1. It is the language of business
Lesson 1-1
1/25/2018
LESSON 1-1
What is Accounting?
It is the planning, recording, analyzing and interpreting financial information
It is the language of business

2. THE ACCOUNTING EQUATION
Lesson 1-1
1/25/2018
THE ACCOUNTING EQUATION
page 8
LESSON 1-1

3. TERMS TO KNOW accounting accounting system accounting records
page 9
accounting
accounting system
accounting records
financial statements
service business
proprietorship
Asset
equities
liability
owner’s equity
accounting equation
ethics
business ethics
transaction
account
account title
account balance
Capital
revenue
sale on account
expense
withdrawals
LESSON 1-1

4. Let’s do some examples
Open your books to page 9, and we will do the WT together, then you will do the OYO using Excel. . .
Please listen and follow along as I give you directions on how to find the assignments, name them and save them.
LESSON 1-1

5. LESSON 1-2 How Business Activities Change the Accounting Equation
1/25/2018
LESSON 1-2
How Business Activities Change the Accounting Equation

6. RECEIVING CASH Unit of Measurement Concept: when business transactions
page 10
Transaction 1 August 1. Received cash from owner as an investment, $5,
Unit of Measurement Concept: when business transactions
are stated In numbers that have common values
LESSON 1-2

7. PAYING CASH Transaction 2 August 3. Paid cash for supplies, $275.00.
page 11
Transaction 2 August 3. Paid cash for supplies, $
Transaction 3 August 4. Paid cash for insurance, $1,
LESSON 1-2

8. TRANSACTIONS ON ACCOUNT
page 12
Transaction 4 August 7. Bought supplies on account from Supply Depot, $
Transaction 5 August 11. Paid cash on account to Supply Depot, $
LESSON 1-2

9. Let’s do some examples
On page 13, we will do WT1-2 together and you will then do OYO 1-2 by yourselves.

10. How Transactions Change Owner’s Equity in an Accounting Equation
Lesson 1-3
1/25/2018
LESSON 1-3
How Transactions Change Owner’s Equity in an Accounting Equation
Green

11. REVENUE TRANSACTIONS
page 14
Transaction 6 August 12. Received cash from sales, $
Transaction 7 August 12. Sold services on account to Oakdale School, $
LESSON 1-3

12. EXPENSE TRANSACTIONS
page 15
Transaction 8 August 12. Paid cash for rent, $
Transaction 9 August 12. Paid cash for telephone bill, $40.00.
LESSON 1-3

13. OTHER CASH TRANSACTIONS
Lesson 1-3
1/25/2018
OTHER CASH TRANSACTIONS
page 16
Transaction 10 August 18. Received cash on account from Oakdale School, $
Transaction 11 August 18. Paid cash to owner for personal use, $
LESSON 1-3
Green

14. Chapter Assignments
Study guide activities are all posted on quia.com website
create user name and password (I can’t reset you HAVE to remember. . .)
Class code TFBPE337
Purple transaction worksheets (if you can’t find the answer in your textbook, maybe this will help you if your neighbors don’t know the answers and I am working with other students. . .)
Chapter assignments: Application problems 1-5
Answer Key Etiquette!
LESSON 1-1