1. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 1-1 The Accounting Equation Objectives Define accounting terms related to starting a service business organized as a proprietorship and to changes that affect the accounting equation. Identify accounting concepts and practices related to starting a service business organized as a proprietorship and to changes that affect the accounting equation.

2. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 2 LESSON 1-1 THE ACCOUNTING EQUATION page 8 MUST BE IN BALANCE!!!!

3. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning Work Together 1-1 p. 9 ASSETS = LIABILITIES + OWNERS EQUITIES 3,0008,000 10,0006,000 63,00035,000 3 LESSON 1-1 ? 11,000 ? 4,000 ? 28,000 Write the answers to the following problem in the working papers. Fill in the missing amount to complete the accounting equation.

4. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning OWN YOUR OWN 1-1 P. 9 4 LESSON 1-1 ASSETS = LIABILITIES + OWNERS EQUITIES 30,00013,000 60,00020,000 51,00025,000 ? 17,000 ? 80,000 ? 26,000 Write the answers to the following problem in the working papers. Fill in the missing amount to complete the accounting equation.

5. CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 1-1 TERMS REVIEW accounting accounting system accounting records financial statements service business proprietorship asset equities liability owners equity accounting equation ethics business ethics page 9 ASSIGNMENT: Application problem 1-1 Homework: Read Chapter 1-1 (pages 4-9) and review the terms from chapter 1-1