2. Your homework was…
Exercise 1 on page 59

4. 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.)

7. 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.

8. 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.)