Your homework was… Exercise 1 on page 59. Your homework was… Exercise 1 on page 59.

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Your homework was… Exercise 1 on page 59

To Hand In… Exercise 2 on page 60 (Use the back of your handout from yesterday.) Make sure your name is on it, and hand it in when you are done. You have a maximum of 30 minutes to complete this. (You may use your textbooks / notes – you may not talk.)

Summary of the steps in a transaction Identify the Assets & Liabilities this transaction affects Step 2: See if the Owner’s Equity (Capital) has changed. Step 3: Make sure at least two of the items have changed. Step 4: Make sure the equation is still in balance.

Please do.. Page 62, Exercise 1 (a,b) Also answer the following: What are your total assets? What are your total liabilities? What is your owners equity? Do Assets – Liabilities = OE ? (We’ll look at the first three transactions together.)