to page 85------------
o At the bottom of this sheet, hand draw the “T”s for Assets, Liabilities, and
Owner’s Equity.
o Label each T with Account classification, increase side, decrease side, and
normal balance side