The Journal

Questions to focus on: What is the journal? Why is it needed? The 2 column journal The steps in preparing a journal entry The Opening Entry Additional Practice and Review: Exercise 1 and 2 Page 181 (See bottom of page 179 for an example of an opening entry) Please watch the following: Video Resources: The Journal/Ledger/Debits and Credits

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Equity Transactions and Accounting Principles

Key Questions to Focus on: How do Revenue, Expenses and Drawing effect the Owner’s Equity? Which Accounting Principles are critical to these new accounts? Additional Practice and Review: Review Questions 1-9 Page 156 Exercises 1-3 Page 157-158 Review Assignment submit when you return: Comp. Exercise 7 Page 167 for submission – you can work together in groups of three and submit one […]

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The Income Statement

The Income Statement What is it?  Why is it  important ?
Who needs it and why? What is a Fiscal Period and why is it important to stakeholders?  GAAP – Time Period Concept, Matching Principle- which IFRS relates to this? Additions to your Debit/Credit chart (page 132) Additional Practice and Review:  Read 135-139 Questions 5-13 Complete Exercises 1,3 Pages 141-142 Video […]

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