1. LESSON 2-1 Using T Accounts
2/22/2019
LESSON 2-1
Using T Accounts
Standards
AC Demonstrate a working knowledge of the fundamental accounting equation.
AC Explain the double-entry system of accounting and demonstrate the applications of the debit and credit rules when recording and analyzing business transactions.
T-accounts are a way of expressing the accounting equation in a manner useful for accountants

2. ANALYZING THE ACCOUNTING EQUATION
LESSON 2-1
2/22/2019
ANALYZING THE ACCOUNTING EQUATION
page 28
I can explain how to determine the debit and credit side of an account.
Describe accounting equation: review concepts from chapter 1.
Explain the T
Which accounting equation items show up on the left side of the T?
Which accounting equation items show up on the right side of the T?

3. LESSON 2-1
2/22/2019
ACCOUNTS
page 29
I can explain how to determine the debit and credit side of an account.
We can take that same equation and make a device to analyze accounting transactions
A t-account is …
We label each side of a t-account with the appropriate word:
When we use a t-account to analyze a transaction, we use the words _______ for an amount recorded on the left side of a t-account and ____________for an amount recorded on the the right side) EVERY t-account has this same set of words.

4. LESSON 2-1
2/22/2019
ACCOUNT BALANCES
page 29
___________________: the side of the account that is increased
Assets, then, increase on the ? __________Side
Liabilities increase on the ?____________ Side
Capital increases on the ?____________ Side
What determines the Normal Balance Side:
What determines the Increasing and Decreasing sides of the “T” account?
I can explain how to determine the normal balance of an account.

5. INCREASES AND DECREASES IN ACCOUNTS
LESSON 2-1
2/22/2019
INCREASES AND DECREASES IN ACCOUNTS
page 30
With the equation on the top, and t-accounts for each element of the equation, we learn how each type of account “works”
I can determine the increasing and decreasing side of an account.

6. TERMS REVIEW T account debit credit normal balance page 31 LESSON 2-1
2/22/2019
TERMS REVIEW
page 31
T account
debit
credit
normal balance
T-account:
Debit:
Credit:
Normal Balance:

7. LESSON 2-1 Analyzing How Transactions Affect Accounts
2/22/2019
LESSON 2-2
Analyzing How Transactions Affect Accounts

8. RECEIVED CASH FROM OWNER AS AN INVESTMENT
LESSON 2-1
2/22/2019
RECEIVED CASH FROM OWNER AS AN INVESTMENT
page 32
August 1. Received cash from owner as an investment, $5, 2 1 4 3
Answer Questions here:
1. Which accounts are affected?
I can follow the process of determining debit and credit parts for a transaction.
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?

9. LESSON 2-1
2/22/2019
PAID CASH FOR SUPPLIES
page 33
August 3. Paid cash for supplies, $ 2 1 4 3
Answer Questions here:
1. Which accounts are affected?
I can follow the process of determining debit and credit parts for a transaction.
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?

10. PAID CASH FOR INSURANCE
LESSON 2-1
2/22/2019
PAID CASH FOR INSURANCE
page 34
August 4. Paid cash for insurance, $1, 2 1 4 3
Answer Questions here:
1. Which accounts are affected?
I can follow the process of determining debit and credit parts for a transaction.
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?

11. BOUGHT SUPPLIES ON ACCOUNT
LESSON 2-1
2/22/2019
BOUGHT SUPPLIES ON ACCOUNT
page 35
August 7. Bought supplies on account from Supply Depot, $ 2 1 4
Answer Questions here: 3
1. Which accounts are affected?
I can follow the process of determining debit and credit parts for a transaction.
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?

12. LESSON 2-1
2/22/2019
PAID CASH ON ACCOUNT
page 36
August 11. Paid cash on account to Supply Depot, $ 2 1 4
Answer Questions here: 3
1. Which accounts are affected?
I can follow the process of determining debit and credit parts for a transaction.
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?

13. TERM REVIEW Chart of Accounts Do: Work Together 2-2: Do: OYO 2-2
LESSON 2-1
2/22/2019
TERM REVIEW
page 37
Chart of Accounts
Do: Work Together 2-2:
Do: OYO 2-2
Do: Application problem 2-1

14. LESSON 2-1 Analyzing How Transactions Affect Owner’s Equity Accounts
2/22/2019
LESSON 2-3
Analyzing How Transactions
Affect Owner’s Equity Accounts
We have looked at how transactions affect assets and liabilities, as well as the investment of the owner. Now we will look at other transactions that deal with owner’s equity. WIRE

15. RECEIVED CASH FROM SALES
LESSON 2-1
2/22/2019
RECEIVED CASH FROM SALES
page 38
August 12. Received cash from sales, $ 2 1 4
WIRE: Revenue transaction
Answer Questions here: 3
1. Which accounts are affected?
I can follow the process of determining debit and credit parts for a transaction.
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?

16. SOLD SERVICES ON ACCOUNT
LESSON 2-1
2/22/2019
SOLD SERVICES ON ACCOUNT
page 39
August 12. Sold services on account to Oakdale School, $ 2 1 4
WIRE: Revenue transaction
Answer Questions here: 3
1. Which accounts are affected?
I can follow the process of determining debit and credit parts for a transaction.
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?

17. PAID CASH FOR AN EXPENSE
LESSON 2-1
2/22/2019
PAID CASH FOR AN EXPENSE
page 40
August 12. Paid cash for rent, $ 2 1 4 3
WIRE: Expense transaction
Answer Questions here:
1. Which accounts are affected?
2. How is each account classified?
I can follow the process of determining debit and credit parts for a transaction.
3. How is each classification changed?
4. How is each amount entered in the accounts?

18. RECEIVED CASH ON ACCOUNT
LESSON 2-1
2/22/2019
RECEIVED CASH ON ACCOUNT
page 41
August 12. Received cash on account from Oakdale School, $ 2 1 4
Not a WIRE transaction
Answer Questions here: 3
1. Which accounts are affected?
I can follow the process of determining debit and credit parts for a transaction.
2. How is each account classified?
3. How is each classification changed?
4. How is each amount entered in the accounts?

19. PAID CASH TO OWNER FOR PERSONAL USE
LESSON 2-1
2/22/2019
PAID CASH TO OWNER FOR PERSONAL USE
page 42
August 12. Paid cash to owner for personal use, $ 2 1 4 3
WIRE: Withdrawal
Answer Questions here:
1. Which accounts are affected?
2. How is each account classified?
I can follow the process of determining debit and credit parts for a transaction.
3. How is each classification changed?
4. How is each amount entered in the accounts?

20. Chapter 2 Work Do: Work Together and On Your Own: 2-3 Application 2-4
LESSON 2-1
2/22/2019
Chapter 2 Work
Do: Work Together and On Your Own: 2-3
Application 2-4
Mastery Problem 2-5
Study Guide 2
Summative work for chapter 2:
Challenge Problem 2-6
TEST: CHAPTER 2
Standards
AC Explain the importance of following Generally Accepted Accounting Principles (GAAP) and interpret the standards correctly.
AC Demonstrate a working knowledge of the fundamental accounting equation.
AC Explain the double-entry system of accounting and demonstrate the applications of the debit and credit rules when recording and analyzing business transactions.